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India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily15032012.pdf
Andhra Bank (ANDB)
Banks/Financial Institutions
Downgrade after recent rally. We downgrade Andhra Bank to ADD from BUY due to
its recent stock price performance. We believe our earnings estimates broadly capture
the underlying risk in the skewed loan portfolio (towards power). We find valuations
inexpensive at 0.9X book and 6X FY2013E EPS. We expect the bank to deliver RoE of
about 16% and EPS of 4% CAGR over FY2012-14E.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
http://www.kotaksecurities.com/pdf/indiadaily/indiadaily15032012.pdf
Andhra Bank (ANDB)
Banks/Financial Institutions
Downgrade after recent rally. We downgrade Andhra Bank to ADD from BUY due to
its recent stock price performance. We believe our earnings estimates broadly capture
the underlying risk in the skewed loan portfolio (towards power). We find valuations
inexpensive at 0.9X book and 6X FY2013E EPS. We expect the bank to deliver RoE of
about 16% and EPS of 4% CAGR over FY2012-14E.
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