Author Topic: Indian NBFC / Banks - Morgan Stanley Report  (Read 95 times)

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Indian NBFC / Banks - Morgan Stanley Report
« on: September 24, 2018, 12:57:19 PM »
Morgan Stanley Report Dated 23-Sep-2018 - India Financial - It's all about Confidence. Highlights as Follows,

For banks with strong liquidity, deposit spreads will improve in an environment of higher rates. Moreover, if NBFC / HFC growth slows, then lending competition in retail loans could diminish, helping increase lending margins. This could help drive up revenues for retail-funded banks. Our top picks in Indian financials are ICICI Bank, HDFC Bank, SBI, and Axis Bank.

HDFC Bank - We derive our price target of Rs 2,450 using our base case value from a sum-of-the-parts model.

Axis Bank - Our price target of Rs 800 is derived using the base case scenario value from a SOTP valuation methodology.

ICICI Bank - Our price target of Rs 460 is our base case scenario value, derived using a sum-of-the-parts valuation methodology.