Sharekhan bullish on Yes Bank has recommended buy rating on the stock with a target price of Rs 360 in its research report dated April 04, 2018.
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Sharekhan's research report on Yes Bank
Probability of MTM hit due to Fortis stake sale: Yes Bank had acquired 8,97,81,906 equity shares (Face value of Rs 10 per share) of Fortis Healthcare (FHL) on 16 April 2018, pursuant to invocation of pledge due to a default by promoters in the credit facility provided by the bank. Consequently, Yes Bank became the biggest shareholder of Fortis Healthcare (FHL) with a 17.31% stake in India’s second-largest hospital chain.
OutlookThe stock of Yes Bank is currently trading at ~2.4x its FY2019E BV, which we believe is reasonable. Notwithstanding the strong overall performance and positive outlook, we believe that near term niggle of higher provisions can be an overhang on the stock performance. We maintain our rating to Buy, with a revised price target (PT) of Rs 360.
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