has sell call on with a target price of Rs 75. The current market price of DCB Bank Ltd. is Rs 92.85.
DCB Bank Ltd., incorporated in the year 1995, is a banking company (having a market cap of Rs 2897.30 Crore).
Financials
For the quarter ended 31-03-2021, the company reported a Standalone Total Income of Rs 971.16 Crore, down -5.15 % from last quarter Total Income of Rs 1023.86 Crore and down -4.02 % from last year same quarter Total Income of Rs 1011.79 Crore. The bank reported net profit after tax of Rs 77.91 Crore in latest quarter.
Investment Rationale
The brokerage maintains Sell and reduce TP to Rs75 from Rs 95, factoring in a slight cut in earnings (13% in FY23E) and TP multiple to 0.6x from 0.8x which reflects the weakness in growth/asset quality. The shorter tenure of current MD (1 year) also adds to volatility. Key risk: better-than-expected growth/asset-quality experience, driven by shorter lockdowns and a sharp rebound in economic activity
Promoter/FII Holdings
Promoters held 14.9 per cent stake in the company as of March 31, 2021, while FIIs held 13 per cent, DIIs 40.5 per cent and public and others 31.5 per cent.
DCB Bank Ltd., incorporated in the year 1995, is a banking company (having a market cap of Rs 2897.30 Crore).
Financials
For the quarter ended 31-03-2021, the company reported a Standalone Total Income of Rs 971.16 Crore, down -5.15 % from last quarter Total Income of Rs 1023.86 Crore and down -4.02 % from last year same quarter Total Income of Rs 1011.79 Crore. The bank reported net profit after tax of Rs 77.91 Crore in latest quarter.
Investment Rationale
The brokerage maintains Sell and reduce TP to Rs75 from Rs 95, factoring in a slight cut in earnings (13% in FY23E) and TP multiple to 0.6x from 0.8x which reflects the weakness in growth/asset quality. The shorter tenure of current MD (1 year) also adds to volatility. Key risk: better-than-expected growth/asset-quality experience, driven by shorter lockdowns and a sharp rebound in economic activity
Promoter/FII Holdings
Promoters held 14.9 per cent stake in the company as of March 31, 2021, while FIIs held 13 per cent, DIIs 40.5 per cent and public and others 31.5 per cent.
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