ICICI Direct's research report on Kotak Mahindra Bank
Kotak Mahindra Bank (KMB) is a powerful banking franchise, with promoter stake at ~26% and strong promoter led management. It has a presence across the financial services value chain. CASA forms ~56% of total deposits aiding lower costs • Strong RoA of ~2% and RoE of 11-12% makes it a good profitable bank
Outlook
We maintain BUY rating on the stock. We value standalone bank at ~3.75x FY24E ABV and subsidiaries at ~Rs 488 post holding company discount giving SOTP target of Rs 2250.
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