“Yes Bank.s Q4FY13 PAT of Rs3.62bn (up 33 percent YoY) was in line
with our estimates. However, overall revenue momentum has surprised (42
percent YoY) and large part of treasury gains have been used to pad-up
on counter-cyclical provisions. Management has painted a
better-than-expected picture on growth for FY14 and possible risks to
fee income growth could be offset by investment gains in FY14. At 2.4x
FY14 book (pre-dilution; 2.1x post dilution) valuations are not cheap
but we expect limited asset quality risks and hence, maintain our
positive view with a PT of Rs540/share.”Get Free MCX Tips, Stock Tips, Forex Tips & NCDEX Tips,Commodity Tips, Share Tips, commodity tips free trial, nifty free tips, commodity trading tips, shares tips, Share Market Tips, Stock Market Tips, free stock tips on mobile, Stock trading tips, Intraday Tips.
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