Canara Bank - The Smart Investor

Canara Bank | 4QFY2012 Result Update
Exhibit 16: Recommendation summary
Company
Reco.
CMP
(`)
Tgt. price
(`)
Upside
(%)
FY2014E
P/ABV (x)
FY2014E
Tgt P/ABV (x)
FY2014E
P/E (x)
FY2012-14E
EPS CAGR (%)
FY2014E
RoA (%)
FY2014E
RoE (%)
AxisBk Buy 979 1,587 62.1 1.3 2.2 7.0 16.4 1.5 20.3
FedBk Neutral 408 - - 1.0 - 7.1 13.0 1.3 14.5
HDFCBk Accumulate 517 567 9.7 3.0 3.3 14.6 27.0 1.7 22.1
ICICIBk* Buy 813 1,201 47.8 1.3 1.9 10.0 20.4 1.5 16.0
SIB Neutral 23 - - 1.1 - 6.1 4.5 0.8 17.5
YesBk Buy 326 470 43.9 1.7 2.4 7.9 22.5 1.4 23.3
AllBk Accumulate 152 166 9.3 0.6 0.7 3.6 6.2 0.9 17.6
AndhBk Neutral 105 - - 0.6 - 4.1 3.3 0.9 16.0
BOB Buy 641 925 44.5 0.7 1.1 4.3 11.1 1.1 18.2
BOI Buy 353 411 16.3 0.7 1.0 4.4 23.3 0.8 16.9
BOM Buy 48 57 18.7 0.6 0.7 3.7 45.3 0.7 17.2
CanBk Buy 419 522 24.7 0.7 0.9 4.5 11.8 0.9 16.4
CentBk Neutral 77 - - 0.7 - 3.9 45.7 0.5 13.8
CorpBk Buy 404 504 24.7 0.5 0.7 3.6 5.3 0.8 16.5
DenaBk Buy 84 118 39.8 0.5 0.7 3.3 6.2 0.9 16.9
IDBI# Buy 92 117 26.5 0.6 0.7 3.9 22.7 0.9 14.8
IndBk Buy 196 240 22.4 0.7 0.8 4.0 5.4 1.2 18.2
IOB Buy 82 101 23.7 0.5 0.6 3.8 28.3 0.6 13.9
J&KBk Neutral 854 - - 0.8 - 4.4 8.8 1.4 18.6
OBC Buy 220 285 29.6 0.5 0.6 3.4 27.7 0.8 14.3
PNB Buy 754 1,117 48.1 0.7 1.1 4.3 10.3 1.0 18.1
SBI* Buy 1,844 2,593 40.6 1.1 1.6 6.8 23.6 1.0 19.1
SynBk Buy 91 128 41.1 0.5 0.8 3.3 8.7 0.8 17.1
UcoBk Neutral 68 - - 0.8 - 4.7 7.0 0.5 13.4
UnionBk Buy 203 276 35.9 0.7 0.9 4.0 24.8 0.8 17.5
UtdBk Buy 58 85 46.3 0.4 0.6 2.7 11.4 0.7 15.9
VijBk Neutral 53 - - 0.6 - 4.3 13.5 0.5 13.7
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), # Without adjusting for SASF
May 10, 2012 8