BQ Blue's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer BloombergQuint's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Kotak Mahindra Bank Ltd. has delivered 32% returns since our October 2020 upgrade, resulting in a sharp expansion in trading multiple to 4.2 times FY22E adjusted book value – a 17% premium to its five year average multiple.
During H2 FY19-H2 FY21, the bank delivered tepid loan growth (5% compound annual growth rate, 3% excluding Emergency credit line guarantee scheme linked loans).
The management expects an improvement in asset growth after doing an exemplary job in building a robust liability franchise.
We currently estimate loan growth to sustain at 12% CAGR over FY21-23E.
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