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AU SMALL FINANCE BANK LTD.

NSE : AUBANKBSE : 540611ISIN CODE : INE949L01017Industry : Bank - PrivateHouse : Private
BSE659.15-11.95 (-1.78 %)
PREV CLOSE ( ) 671.10
OPEN PRICE ( ) 667.10
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 0.00 (0)
VOLUME 3265
TODAY'S LOW / HIGH ( )647.00 667.95
52 WK LOW / HIGH ( )502 745
NSE659.75-11.85 (-1.76 %)
PREV CLOSE( ) 671.60
OPEN PRICE ( ) 668.00
BID PRICE (QTY) 0.00 (0)
OFFER PRICE (QTY) 659.75 (413)
VOLUME 117296
TODAY'S LOW / HIGH( ) 646.25 669.50
52 WK LOW / HIGH ( )500.5 745
AnalystDate31 Jul 2019
BSECode540611
BlogURLNA
NoteDescriptionAUBANK has maintained its AUM growth at a higher range of 44% YoY. However, slowdown in the auto sale, real estate and NBFC segment possesses risk for such high growth rate. NIM has contracted with rise in cost of deposit & maintenance of liquidity buffer while on the yield front there has been improvement in the disbursement IRR due to limited competition. Management has judiciously maintained asset quality at 2% level. Going ahead growth is expected to be driven by retail segment (used & COW segment) while management cautiously grows NBFC & REG book managing NIL delinquency. Management has remained optimistic of the asset quality and maintained its credit cost guidance at 60-70 bps for FY20. In the medium term we expect NIM to improve as the share of high yield segment increase or based on low cost deposit franchise. AUBANK is trading at higher valuation than its peers and recent pressure in the segment of its operation possesses risk for premium valuation. We maintain our NEUTRAL stance. We value the stock 4.2x for FY21 at Rs 669.
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