Whalesbook
Upgrade Aur Target Badha!
Asal mein, ICICI Securities ko AU SFB ke Q4 FY26 results bohot pasand aaye hain. Company ka Net Profit 65.2% bhad kar ₹832 Crore ho gaya hai, jo ki kamaal ka jump hai! Iske peeche ka reason hai Net Interest Income (NII) mein 23% ka boom, jo ₹2,582 Crore tak pahunch gaya. Aur haan, Net Interest Margin (NIM) bhi pichhle quarter se 24 basis points badh kar 5.96% ho gaya hai. Lekin management thoda cautious hai, keh rahi hai ki yeh seasonal hai, toh aage thoda normal ho sakta hai, jo baaki banks ko bhi lag raha hai deposit growth ki wajah se.
Brokerage ka Bharosa!
Is zabardast performance ko dekh kar, brokerage firm ICICI Securities ne seedha BUY rating de di hai aur target price ko ₹1,010 se badha kar ₹1,250 kar diya hai. Yeh naya target 3.5 times September 2027 Book Value Per Share (BVPS) par based hai, pehle yeh 3.25 times tha. Analyst logon ko lagta hai ki bank ab stabilization ke baad ek achha re-rating dikha sakti hai.
Asset Quality Sudhri!
Asset quality bhi sudhri hai, jo investors ke liye bahut important hai. Gross NPAs kam hokar 2.03% ho gaye hain, aur credit costs bhi kafi kam, sirf 0.6% rahe is quarter mein. Isse lagta hai ki bank ab future growth ke liye ready hai aur risk manage kar rahi hai.
Peers Se Tulna?
Jab peers se compare karte hain, toh AU SFB ka P/E ratio around 25.6x se 34.49x hai, jo kuch logon ko high lag sakta hai. Ujjivan Small Finance Bank ka P/E 22.1x-22.6x hai, aur Equitas SFB toh losses mein hai, toh woh alag level par hai. AU SFB ki market cap lagbhag ₹78,000-₹79,700 Crore hai, matlab yeh sector ki badi player hai. Sector mein loan growth 13.8% tha, par SFBs jaise AU SFB 20% se zyada AUM growth kar rahe hain.
Kya Hain Risks?
Par bhai, har coin ke do pehlu hote hain. Yahan bhi kuch risks hain. NIM kam ho sakta hai, aur valuation bhi kafi high hai. Agar growth expectations poori nahi hui toh dikkat ho sakti hai. Microfinance aur unsecured loans mein exposure hone se credit risk bhi hai. Aur bank ₹13,500 Crore tak ka equity aur debt raise karne ka plan kar rahi hai, jisse dilution ka bhi risk hai.
Aage Kya Hai AU SFB Ke Liye?
Future ki baat karein toh, AU SFB technology aur AI mein invest kar rahi hai efficiency badhane ke liye. Naye CFO aaye hain aur capital raise se balance sheet strong hogi. Analysts ko lagta hai ki revenue 22.7% saalana badhega. FY27 tak 1.8% RoA aur 16% RoE ka target maintain karna important hoga. Sector mein loan growth toh hoga, par management ka NIM pressure aur asset quality manage karna crucial rahega.