Equity Research Analyst - Long-Short

Raj S, CA, CFA

I am Raj - CA and CFA

I cover BFSI, NBFCs, Autos and several other sectors across geographies.
   
I am a CA and CFA with 10+ years experience in fundamental equity research across buy-side and sell-side and across geographies.

My research process is primarily focused on highlighting the catalysts which would have a direct impact on a stocks fundamental performance and market valuation. I try to cut through the noise and sort through the detail, in order to organize and simplify my thinking about an investment thesis.  

Please reach out to us for customized services which can help your office or fund, whether that be shadow coverage of specific companies or a more customized service. We provide a wide range of services at efficient pricing. PM me for a discussion. Thank you for your time.

Punjab National Bank - Weak Returns, High Costs, High Govt Loans, No LDR Expansion, NIM Down QoQ

Bandhan Bank: Not Yet, Not Yet! (2Q24 Update)

Quiddity Leaderboard NIFTY Mar 24: Bharat Electronics Vs L&T Might Be Interesting

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Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> has been an underperformer among Indian banks since the start of the COVID-19 pandemic due to asset quality issues in its core Group Microfinance portfolio.</li>
<li>Bandhan Bank’s leading position in the microfinance sector, strong operating margins, strategic de-risking, self-sustaining capital base, and cheap relative valuations make it a value bet with strong positive re-rating potential.
</li>
<li>
We value Bandhan Bank at 2.1x FY25e P/B in the base case, implying a 44% upside. On the other hand, we also discuss the risks to the thesis in detail.</li>
</ul>



Bandhan Bank Ltd (BANDHAN IN) has been an underperformer among Indian banks since the start of the COVID-19 pandemic due to asset quality issues in its core Group Microfinance portfolio.
Bandhan Bank’s leading position in the microfinance sector, strong operating margins, strategic de-risking, self-sustaining capital base, and cheap relative valuations make it a value bet with strong positive re-rating potential.


We value Bandhan Bank at 2.1x FY25e P/B in the base case, implying a 44% upside. On the other hand, we also discuss the risks to the thesis in detail.


Bandhan Bank: Initiating Coverage – Heads Up, Strong Re-Rating Ahead.