Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
JMFL
IndusInd Bank (Buy)
CMP: ₹1,425.1
Target: ₹1,860
We recently met IndusInd Bank for an update on the bank’s evolving business environment. Management indicated that the bank’s exposure of 1.9 per cent to stressed groups is expected to come down in the coming quarters. They also indicated that exposure to stressed housing finance companies (HFCs) included in the above limit is not material.
In the NBFC space, the management believes that it is more of a ‘liquidity’ issue than a ‘solvency’ issue and expects limited impact for other large players given their strong liquidity buffers. Management remains confident on the quality of borrowers in its RE (real estate) book and expects the Tier 1 developers to get through the difficult times.
Management does not see any stress in the gem and jewellery sector, specifically the diamond financing segment (where IIB has prominent exposure) despite the industry seeing some pressure in the jewellery segment. Management is confident of achieving a 20 per cent+ growth in the overall vehicle segment aided by market share gains from NBFCs.
We believe the underperformance of IIB’s share price over the last year (27 per cent underperformance relative to Sensex) has largely been on account of concerns pertaining to its corporate book exposures and the sustainability of its fee-line.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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