Sharekhan’s research report on IndusInd Bank
IndusInd Bank reported mixed set of results with improving trend on the liability side (healthy deposit mobilization, reducing cost of funds etc) while the stress on the asset side persists with sharp spike in slippages at 5.4% of loan book and gross NPA rose by 21 bps qoq to 2.9% during Q1. Bulk of the elevated slippages are related to retail/SME loan book on account of the second wave of pandemic. Management indicated that the worst in NPA addition is behind, and normalization should begin in H2 of this year. Bank has healthy provision cover of 72% with covid provision buffer at 1% of loans to address any further stress on asset side. The capital adequacy at 17.6% (Tier-I capital at 16.9%) is comfortable and the bank aspires for 16-18% growth in advances over the medium term.
Outlook
We retain our Buy rating on the stock with unchanged price target of Rs. 1340, valuing the bank at 1.97x FY23 book value.
Best Value Stocks To Invest In Right Now: Vir Biotechnology, Inc.(VIR)
Vir Biotechnology, Inc., a clinical-stage immunology company, develops therapeutic products to treat and prevent serious infectious diseases. It develops VIR-2218 and VIR-3434 for the treatment of hepatitis B virus; VIR-2482 for the prevention of influenza A virus; VIR-1111 for the prevention of human immunodeficiency virus; and VIR-2020 for the prevention of tuberculosis. The company has grant agreements with Bill & Melinda Gates Foundation and National Institutes of Health; an option and license agreement with Brii Biosciences Limited and Brii Biosciences Offshore Limited; a collaboration and license agreement with Alnylam Pharmaceuticals, Inc.; a collaboration, license, and option agreement with Visterra, Inc.; license agreements with The Rockefeller University and MedImmune, Inc.; collaboration with WuXi Biologics and Glaxo Wellcome UK Ltd.; and a collaborative research agreement with Generation Bio., as well as GlaxoSmithKline Intellectual Property Development Limited, GlaxoSmithKline Biologicals SA., and Alnylam Pharmaceuticals, Inc. It also has a manufacturing agreement with Samsung Biologics Co.,Ltd. for the manufacture of SARS-COV-2 antibodies for potential COVID-19 treatment; and clinical collaboration with Gilead Sciences, Inc. for chronic hepatitis B virus. Vir Biotechnology, Inc. was founded in 2016 and is headquartered in San Francisco, California.
Advisors’ Opinion:
- [By Shane Hupp]
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Best Value Stocks To Invest In Right Now: Iridium Communications Inc(IRDM)
Iridium Communications Inc. provides mobile voice and data communications services through satellite to businesses, the U.S. and foreign governments, non-governmental organizations, and consumers worldwide. It offers postpaid mobile voice and data satellite communications services; prepaid mobile voice satellite communications services; broadband data services; push-to-talk services; and machine-to-machine services for sending and receiving data from fixed and mobile assets in remote locations to a central monitoring station. The company also provides other services, such as inbound connections from the public switched telephone network, short message services, subscriber identity module, activation, customer reactivation, and other peripheral services. In addition, it offers voice and data solutions, including personnel tracking devices; asset tracking devices for equipment, vehicles, and aircraft; aircraft and submarine communications applications; specialized communications solutions for high-value individuals; mobile communications and data devices for the military and intelligence community, such as secure satellite handsets, as well as offers voice, netted voice, data, messaging, and paging services; and maintenance services for the department of defenses dedicated gateway. Further, the company provides satellite handsets, personal connectivity devices, voice and data modems, broadband data devices, and machine-to-machine data devices; various accessories for its devices that include batteries, holsters, earbud headphones, portable auxiliary antennas, antenna adaptors, USB data cables, and charging units; and engineering and support services. The company sells its products and services to commercial end users through wholesale distribution network, service providers, and value-added resellers and manufacturers. As of December 31, 2015, it had approximately 782,000 billable subscribers. The company was founded in 2000 and is headquartered in McLean, Virginia.
