From the Chairman's AGM speech:
"Plans for 2009-10: Your bank has embarked on an ambitious plan to reach total business figure of Rs. 50000 cr. by March 2012. The targets for 2009-10 have been set with that goal in sight and your bank has set for itself a target level of Rs. 32200 cr. Focus will be on improving CASA and advances segments and emphasis will be on customer acquisition, particularly young customers."
Disclosure: I have vested interest in the stock.
Edited by deveshkayal - 19/Nov/2009 at 12:20pm
"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
Joined: 22/Jun/2009
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Posted: 19/Nov/2009 at 2:18pm
Hi Devesh .
an off topic question perhaps ..
i was looking at Ing Vyasa and Yes Bank . any pointers towards comparison and ING and Karur are both trading around similar levels . if you could throw some light that would be nice
Joined: 05/Oct/2006
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Posted: 19/Nov/2009 at 2:38pm
It was available at 300 or so about 3 months back. So its already given 30% odd...its a steady compounder at 15-20% YOY. You can park your money here and get regular returns, even perhaps 10 times in 10 years but can you buy and forget for the next 10 years??
No idea about ING except that Chryscapital has investments in the company.
I just checked that last Karur diluted equity was in Jan'07 and that too through rights issue. Board has deferred raising money through QIP and hence no shareholder approval was taken during the AGM. CAR stands at more than required level of 16% as on 30th Sept. So I guess dilution should not happen before March'10 which means ROE of 21%+ should be comfortably achieved this year.
"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
40% CASA stocks are priced to perfection @ 3x BV. Even if CASA improves by 3% over next 2 years, it will boost margins by atleast 20bps. Valuations will look cheap on P/BV when equity is diluted next year. From FY11 perspective, this one is trading at around 0.9x BV.
"You don't need to be a rocket scientist. Investing is not a game where the guy with the 160 IQ beat the guy with a 130 IQ. Rationality is essential"- Warren Buffett
IT is a good conservative private bank which is free from most of the troubles of PSU's banks (govt intervention etc) and still available cheap with reasonable dividend yield.
Especially for Banks, I believe big is not beautiful. It is the efficient and conservative which is beautiful and KVB scores on all those parameters..If they can increase their fee based income then it can be big spinner otherwise it is sedate performer which is cheap but efficient.
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