Dec 13, 2018

YES BANK LTD - Medium Term View - Stock Recommendations - Buy -Sell or Hold ?

This stock is presently stuck amidst huge turbulent newsflow including rift between promoters, RBI intervention regarding the same, consequent resignations of board members, RBI regulatory notices and so on. The stock saw support around 200 from a life high of 400 in 2 months, after it fell below that level, but soon resumed its decline and tanked to 150 on a bad day, only to rebound to 180 plus levels in next few days.
The stock is trading at a very attractive PE ratios of 10. The market commentators say that it’s a corporate bank and not a consumer bank like HDFC Bank, so it is not commanding the premium like it and so on. However we believe the stock’s fair value is above 250 and this level is very very attractive to buy for a one year period or more. Yes bank is not closing down and is here to stay. Buy on all dips. All the bad news is out discounted, now on only good news is expected. At worst, the stock may go down again around 150 but as we saw it has great support at that level. You need to be fearless when buying a great company at great valuations amidst bad newsflow. It is this type of investments that incur you above alpha returns.

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