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(Initiating Coverage)

Buy

At Price: Rs 1392

Target: Rs 2214

Initiating Coverage -- SPA Securities Ltd

Premiumization to drive revenue growth and profitability

Report Date January 15, 2021

by Ravikant Sangepag

(Visit Note)

At Price: Rs 82

visit note -- SPA Securities Ltd

Report Date December 31, 2020

by Mehul Mehta

(Quarter Update)

buy

At Price: Rs 2165

Target: Rs 2760

Q2FY21 result update -- SPA Securities Ltd

Report Date November 23, 2020

by Mehul Mehta

(Quarter Update)

Hold

At Price: Rs 9950

Target: Rs 9350

Q2FY21 result update -- SPA Securities Ltd

Report Date November 12, 2020

by Mehul Mehta

(Quarter Update)

BUY

At Price: Rs 208

Target: Rs 225

Q2FY21 RU -- SPA Securities Ltd

Report Date November 2, 2020

by Mehul Mehta

(Quarter Update)

buy

At Price: Rs 945

Target: Rs 1215

Q2FY21 result update -- SPA Securities Ltd

Report Date October 28, 2020

by Mehul Mehta

(Initiating Coverage)

Buy

At Price: Rs 825

Target: Rs 1100

IC -- SPA Securities Ltd

Report Date October 8, 2020

by Mehul Mehta

(FPO Note / IPO Note)

SUBSCRIBE

At Price: Rs 552

Target: Rs 554

IPO Note -- SPA Securities Ltd

The second largest AMC in India by Total AUM, the eighth largest AMC in India by mutual fund QAAUM and the largest share

Report Date September 28, 2020

by Sharad Avasthi

(Quarter Update)

Buy

At Price: Rs 64

Target: Rs 111

Indian Bank - Result Update - Q1FY21 -- SPA Securities Ltd

We expect the merged entity to log advance growth of ~9% and 13% in FY21 & FY22 respectively. The merged entity also holds 28.52% in Universal Sompo General Insurance (NW~INR 10000 mn). Post reopening the NCLT cases should also see some rapid resolution resulting in improved recovery figures for FY21.The bank is currently trading at P/ABV of 0.29x FY22E ABV of INR 222. The merged entity's ROA is expected to improve to 0.5% by FY22E. We recommend a buy on the stock with a target of INR 111 implying a P/ABV multiple of 0.5x on FY22E ABV over a period of 18-24 months.

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Report Date August 24, 2020

by Sharad Avasthi