Wednesday, 17 March 2021

Suryodoy Small Finance Bank Ltd IPO


Suryoday SFB has posted strong growth in NII of 72.1% CAGR between FY18-20 though 9MFY2021 numbers were adversely impacted due to the Covid-19 pandemic. While reported GNPA and NNPA stood at 0.8% and 0.3% at the end of Q3FY21, proforma GNPA and NNPA stood at 9.3% and 5.4% respectively. At the higher end of the price band the stock would be trading at P/BV of 2.25X fully diluted post issue book value of Rs. 136 per share. While we believe that valuations are reasonable asset quality will be an issue in the near to medium term and hence we have a NEUTRAL rating on the issue




















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