Buy Dena Bank; target of Rs 133: Firstcall Research

Firstcall Research is bullish on Dena Bank and has recommended buy rating on the stock with a target of Rs 133 in its September 17, 2010 research report.

“Dena Bank’s earning per share (EPS) of the bank for the earnings of FY11E and FY12E is seen at Rs 23.80 and Rs 26.32 respectively for equity share of Rs 10 each. Price to book value of the stock is expected to be at 1.10x and 0.88x respectively for FY11E and FY12E. CASA deposits grew by 27% to Rs 19026 crore. Advances increased by 34% to Rs 37884 crore. Tier-I capital has increased to Rs 2456.8 crore as on 30th June 2010, growth of 21%. Tier II capital has decreased by 4% to Rs 1317.66 crore. The management is expecting to bring down its Gross NPA to Rs 750 crore by end of September 2010 and targeting a Gross NPA level of Rs 700 crore by March 2011.”

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From: http://www.moneycontrol.com/news/recommendations/buy-dena-bank-targetrs-133-firstcall-research_486137.html