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Karur Vysya Bank - Improving visibility on RoA recovery; upgrade to BUY - ICICI Securities Posted On: 2020-12-15 02:06:20 (Time Zone: Arizona, USA) We upgrade our rating on Karur Vysya Bank (KVB) to BUY on improving visibility on RoA recovery, continuity of strategic initiatives even after management change and favourable risk-reward. We see a retracement of valuation to 1x (~15% lower than 5yr average multiple) on likely ~60bps RoA improvement over FY21E-FY22E to 0.9%. Key rationale: a) overall collections at ~95% as on 29th Oct 20, with better collection in commercial segment than peers, speaks for KVB s superior customer profile; b) calibrated growth during FY17-FY20 (5% loan CAGR) to ensure lower legacy stress and strong PCR at 64% would keep credit cost low; c) strong liability franchise, adequate capital (tier-1 @ 16.4%) and completion of corporate book realignment will help revive credit growth quicker than peers; and d) revamped digital platform and business processe

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