India BFSI - Long-Short - Equity Research Analyst

Raj S, CA, CFA

I am, Raj, a CA and CFA and a SEBI Registered Research Analyst.

I cover Indian BFSI sector at Smartkarma. I track all the interesting Buy/ Sell ideas across among the larger Indian and ASEAN Banks, and Life Insurance Sector. 

Indian BFSI sector is the largest by marketcap in India and has some very promising long-term trades in offer.

I am a CA and CFA with 10+ years experience in fundamental equity research across buy-side and sell-side and across geographies in BFSI segment.
My research process is primarily focused on highlighting the key risks and opportunities which would have a direct impact on stock performance. I try to cut through the noise and sort through the detail, in order to organize and simplify my thinking about a investment thesis.

Please reach out to us for customized services which can help your office or fund. Whether that be shadow coverage of specific companies, or maybe more simpler things that you want taken care of. We provide a wide range of services at super efficient cost. PM me.

Punjab National Bank - Weak Returns, High Costs, High Govt Loans, No LDR Expansion, NIM Down QoQ

Bandhan Bank: Not Yet, Not Yet! (2Q24 Update)

Quiddity Leaderboard NIFTY Mar 24: Bharat Electronics Vs L&T Might Be Interesting

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> has been an underperformer among Indian banks since the start of the COVID-19 pandemic due to asset quality issues in its core Group Microfinance portfolio.</li>
<li>Bandhan Bank’s leading position in the microfinance sector, strong operating margins, strategic de-risking, self-sustaining capital base, and cheap relative valuations make it a value bet with strong positive re-rating potential.
</li>
<li>
We value Bandhan Bank at 2.1x FY25e P/B in the base case, implying a 44% upside. On the other hand, we also discuss the risks to the thesis in detail.</li>
</ul>



Bandhan Bank Ltd (BANDHAN IN) has been an underperformer among Indian banks since the start of the COVID-19 pandemic due to asset quality issues in its core Group Microfinance portfolio.
Bandhan Bank’s leading position in the microfinance sector, strong operating margins, strategic de-risking, self-sustaining capital base, and cheap relative valuations make it a value bet with strong positive re-rating potential.


We value Bandhan Bank at 2.1x FY25e P/B in the base case, implying a 44% upside. On the other hand, we also discuss the risks to the thesis in detail.


Bandhan Bank: Initiating Coverage – Heads Up, Strong Re-Rating Ahead.