1. Healthcare

INSTITUTIONAL SECURITIES
Union Bank of India
Asset quality remains volatile, earnings weak
OUTPERFORMER
27 January 2015
Q3FY15 result highlights
BSE Sensex: 29571
™
Union’s Q3 profits were down 13% yoy and well below our estimates.
™
Key weakness was on asset quality – NPLs were up 10% qoq, slippages
remained high (2.9% annualized) and so did fresh restructurings. Credit costs
were up to 142bps and coverage levels remain low (44%).
™
Operationally too, it was a modest quarter with PPOP (ex-trading gains) up
+2% yoy. NIMs were largely stable at 250bps as lower cost of funds, offset the
decline in loan yields. We expect NIMs to remain stable near term.
™
Loan growth, in-line with management’s stance to conserve capital - was slow
at +9% yoy and driven by retail (+27% yoy) and MSME loans (+25% yoy).
Corporate loans declined 2% yoy.
™
Core-fee income growth was relatively healthy at 12% yoy led by retail fees
Sector: Financials
Stock data
CMP (Rs)
238
151.4 / 2.5
Mkt Cap (Rsbn/USDbn)
Target Price (Rs)
265
Ù
Change in TP (%)
Potential from CMP (%)
Earnings change (%)
FY15E
FY16E
FY17E
Bloomberg code
+11.3
Key positives: Healthy core fee income growth, stable loan loss coverage.
-7.6
-8.9
-7.9
UNBK IN
1-yr high/low (Rs)
260/101
6-mth avg. daily volumes (m)
4.90
6-mth avg. daily traded value
(Rsm/USDm)
1053 / 17.14
Shares outstanding (m)
Free float (%)
Promoter holding (%)
635.8
39.5
60.5
Price performance – relative and absolute
Union Bank of India
Key negatives: Continued higher stress asset creation, high effective tax rate (51%).
Impact on financials: We cut our earnings estimates by 7-9% for FY15-17E on
lower loan growth, rigid credit costs and slower improvement in NIMs.
Valuations & view
Union’s asset quality stress remains higher than our estimates with gross stressed
assets now at 10% of loans. However, excluding SEBs its gross stressed assets are
relatively lower than peers at 8% of loans and we continue to expect gradual
improvements in asset quality as economic activity improves. While the stock has
outperformed Bankex in the last 1 month, Union’s relatively higher leverage to the
falling interest rate cycle and cheap valuations (0.7x FY16E P/BV) should be key
downside supports. Maintain Outperformer with Rs265 target (0.8x FY16E P/BV).
Key financials (quarterly)
3Q14A
2Q15A
3Q15A % ch qoq
Net Interest Income
19,635
20,844
21,212
1.8
8.0
Non-Interest Income
6,799
8,113
8,772
8.1
29.0
(3.0)
26,434
28,958
29,985
3.5
13.4
(3.2)
(7.0)
Sensex
180
145
110
Operating Income
% ch yoy % var from IDFC est
(3.3)
75
Operating Expenses
13,818
15,618
15,331
(1.8)
11.0
40
Jan-12
PPoP
12,616
13,339
14,653
9.9
16.1
1.1
6,104
7,854
8,519
8.5
39.6
31.7
Oct-12
Jul-13
Apr-14
Jan-15
Provisions
3-mth
6-mth
1-yr
Union Bank of India 4.5
Sensex
10.1
23.6
13.2
115.3
(%)
39.9
Taxes
3,034
1,772
3,110
75.5
2.5
24.2
Net Profits
3,478
3,713
3,024
-18.6
(13.1)
(45.2)
Advances
2,277,450 2,444,110 2,480,990
1.5
8.9
(1.0)
Deposits
2,851,251 3,001,648 3,129,121
4.2
9.7
1.7
Manish Chowdhary
Sameer Bhise
[email protected] [email protected]
91-22-6622 2563
91-22-6622 2635
For Private Circulation only.
Important disclosures appear at the back of this report”
SEBI Registration Nos.: INB23 12914 37, INF23 12914 37, INB01 12914 33, INF01 12914 33.
RESULT NOTE
INDIA RESEARCH
Union Bank of India – Q3FY15 result
Exhibit 1: Quarterly results
Union Bank of India
Interest Income
Interest Expense
Net Interest Income
3Q15A
3Q14A
% YoY
2Q15A
80,438
75,503
6.5
79,434
% QoQ Comments
1.3
(59,225)
(55,868)
6.0
(58,589)
1.1
21,212
19,635
8.0
20,844
1.8
Loan yields down 16bp qoq to 893bps
NIMs largely stable qoq as lower cost of funds
(down 12bp qoq) offset lower loan yields
Fee-Based Income
6,252
6,099
2.5
7,363
-15.1
Core-fee income (ex-recoveries) up a relatively
healthy 12% yoy
Other Non-Interest Income
2,520
700
260.0
750
236.0
Strong trading gains from the bond portfolio in
Q3
Non Interest Income
Operating Income
Operating Expenses
8,772
6,799
29.0
8,113
29,985
26,434
13.4
28,958
8.1
3.5
(15,331)
(13,818)
11.0
(15,618)
-1.8
Employee costs were up 17% yoy and led to
higher CIR despite stringent cost control on
other operating expenses (up 2% yoy)
Pre-Provision Profit
14,653
12,616
16.1
13,339
9.9
Core-PPOP (ex-trading gains) up a modest 2%
yoy
Charges for Bad Debts
(8,779)
(5,664)
55.0
(7,064)
24.3
Credit costs up 25bp qoq to 142bps due to
continued high slippages (2.9% of loans,
annualized)
Other Operating Items
Pre-Tax Profit
Tax
260
(440)
NM
(790)
NM
6,134
6,512
(3,110)
(3,034)
-5.8
5,485
11.8
2.5
(1,772)
75.5
High effective tax rate in Q3 - management
says - should normalise in Q4
Net Profit
3,024
3,478
-13.1
3,713
-18.6
Continued weakness in asset quality and high
credit costs impact earnings, despite higher
bond gains
EPS
Customer Loans
4.8
5.5
-13.8
5.8
-18.6
2,480,990
2,277,450
8.9
2,444,110
1.5
Loan growth remains tepid with management's
stated stance of conserving capital. However,
retail and MSME loans grew at healthy 27%
and 29% yoy, respectively
Customer Deposits
3,129,121
2,851,251
9.7
3,001,648
4.2
AIEA
3,394,467
3,143,025
8.0
3,299,883
2.9
AIBL
3,065,641
2,838,556
8.0
3,058,846
0.2
Total Assets
3,717,797
3,438,339
8.1
3,604,886
3.1
Avg Assets
3,661,341
3,415,114
7.2
3,585,017
2.1
125,960
87,762
43.5
114,616
9.9
Non-Performing Loans (NPL)
CASA ratio flat qoq at 28.7%
Sharp rise in NPLs due to higher slippages,
incremental restructuring in Q3 at Rs12.1bn
(2% of loans, annualized)
Loan Loss Reserves (LLR)
(54,776)
(37,283)
46.9
(50,125)
9.3
Shareholders’ Funds
183,539
166,630
10.1
180,515
1.7
289
264
9.2
284
1.7
Tier 1 ratio (including 9M profits) at 7.6% improving, but remains low
Book Value Per Share
2 |IDFC SECURITIES
27 January 2014
Union Bank of India – Q3FY15 result
Key Ratios (%)
Key Ratios (%)
3Q15A
ROAA (annualized)
3Q14A∆ YoY (Bps)
0.3
0.4
-8
2Q15A ∆ QoQ (Bps)
0.4
-8
Comments
Profitability remains under pressure due to
elevated credit costs
ROAE (annualized)
6.6
8.3
-176
8.2
-164
Net Interest Margin (bps)
250
250
0
253
-3
Expect NIMs to remain modest near to medium
term as interest rates decline
Fee Inc/Operating Income
20.9
23.1
-222
25.4
-458
Fee income growth has been relatively modest,
though slightly better than other PSU peers
Other Non-Interest Inc/Op Inc
29.3
25.7
354
28.0
124
Op. Cost/ Operating Income
51.1
52.3
-114
53.9
-281
Loan-to-Deposit Ratio (LDR)
79.3
79.9
-59
81.4
-214
5.1
3.9
122
4.7
39
Core-CIR (ex-trading gains) up 60bp qoq to
55.8%
NPL/Loan Ratio
Asset quality remains under pressure with gross
stressed assets at 10.1%
LLR/NPL Ratio
43.5
42.5
100
43.7
-25
Reported coverage levels at 57.3%. Expect
credit costs to remain high near-term
Source: Company, IDFC Securities Research
Other highlights
™
Union’s incremental asset impairment continued at relatively high levels in Q3 as well – slippages stood at
Rs17.4bn (2.9% of loans, annualized) and incremental restructurings at Rs12.1bn (2% of loans, annualized).
™
Management stated that slippages in Q3 included three large corporate accounts worth ~Rs5bn from sugar and
construction sectors. Slippages ~Rs2.2bn emanated from the restructured book.
™
Additionally, management indicated that upgrades of accounts (from NPLs to standard category) worth
~Rs4.5bn that were expected in Q3 did not take place and management expects the same to come through in Q4.
™
Restructuring pipeline for Q4FY15E stands at ~Rs12-13bn. With regards to bunching up of restructuring
proposals towards end of Q4 given that regulatory forbearance on loan restructuring is coming to an end in Mar15, management indicated that banks are likely to make a representation to RBI to extend the same.
™
Union’s gross stressed assets inched up 30bp qoq to 10.1% of loans. However, adjusted for restructured SEB
exposures, gross stressed assets are relatively lower than peers at 7.9% of loans.
™
Credit costs were at elevated levels at 142bps (+25bp qoq) given elevated asset stress. Loan loss coverage (incl.
technical write-offs) was marginally lower qoq at 57.3% (vs 58% in Q2).
Exhibit 2: GNPLs (%), Std. restructured loans (%)
GNPLs (%)
Slippages (%), fresh restructurings (%)*
Slippages (% annualized)
Standard restructured loans (%)
Fresh restructurings (% annualized)
4.5%
6.0%
4.5%
3.0%
3.0%
1.5%
1.5%
0.0%
0.0%
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Source: Company, IDFC Securities Research *% of average loans
™
Union’s risk weighted assets (RWA) growth has slowed to 2% yoy, in-line with management’s stance of
conserving capital. The bank’s CET 1 ratio is currently ~7.6% (including 9M profits). According to the
3 |IDFC SECURITIES
27 January 2014
Union Bank of India – Q3FY15 result
management, Union has headroom to raise ~Rs40bn of additional Tier 1 (AT1) and ~Rs14bn of equity capital.
However, management reiterated its stance of waiting for for better market opportunity for raising equity
capital.
™
Given its relatively low capital adequacy, Union’s management reiterated its conservative stance on growth.
Management has guided to a slower 10-12% loan growth for FY15E. We believe this is a medium term positive,
until capital adequacy is shored up.
™
In Q1, loan growth was led by retail (+27% yoy) and agriculture loans (+29% yoy). Corporate loans declined 2%
yoy. Retail+SME+Agri loans now form 50% of Union’s domestic advances.
Exhibit 3: Loan growth (% yoy)
Loan mix (%)
Loan grow th (% yoy)
30.0%
Retail, 12.2%
24.0%
Agriculture,
12.0%
18.0%
Corporate,
54.6%
12.0%
6.0%
MSME, 21.3%
0.0%
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Source: Company, IDFC Securities Research
™
NIMs declined 3bp qoq to 250bps led by lower yields on advances (down 16bp qoq) that offset the benefits of
lower cost of funds (down 12bp qoq). We expect some improvement in NIMs in FY16 led by favorable funding
costs as well as lower asset stress.
™
CASA ratio stood at 28.7%, flat qoq. Union’s savings bank accounts grew 11% yoy while growth in current
account deposits was relatively muted at 4.2% yoy. Management stated it continues to focus on savings account
accretion.
Exhibit 4: NIMs (quarterly) (bps)
(%)
NIMs
350
280
210
140
70
0
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
Source: Company, IDFC Securities Research
4 |IDFC SECURITIES
27 January 2014
Union Bank of India – Q3FY15 result
™
Core fee income (ex-recoveries and trading gains) growth was relatively healthy at 12% yoy – with processing
fees up a robust 26% yoy. Management expects momentum in fee income growth to sustain.
™
Operating expenses grew 11% yoy in Q3 with operating expenses up only 2% yoy. Employee costs increased 17%
yoy. Union provided Rs710m towards wage revisions that are under negotiations currently and total provisions
till date on this account stand at ~Rs4.2bn (corresponding to 10-12% growth in wages).
Exhibit 5: Fee income (ex-trading) growth (% yoy)
Cost-income ratio (%), CIR (ex-trading) (%)
Fee income grow th (% yoy)
Cost-income ratio (%)
50%
CIR (ex-trading) (%)
60.0%
40%
52.5%
30%
45.0%
20%
37.5%
10%
30.0%
0%
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15
Source: Company, IDFC Securities Research
™
Union’s effective tax rate was sharply higher at 51% in Q3 as management provided for excess tax writebacks
booked in earlier quarters. For 9mFY15, effective tax rate stands at 38%. Management indicated that FY15E
effective tax rate should normalize to 30%.
Exhibit 6: Earnings revision summary
Net Profit
EPS
DPS
Old
New
% change
Old
New
% change
Old
New
FY15E
21,456
19,819
(7.6)
34.0
31.4
(7.6)
4.5
4.0
FY16E
25,537
23,266
(8.9)
40.5
36.9
(8.9)
6.0
4.5
FY17E
Source: IDFC Securities Research
31,219
28,755
(7.9)
49.5
45.6
(7.9)
7.5
5.0
5 |IDFC SECURITIES
27 January 2014
Union Bank of India – Q3FY15 result
Income statement
Valuation Metrics
Year to 31 Mar (Rs m)
Net Interest Income
FY16E
FY17E
75,428
FY13
78,793
85,213
99,711
118,664
Net Profit
23,266
28,755
9.2
4.5
8.1
17.0
19.0
EPS (Rs)
37.6
27.6
31.4
36.9
45.6
20,750
23,335
26,254
29,405
32,933
EPS growth (%)
13.1
(26.5)
13.8
17.4
23.6
4,770
4,857
6,557
5,901
5,311
PE (x)
6.3
8.6
7.6
6.5
5.2
25,520
28,192
32,812
35,306
38,245
P/BV (x)
0.9
0.9
0.8
0.7
0.6
100,949 106,985 118,024
135,018
156,909
P/Adj BV (x)
1.2
1.3
1.3
1.0
0.9
10.3
14.4
16.2
P/PPOP (x)
2.5
2.7
2.6
2.3
1.9
(45,122) (54,828) (62,295)
yoy growth (%)
Fee Income
Trading Profits
Non Interest income
Net Operating Revenue
yoy growth (%)
9.2
Operating Expenses
FY14 FY15E
6.0
Year to 31 Mar
FY13
FY14 FY15E FY16E FY17E
21,579 16,958 19,819
(71,969)
(83,157)
RoA (%)
0.8
0.5
0.5
0.6
0.6
13.2
21.5
13.6
15.5
15.5
RoE (%)
15.0
10.4
11.2
11.9
13.2
55,827
52,158
55,729
63,049
73,752
3.6
1.8
1.7
1.9
2.1
6.3
(6.6)
6.8
13.1
17.0
Provisions for Bad Debts (20,165) (26,678) (28,166)
yoy growth (%)
PPoP
yoy growth (%)
(28,811)
(31,674)
Other Provisions
(5,020)
(4,814)
750
(1,000)
(1,000)
Profit Before Tax
30,643
20,666
28,313
33,238
41,078
Tax
(9,064)
(3,708)
(8,494)
(9,971)
(12,324)
Minorities/Exceptionals
Profit After Tax
-
-
-
-
-
21,579
16,958
19,819
23,266
28,755
yoy growth (%)
20.7
(21.4)
16.9
17.4
23.6
Balance sheet
As on 31 Mar (Rs m)
Customer Loans
FY13
FY14
FY15E
FY16E
FY17E
17.0
10.1
9.0
14.0
17.0
Investments
808,304
937,232 1,050,231 1,191,463 1,348,908
Cash & bank balances
162,104
230,729
182,801
209,317
240,528
24,790
26,085
27,389
28,758
30,196
42,388
52,720
57,991
63,791
70,170
Fixed Assets
Other Assets
3,118,608 3,537,809 3,816,395 4,341,029 5,021,611
Networth
Deposits
171,852
183,644
200,513
220,461
Year to 31 Mar (Rs m)
FY13
Net Interest Margin
266
FY14 FY15E FY16E FY17E
239
233
246
255
Non Interest Income /
Operating Income
25.3
26.4
27.8
26.1
24.4
Cost/Income
44.7
51.2
52.8
53.3
53.0
Operating Expense/Avg assets
1.6
1.6
1.7
1.8
1.8
Credit Costs / Avg Loans
1.0
1.2
1.2
1.1
1.0
Effective Tax Rate
29.6
17.9
30.0
30.0
30.0
Loan Deposit Ratio
78.9
77.0
77.5
76.9
77.0
2,637,616 2,976,756 3,223,631 3,703,237 4,326,376
9.2
7.6
7.4
7.1
6.9
- Savings %
21.8
21.9
22.6
22.2
21.7
- Term %
1-year forward P/BV (x)
-1SD
Avg.
Union Bank India
+1SD
2.0
1.5
245,528
- Current %
69.0
70.5
70.0
70.7
71.4
Borrowings
170,073
207,766
217,922
238,285
265,907
Other Liabilities
139,068
169,643
174,328
179,046
183,799
Key Financials ratios
Year to 31 Mar
Operating Ratios
2,081,022 2,291,044 2,497,982 2,847,700 3,331,809
yoy growth (%)
Total assets
Dividend Yield (%)
1.0
0.5
0.0
Jan06
Jan07
Jan08
Jan09
Jan10
Jan11
Jan12
Jan13
Jan14
Jan15
Shareholding pattern
FY13
FY14 FY15E
FY16E
FY17E
RoA
0.8
0.5
0.5
0.6
0.6
RoE
15.0
10.4
11.2
11.9
13.2
Tier I Capital adequacy
8.2
7.6
7.6
7.4
7.1
Gross NPL
3.0
4.2
5.1
4.2
3.6
Net NPL
1.6
2.3
2.9
2.1
1.7
Loan Loss Coverage
46.9
44.2
43.7
49.4
54.4
CASA ratio
31.0
29.5
30.0
29.3
28.6
Assets / Equity
18.1
19.3
19.0
19.7
20.5
Dividend Payout
22.6
15.5
12.7
12.2
11.0
Public &
Others
8.5%
Foreign
11.5%
Institutions
14.6%
Promoters
60.5%
Nonpromoter
corporate
holding
5.0%
As of September 2014
6 |IDFC SECURITIES
27 January 2014
Union Bank of India – Q3FY15 result
Disclaimer
This document has been prepared by IDFC Securities Ltd (IDFC SEC). IDFC SEC is a full-service, integrated investment banking, and institutional broking group. There are
no material disciplinary actions taken against IDFC SEC. Details of associates of IDFC SEC are attached as annexure.
This document does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction.
The information contained herein is from publicly available data or other sources believed to be reliable. While we would endeavour to update the information herein on
reasonable basis, the opinions and information in this report are subject to change without notice and IDFC SEC, its subsidiaries and associated companies, their directors
and employees (“IDFC SEC and affiliates”) are under no obligation to update or keep the information current. Also, there may be regulatory, compliance, or other reasons
that may prevent IDFC SEC and affiliates from doing so. Thus, the opinions expressed herein should be considered those of IDFC SEC as of the date on this document only.
We do not make any representation either express or implied that information contained herein is accurate or complete and it should not be relied upon as such.
The information contained in this document has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. This
document is prepared for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision. The investment discussed or views
expressed in the document may not be suitable for all investors. Investors should make their own investigations as they deem necessary to arrive at an independent
evaluation of an investment in the securities of companies referred to in this document (including the merits and risks involved) and investment decisions based upon their
own financial objectives and financial resources. Investors assume the entire risk of any use made of the information contained in the document. Investments in general
involve some degree of risk, including the risk of capital loss. Past performance is not necessarily a guide to future performance and an investor may not get back the
amount originally invested.
Foreign currency-denominated securities are subject to fluctuations in exchange rates that could have an adverse effect on the value or the price of, or income derived from,
the investment. In addition, investors in securities, the values of which are influenced by foreign currencies, effectively assume currency risk.
Affiliates of IDFC SEC may have issued other reports that are inconsistent with and reach different conclusions from, the information presented in this report.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other
jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would subject IDFC SEC and affiliates to any
registration or licensing requirement within such jurisdiction. The securities described herein may or may not be eligible for sale in all jurisdictions or to a certain category
of investors. Persons in whose possession this document may come are required to inform themselves of, and to observe, such applicable restrictions.
Reports based on technical analysis centers on studying charts of a stock's price movement and trading volume, as opposed to focusing on a company's fundamentals and,
as such, may not match with a report on a company's fundamentals.
IDFC SEC and affiliates, their directors, officers, and employees may from time to time have positions in, purchase or sell, or be materially interested in any of the securities
mentioned or related securities. IDFC SEC and affiliates may from time to time solicit from, or perform investment banking, or other services for, any company mentioned
herein. Without limiting any of the foregoing, in no event shall IDFC SEC, any of its affiliates or any third party involved in, or related to, computing or compiling the
information have any liability for any damages of any kind including but not limited to any direct or consequential loss or damage, however arising, from the use of this
document. Any comments or statements made herein are those of the analyst and do not necessarily reflect those of IDFC SEC and affiliates.
This document is subject to changes without prior notice and is intended only for the person or entity to which it is addressed and may contain confidential and/or
privileged material and is not for any type of circulation. Any review, retransmission, or any other use is prohibited.
Though disseminated to all the customers simultaneously, not all customers may receive this report at the same time. IDFC SEC will not treat recipients as customers by
virtue of their receiving this report.
IDFC Capital (USA) Inc. has reviewed the report and, to the extent that it includes present or past information, it is believed to be reliable, although its correctness cannot be
assured.
The analyst certifies that all of the views expressed in this research report accurately reflect his/her personal views about any and all of the subject issuer(s) or securities. The
analyst certifies that no part of her compensation was, is, or will be directly or indirectly related to the specific recommendation(s) and/or views expressed in this report.
Additional Disclosures of interest:
Unless specifically mentioned in Point No. 9 below:
1. The Research Analyst(s), IDFC Sec, Associate of Analyst or his relative does not have any financial interest in the company(ies) covered in this report.
2. The Research Analyst, IDFC SEC or its associates or relatives of the Research Analyst affiliates collectively do not hold more than 1% of the securities of the company
(ies) covered in this report as of the end of the month immediately preceding the distribution of the research report.
3. The Research Analyst, his associate, his relative and IDFC SEC do not have any other material conflict of interest at the time of publication of this research report.
4. The Research Analyst, IDFC SEC and its associates have not received compensation for investment banking or merchant banking or brokerage services or for any other
products or services from the company(ies) covered in this report, in the past twelve months.
5. The Research Analyst, IDFC SEC or its associates have not managed or co-managed in the previous twelve months, a private or public offering of securities for the
company (ies) covered in this report.
6. IDFC SEC or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party, in connection with the
research report.
7. The Research Analyst has not served as an Officer, Director or employee of the company (ies) covered in the Research report.
8. The Research Analyst and IDFC SEC has not been engaged in market making activity for the company(ies) covered in the Research report.
9. Details IDFC SEC , Research Analyst and its associates pertaining to the companies covered in the Research report:
Sr. No.
1.
2.
3.
4.
5.
Particulars
Yes / No.
Whether compensation has been received from the company(ies) covered in the Research report in the past 12 months for investment
banking transaction by IDFC SEC
Whether Research Analyst, IDFC SEC or its associates or relatives of the Research Analyst affiliates collectively hold more than 1% of the
company(ies) covered in the Research report
No.
No
Whether compensation has been received by IDFC SEC or its associates from the company(ies) covered in the Research report
No
IDFC SEC or its affiliates have managed or co-managed in the previous twelve months a private or public offering of securities for the
company(ies) covered in the Research report
Research Analyst, his associate, IDFC SEC or its associates have received compensation for investment banking or merchant banking or
brokerage services or for any other products or services from the the company(ies) covered in the Research report, in the last twelve months
No
No
Explanation of Ratings:
1. Outperformer
2. Neutral
3. Underperformer
:
:
:
More than 5% to Index
Within 0-5% (upside or downside) to Index
Less than 5% to Index
Copyright in this document vests exclusively with IDFC Securities Ltd.
7 |IDFC SECURITIES
27 January 2014
Union Bank of India – Q3FY15 result
Annexure
Associates of IDFC Securities Limited
Sr.
No.
Name of Company
Category
Non Banking Finance Company,
SEBI registered Merchant Banker, SEBI registered
Debenture Trustee
1.
IDFC Ltd.
2.
IDFC Capital (USA) INC.
Subsidiary
3.
IDFC Capital (Singapore) Pte. Ltd.
Subsidiary
Fund Manager
4.
IDFC Securities Singapore Pte. Ltd.
Subsidiary
Dealing in Securities
5.
IDFC Fund of Funds Limited
Subsidiary
Sponsor Investments
8 |IDFC SECURITIES
Parent
Nature of business
Broker Dealer registered with FINRA
27 January 2014
Union Bank of India – Q3FY15 result
www.idfc.com
Analyst
™
Sector/Industry/Coverage
E-mail
Anish Damania
Shirish Rane
Co-CEO - IDFC Securities, Head - Institutional Equities; Strategy
Head of Research; Construction, Power
[email protected]
[email protected]
Tel.+91-22-6622 2600
Prakash Joshi
Oil & Gas, Metals, Mining
[email protected]
91-22-662 22564
Nitin Agarwal
Pharmaceuticals, Real Estate, Agri-inputs
[email protected]
91-22-662 22568
91-22-6622 2522
91-22-662 22575
Hitesh Shah
IT Services & Telecom
[email protected]
91-22-662 22565
Manish Chowdhary
Financials
[email protected]
91-22-662 22563
Bhoomika Nair
Engineering, Cement, Power Equipment, Logistics
[email protected]
91-22-662 22561
Ashish Shah
Construction, Power
[email protected]
91-22-662 22560
Deepak Jain
Vijayaraghavan G
Automobiles, Auto ancillaries
Midcaps
[email protected]
[email protected]
91-22-662 22562
91-22-662 22690
Rohit Dokania
Media & Entertainment
[email protected]
91-22-662 22567
Abhishek Gupta
Telecom, IT services
[email protected]
91-22-662 22661
Mohit Kumar, CFA
Construction, Power
[email protected]
91-22-662 22573
Param Desai
Pharmaceuticals, Real Estate, Agri-inputs
[email protected]
91-22-662 22579
Sameer Narang
Strategy, Economy
[email protected]
91-22-662 22566
Probal Sen
Oil & Gas
[email protected]
91-22-662 22569
Saumil Mehta
Metals, Mining
[email protected]
91-22-662 22578
Harit Kapoor
FMCG, Retail, Alcoholic Beverages
[email protected]
91-22-662 22649
Sameer Bhise
Financials
[email protected]
91-22-662 22635
Abhishek Ghosh
Engineering, Cement, Power Equipment, Logistics
[email protected]
91-22-662 22658
Saksham Kaushal
Automobiles, Auto ancillaries
[email protected]
91-22-662 22529
Dharmendra Sahu
Database Analyst
[email protected]
91-22-662 22580
Equity Sales/Dealing
Designation
E-mail
Tel.+91-22-6622 2500
Ashish Kalra
Managing Director, Sales
[email protected]
91-22-6622 2525
Rajesh Makharia
Director, Sales
[email protected]
91-22-6622 2528
Palak Shah
SVP, Sales
[email protected]
91-22-6622 2696
Varun Saboo
VP, Sales
[email protected]
91-22-6622 2558
Arati Mishra
VP, Sales
[email protected]
91-22-6622 2597
Hemal Ghia
VP, Sales
[email protected]
91-22-6622 2533
Tanvi Dixit
AVP, Sales
[email protected]
91-22-6622 2595
Nirav Bhatt
AVP, Sales
[email protected]
91-22-6622 2681
Chandan Asrani
Manager, Sales
[email protected]
91-22-6622 2540
Sneha Baxi
Manager, Sales
[email protected]
91-22-6622 2537
Suryakant Bhatt
Director & Head - Sales trading
[email protected]
91-22-6622 2693
Mukesh Chaturvedi
Director, Sales trading
[email protected]
91-22-6622 2512
Viren Sompura
SVP, Sales trading
[email protected]
91-22-6622 2527
Rajashekhar Hiremath
SVP, Sales trading
[email protected]
91-22-6622 2516
Alok Shyamsukha
VP, Sales trading
[email protected]
91-22-6622 2523
Suketu Parekh
VP, Sales trading
[email protected]
91-22-6622 2674
IDFC Securities
Naman Chambers, C-32, 7th floor,
G- Block, Bandra-Kurla Complex,
Bandra (East), Mumbai 400 051
INDIA
IDFC Capital (USA) Inc,
Regus Business Centre
600 Third Avenue,
2nd Floor,
New York,10016
Tel: +91 22 6622 2600
Tel: +1 646 571 2303
Our research is also available on Bloomberg and Thomson Reuters
For any assistance in access, please contact [email protected]
9 |IDFC SECURITIES
27 January 2014