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--- On Tue, 5/10/10, Maverick <rajivhanda@yahoo.com> wrote:
From: Maverick <rajivhanda@yahoo.com>
Subject: delhistockclub Dev Credit Bank-The stock should quote at Rs 200 in a year from now
To: "Rajat Sharma" <rajatsharma@rathi.com>
Cc: "Advanced Traders" <advanced_traders@yahoogroups.com>, "Ashish Kila" <perfectresearch@googlegroups.com>, "Ashwin Sinha" <ashwin.sinha@cdequi.com>, "Balu Bhai" <balubhai@gmail.com>, "Bhagirath Verma" <verma.bhagirath@yahoo.in>, buzzing@buzzingstock.net, "Davinder Singh" <dsdua1980@yahoo.com>, "Dilip Chouhan" <sendmymails@gmail.com>, "DSC" <delhistockclub@yahoogroups.co.in>, "Economic Revolution" <theeconomicrevolution@yahoo.com>, "Girish Narang" <girishnarang@hotmail.com>, "Hemang Shah" <k_hemangin@yahoo.co.in>, "Indian Traders" <indian-traders@yahoogroups.com>, "Indian Bulls" <indian_bulls_market-owner@yahoogroups.com>, "intradaytips13 Moderator" <intradaytips13-owner@yahoogroups.com>, "intradaytipsmukesh Moderator" <intradaytipsmukesh-owner@yahoogroups.com>, "inveSTARS" <investars@gmail.com>, "Investment Growth" <investmentgrowth@yahoogroups.com>, "Investwise" <investwise@yahoogroups.co.in>, "Kamal Visaria" <visaria@visaria.com>, "manoj bagadia" <manoj_bagadia@yahoo.com>, "Market Mantra" <marketmantra@yahoogroups.com>, "MarwahFinancial moderator" <marwahfinancial-owner@yahoogroups.com>, "MID CAPIDEAS" <midcapideas@gmail.com>, "MILLIND MADHANI" <millindmadhani@gmail.com>, "mindpowerideas Moderator" <mindpowerideas-owner@yahoogroups.com>, "mutualfundindia" <mutualfundindia@yahoo.co.in>, powerplayindia-owner@yahoogroups.com, "Raghavendra Bhat" <rraghavendrabhat@gmail.com>, "Rajat Sharma" <rajatsharma@rathi.com>, "rajes G" <rajes555@yahoo.com>, "Ravinder Singh Bisht" <equityguruk7@gmail.com>, "sensexnifty23 Moderator" <sensexnifty23-owner@yahoogroups.com>, sharesubs-india@yahoogroups.com, "shrikant karwa" <shrikant_phaltan@yahoo.com>, "Shubham Mukherjee" <shubham.mukherjee@timesgroup.com>, "Stock Guru" <stkguru@gmail.com>, "Stockeditor" <stockeditor@gmail.com>, "sunil pal" <sunil.pal@cdequi.com>, "Traders Orbit" <tradersorbit@yahoo.com>, "VIJAY BHASIN" <vbhasin2001@gmail.com>, "Vivek Jhawar" <jhawarvivek1@yahoo.com>, "Market Buzz" <marketbuzz.in@gmail.com>, "Milind Madhani" <millindmadhani@yahoo.co.in>, "Plethora" <plethora-research-reports@googlegroups.com>, "Rajiv Handa" <rhapositive@gmail.com>, "sanjeev kapoor" <kapoorsanjeev@yahoo.com>
Date: Tuesday, 5 October, 2010, 9:48 AM
Development Credit Bank-Seriously, Under-Valued?This stock should be worth Rs 200 per share in a year from now.
The industrial big-wigs have been making a bee-line to the RBI offices in search of a Banking licence. Such is the perceived value of a licence that Hire Purchase/Lease Finance companies like Shriram Transport, Sundaram Finance, Mannapuram, Moongipa and Bajaj Auto Finance have seen a run-up in their stocks just on the belief that they will get a Banking licence.
On the flip side we have DCB-at Rs 6400 crore in deposits-a private sector bank right in front of our eyes which is worth just Rs 1200 crore at today's market price. The Bank has got 80 CBS branches and runs a market cap of Rs 1200 crore, while Kotak with 250 branches carries a market cap of Rs 37000 crore, and IndusInd with 250 branches carries a market cap of Rs 13000 crore.
A. If this yardstick is used for DCB-the bank should be worth at least 4160 crore or nearly three times today's CMP of Rs 61.
B.What stands in-between market outperformance for DCB? The basics-first...
Emerging Private Sector bank with a balance sheet size of
approximately Rs. 6400 crores.
Network of 80 state-of-the-art branches, with access to more
than 18,000* ATMs spread across the states of Maharashtra, Gujarat, Andhra
Pradesh, Karnataka, New Delhi, Goa, Tamil Nadu, Haryana, West Bengal, Rajasthan,
Union Territories of Daman & Diu and Dadra & Nagar Haveli.
Dedicated staff of over 1800.
The recently launched Initial Public Offering enjoyed a
phenomenal success, being oversubscribed 35 times
C. Can the management team effect a turnaround? Already on the way...
Mr. Murali M. Natrajan – Managing Director & Chief
Executive Officer (CEO)
Prior to joining DCB, Mr. Natrajan served as the Global Head
for SME banking in Standard Chartered Bank. He was responsible for providing
strategic context and business development capabilities to drive a distinctive
and consistent business model across 27 markets in Asia, Africa and the Middle
East. Mr. Natrajan joined Standard Chartered Bank, India to head the Mortgage
& Auto Business. In November 2004, he was promoted as Head of Consumer
Banking for India & Nepal overseeing business that include Mortgages, Wealth
Management, Branches, ATMs, Credit Cards, Personal Loans and SME.
A Fellow Member of the Institute of Chartered Accountants of India, Mr
Natrajan started his career with American Express TRS in India where he worked
for 5 years in Business Planning, Finance and Operations. In 1989, he joined
Citibank where he spent 14 years in various disciplines such as Operations,
Credit, Finance, Product Management and Business Management of Consumer Banking.
Prior to joining Standard Chartered Bank in October 2002, he had successful
stints as Cards Business Director in Citibank India, Hong Kong and
Indonesia.
Mr. Anoop Prabhakar – Head – Corporate Banking
Mr. Prabhakar is an M Sc (Physics) from Delhi University and
comes with 32 years of in-depth banking experience in Corporate & Retail
Banking, Business Process Re-engineering, Stressed Assets Recovery and
International Banking which also includes an international assignment of 3 years
in the UK. In his last role, he was working as General Manager – Local Head
Office (Chennai) at State Bank of India and was responsible for management of an
extensive network of branches across Tamil Nadu and Pondicherry.
Mr. Bharat Sampat – Chief Financial Officer (CFO)
Chartered Accountant and Cost Accountant alongwith a Post Graduate Degree in
Law, Mr. Sampat has over 24 years of experience in senior
positions with reputed organizations such as ABN Amro Bank, ANZ Grindlays Bank,
Standard Chartered Bank, Hoechst India and Larsen & Toubro. He has worked in
diverse industries such as manufacturing, banking, finance and shared services
with oversight for financial accounting, financial control and reporting, and
management accounting both in India and abroad.
Mr. Praveen Kutty – Head – Retail & SME Banking
Mr. Kutty brings with him around 16 years of banking
experience. He has worked with Citibank's Indian and international operations
where he successfully managed multiple consumer banking businesses including
Credit Cards, Personal Loans, Home Loans, Branch Banking and Wealth Management.
As Area Director for Bangalore for Consumer Banking, he was instrumental in
scaling up the remote banking Suvidha experiment into a highly profitable
customer proposition. Prior to joining DCB, he was the Area Director for
Citibank's NRI Business in North America. Mr. Kutty holds a B.Com and an MBA
degree.
Mr. R. Venkattesh – Head – Operations, Technology &
HR
Mr. Venkattesh holds a B.Com. degree and is an MBA in
Personnel Management. Prior to joining the Bank, he was with Standard Chartered
Bank as Head, Human Resources - Countries. He has over 18 years of experience in
the areas of Human Resource Management and Mergers and Acquisitions.
Mr. Rajesh Verma – Head – Treasury
Mr. Verma comes with 29 years of experience within Banking
& Investment Banking in State Bank of India. His rich experience spans
across the various functions of Treasury, Credit, Loan Syndications, Project
Finance, Investment Banking, General Administrations and IT Project Management
in India and UK. In his last role, he was working as a Deputy General Manager,
Global Market Department for SBI in Mumbai.
Mr. Ravi Kumar - Chief Internal Auditor
Mr. Ravi has over 15 years of rich experience in a career
that spans national as well as international roles. Prior to DCB, he spent seven
years with the Samba Financial Group (previously Citibank) and four year with
Ernst & Young at Riyadh. In his last role, he was Chief Financial Officer
with Samba Financial Group, Qatar. Ravi is a Chartered accountant and a
Certified Information Systems Auditor as well. He has managed and led several
audits across various functions and domains. He brings with him an in-depth
understanding of the banking domain and its nuances. In this role he is focused
on strengthening the audit function in the Bank and taking it to the next level.
D. Who owns the Bank?
DCB made a Preferential
Allotment of Rs.280 crores at a price of Rs.105 per share to a group of pedigree
investors, namely:
Al Bateen Investment Company, LLP, Abu Dhabi, UAE
Tata Capital Limited, Mumbai, India
Tata Investment Corporation Limited, Mumbai, India
DCB Investments Limited, Mauritius
GRA Finance Corporation Limited, Mauritius (Lehman Brothers)
India Capital Opportunities 1 Limited, Mauritius (Mark Faber).
Pursuant to this capital raising, DCB's Share Capital has increased to Rs.
174 crores and the Net Worth now stands at Rs.575 crores as opposed to the
regulatory minimum of Rs.300 crores.
Safe Harbor Statement:
Some forward looking statements on projections, estimates, expectations & outlook are included to enable a better comprehension of the Company prospects. Actual results may, however, differ materially from those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, impact of competing products and their pricing, product demand and supply constraints. Nothing in this article is, or should be construed as, investment advice.
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