Fundamental Result Update

CUB Q3FY20 RESULT UPDATE



CUB’sQ 3 FY 20 performance was operationally muted with high relianceon MSME segment during times when not everything is going well with
the sector The management has shown huge resilience sacrificinggrowth against quality borrowers as the economic slowdown has
marred all sectors We cut our loan growth estimate to 13 15 forFY 20 21 E from 17 earlier We expect CUB to report RoAs of 1 5 and
RoE of 14 in FY 21 E We downgrade our rating on the stock to‘ with a revised target price of Rs 221 based on P/Adj BVmultiple of 2 8 ( to its FY 21 E Adj BV of Rs 79


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