Opinions
Mark Grammer
ICICI Bank Ltd.
IBN-N
COMMENT
Jul 10, 2014
$47.890
Stock price when the opinion was issued
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Inflation is rising in India because of oil imports, plus strong US dollar. All Indian banks have been falling. With typhoons and people moving to online banking, they’re scrambling. Not the time to be stepping into EM. They’re cheap, but they could be getting a lot cheaper. EMs are twice as risky as NA and European.
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COMMENT
India has been affected by covid. In India, prefers HDFC Bank over IBN, which is the second largest bank. Loan losses have been less at HDFC and they have maintained higher capital ratios. As India rounds the last corner of covid, the name should do well. Longer term demographic and macro trends are positive.
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BUY
The issue with banking is that it's macro-country issue. So, with India, owning a bank stock is really good. As the middle class grows there, banks will thrive, but there's volatility in Indian banks, because their economy is more unpredictable. Overall, he likes this. Either buy a bank or ETF for India.
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DON'T BUY
He doesn’t have anything right now in Indian banks, but that is not to say that he won’t. This wouldn’t be his first choice, but that is because he can buy locally, and doesn’t need to buy ADRs. If you could only buy an ADR, this would probably be the one.