Opinions
David Driscoll
ICICI Bank Ltd.
IBN-N
COMMENT
Jan 11, 2018
$9.760
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
There are 2 really good banks in India, this and HDFC. India has a lot of government fiscal policy change right now, and GST has been added so they can get their revenues up and be able to start to spend on infrastructure. Unlike this bank, HDFC Bank is more of a development bank, and have been able to grow their dividends at a much faster rate. He chose HDFC for his holdings for the future.