Opinions
Brett Girard, CPA, CA, CFA
ICICI Bank Ltd.
IBN-N
DON'T BUY
Nov 13, 2023
$22.390
Stock price when the opinion was issued
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DON'T BUY
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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India's largest bank. Investing in India right now makes all the sense in the world. It's the largest population now, surpassing China. India has significant growth, population is relatively young and moving to cities, with more banking needs required.
His exposure is through HDFC instead.