Subscribe to Standard Chartered IDR, says Angel
Angel Broking has advised investors to subscribe to public offer of Standard Chartered’s Indian Depository Receipt (IDR).
By ET Bureau |
MUMBAI: Angel Broking has advised investors to subscribe to public offer of Standard Chartered’s Indian Depository Receipt ( IDR).
“SCB's IDR provides Indian investors a vehicle to invest in a global entity that has a global presence. As a result of its diversified presence and emerging market focus, SCB came out relatively unscathed from the sub-prime crisis and is now well poised to benefit from the ongoing recovery in emerging economies. Hence, the bank is an excellent diversified multinational banking play, with strategic positioning in high-growth emerging markets.
The stock is currently trading at 1.7x CY2010 P/B vis-a-vis 2.9x and 3.8x FY2010 P/B for Axis Bank and HDFC Bank, respectively. We recommend Subscribe to the Issue,” the report said.
Standard Chartered Plc's IDR opened May 25, 2010, at a price band of Rs 100-115. The company will issue 24 crore IDRs (10 IDRs representing 1 share), accounting for 1.16% of the bank's capital.
The issue of IDRs will allow Standard Chartered to significantly boost its market visibility and brand perception in India. The company is already listed in London and Hong Kong.
Standard Chartered Bank (SCB) is the main operating entity of the group. SCB focuses on developing its wholesale and consumer banking business in Asia, Africa and the Middle East, from where it derives 90% of its operating income and profit.
The bank operates a network of over 1,700 branches and outlets (including subsidiaries, associates and joint ventures) and employs 73,000 people.
“SCB's IDR provides Indian investors a vehicle to invest in a global entity that has a global presence. As a result of its diversified presence and emerging market focus, SCB came out relatively unscathed from the sub-prime crisis and is now well poised to benefit from the ongoing recovery in emerging economies. Hence, the bank is an excellent diversified multinational banking play, with strategic positioning in high-growth emerging markets.
The stock is currently trading at 1.7x CY2010 P/B vis-a-vis 2.9x and 3.8x FY2010 P/B for Axis Bank and HDFC Bank, respectively. We recommend Subscribe to the Issue,” the report said.
Standard Chartered Plc's IDR opened May 25, 2010, at a price band of Rs 100-115. The company will issue 24 crore IDRs (10 IDRs representing 1 share), accounting for 1.16% of the bank's capital.
The issue of IDRs will allow Standard Chartered to significantly boost its market visibility and brand perception in India. The company is already listed in London and Hong Kong.
Standard Chartered Bank (SCB) is the main operating entity of the group. SCB focuses on developing its wholesale and consumer banking business in Asia, Africa and the Middle East, from where it derives 90% of its operating income and profit.
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The bank operates a network of over 1,700 branches and outlets (including subsidiaries, associates and joint ventures) and employs 73,000 people.
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