2QFY2016 Result Update | Banking
November 20, 2015
Allahabad Bank
NEUTRAL
CMP
`74
Performance Highlights
Target Price
-
Particulars (` cr)
2QFY16 1QFY16
% chg (qoq)
2QFY15
% chg (yoy)
Investment Period
-
NII
1,621
1,587
2.2
1504
7.8
Stock Info
Pre-prov. profit
1,159
1,242
(6.7)
1157
0.2
Sector
Banking
PAT
177
147
20.6
141
25.2
Market Cap (` cr)
4,432
Source: Company, Angel Research
Beta
1.3
Allahabad Bank reported a 25% growth in PAT for 2QFY2016, aided by higher
52 Week High / Low
136/72
net interest income and lower provisions along with stable asset quality.
Avg. Daily Volume
2,508,577
Face Value (`)
10
NIM improves qoq; Slippages remain elevated
BSE Sensex
25,483
During 2QFY2016, the bank witnessed a modest growth of 6.3% yoy in its loan
Nifty
7,732
book, while deposits growth was sluggish at 1.5% yoy. CASA deposits grew by
Reuters Code
ALBK.BO
8.5% yoy (4.6% qoq), aiding 223bp yoy and 69bp qoq increase in bank’s CASA
Bloomberg Code
[email protected]
ratio to 34.9%. Yield on funds for the bank declined 18bp qoq to 9.5% while a
25bp qoq decline in the costs of funds on improved CASA ratio led to a 4bp qoq
rise in Reported NIMs to 2.95%. The non-interest income (excluding treasury) for
Shareholding Pattern (%)
the bank saw a decline of 11.2% yoy led by decline in other income which
Promoters
62.7
however was partially offset by growth of 17.3% yoy in the fee income.
MF / Banks / Indian Fls
18.9
FII / NRIs / OCBs
5.2
During the quarter, asset quality pressures for the bank continued, as annualized
Indian Public / Others
13.1
slippages rate got elevated to 4.4%, higher than 1.9% in 1QFY2016 and 3.8% in
2QFY2015. Gross NPA ratios declined marginally by 0.6% qoq, while net NPA
declined 1.6% qoq. The PCR for the bank continued to rise (up 117bp qoq during
Abs. (%)
3m
1yr
3yr
the quarter to 55.5%). Additionally, the bank restructured advances worth `111cr,
Sensex
(8.4)
(9.5)
39.0
thereby taking its outstanding restructured book to `15,769cr (10.4% of gross
ALBK
(24.7)
(39.9)
(44.9)
credit).
Outlook and valuation: At the current market price, the stock trades at 0.3x
3-year price chart
200
FY2017E P/ABV. However, given the stress in certain sectors of the economy and
with the bank having a meaningful exposure to these stressed sectors, we would
150
follow a cautious stance in the near-term. We recommend a Neutral rating on the
100
stock.
50
Key financials (standalone)
Y/E March (` cr)
FY2014
FY2015
FY2016E
FY2017E
0
NII
5,311
6,178
6,551
7,277
% chg
9.1
16.3
6.0
11.1
Source: Company, Angel Research
Net profit
1,172
644
931
1,571
% chg
(1.1)
(45.0)
44.6
68.7
NIM (%)
2.5
2.8
2.8
2.9
Vaibhav Agrawal
EPS (`)
21.5
11.3
16.3
27.5
022 - 3935 7800 Ext: 6808
P/E (x)
3.4
6.5
4.5
2.7
[email protected]
P/ABV (x)
0.5
0.5
0.4
0.3
Chintan Shah
RoA (%)
0.6
0.3
0.4
0.6
022 - 4000 3600 Ext: 6828
RoE (%)
10.9
5.7
7.6
11.9
[email protected]
Source: Company, Angel Research; Note: CMP as of November 18, 2015
Please refer to important disclosures at the end of this report
1
Allahabad Bank | 2QFY2016 Result Update
Exhibit 1: 2QFY2016 performance (standalone)
Particulars (` cr)
2QFY16
1QFY16
% chg (qoq)
2QFY15
% chg (yoy)
FY2015
FY2014
% chg
Interest earned
4,852
4,918
(1.3)
4,901
(1.0)
19,716
18,747
5.2
- on Advances / Bills
3,778
3,819
(1.1)
3,671
2.9
14,966
13,912
7.6
- on investments
988
1,005
(1.7)
1,181
(16.4)
4,486
4,563
(1.7)
- on balance with RBI & others
56
58
(3.8)
42
33.3
202
116
74.9
- on others
30
36
(17.0)
7
323.5
62
157
(60.6)
Interest Expended
3,230
3,331
(3.0)
3,397
(4.9)
13,538
13,435
0.8
Net Interest Income
1,621
1,587
2.2
1,504
7.8
6,178
5,311
16.3
Other income
465
478
(2.8)
516
(9.7)
1,996
2,166
(7.8)
Other income excl. treasury
384
329
16.6
433
(11.2)
1,427
1,878
(24.0)
- Fee Income
265
244
8.6
226
17.3
988
928
6.4
- Treasury Income
81
149
(45.6)
83
(2.4)
569
288
97.6
- Others
119
85
39.6
207
(42.2)
439
949
(53.8)
Operating income
2,087
2,066
1.0
2,020
3.3
8,174
7,477
9.3
Operating expenses
928
824
12.6
863
7.5
3,714
3,457
7.5
- Employee expenses
572
472
21.1
529
8.2
2,307
2,245
2.8
- Other Opex
356
352
1.2
334
6.5
1,407
1,212
16.1
Pre-provision Profit
1,159
1,242
(6.7)
1,157
0.2
4,460
4,020
10.9
Provisions & Contingencies
703
855
(17.7)
730
(3.7)
2,857
2,384
19.8
- Provisions for NPAs
838
561
49.4
1,016
(17.5)
2,004
2,030
(1.3)
- Provisions for Investments
(149)
181
(182.3)
49
(404.1)
(91)
137
(166.4)
- Other Provisions
14
113
(87.5)
(335)
(104.2)
944
216
336.0
PBT
456
387
17.8
427
6.8
1,603
1,637
(2.0)
Provision for Tax
279
240
16.1
285
(2.4)
982
465
111.4
PAT
177
147
20.6
141
25.2
621
1,172
(47.0)
Effective Tax Rate (%)
61.1
62.0
(89)bp
66.9
(572)bp
61.3
28.4
3288bp
Source: Company, Angel Research
November 20, 2015
2
Allahabad Bank | 2QFY2016 Result Update
Exhibit 2: 2QFY2016 performance analysis (standalone)
Particulars (` cr)
2QFY16 1QFY16
% chg (qoq) 2QFY15
% chg (yoy)
Balance sheet
Advances (` cr)
1,48,526
1,51,027
(1.7)
1,39,772
6.3
Deposits (` cr)
1,88,151
1,83,521
2.5
1,85,297
1.5
Credit-to-Deposit Ratio (%)
78.9
82.3
(335)bp
75.4
351bp
Current deposits (` cr)
9,423
9,218
2.2
8,288
13.7
Saving deposits (` cr)
56,304
53,633
5.0
52,309
7.6
CASA deposits (` cr)
65,727
62,851
4.6
60,597
8.5
CASA ratio (%)
34.9
34.2
69bp
32.7
223bp
CAR (%)
10.4
10.2
13bp
11.1
(72)bp
Tier 1 CAR (%)
7.8
7.5
25bp
7.7
2bp
Profitability Ratios (%)
Cost of deposits
6.7
6.9
(19)bp
7.1
(42)bp
Yield on advances
10.5
10.7
(21)bp
10.9
(44)bp
Yield on investments
7.5
7.6
(4)bp
8.0
(45)bp
Yield on funds
9.5
9.7
(18)bp
9.9
(38)bp
Cost of funds
6.4
6.7
(25)bp
7.0
(56)bp
Reported NIM
2.95
2.91
4bp
3.05
(10)bp
Cost-to-income ratio
44.5
39.9
457bp
42.7
174bp
Asset quality
Gross NPAs (` cr)
7,986
7,987
(0.0)
7,674
4.1
Gross NPAs (%)
5.3
5.3
(3)bp
5.4
(10)bp
Net NPAs (` cr)
5,360
5,421
(1.1)
4,948
8.3
Net NPAs (%)
3.6
3.7
(6)bp
3.5
7bp
Provision coverage ratio (%)
55.5
54.3
117bp
55.2
29bp
Annualized slippage ratio (%)
4.4
1.9
251bp
3.8
66bp
NPA prov. to avg. assets (%)
1.5
1.1
49bp
1.9
(38)bp
Source: Company, Angel Research
NIM improves qoq; Slippages remain elevated
During 2QFY2016, the bank witnessed a modest growth of 6.3% yoy in its loan
book, while deposits growth was sluggish at 1.5% yoy. CASA deposits grew by
8.5% yoy (4.6% qoq), aiding 223bp yoy and 69bp qoq increase in bank’s CASA
ratio to 34.9%. Yield on funds for the bank declined 18bp qoq to 9.5% while a
25bp qoq decline in the costs of funds on improved CASA ratio led to a 4bp qoq
rise in Reported NIMs to 2.95%. The non-interest income (excluding treasury) for
the bank saw a decline of 11.2% yoy led by decline in other income which however
was partially offset by growth of 17.3% yoy in the fee income.
November 20, 2015
3
Allahabad Bank | 2QFY2016 Result Update
Exhibit 3: Business growth at moderate pace
Exhibit 4: CASA ratio rises qoq and yoy
Adv. yoy chg (%)
Dep. yoy chg (%)
CDR (%, RHS)
CASA ratio
CASA yoy growth (%, RHS)
10.0
84.0
36.0
10.0
82.3
8.5
8.7
8.5
9.0
34.0
7.7
8.0
82.0
8.0
79.5
78.9
32.0
7.0
6.0
80.0
77.5
6.0
30.0
4.8
4.0
78.0
5.0
75.4
28.0
2.0
76.0
4.0
26.0
3.0
-
74.0
2.0
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
24.0
1.0
(2.0)
72.0
32.7
32.6
33.6
34.2
34.9
22.0
-
(4.0)
70.0
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research
Source: Company, Angel Research
Exhibit 5: Yield on Advances decline qoq
Exhibit 6: NIM surges 4bp qoq
(%)
(%)
11.5
3.5
3.27
10.93
10.98
3.2
3.05
11.0
2.95
10.70
2.91
2.85
2.9
10.49
10.5
10.28
2.6
10.0
2.3
9.5
2.0
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research
Source: Company, Angel Research
NPA levels under control; slippages hover at elevated levels
During the quarter, asset quality pressures for the bank continued, as annualized
slippages rate got elevated to 4.4%, higher than 1.9% in 1QFY2016 and 3.8% in
2QFY2015. Gross NPA ratios declined marginally by 0.6% qoq, while net NPA
declined 1.6% qoq. The PCR for the bank continued to rise (up 117bp qoq during
the quarter to 55.5%). Additionally, the bank restructured advances worth `111cr,
thereby taking its outstanding restructured book to `15,769cr (10.4% of gross
credit).
November 20, 2015
4
Allahabad Bank | 2QFY2016 Result Update
Exhibit 7: NPA ratios witness moderate pressure
Exhibit 8: Elevated slippages
Gross NPAs (%)
Net NPAs (%)
PCR (%, RHS)
5.0
Slippages (%)
Credit cost (%, RHS)
2.2
6.0
60.0
4.5
2.0
2.0
55.5
55.2
4.0
1.8
5.0
54.3
51.5
3.5
1.6
52.1
1.5
4.0
1.4
3.0
1.2
2.5
3.0
50.0
1.0
1.0
2.0
0.8
2.0
1.5
0.6
0.6
0.5
1.0
0.4
1.0
0.5
0.2
3.8
3.1
4.0
1.9
4.4
-
40.0
-
-
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research; Note: PCR incl. technical write-offs
Source: Company, Angel Research
Exhibit 9: Branch expansion slows down
Exhibit 10: Cost ratios trends
3,200
Cost-to-income ratio (%)
Opex to average assets (%, RHS)
3,154
1.9
1.9
3,134
60.0
2.0
3,150
1.6
3,107
1.7
1.8
3,100
1.4
1.6
3,051
45.0
3,050
1.4
1.2
3,000
2,946
30.0
1.0
2,950
0.8
2,900
0.6
15.0
0.4
2,850
0.2
2,800
-
-
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
Source: Company, Angel Research
Source: Company, Angel Research
Outlook and valuation
At the current market price, the stock trades at 0.3x FY2017E P/ABV. However,
given the stress in certain sectors of the economy and with the bank having a
meaningful exposure to these stressed sectors, we would follow a cautious stance
in the near-term. We recommend a Neutral rating on the stock.
November 20, 2015
5
Allahabad Bank | 2QFY2016 Result Update
Exhibit 11: Recommendation summary
CMP
Tgt. price
Upside
FY2016E
FY2016E
FY2016E
FY2014-16E
FY2016E
FY2016E
Company
Reco.
(`)
(`)
(%)
P/ABV (x)
Tgt. P/ABV (x)
P/E (x)
EPS CAGR (%)
RoA (%)
RoE (%)
HDFCBk
Buy
1,048
1,262
20.4
3.2
3.8
17.2
22.4
1.9
19.7
ICICIBk*
Buy
260
354
36.1
1.8
2.0
10.7
13.4
1.6
14.7
YesBk
Buy
723
921
27.3
1.9
2.4
10.4
20.5
1.6
19.6
AxisBk
Buy
464
630
35.8
1.9
2.6
10.7
18.4
1.8
18.9
SBI*
Buy
241
283
17.4
1.2
1.2
9.9
17.8
0.7
12.7
FedBk
Neutral
55
-
-
1.0
1.0
8.9
3.1
1.0
11.9
SIB
Neutral
20
-
-
0.7
0.8
6.1
21.6
0.7
11.6
BOB
Neutral
168
-
-
0.9
0.9
8.0
17.5
0.6
10.6
PNB
Neutral
136
-
-
0.6
0.6
5.0
28.5
0.7
12.0
BOI
Neutral
129
-
-
0.3
0.8
3.9
14.0
0.3
7.6
IndBk
Neutral
126
-
-
0.4
0.3
4.2
19.4
0.6
8.6
Vijaya Bank
Neutral
34
-
-
0.5
0.5
5.1
14.1
0.4
8.8
OBC
Neutral
146
-
-
0.3
0.5
3.2
65.5
0.5
9.4
Allahabad Bank Neutral
74
-
-
0.3
0.3
2.7
56.2
0.6
11.9
UnionBk
Neutral
160
-
-
0.5
0.4
4.1
18.1
0.6
11.4
CanBk
Neutral
270
-
-
0.4
0.3
3.8
12.0
0.6
11.2
AllBk
Neutral
74
-
-
0.3
0.4
2.7
56.2
0.6
11.9
IDBI#
Neutral
83
-
-
0.5
0.6
5.8
61.6
0.6
9.3
DenaBk
Neutral
41
-
-
0.3
0.4
4.1
45.6
0.4
7.9
Source: Company, Angel Research; Note:*Target multiples=SOTP Target Price/ABV (including subsidiaries), #Without adjusting for SASF
Company Background
Allahabad Bank is a mid-sized public sector bank, with a network of ~3,154
branches and balance sheet of ~`2.2lakh cr. The bank has around 62% of its
branches in rural and semi-urban locations.
November 20, 2015
6
Allahabad Bank | 2QFY2016 Result Update
Income statement (standalone)
Y/E March (` cr)
FY12
FY13
FY14
FY15
FY16E
FY17E
Net Interest Income
5,163
4,866
5,311
6,178
6,551
7,277
- YoY Growth (%)
28.3
(5.7)
9.1
16.3
6.0
11.1
Other Income
1,299
1,477
2,166
1,996
2,018
2,116
- YoY Growth (%)
(5.2)
13.7
46.6
(7.8)
1.1
4.8
Operating Income
6,461
6,343
7,477
8,174
8,569
9,392
- YoY Growth (%)
19.8
(1.8)
17.9
9.3
4.8
9.6
Operating Expenses
2,691
2,958
3,457
3,714
3,877
4,265
- YoY Growth (%)
15.1
9.9
16.9
7.5
4.4
10.0
Pre - Provision Profit
3,770
3,385
4,020
4,460
4,692
5,127
- YoY Growth (%)
23.4
(10.2)
18.8
10.9
5.2
9.3
Prov. & Cont.
1,607
1,833
2,384
2,796.3
2,829
2,725
- YoY Growth (%)
43.0
14.0
30.1
17.3
1.2
(3.7)
Profit Before Tax
2,163
1,553
1,637
1,663
1,863
2,402
- YoY Growth (%)
12.0
(28.2)
5.4
1.6
12.0
29.0
Prov. for Taxation
296
367
465
1,019
931
831
- as a % of PBT
13.7
23.7
28.4
61.3
50.0
34.6
PAT
1,867
1,185
1,172
644
931
1,571
- YoY Growth (%)
31.2
(36.5)
(1.1)
(45.0)
44.6
68.7
Balance sheet (standalone)
Y/E March (` cr)
FY12
FY13
FY14
FY15
FY16E
FY17E
Share Capital
500
500
545
571
571
571
Reserves & Surplus
10,007
10,852
11,256
12,095
12,855
14,140
Deposits
1,59,593
1,78,742
1,90,843
1,93,424
2,06,964
2,27,660
- Growth (%)
21.0
12.0
6.8
1.4
7.0
10.0
Borrowings
5,183
6,386
8,419
10,697
11,428
12,542
Tier 2 Capital
3,912
3,712
3,712
3,619
3,529
3,440
Other Liab. & Prov.
3,740
4,181
5,660
6,690
7,283
7,915
Total Liabilities
1,82,935
2,04,373
2,20,434
2,27,096
2,42,630
2,66,269
Cash Balances
8,712
7,808
8,834
9,660
10,348
11,383
Bank Balances
5,313
5,263
5,461
7,474
7,985
8,763
Investments
54,283
58,306
63,961
56,479
61,619
68,824
Advances
1,11,145
1,29,490
1,38,007
1,49,877
1,58,869
1,73,168
- Growth (%)
18.7
16.5
6.6
8.6
6.0
9.0
Fixed Assets
1,198
1,252
1,310
1,405
1,456
1,550
Other Assets
2,283
2,255
2,862
2,202
2,352
2,582
Total Assets
1,82,935
2,04,373
2,20,434
2,27,096
2,42,630
2,66,269
- Growth (%)
20.9
11.7
7.9
3.0
6.8
9.7
November 20, 2015
7
Allahabad Bank | 2QFY2016 Result Update
Ratio Analysis (standalone)
Y/E March
FY12
FY13
FY14
FY15
FY16E
FY17E
Profitability ratios (%)
NIMs
3.2
2.6
2.5
2.8
2.8
2.9
Cost to Income Ratio
41.7
46.6
46.2
45.4
45.2
45.4
RoA
1.1
0.6
0.6
0.3
0.4
0.6
RoE
21.6
11.8
10.9
5.7
7.6
11.9
B/S ratios (%)
CASA Ratio
30.5
30.7
31.3
33.6
34.2
34.5
Credit/Deposit Ratio
69.6
72.4
72.3
77.5
76.8
76.1
CAR
12.8
11.0
10.3
10.8
10.5
10.3
- Tier I
9.1
8.1
7.7
8.0
8.0
8.1
Asset Quality (%)
Gross NPAs
1.8
3.9
5.7
5.5
6.8
6.9
Net NPAs
1.0
3.2
4.1
4.0
4.0
3.0
Slippages
2.4
5.3
4.6
3.6
3.5
3.0
Loan Loss Prov./Avg. Assets
0.7
0.8
1.0
0.9
1.0
1.0
Provision Coverage
74.0
50.0
46.0
52.5
57.5
67.5
Per Share Data (`)
EPS
37.3
23.7
21.5
11.3
16.3
27.5
ABVPS
192.1
168.7
145.2
157.2
173.8
221.6
DPS
6.0
6.0
0.0
1.7
3.0
5.0
Valuation Ratios
PER (x)
2.0
3.1
3.4
6.5
4.5
2.7
P/ABVPS (x)
0.4
0.4
0.5
0.5
0.4
0.3
Dividend Yield
8.1
8.1
-
2.3
4.1
6.8
DuPont Analysis (%)
NII
3.1
2.5
2.5
2.8
2.8
2.9
(-) Prov. Exp.
1.0
0.9
1.1
1.2
1.2
1.1
Adj. NII
2.1
1.6
1.4
1.5
1.6
1.8
Treasury
0.1
0.1
0.1
0.3
0.2
0.2
Int. Sens. Inc.
2.2
1.7
1.5
1.8
1.8
2.0
Other Inc.
0.7
0.6
0.9
0.6
0.6
0.6
Op. Inc.
2.9
2.3
2.4
2.4
2.4
2.6
Opex
1.6
1.5
1.6
1.7
1.7
1.7
PBT
1.3
0.8
0.8
0.7
0.8
0.9
Taxes
0.2
0.2
0.2
0.5
0.4
0.3
RoA
1.1
0.6
0.6
0.3
0.4
0.6
Leverage (x)
19.3
19.2
19.8
19.7
19.3
19.3
RoE
21.6
11.8
10.9
5.7
7.6
11.9
November 20, 2015
8
Allahabad Bank | 2QFY2016 Result Update
Research Team Tel: 022 - 39357800
E-mail: [email protected]
Website: www.angelbroking.com
DISCLAIMER
Angel Broking Private Limited (hereinafter referred to as “Angel”) is a registered Member of National Stock Exchange of India Limited,
Bombay Stock Exchange Limited and Metropolitan Stock Exchange of India Limited. It is also registered as a Depository Participant with
CDSL and Portfolio Manager with SEBI. It also has registration with AMFI as a Mutual Fund Distributor. Angel Broking Private Limited is
a registered entity with SEBI for Research Analyst in terms of SEBI (Research Analyst) Regulations, 2014 vide registration number
INH000000164. Angel or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing
/dealing in securities Market. Angel or its associates including its relatives/analyst do not hold any financial interest/beneficial
ownership of more than 1% in the company covered by Analyst. Angel or its associates/analyst has not received any compensation /
managed or co-managed public offering of securities of the company covered by Analyst during the past twelve months. Angel/analyst
has not served as an officer, director or employee of company covered by Analyst and has not been engaged in market making activity
of the company covered by Analyst.
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should
make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the
companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine
the merits and risks of such an investment.
Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliable
sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this
document is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any way
responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report.
Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannot
testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.
While Angel Broking Pvt. Limited endeavors to update on a reasonable basis the information discussed in this material, there may be
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or in connection with the use of this information.
Note: Please refer to the important ‘Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the
latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates may
have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement
Allahabad Bank
1. Analyst ownership of the stock
No
2. Angel and its Group companies ownership of the stock
No
3. Angel and its Group companies' Directors ownership of the stock
No
4. Broking relationship with company covered
No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors
Ratings (Based on expected returns
Buy (> 15%)
Accumulate (5% to 15%)
Neutral (-5 to 5%)
over 12 months investment period):
Reduce (-5% to -15%)
Sell (< -15)
November 20, 2015
9