We believe that the risks developing in Yes Banks Forex Derivative business are manageable and the structural growth potential of the Bank is intact. The Bank is on a high growth trajectory, has embarked on building a strong brand and has an impressive pool of intellectual capital. We expect 66% CAGR in Deposits and Advances and 53% CAGR in EPS over FY2007-10E. We have factored in 15% reduction in EPS estimates for FY2009E and FY2010E taking a conservative view on the Forex Derivatives business and revised our estimated FY2010E ABV downwards from Rs99 to Rs88. At Rs186, the stock is trading at 2.1x our revised FY2010E Adjusted Book Value (ABV) of Rs88. We maintain a Buy on the stock. Read More

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