MORGAN STANLEY ON CANARA BANK ; UNDERWEIGHT | TP ₹109

• Q2 PAT beat estimates, driven by higher net interest income and lower operating costs. • EPS estimates revised by +13% for FY27, +6% for FY28 and -2% for FY29. • Stock trades at ~0.8x September 2027 P/B, leaving limited room for valuation re-rating. • NIM rose 3 bps QoQ versus expectations of a 3 bps decline. • Management expects NIM to remain stable near ~2.55%.

CANARA BANK

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