CSB Bank: Fairfax-Controlled Bank in Value-Unlocking Transformation

Rajeev Agrawal of DoorDarshi Advisors presented his in-depth investment thesis on CSB Bank (India: CSBBANK) at Asian Investing Summit 2023.

Thesis summary:

CSB Bank is an old private sector bank in India that is getting transformed under the new oversight of Fairfax (and its leader Prem Watsa). Bank is selling at <9x price to earnings, 1.6x price to book with a strong 20% ROE and 2% ROA. Bank has a strong asset quality and sufficient provision with Gross NPA (Non-Performing Assets) of 1.5% and Net NPA of 0.4%. Lastly, the high growth prospects of the bank of 20%+ over the foreseeable future can be more than adequately funded by very strong capital adequacy (CAR of 25.8% and CET1 of 24.3%) ensuring that all growth of the bank translates into returns for the existing shareholders.

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About the instructor:

Rajeev Agrawal is the Fund Manager and Managing Partner at DoorDarshi India Fund. DoorDarshi India Fund is a US-based fund that focuses on investing in Indian equities. Rajeev is also the founder of DoorDarshi Advisors, a General Partner to DoorDarshi India Fund. Rajeev has been investing in the US and Indian equity markets for 15+ years. Rajeev follows Value Investing principles and finds that the Indian equity market provides wonderful opportunities for his style of investing. Prior to starting DoorDarshi, Rajeev was a Technology executive focusing on the Financial Industry and has worked with IHS Markit, Goldman Sachs, Bank of America, JP Morgan and Dresdner Bank. Rajeev did his B.Tech from IIT Bombay and MBA from IIM Calcutta.