Smartkarma.com is an independent research house based out of Singapore, which also covers Indian stocks. It independence often means that views are indeed very different from the reports coming from India brokerages.
It’s a paid service, however yesterday they publicly released an Editors Pick 2018 edition . It carries a very incisive analysis of Yes Bank by Mr Hemindra Hazari (pages 27 - 29). Thought the analysis is dated May 2018, the quality is superb and useful for analysts. The issue was around treating a Rs 485 crore debt to Reliance Naval Engg as standard, which other banks were classifying as NPA!
Further, very suspiciously and surprisingly, Yes Bank had no lien on its exposure and the suddenly a lien shows up against this exposure (and showing the loan is serviced, when the bankers the analyst spoke to say that even normal banking fees were not paid up!!)
Here’s what Hemindra had to say:
All in all, I think this is amazing analysis on a banking stock, and shows the games that bankers play that can remain hidden for a long time.