Thanks for the prompt response.
If this is true, I must say the market is being extremely forward looking as these subsidiaries are no where close to being listed and selective in terms of why only value Kotak Mahindra on SOTP.
We have HDFC Ltd where almost all the subsidiaries (Bank, Gruh/Bandhan, Life Insurance, AMC) are listed and if you remove the value of all listed subsidiaries - the core company i.e HDFC is currently trading at P/B of 1.5x book for the best / 2nd best NBFC (if Bajaj is no.1) in the country.
Even if you add back 1200 crore to bottomline - which will only flow in gradually over 2-3 years, its market cap is around 30 times earnings - still valued at a decent premium to HDFC Bank.
Again, can’t help but ask what’s so special about Kotak Mahindra Bank?
PS: Invested in both HDFC Bank and HDFC.