FY24 ka Budget, Banks ke liye zyada negative earnings implications kar sakta he , kyunki yeh historically government ke liye tax collection karne ke liye key sectors mein se ek raha hai According to JS Global report.
This year, Super Tax ke 4% se 10% tak increase hone ke chances hain, jo CY23E ke liye 13% ki earnings impact ka reason hoga
Ek aur tax Federal Government Securities (FGS) se income par flat tax lagu ho sakta hai. Hum ne ek sensitivity analysis chalaya, jis mein humne 15%/30% flat tax lagaya, jis se average earnings mein 12%/25% decline ka andaza kiya gaya hai.
Two tax measures ko combine kar ke (worst case), P/Es CY23E/CY24F ke liye attractive reh jaate hain kyunki ye sub 3.5x ki average karte hain, jabki ROE 18% ki average karta hai. FGS se income par higher tax se banks ke profits mein kami hogi, lekin yeh same time par domestic debt restructuring ke concerns ko bhi door kar sakta hai (dispel).
