External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ICICIB reported a healthy domestic credit growth of 17/3% YoY/QoQ vs. our expectation of ~18%. Retail books grew by 19/4% YoY/QoQ, and Business Banking grew by 32/6.5% YoY/QoQ.</li><li>SME book grew by 25/4% YoY/QoQ and the domestic corporate book grew by 10%/flat YoY/QoQ.</li><li>Deposit growth was strong at 20/6% YoY/QoQ, driven by a robust CASA Deposit growth of 10/13% YoY. CASA Ratio improved to 42.2% vs 45.8/39.6% YoY/QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICIB reported a healthy domestic credit growth of 17/3% YoY/QoQ vs. our expectation of ~18%. Retail books grew by 19/4% YoY/QoQ, and Business Banking grew by 32/6.5% YoY/QoQ.SME book grew by 25/4% YoY/QoQ and the domestic corporate book grew by 10%/flat YoY/QoQ.Deposit growth was strong at 20/6% YoY/QoQ, driven by a robust CASA Deposit growth of 10/13% YoY. CASA Ratio improved to 42.2% vs 45.8/39.6% YoY/QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Bank - Inline Quarter; Strong Performance to Continue

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Aadhar Housing Finance Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> (AHF) is now looking to raise around US$360m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about valuations.</li>
</ul>



Aadhar Housing Finance (AHF) is now looking to raise around US$360m in its India IPO, via selling a mix of primary and secondary shares.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
We have looked at the company’s performance in our past note. In this note, we talk about valuations.


Aadhar Housing Finance IPO - Larger and Slower, at a Reasonable Discount

<ul><li>ICICIB reported a healthy credit growth of 19/4% YoY/QoQ, in line with our expectations.</li><li>Retail book grew by 21%/5% YoY/QoQ, and Business Banking grew by 32/7% YoY/QoQ.</li><li>The SME book grew by 28/7% YoY/QoQ and the corporate book grew by 13/3% YoY/QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICIB reported a healthy credit growth of 19/4% YoY/QoQ, in line with our expectations.Retail book grew by 21%/5% YoY/QoQ, and Business Banking grew by 32/7% YoY/QoQ.The SME book grew by 28/7% YoY/QoQ and the corporate book grew by 13/3% YoY/QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Bank Ltd. - Strong Performance Continues; A Preferred Pick Amongst Banks!

<ul><li>Healthy credit growth (+18/5% YoY/QoQ) was visible across segments - Retail loan (+21/6% YoY/QoQ), Business Banking portfolio (+30/11% YoY/QoQ), SME (+29/7% YoY/QoQ) and Corporate (+15/3% YoY/QoQ).</li><li>Similarly, deposit growth was strong at 19/5% YoY/QoQ, led by TD deposit growth of 32/9% YoY/QoQ.</li><li>CASA deposits growth was muted at 4% YoY and degrew by 2% QoQ. CASA ratio stood at 40.8% vs. 46.6%/43.3% YoY/QoQ.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Healthy credit growth (+18/5% YoY/QoQ) was visible across segments - Retail loan (+21/6% YoY/QoQ), Business Banking portfolio (+30/11% YoY/QoQ), SME (+29/7% YoY/QoQ) and Corporate (+15/3% YoY/QoQ).Similarly, deposit growth was strong at 19/5% YoY/QoQ, led by TD deposit growth of 32/9% YoY/QoQ.CASA deposits growth was muted at 4% YoY and degrew by 2% QoQ. CASA ratio stood at 40.8% vs. 46.6%/43.3% YoY/QoQ.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Bank Ltd. - Strong Performance Continues, Quarter After Quarter!

Asian bank research and consultancy, Tabbush Report

Daniel Tabbush

Asian bank research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>Recently awarded "Maharatna" status, only 12 companies, FY24 is first full year for this</li>
<li>Growth is steady, with good returns, and major improvement in credit metrics</li>
<li>Its 4.77% dividend yield is incredibly high and about 3x higher than peers</li>
</ul>


Recently awarded "Maharatna" status, only 12 companies, FY24 is first full year for this
Growth is steady, with good returns, and major improvement in credit metrics
Its 4.77% dividend yield is incredibly high and about 3x higher than peers


RECL - Near Insatiable Power Credit Demand, Great NPL Trend, New Maharatna Status, 3x Avg Div Yield

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

ICICI Bank Ltd (ICICIBC IN)

ICICI Bank - Inline Quarter; Strong Performance to Continue

ICICIB reported a healthy domestic credit growth of 17/3% YoY/QoQ vs. our expectation of ~18%. Retail books grew by 19/4% YoY/QoQ, and Business...

Axis Direct

Aadhar Housing Finance IPO - Larger and Slower, at a Reasonable Discount

Aadhar Housing Finance (AHF) is now looking to raise around US$360m in its India IPO, via selling a mix of primary and secondary shares. In this...

Sumeet Singh

ICICI Bank Ltd. - Strong Performance Continues; A Preferred Pick Amongst Banks!

ICICIB reported a healthy credit growth of 19/4% YoY/QoQ, in line with our expectations. Retail book grew by 21%/5% YoY/QoQ, and Business Banking...

Axis Direct

ICICI Bank Ltd. - Strong Performance Continues, Quarter After Quarter!

Retail loan (+21/6% YoY/QoQ), Business Banking portfolio (+30/11% YoY/QoQ), SME (+29/7% YoY/QoQ) and Corporate (+15/3% YoY/QoQ).

Axis Direct

RECL - Near Insatiable Power Credit Demand, Great NPL Trend, New Maharatna Status, 3x Avg Div Yield

High demand for power related lending can last for decades, marked improvement in credit metrics, new Maharatna status (only 12 companies have...

Daniel Tabbush