External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%</li><li>There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoY</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.

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoYContent 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.

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.</li><li>Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.</li><li>Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit growth. </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.

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit growth. 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.

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) managed to clock another steady quarter on the back of consistent loan growth (+18% YoY), offset by higher credit costs (39bps of loans) on account of additional provisioning for investment in AIF (INR6.27bn), while maintaining its asset quality and a healthy PCR (~81%)</li><li>Healthy deposit growth (+18% YoY) came in largely in the form of retail TDs as the CASA ratio dipped further to 39.6% (-112bps QoQ), resulting in a 19-bps QoQ spike in the cost of deposits</li><li>Despite an improving retail mix, yields remained flat, and NIMs softened to 4.43% (-10bps QoQ) and are likely to trend lower</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.

ICICI Bank: ICICI Bank (ICICIBC) managed to clock another steady quarter on the back of consistent loan growth (+18% YoY), offset by higher credit costs (39bps of loans) on account of additional provisioning for investment in AIF (INR6.27bn), while maintaining its asset quality and a healthy PCR (~81%)Healthy deposit growth (+18% YoY) came in largely in the form of retail TDs as the CASA ratio dipped further to 39.6% (-112bps QoQ), resulting in a 19-bps QoQ spike in the cost of depositsDespite an improving retail mix, yields remained flat, and NIMs softened to 4.43% (-10bps QoQ) and are likely to trend lowerContent 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.

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank

<ul><li>Robust Systemic Credit Growth Driven by Retail, SME: The systemic credit growth (as of 15th Dec, 23) stood at ~20% YoY (~15.7% YoY ex-HDFC).</li><li>It continues to remain healthy and is largely being driven by Retail and SME lending along with continued recovery in corporate lending.</li><li>The banks that have reported their provisional numbers so far have reported healthy credit growth. </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.

Robust Systemic Credit Growth Driven by Retail, SME: The systemic credit growth (as of 15th Dec, 23) stood at ~20% YoY (~15.7% YoY ex-HDFC).It continues to remain healthy and is largely being driven by Retail and SME lending along with continued recovery in corporate lending.The banks that have reported their provisional numbers so far have reported healthy credit growth. 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.

<ul><li>India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on select categories of consumer credit</li><li>Our discussions with experts suggest that the RBI’s note of caution is largely centred on small-ticket personal loans (STPL) (ticket size</li><li>The RBI’s risk-weight measures are likely to increase the hurdle rate for banks and NBFCs towards unsecured consumer loans, resulting in a material growth deceleration</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.

India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on select categories of consumer creditOur discussions with experts suggest that the RBI’s note of caution is largely centred on small-ticket personal loans (STPL) (ticket sizeThe RBI’s risk-weight measures are likely to increase the hurdle rate for banks and NBFCs towards unsecured consumer loans, resulting in a material growth decelerationContent 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.

Leveraged Financials: Emerging Long-Tail Risks in Unsecured Credit

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

ICICI Bank Ltd (ICICIBC IN)

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 5%/20%...

HDFC Securities

Top Sector Ideas - BFSI

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.

Axis Direct

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank

ICICI Bank (ICICIBC) managed to clock another steady quarter on the back of consistent loan growth (+18% YoY), offset by higher credit costs (39bps...

HDFC Securities

BFSI Q3FY24 - Earnings Preview

Robust Systemic Credit Growth Driven by Retail, SME: The systemic credit growth (as of 15th Dec, 23) stood at ~20% YoY (~15.7% YoY ex-HDFC).

Axis Direct

Leveraged Financials: Emerging Long-Tail Risks in Unsecured Credit

India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)