Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</li>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> - The core concerns that worry the street do warrant attention. While the management believes it is temporary, we anticipate some more incremental pain ahead. </li>
<li>Other interesting names highlighted include <a href="https://www.smartkarma.com/entities/delta-corp-ltd" target="_blank" data-smartkarma-citation="entities:4627:1" rel="noopener">Delta Corp Ltd (DELTA IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a>, <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a>, and <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN)</a>. </li>
</ul>


Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.

HDFC Bank (HDFCB IN) - The core concerns that worry the street do warrant attention. While the management believes it is temporary, we anticipate some more incremental pain ahead. 
Other interesting names highlighted include Delta Corp Ltd (DELTA IN), IndiaMart (INMART IN), Polycab India (POLYCAB IN), and Poonawalla Fincorp (POONAWAL IN). 


[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

Research on International Stock Ideas, Value Punks

Value Punks

Research on International Stock Ideas

Value Punks’ mission is to deliver institutional-grade research on international stock ideas in a digestible, reader-friendly format.

At Value Punks, we blend our background in traditional value-investing with an openness to embrace a constantly and rapidly evolving investment and business landscape.

Institutional-Grade Research

<ul><li>HDFC Bank reported earnings last week. The next day the stock fell 8% followed by another 4% the day after.</li><li>HDFC Bank is one of India’s bluest blue chip stocks with a reputation for being a high quality compounder.</li><li>What happened and where do we go from here? First, some lessons from another life.</li></ul>

HDFC Bank reported earnings last week. The next day the stock fell 8% followed by another 4% the day after.HDFC Bank is one of India’s bluest blue chip stocks with a reputation for being a high quality compounder.What happened and where do we go from here? First, some lessons from another life.

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank's (HDFCB)</a> stock was down over -8% yesterday and is down over -3% today. The stock seems to have reacted to low deposit growth (~2% QoQ) in Q3FY24 .</li>
<li>Post the merger with HDFC Ltd that completed in Jun 2023, HDFCB needs to grow its deposits at a fast pace to support its loan growth.</li>
<li>We think HDFCB is well placed to do so. It also has an option to raise capital through affordable housing bonds which have good economics, similar to term deposits.</li>
</ul>



HDFC Bank's (HDFCB) stock was down over -8% yesterday and is down over -3% today. The stock seems to have reacted to low deposit growth (~2% QoQ) in Q3FY24 .
Post the merger with HDFC Ltd that completed in Jun 2023, HDFCB needs to grow its deposits at a fast pace to support its loan growth.
We think HDFCB is well placed to do so. It also has an option to raise capital through affordable housing bonds which have good economics, similar to term deposits.


HDFC Bank: Growth Trajectory Remains Intact Despite Short-Term Headwinds

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

Reliance Industries / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

<ul>
<li>In this note, we will take a look at broker performance for Indian IPOs and placements in 2023. </li>
<li>The following dataset includes all Indian IPOs and placements above US$100m, <strong>which amounted to a total of 66 deals. </strong>
</li>
<li>The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.</li>
</ul>


In this note, we will take a look at broker performance for Indian IPOs and placements in 2023. 
The following dataset includes all Indian IPOs and placements above US$100m, which amounted to a total of 66 deals. 

The deals you see in this note are based on our historical IPO and placement tracker. Feel free to drop us a message for additional information.


Aequitas India IPOs + Placements Broker Performance 2023

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

Pranav Bhavsar

HDFC Bank: An Update

HDFC Bank is one of India’s bluest blue chip stocks with a reputation for being a high quality compounder.What happened and where do we go from...

Value Punks

HDFC Bank: Growth Trajectory Remains Intact Despite Short-Term Headwinds

HDFCB's stock tanked over -10% in two days amid weak deposit growth leading to concerns around sustainability of HDFCB's loan growth. We think...

Ankit Agrawal, CFA

Aequitas 2024 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.

Sumeet Singh

Aequitas India IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Indian IPOs and placements in 2023, which includes all Indian IPOs and placements...

Ethan Aw

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Week 17] Namaste India 🙏 | Earnings Edition | HDFCB's Core Concerns

​During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...

Pranav Bhavsar

HDFC Bank: An Update

HDFC Bank is one of India’s bluest blue chip stocks with a reputation for being a high quality compounder.What happened and where do we go from...

Value Punks

HDFC Bank: Growth Trajectory Remains Intact Despite Short-Term Headwinds

HDFCB's stock tanked over -10% in two days amid weak deposit growth leading to concerns around sustainability of HDFCB's loan growth. We think...

Ankit Agrawal, CFA

Aequitas 2024 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.

Sumeet Singh

Aequitas India IPOs + Placements Broker Performance 2023

In this note, we will take a look at broker performance for Indian IPOs and placements in 2023, which includes all Indian IPOs and placements...

Ethan Aw

During the earnings season, the focus will shift to reported earnings. HDFC Bank's concerns are causing worry, and there may be more challenges...