Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel, Hindustan Petroleum, Adani Enterprises, GMR Airports.


MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

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>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheet</li><li>Healthy loan growth (16% YoY) was driven by mortgages, business banking, SME segments</li><li>Deposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balances</li></ul><p><em>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.</em></p>

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheetHealthy loan growth (16% YoY) was driven by mortgages, business banking, SME segmentsDeposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balancesContent 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: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank...

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani Enterprises, Shriram Finance.


NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>EM allocations in Global funds have broken out of a multi-year range, reaching the highest level since 2019 as underweights narrow.</li>
<li>The move is led by Taiwan, China &amp; HK, and South Korea, with strong inflows and rising fund participation.</li>
<li>Despite the shift, EM exposure remains shallow and concentrated, making higher allocations a clear point of differentiation.</li>
</ul>


EM allocations in Global funds have broken out of a multi-year range, reaching the highest level since 2019 as underweights narrow.
The move is led by Taiwan, China &amp; HK, and South Korea, with strong inflows and rising fund participation.
Despite the shift, EM exposure remains shallow and concentrated, making higher allocations a clear point of differentiation.


Breaking the Range: EM Reclaims Attention in Global Portfolios

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>RBI's MPC cut 25bp as expected, but it remains behind the curve, with the real policy rate now excessively high at +5%. RBI inflation forecasts were and remain too high. </li>
<li>Food deflation is likely to be shortlived, with vegetable prices rising MoM since May'25. But all other food and non-food inflation components are moderating, and GST cuts impart further disinflation. </li>
<li>We expect inflation to be 1.8%YoY in Q4FY26 (vs RBI's 2.9%YoY forecast), 2.3% and 2.5% in Q1 and Q2FY27, so expect another 75bp reduction in repo rate by Aug'26. </li>
</ul>


RBI's MPC cut 25bp as expected, but it remains behind the curve, with the real policy rate now excessively high at +5%. RBI inflation forecasts were and remain too high. 
Food deflation is likely to be shortlived, with vegetable prices rising MoM since May'25. But all other food and non-food inflation components are moderating, and GST cuts impart further disinflation. 
We expect inflation to be 1.8%YoY in Q4FY26 (vs RBI's 2.9%YoY forecast), 2.3% and 2.5% in Q1 and Q2FY27, so expect another 75bp reduction in repo rate by Aug'26. 


India: RBI Cuts 25bp but the Real Policy Rate Is Still Too High at +5%

India

Axis Bank Limited provides a full range of banking services throughout India. The Group's activities include retail banking, investment management, merchant banking, treasury and NRI services, cash and credit management services, and ATM facilities.

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Axis Bank Ltd (AXSB IN)

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank...

Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity

HDFC Securities

NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

We analyzed NIFTY's consensus for Sep 2026 and highlighted changes of EPS in Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani...

Ke Yan, CFA, FRM

Breaking the Range: EM Reclaims Attention in Global Portfolios

EM allocations are breaking out in Global portfolios, led by Taiwan and China & HK. Underweights are narrowing, but exposure remains...

Steven Holden

India: RBI Cuts 25bp but the Real Policy Rate Is Still Too High at +5%

RBI cut rates 25bp but remains behind the curve, as its inflation forecasts were and remain too high. We expect another 75bp of rate cuts by...

Prasenjit K. Basu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

MS-India Index Earning Revision (Sep): SWIGGY, HDFC Bank, Axis Bank, Reliance Industries

We analyzed MS-India's consensus for Sep 2026 and highlighted changes of EPS in SWIGGY, HDFC Bank, Axis Bank, Reliance Industries, Bharti Airtel,...

Ke Yan, CFA, FRM

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank...

Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity

HDFC Securities

NIFTY Index Earning Revision (Sep): Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank

We analyzed NIFTY's consensus for Sep 2026 and highlighted changes of EPS in Wipro, BSE, HDFC Bank, InterGlobe Aviation, ICICI Bank, Adani...

Ke Yan, CFA, FRM

Breaking the Range: EM Reclaims Attention in Global Portfolios

EM allocations are breaking out in Global portfolios, led by Taiwan and China & HK. Underweights are narrowing, but exposure remains...

Steven Holden

India: RBI Cuts 25bp but the Real Policy Rate Is Still Too High at +5%

​RBI cut rates 25bp but remains behind the curve, as its inflation forecasts were and remain too high. We expect another 75bp of rate cuts by...

Prasenjit K. Basu

RBI cut rates 25bp but remains behind the curve, as its inflation forecasts were and remain too high. We expect another 75bp of rate cuts by...