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>Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)</li><li>Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)</li><li>While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25</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.

Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25Content 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: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

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 Hindalco Industries, Adani Enterprises, Grasim Industries, Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank, Tata Motors Passenger Vehicles.</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 Hindalco Industries, Adani Enterprises, Grasim Industries, Reliance Industries, Axis Bank, ICICI Bank, HDFC Bank, Tata Motors Passenger Vehicles.


MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

<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 Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles, Adani Enterprises, Grasim Industries, State Bank of India, ITC.</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 Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles, Adani Enterprises, Grasim Industries, State Bank of India, ITC.


NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

Research and consultancy, Tabbush Report

Daniel Tabbush

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>
<a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> has seen its NPL ratio decline dramatically over the past several years, which is at complete odds with <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> </li>
<li>Net profit is nearly 50% lower for <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> while <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> moved from a loss to the best profit on record </li>
<li>The loan-to-deposit ratio (LDR) of <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> has come down from over 200% to 100%, but remains high; <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> is gently widening to 77%</li>
</ul>



Canara Bank (CBK IN) has seen its NPL ratio decline dramatically over the past several years, which is at complete odds with Bandhan Bank Ltd (BANDHAN IN) 
Net profit is nearly 50% lower for Bandhan Bank Ltd (BANDHAN IN) while Canara Bank (CBK IN) moved from a loss to the best profit on record 
The loan-to-deposit ratio (LDR) of Bandhan Bank Ltd (BANDHAN IN) has come down from over 200% to 100%, but remains high; Canara Bank (CBK IN) is gently widening to 77%


India Banks - Divergent Trends at Canara and Bandhan Fundamentally Support NIFTY Bank Rebalancing

<ul><li>Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)</li><li>Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%</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.

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 6%/22% YoY and 4%/13% QoQ across the HSIE coverage (~226 stocks)Further, the 5-year CAGR for annual revenue/PAT between FY19 to FY24 was 11%/17%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.

Quarterly Flipbook: Strong End to FY24, a Muted FY25 on the Cards

India

Bajaj Finance is an Indian deposit-taking non-banking financial company (NBFC) that offers a diversified portfolio of financial products and services. These include consumer loans, SME and commercial lending, rural lending, fixed deposits, and various investment and insurance products. The company is headquartered in Pune, India, and was founded on March 25, 1987.

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Bajaj Finance (BAF IN)

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

MS-India Index Earning Revision (Aug): Hindalco Industries, Adani Enterprises, Grasim Industries

We analyzed MS-India's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Adani Enterprises (ADE/S IN), Grasim...

Ke Yan, CFA, FRM

NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

We analyzed NIFTY's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Tata Steel (TATA IN), Tata Motors...

Ke Yan, CFA, FRM

India Banks - Divergent Trends at Canara and Bandhan Fundamentally Support NIFTY Bank Rebalancing

The Nifty Bank rebalancing that may see Bandhan Bank replaced by Canara Bank is a rebalancing that is also supported by divergent fundamentals, on...

Daniel Tabbush

Quarterly Flipbook: Strong End to FY24, a Muted FY25 on the Cards

Q4FY24 earnings season saw an overall healthy performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 6%/22%...

HDFC Securities

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