India Financials

Saumya Agarwal

Equity Bottom-Up

<p>Bandhan Bank, the largest player in the micro-finance space released its Q4FY21 Business update. What makes this doubly interesting is that Bandhan is the largest player in the Indian micro-finance space and also the market leader in Assam and West Bengal - the 2 states which are currently at the center of the election frenzy. Initial trends point to solid loan growth and improved collections, despite the election overhang in these key states </p>

Bandhan Bank, the largest player in the micro-finance space released its Q4FY21 Business update. What makes this doubly interesting is that Bandhan is the largest player in the Indian micro-finance space and also the market leader in Assam and West Bengal - the 2 states which are currently at the center of the election frenzy. Initial trends point to solid loan growth and improved collections, despite the election overhang in these key states 

Bandhan Bank Q4FY21 Business Update – All Eyes on Bandhan Bank

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

<p>Building on our previous insight <a href="https://www.smartkarma.com/insights/bandhan-bank-bandhan-in-on-ground-narrative-from-assam-and-west-bengal" target="_blank" data-smartkarma-citation="insights:47495" rel="noopener">Bandhan Bank (BANDHAN IN) | On Ground Narrative from Assam and West Bengal</a>, we again speak to 20 DSC (Door Step Center) managers of <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank (BANDHAN IN)</a> across Assam and West Bengal (both together are 60% of the EEB portfolio) with an objective to understand the current situation post-Q4 and the recently concluded state elections. </p>

Building on our previous insight Bandhan Bank (BANDHAN IN) | On Ground Narrative from Assam and West Bengal, we again speak to 20 DSC (Door Step Center) managers of Bandhan Bank (BANDHAN IN) across Assam and West Bengal (both together are 60% of the EEB portfolio) with an objective to understand the current situation post-Q4 and the recently concluded state elections. 

Bandhan Bank (BANDHAN IN) | Pain in Assam Likely to Continue

Thematic (Sector/Industry)

<p>Indian Banks have built up huge ammunition of Covid related and contingent provisions even as the ‘Real’ NPA picture remains somewhat obscure due to multiple factors playing out such as Moratorium, the Supreme Court interim order and the Restructuring framework. How well placed are Indian Banks to ride the current stress cycle?</p>

Indian Banks have built up huge ammunition of Covid related and contingent provisions even as the ‘Real’ NPA picture remains somewhat obscure due to multiple factors playing out such as Moratorium, the Supreme Court interim order and the Restructuring framework. How well placed are Indian Banks to ride the current stress cycle?

Indian Banks: How Well-Placed Are Indian Banks to Ride the Current Stress Cycle?

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

Home First Finance / Equity Capital Markets

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<p>Home First Finance (HFF), an affordable housing finance company targeting first time home buyers in low and middle-income groups, raised around US$160m in its India IPO. It is backed by True North, GIC and Bessemer and has recently obtained an investment from Warburg Pincus as well.</p>
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<p>I have covered various aspects of the deal in my earlier notes,  <a href="https://www.smartkarma.com/insights/home-first-finance-pre-ipo-riding-on-affordable-housing" target="_blank" rel="noopener">Home First Finance Pre-IPO - Riding on affordable housing</a>,  <a href="https://www.smartkarma.com/insights/home-first-finance-pre-ipo-earnings-not-showing-the-covid-strain-but-other-metrics-are" target="_blank" rel="noopener">Home First Finance Pre-IPO - Earnings not showing the COVID strain but other metrics are</a> and <a href="https://www.smartkarma.com/insights/home-first-finance-ipo-it-s-not-really-cheap-banking-on-momentum" target="_blank" rel="noopener">Home First Finance IPO - It’s Not Really Cheap, Banking on Momentum</a>.</p>
<p>In this note, I'll talk about deal updates and provide a table with implied valuations at different share price levels.</p>
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Home First Finance (HFF), an affordable housing finance company targeting first time home buyers in low and middle-income groups, raised around US$160m in its India IPO. It is backed by True North, GIC and Bessemer and has recently obtained an investment from Warburg Pincus as well.


I have covered various aspects of the deal in my earlier notes,  Home First Finance Pre-IPO - Riding on affordable housing,  Home First Finance Pre-IPO - Earnings not showing the COVID strain but other metrics are and Home First Finance IPO - It’s Not Really Cheap, Banking on Momentum.
In this note, I'll talk about deal updates and provide a table with implied valuations at different share price levels.


Home First Finance IPO Trading - Hot Space but Limited Discount

<p>We speak to 10 DSC (Door Step Center) managers of <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank (BANDHAN IN)</a> across Assam and West Bengal (both together are 60% of the EEB portfolio) to understand the narrative behind the recently reported drop in the collection.  </p>
<p>Our interactions suggest one more quarter of pain in Assam but the spillover of this sentiment in West Bengal is unlikely. </p>

We speak to 10 DSC (Door Step Center) managers of Bandhan Bank (BANDHAN IN) across Assam and West Bengal (both together are 60% of the EEB portfolio) to understand the narrative behind the recently reported drop in the collection.  
Our interactions suggest one more quarter of pain in Assam but the spillover of this sentiment in West Bengal is unlikely. 

Bandhan Bank (BANDHAN IN) | On Ground Narrative from Assam and West Bengal

India

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

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Bandhan Bank Ltd (BANDHAN IN)

Bandhan Bank Q4FY21 Business Update – All Eyes on Bandhan Bank

Bandhan Bank, the market leader in micro-finance, is showing encouraging signs in growth and collections, despite the election overhang in Assam...

Saumya Agarwal

Bandhan Bank (BANDHAN IN) | Pain in Assam Likely to Continue

We again speak to managers of 20 DSC (Door Step Center) managers of Bandhan Bank (BANDHAN IN) across Assam and West Bengal with an objective to...

Pranav Bhavsar

Indian Banks: How Well-Placed Are Indian Banks to Ride the Current Stress Cycle?

Indian Banks have built up huge ammunition of Covid related and contingent provisions even as the ‘Real’ NPA picture remains somewhat obscure . Can...

Saumya Agarwal

Home First Finance IPO Trading - Hot Space but Limited Discount

Home First Finance, an affordable housing finance company targeting first time home buyers in low and middle-income groups, raised around US$160m...

Sumeet Singh

Bandhan Bank (BANDHAN IN) | On Ground Narrative from Assam and West Bengal

We speak to 10 DSC (Door Step Center) mangers across Assam and West Bengal to understand the narrative behind the recently reported drop in the...

Pranav Bhavsar

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52-week Range

Market Cap (USDm)

P/E

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