External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimate</li><li>Earnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)</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>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimateEarnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)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.

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

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>The credit growth momentum has continued to remain robust as is visible from the near decadal high systemic growth of ~17% YoY, driven by the continued traction in the Retail and SME segments.</li><li>On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well.</li><li>Corporate loans are showing gradual recovery, albeit on a weaker base.</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>

The credit growth momentum has continued to remain robust as is visible from the near decadal high systemic growth of ~17% YoY, driven by the continued traction in the Retail and SME segments.On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well.Corporate loans are showing gradual recovery, albeit on a weaker base.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.

BFSI Q3FY23 Result Preview – Earnings Growth to Remain Strong!

<ul><li>NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand</li><li>PAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availability</li><li>Accordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQ</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>

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demandPAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availabilityAccordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQContent 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: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

<ul><li>A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediaries</li><li>However, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resets</li><li>With the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-off</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>

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediariesHowever, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resetsWith the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-offContent 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: The final stages of “easy money”

<div><div><div><div><ul><li>Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.</li><li>To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.</li><li>The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.</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></div></div></div></div>

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.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.

Q2fy23 Preview - Non-Commodities Likely to Do Better

India

Bandhan Bank Ltd. is an Indian private sector bank that provides a range of banking and financial services to personal and business customers, with a core focus on inclusive banking for unbanked and under-banked populations. The bank offers various asset and liability products including savings and current accounts, fixed deposits, and loans for home, gold, personal, and businesses, as well as digital banking and third-party product distribution. It was founded in 2001 as a microfinance institution and commenced operations as a universal bank on August 23, 2015, with its headquarters in Kolkata, India.

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Bandhan Bank (BANDHAN IN)

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA...

HDFC Securities

BFSI Q3FY23 Result Preview – Earnings Growth to Remain Strong!

On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well. Corporate loans are showing gradual recovery,...

Axis Direct

HSIE Results Daily: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand

HDFC Securities

Leveraged Financials: The final stages of “easy money”

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial...

HDFC Securities

Q2fy23 Preview - Non-Commodities Likely to Do Better

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed...

Axis Direct

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