External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.</li><li>However, the management does not expect any challenge on these accounts and expects them to pull-back and become standard at the earliest.</li><li>The management also indicated that BoB is not seeing any slippages from any state or central PSU. </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.

Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.However, the management does not expect any challenge on these accounts and expects them to pull-back and become standard at the earliest.The management also indicated that BoB is not seeing any slippages from any state or central PSU. 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.

Bank of Baroda - Earnings Beat Led by One-Off, RoA Delivery of 1+% to Continue!

Thematic (Sector/Industry)

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </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.

The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. 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.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.</li><li>Its CD ratio, thus, increased ~600bp over the past two years to 80.3%.</li><li>With intense competition for deposits, we estimate BoB’s deposit growth to remain broadly in line with the system at ~11%.</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.

Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.Its CD ratio, thus, increased ~600bp over the past two years to 80.3%.With intense competition for deposits, we estimate BoB’s deposit growth to remain broadly in line with the system at ~11%.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.

Bank of Baroda - Asset Quality Steady; Remain Watchful on the Pace of Deposit Mobilization

<ul><li>Bank of Baroda (BoB) is the second-largest PSU bank in India and is focused on unlocking its value by improving its retail distribution network and leveraging digitization across the value chain.</li><li>BoB has a strong domestic presence of 8,200 branches and 11,401 ATMs and cash recyclers supported by self-service channels.</li><li>It also has a significant international presence with a network of 93 overseas branches in 17 countries.</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.

Bank of Baroda (BoB) is the second-largest PSU bank in India and is focused on unlocking its value by improving its retail distribution network and leveraging digitization across the value chain.BoB has a strong domestic presence of 8,200 branches and 11,401 ATMs and cash recyclers supported by self-service channels.It also has a significant international presence with a network of 93 overseas branches in 17 countries.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.

Pick of the Week - Bank of Baroda Ltd. - 30 September 2024

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

Bajaj Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> raised around US$800m in its India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we will talk about the trading dynamics.</li>
</ul>



Bajaj Housing Finance (BHF IN) raised around US$800m in its India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we will talk about the trading dynamics.


Bajaj Housing Finance IPO - Valuation Might Get Stretched from Demand Overflow

India

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

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Bank Of Baroda (BOB IN)

Bank of Baroda - Earnings Beat Led by One-Off, RoA Delivery of 1+% to Continue!

Asset Quality to remain stable: BoB has seen a slight inch-up in SMA1 and SMA2 levels during the quarter, mainly owing to 2 state PSU accounts.

Axis Direct

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

Bank of Baroda - Asset Quality Steady; Remain Watchful on the Pace of Deposit Mobilization

Bank of Baroda (BOB) posted ~17% CAGR in loan growth over FY22-FY24 as it deployed excess liquidity on the balance sheet.

Motilal Oswal

Pick of the Week - Bank of Baroda Ltd. - 30 September 2024

Bank of Baroda (BoB) is the second-largest PSU bank in India and is focused on unlocking its value by improving its retail distribution network and...

Axis Direct

Bajaj Housing Finance IPO - Valuation Might Get Stretched from Demand Overflow

Bajaj Housing Finance (BHF IN) raised around US$800m in its India IPO. In this note, we talk about the trading dynamics.

Sumeet Singh

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