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>Near-Term Pressure On Margins to Continue; Recovery Expected in H2: BoB’s managed margin compression better (at 7 bps QoQ) than most peers, who have reported a sharper NIM decline.</li><li>With the Jun’25 repo rate cut reflecting in Q2, NIMs are set to contract further.</li><li>Currently, 35% of the portfolio is EBLR-linked, 45% is MCLR-linked, 6% is fixed rate, and the balance 14% is linked to G-Sec and T-bills. </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.

Near-Term Pressure On Margins to Continue; Recovery Expected in H2: BoB’s managed margin compression better (at 7 bps QoQ) than most peers, who have reported a sharper NIM decline.With the Jun’25 repo rate cut reflecting in Q2, NIMs are set to contract further.Currently, 35% of the portfolio is EBLR-linked, 45% is MCLR-linked, 6% is fixed rate, and the balance 14% is linked to G-Sec and T-bills. 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 - NIMs Better Managed Vs. Peers; BUY Stays on Reasonable Valuations!

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Our proprietary scorecard applies a series of metrics related to valuation, returns, capital adequacy, funding, liquidity and credit quality to generate rankings in an investment valuation scorecard</li>
<li>Driven by the scorecard results, we keep Baroda on the buy list adding Canara and UBI, with the latter two replacing Bandhan and PNB previously on the buy list</li>
<li>We remove Kotak Mahindra from the sell list; IndusInd ranks bottom on the scorecard, but we feel that a lot of bad news is now discounted, limiting further downside risk</li>
</ul>


Our proprietary scorecard applies a series of metrics related to valuation, returns, capital adequacy, funding, liquidity and credit quality to generate rankings in an investment valuation scorecard
Driven by the scorecard results, we keep Baroda on the buy list adding Canara and UBI, with the latter two replacing Bandhan and PNB previously on the buy list
We remove Kotak Mahindra from the sell list; IndusInd ranks bottom on the scorecard, but we feel that a lot of bad news is now discounted, limiting further downside risk


Indian Banks: Adding Canara and UBI to the Buy List, Dropping Bandhan and PNB

<ul><li>Near-term pressure on margins to continue; Confident of holding to ~3% for FY26: BoB’s margins disappointed as it declined sharply by 8bps QoQ owing to the impact of the repo-rate cuts reflecting on the yields, lower margins in the international business (-13bps QoQ; with international business forming ~16% mix in overall business) and a slight inch-up in CoF.</li><li>The management remains fairly confident of maintaining NIMs at ~3% in FY26, supported by (i) reduction in cost of bulk deposits, which are already down by 30-40bps, (ii) deposit rate cuts reflecting (15-20bps on TDs) in CoF from end-Q2FY26/Q3FY26 onwards and (iii) likelihood of growth improving given favourable liquidity conditions.</li><li>That said, NIMs will continue to remain under pressure in Q1FY26 as the impact of EBLR-linked loan book repricing downwards would weigh on yields, while the benefit of the rate cut on deposits would accrue with a lag. </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.

Near-term pressure on margins to continue; Confident of holding to ~3% for FY26: BoB’s margins disappointed as it declined sharply by 8bps QoQ owing to the impact of the repo-rate cuts reflecting on the yields, lower margins in the international business (-13bps QoQ; with international business forming ~16% mix in overall business) and a slight inch-up in CoF.The management remains fairly confident of maintaining NIMs at ~3% in FY26, supported by (i) reduction in cost of bulk deposits, which are already down by 30-40bps, (ii) deposit rate cuts reflecting (15-20bps on TDs) in CoF from end-Q2FY26/Q3FY26 onwards and (iii) likelihood of growth improving given favourable liquidity conditions.That said, NIMs will continue to remain under pressure in Q1FY26 as the impact of EBLR-linked loan book repricing downwards would weigh on yields, while the benefit of the rate cut on deposits would accrue with a lag. 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 - Weak Quarter; Maintain BUY on Reasonable Valuations!

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.</li>
<li>The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.</li>
</ul>



Bank Of Baroda (BOB IN) is looking to raise about INR 85bn (US$980m) in its upcoming qualified institutional placement (QIP).
In an announcement released on Feb 13, 2025, BOB mentioned its board’s approval to raise upto INR85bn via various modes including a QIP. Since then, the shares have corrected 1.2%.
The deal would be a relatively large one to digest at 39 days of three month ADV. The company’s last fundraise did not do well.


Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable.</li><li>Earnings were higher than estimates mainly led by lower credit cost (~31 bps annualised).</li><li>Loan/deposit growth grew 12% y-o-y each. NIM fell by 16 bps q-o-q to 2.94% (owing to lower spreads &amp; higher interest income on bad loans recovery in the last quarter) resulting in weak NII growth (~3% y-o-y) which largely impacted the core PPoP growth (down 2% y-o-y).</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.

Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable.Earnings were higher than estimates mainly led by lower credit cost (~31 bps annualised).Loan/deposit growth grew 12% y-o-y each. NIM fell by 16 bps q-o-q to 2.94% (owing to lower spreads &amp; higher interest income on bad loans recovery in the last quarter) resulting in weak NII growth (~3% y-o-y) which largely impacted the core PPoP growth (down 2% y-o-y).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 - Mixed Bag Q3, Asset Quality Stable

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 - NIMs Better Managed Vs. Peers; BUY Stays on Reasonable Valuations!

Near-Term Pressure On Margins to Continue; Recovery Expected in H2: BoB’s managed margin compression better (at 7 bps QoQ) than most peers, who...

Axis Direct

Indian Banks: Adding Canara and UBI to the Buy List, Dropping Bandhan and PNB

Our proprietary scorecard places Baroda, Canara, and UBI on the buy list, replacing Bandhan and UBI; Kotak Mahindra is no longer on the sell list....

Victor Galliano

Bank of Baroda - Weak Quarter; Maintain BUY on Reasonable Valuations!

The management remains fairly confident of maintaining NIMs at ~3% in FY26, supported by (i) reduction in cost of bulk deposits, which are already...

Axis Direct

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Bank of Baroda - Mixed Bag Q3, Asset Quality Stable

Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable. Earnings were higher than estimates...

Sharekhan

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Bank of Baroda - NIMs Better Managed Vs. Peers; BUY Stays on Reasonable Valuations!

Near-Term Pressure On Margins to Continue; Recovery Expected in H2: BoB’s managed margin compression better (at 7 bps QoQ) than most peers, who...

Axis Direct

Indian Banks: Adding Canara and UBI to the Buy List, Dropping Bandhan and PNB

​Our proprietary scorecard places Baroda, Canara, and UBI on the buy list, replacing Bandhan and UBI; Kotak Mahindra is no longer on the sell list....

Victor Galliano

Bank of Baroda - Weak Quarter; Maintain BUY on Reasonable Valuations!

The management remains fairly confident of maintaining NIMs at ~3% in FY26, supported by (i) reduction in cost of bulk deposits, which are already...

Axis Direct

Bank of Baroda QIP Early Look - Well Flagged but Last Deal Did Not Do Well

Bank of Baroda (BOB IN) is looking to raise upto INR85bn (US$980m) in its upcoming QIP. In Feb 2025's filing, it mentioned its board’s approval to...

Akshat Shah

Bank of Baroda - Mixed Bag Q3, Asset Quality Stable

Q3FY25 numbers were a mixed bag. Core operating performance was weak while asset quality trends were stable. Earnings were higher than estimates...

Sharekhan

Our proprietary scorecard places Baroda, Canara, and UBI on the buy list, replacing Bandhan and UBI; Kotak Mahindra is no longer on the sell list....