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.

Thematic (Sector/Industry)

<ul><li>The systemic credit growth (as reported till 22nd Sep’23) of ~20% YoY factoring in the HDFC-HDFC Bank merger (~15.3% YoY ex-HDFC) continues to remain healthy and largely driven by Retail and SME.</li><li>On the other hand, the corporate segment continues to pace gradually.</li><li>Taking cue from this, we expect Banks to maintain their credit growth momentum in Q2FY24E and factor-in healthy growth of ~15% YoY for banks under our coverage. </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 reported till 22nd Sep’23) of ~20% YoY factoring in the HDFC-HDFC Bank merger (~15.3% YoY ex-HDFC) continues to remain healthy and largely driven by Retail and SME.On the other hand, the corporate segment continues to pace gradually.Taking cue from this, we expect Banks to maintain their credit growth momentum in Q2FY24E and factor-in healthy growth of ~15% YoY for banks under our coverage. 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.

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>In the third and last part of our trilogy on Asian AT1s, we turn our focus to AT1s in Asian emerging markets (EMs) including India, Indonesia, Philippines and Thailand.</li><li>Compared with that of Chinese G-SIBs and Asian DMs, the return predictability of AT1s in Asian EMs are lower.</li><li>Hence, our analytical approach in Asian EM AT1s will be more “bottom-up”.</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.

In the third and last part of our trilogy on Asian AT1s, we turn our focus to AT1s in Asian emerging markets (EMs) including India, Indonesia, Philippines and Thailand.Compared with that of Chinese G-SIBs and Asian DMs, the return predictability of AT1s in Asian EMs are lower.Hence, our analytical approach in Asian EM AT1s will be more “bottom-up”.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.

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!

<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!

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)

BFSI Q2FY24 Earnings Preview

The systemic credit growth (as reported till 22nd Sep’23) of ~20% YoY factoring in the HDFC-HDFC Bank merger (~15.3% YoY ex-HDFC) continues to...

Axis Direct

Asian AT1s Part III – Picks on EM AT1s

In the third and last part of our trilogy on Asian AT1s, we turn our focus to AT1s in Asian emerging markets (EMs) including India, Indonesia,...

CMB International

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

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 - 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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