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><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 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.

Equity Bottom-Up

<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>The management is targeting steady advances growth of 14-15% in FY24, outpacing the expected industry growth rate by 1- 2%.</li><li>It expects it to achieve this by increasing the retail mix, which brings higher margins and entails lower risk than the corporate segment, and simultaneously striking the right Asset-Liability management and improving asset quality. </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>

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.The management is targeting steady advances growth of 14-15% in FY24, outpacing the expected industry growth rate by 1- 2%.It expects it to achieve this by increasing the retail mix, which brings higher margins and entails lower risk than the corporate segment, and simultaneously striking the right Asset-Liability management and improving asset quality. 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 - Steady Growth with Stable Asset Quality; Poised for Re-Rating!

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><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>

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.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Guiding for 10-12% credit growth: Gross advances increased by 8.9% YoY and 6% QoQ. Domestic loan book increased by 6.7% YoY and 4.6% QoQ, led by 16.8% YoY growth in retail loans.</li></ul><div><div><div><div><ul><li>Asset quality improves: Overall asset quality improved, with the GNPA ratio falling to 6.61% in 4QFY22 from 7.25% in 3QFY22 and 8.87% in 4QFY21.</li></ul><div><div><div><div><ul><li>NII growth led by margin expansion: NII growth at 21.2% YoY came in higher on the back of 36bps YoY expansion in NIM.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

Guiding for 10-12% credit growth: Gross advances increased by 8.9% YoY and 6% QoQ. Domestic loan book increased by 6.7% YoY and 4.6% QoQ, led by 16.8% YoY growth in retail loans.Asset quality improves: Overall asset quality improved, with the GNPA ratio falling to 6.61% in 4QFY22 from 7.25% in 3QFY22 and 8.87% in 4QFY21.NII growth led by margin expansion: NII growth at 21.2% YoY came in higher on the back of 36bps YoY expansion in NIM.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 - Raises Credit Growth Guidance

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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 is among leading PSU banks with a global loan book of ~| 7.3 lakh crore and has better operating metrics among PSBs.</li><li>The bank has a meaningful presence in international operations with its JVs and subsidiaries. Also, ~12% of total business comes from overseas</li><li>We value the bank at ~0.85x FY23E ABV and maintain our target price of Rs 120 per share.</li></ul><div class="content-highlight"><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></div>

Bank of Baroda is among leading PSU banks with a global loan book of ~| 7.3 lakh crore and has better operating metrics among PSBs.The bank has a meaningful presence in international operations with its JVs and subsidiaries. Also, ~12% of total business comes from overseasWe value the bank at ~0.85x FY23E ABV and maintain our target price of Rs 120 per share.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: Operationally Steady; Growth Remains Dampener

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

Bank of Baroda - Steady Growth with Stable Asset Quality; Poised for Re-Rating!

The management is targeting steady advances growth of 14-15% in FY24, outpacing the expected industry growth rate by 1- 2%.

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 - Raises Credit Growth Guidance

Bank Of Baroda (BoB) reported pre-tax profit decline of 29.1% YoY due to 7% YoY decline in overall revenue and 4% YoY growth in provisions. Credit...

Nirmal Bang

Bank of Baroda: Operationally Steady; Growth Remains Dampener

Bank of Baroda is among leading PSU banks with a global loan book of ~| 7.3 lakh crore and has better operating metrics among PSBs.

ICICI Securities Limited

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