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. 

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Thematic (Sector/Industry)

<ul><li>Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.</li><li>Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).</li><li>ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.</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.

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.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.

Axis Research Scorecard Report for Oct 2023

<ul><li>We are proud to share that our Axis Top Picks basket delivered impressive returns of 25% in the last one year, beating the benchmark Nifty 50 index (6% return over the same period) by a wide margin.</li><li>The basket, however, declined by 2.5% in Oct’23 on account of the volatile equity market.</li><li>Nonetheless, it still managed to beat the benchmark Nifty 50 as it de-grew more at 2.8% on an MoM basis. </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.

We are proud to share that our Axis Top Picks basket delivered impressive returns of 25% in the last one year, beating the benchmark Nifty 50 index (6% return over the same period) by a wide margin.The basket, however, declined by 2.5% in Oct’23 on account of the volatile equity market.Nonetheless, it still managed to beat the benchmark Nifty 50 as it de-grew more at 2.8% on an MoM basis. 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.

Axis Top Picks - ‘Growth at a Reasonable Price’ – an Overarching Theme - Nov 2023

<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>Gross advances reported a robust growth of 17/3% YoY/QoQ.</li><li>The healthy growth in the loan book was driven by retail book growth of ~22/5% YoY/QoQ (Personal loan, up 67/16% YoY/QoQ), Agri loan growth of 14% YoY, and Corporate book growth of 17% YoY.</li><li>Margins reported a sharp decline of 26/20bps to 3.07% due to an increase in the cost of deposit by 24bps QoQ to 4.92%. </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.

Gross advances reported a robust growth of 17/3% YoY/QoQ.The healthy growth in the loan book was driven by retail book growth of ~22/5% YoY/QoQ (Personal loan, up 67/16% YoY/QoQ), Agri loan growth of 14% YoY, and Corporate book growth of 17% YoY.Margins reported a sharp decline of 26/20bps to 3.07% due to an increase in the cost of deposit by 24bps QoQ to 4.92%. 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 - Margins Decline; Advances Growth Momentum Remains Intact

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)

Axis Research Scorecard Report for Oct 2023

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23. Calls that successfully achieved their target were Nestle India (~10%),...

Axis Direct

Axis Top Picks - ‘Growth at a Reasonable Price’ – an Overarching Theme - Nov 2023

We are proud to share that our Axis Top Picks basket delivered impressive returns of 25% in the last one year, beating the benchmark Nifty 50 index

Axis Direct

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 - Margins Decline; Advances Growth Momentum Remains Intact

The healthy growth in the loan book was driven by retail book growth of ~22/5% YoY/QoQ (Personal loan, up 67/16% YoY/QoQ), Agri loan growth of 14% YoY

Axis Direct

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