External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industries</li><li>EBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA margin</li><li>Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)</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>

SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industriesEBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA marginConsolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)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.

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

<ul><li>A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediaries</li><li>However, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resets</li><li>With the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-off</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>

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediariesHowever, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resetsWith the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-offContent 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.

Leveraged Financials: The final stages of “easy money”

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The systemic credit growth continues to remain robust and at a multi-year high, supported by continued growth in the Retail and SME segment.</li><li>Corporate loans show gradual signs of revival. With the festive season beginning slightly early, a small part of the credit growth from festive demand (which is expected to be healthy) will be reflected in Q2FY23.</li><li>Even as credit growth continues to gather pace, deposit growth continues to lag on a systemic level and discussion around deposit accretion to support the robust credit growth will remain in focus.</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 continues to remain robust and at a multi-year high, supported by continued growth in the Retail and SME segment.Corporate loans show gradual signs of revival. With the festive season beginning slightly early, a small part of the credit growth from festive demand (which is expected to be healthy) will be reflected in Q2FY23.Even as credit growth continues to gather pace, deposit growth continues to lag on a systemic level and discussion around deposit accretion to support the robust credit growth will remain in focus.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.

BFSI Q2fy23 Result Preview – yet Another Strong Quarter!

<div><div><div><div><ul><li>Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.</li><li>To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.</li><li>The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.</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></div></div></div></div>

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.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.

Q2fy23 Preview - Non-Commodities Likely to Do Better

<ul><li>Torrent Power: Torrent Power’s (TPW) Q1FY23 adjusted PAT grew 101.6% YoY to INR5bn, led by (a) gain from sturdy sale of LNG as elevated prices of LNG made its commercial sale more favourable than generating electricity; (b) reduction in T&amp;D losses, improved volume, and realisation across franchisee distribution segment; (c) higher RoE and incentives across the license distribution circle; (d) increased PLF across RES plants; and (e) incremental earnings from the recently acquired RES assets</li><li>However, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from these stations</li><li>TPW has tied up for 50% of its gas requirement for CY23-CY26, by sourcing 25% of gas domestically from IOC and Reliance and the balance 25% through imported RLNG</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>

Torrent Power: Torrent Power’s (TPW) Q1FY23 adjusted PAT grew 101.6% YoY to INR5bn, led by (a) gain from sturdy sale of LNG as elevated prices of LNG made its commercial sale more favourable than generating electricity; (b) reduction in T&amp;D losses, improved volume, and realisation across franchisee distribution segment; (c) higher RoE and incentives across the license distribution circle; (d) increased PLF across RES plants; and (e) incremental earnings from the recently acquired RES assetsHowever, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from these stationsTPW has tied up for 50% of its gas requirement for CY23-CY26, by sourcing 25% of gas domestically from IOC and Reliance and the balance 25% through imported RLNGContent 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.

HSIE Results Daily: Torrent Power, Indraprastha Gas, City Union Bank

India

City Union Bank Limited is an Indian private sector bank that offers a comprehensive range of banking and financial services, including personal, corporate, and NRI banking, as well as digital services and loans. The bank serves a diverse clientele, focusing on the MSME sector, retail traders, and agriculturalists. Headquartered in Kumbakonam, Tamil Nadu, India, the bank was founded on October 31, 1904.

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City Union Bank (CUBK IN)

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)

HDFC Securities

Leveraged Financials: The final stages of “easy money”

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial...

HDFC Securities

BFSI Q2fy23 Result Preview – yet Another Strong Quarter!

The systemic credit growth continues to remain robust and at a multi-year high, supported by continued growth in the Retail and SME segment.

Axis Direct

Q2fy23 Preview - Non-Commodities Likely to Do Better

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed...

Axis Direct

HSIE Results Daily: Torrent Power, Indraprastha Gas, City Union Bank

However, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from...

HDFC Securities

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