External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Earnings grew by a mere 2% y-o-y on the back of higher provisions although operating profits rose ~11% y-o-y.</li><li>The bank reported higher credit cost at 59 bps of average advances (annualised) vs 34 bps q-o-q and 53 bps y-o-y to shore up the PCR levels (55% vs 53% q-o-q).</li><li>Asset quality is comfortable as net slippage remained negative for the fifth consecutive quarter as recoveries continued to outpace fresh slippages (1.7% stable q-o-q).</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.

Earnings grew by a mere 2% y-o-y on the back of higher provisions although operating profits rose ~11% y-o-y.The bank reported higher credit cost at 59 bps of average advances (annualised) vs 34 bps q-o-q and 53 bps y-o-y to shore up the PCR levels (55% vs 53% q-o-q).Asset quality is comfortable as net slippage remained negative for the fifth consecutive quarter as recoveries continued to outpace fresh slippages (1.7% stable q-o-q).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.

City Union Bank - Recovery Under Way but Still Long Path to Cover

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA and investment in India Cements at 1x BV)</li><li>In Q2FY25, UTCEM’s consolidated volume rose 4% YoY</li><li>However, subdued demand and continued competitive pressure led to a 3% fall in grey cement realisation (blended 1% fall)</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.

UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA and investment in India Cements at 1x BV)In Q2FY25, UTCEM’s consolidated volume rose 4% YoYHowever, subdued demand and continued competitive pressure led to a 3% fall in grey cement realisation (blended 1% fall)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: UltraTech Cement, Oberoi Realty, Dalmia Bharat, Multi Commodity Exchange

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>Growth revival in sight: The management has indicated the growth visibility has improved post the implementation of new initiatives and tech overhaul.</li><li>Currently, the pick-up in growth has been in the traditional segments of MSME and Gold loans, led by strong demand.</li><li>This momentum is likely to continue, as the management expects CUB’s credit growth rate to converge with the systemic growth rate in FY25E and the pace to accelerate from FY26E onwards. </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.

Growth revival in sight: The management has indicated the growth visibility has improved post the implementation of new initiatives and tech overhaul.Currently, the pick-up in growth has been in the traditional segments of MSME and Gold loans, led by strong demand.This momentum is likely to continue, as the management expects CUB’s credit growth rate to converge with the systemic growth rate in FY25E and the pace to accelerate from FY26E onwards. 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.

City Union Bank Ltd. - Growth Visibility Improves, Upgrade to BUY on Valuation Comfort!

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </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 of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. 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.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. </li>
<li>As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.</li>
<li>This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.</li>
</ul>


SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. 
As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.
This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.


SEBI's F&O Criteria Revision & Its Impact

India

City Union Bank Ltd. is a full service bank. The Bank offers a wide range of banking and financial services across India, including both domestic and International banking services.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

City Union Bank (CUBK IN)

City Union Bank - Recovery Under Way but Still Long Path to Cover

Asset quality is comfortable as net slippage remained negative for the fifth consecutive quarter as recoveries continued to outpace fresh slippages...

Sharekhan

HSIE Results Daily: UltraTech Cement, Oberoi Realty, Dalmia Bharat, Multi Commodity Exchange

We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA...

HDFC Securities

City Union Bank Ltd. - Growth Visibility Improves, Upgrade to BUY on Valuation Comfort!

The management has indicated the growth visibility has improved post the implementation of new initiatives and tech overhaul.

Axis Direct

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

SEBI's F&O Criteria Revision & Its Impact

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

City Union Bank - Recovery Under Way but Still Long Path to Cover

Asset quality is comfortable as net slippage remained negative for the fifth consecutive quarter as recoveries continued to outpace fresh slippages...

Sharekhan

HSIE Results Daily: UltraTech Cement, Oberoi Realty, Dalmia Bharat, Multi Commodity Exchange

We maintain ADD on UltraTech (UTCEM) with an unchanged target price of INR 11,260 (valuing the cement business at 16.5x Sep-26E consolidated EBITDA...

HDFC Securities

City Union Bank Ltd. - Growth Visibility Improves, Upgrade to BUY on Valuation Comfort!

The management has indicated the growth visibility has improved post the implementation of new initiatives and tech overhaul.

Axis Direct

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

SEBI's F&O Criteria Revision & Its Impact

​SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...