External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

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>Earnings grew by 16% y-o-y, led by lower provisions, although operating profits fell by ~10% y-o-y.</li><li>Total credit cost stood at 34 bps of average advances (annualized) versus 29 bps q-o-q and 142 bps y-o-y.</li><li>Net slippages remained negative for the fourth consecutive quarter led by higher recoveries and lower fresh slippages that lowered credit costs.</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 16% y-o-y, led by lower provisions, although operating profits fell by ~10% y-o-y.Total credit cost stood at 34 bps of average advances (annualized) versus 29 bps q-o-q and 142 bps y-o-y.Net slippages remained negative for the fourth consecutive quarter led by higher recoveries and lower fresh slippages that lowered credit costs.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 - Stable Performance on Asset Quality Leading to Lower Provisions

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core income), partly offset by elevated credit costs</li><li>Loan growth (+15 YoY) was in line, largely driven by SME, business banking and credit card businesses</li><li>ICICIBC witnessed lower recoveries in the corporate and SME portfolios alongside a marginal uptick in retail slippages; however, the bank continued to maintain a healthy PCR (80%)</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.

ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core income), partly offset by elevated credit costsLoan growth (+15 YoY) was in line, largely driven by SME, business banking and credit card businessesICICIBC witnessed lower recoveries in the corporate and SME portfolios alongside a marginal uptick in retail slippages; however, the bank continued to maintain a healthy PCR (80%)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: ICICI Bank, Dr Reddy’s Laboratories, Ashok Leyland

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.

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City Union Bank (CUBK IN)

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

City Union Bank - Stable Performance on Asset Quality Leading to Lower Provisions

Earnings grew by 16% y-o-y, led by lower provisions, although operating profits fell by ~10% y-o-y. Total credit cost stood at 34 bps of average...

Sharekhan

HSIE Results Daily: ICICI Bank, Dr Reddy’s Laboratories, Ashok Leyland

ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core...

HDFC Securities

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