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>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,700/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA at INR 381bn (+1% YoY, -1% QoQ, HSIE: INR 382bn) and APAT at INR 160bn (-11% YoY, -17% QoQ) came in below our estimates</li><li>Earnings in Q1 were largely impacted by weaker-than-expected O2C profitability. ICICI Bank: ICICI Bank (ICICIBC) reported yet another impressive quarter on the back of strong loan growth (+18% YoY), treasury gains, and continued robust 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>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,700/sh is premised on (1) recovery in the O2C businesses, (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams, and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA at INR 381bn (+1% YoY, -1% QoQ, HSIE: INR 382bn) and APAT at INR 160bn (-11% YoY, -17% QoQ) came in below our estimatesEarnings in Q1 were largely impacted by weaker-than-expected O2C profitability. ICICI Bank: ICICI Bank (ICICIBC) reported yet another impressive quarter on the back of strong loan growth (+18% YoY), treasury gains, and continued robust asset qualityContent 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: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

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.

<div><div><div><div><ul><li>Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in Q1FY24.</li><li>For banks, Credit growth moderation was a central topic of discussions in Q4FY23.</li><li>However, systemic data as published by the RBI (as of Jun’23) has a different story to tell. </li></ul></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>

Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in Q1FY24.For banks, Credit growth moderation was a central topic of discussions in Q4FY23.However, systemic data as published by the RBI (as of Jun’23) has a different story to tell. 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.

<div><ul><li>Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one year) by a notable margin.</li><li>In May’23, the basket inched up further by 4.2%. Furthermore, it gives us immense joy to share that our Top Picks basket has delivered an impressive return of 168% since its inception (May’20), which stands significantly higher than the 100% return delivered by NIFTY 50 over the same period.</li><li>Keeping this in view, we continue to believe in our thematic approach to Top Picks selection.</li></ul></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>

Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one year) by a notable margin.In May’23, the basket inched up further by 4.2%. Furthermore, it gives us immense joy to share that our Top Picks basket has delivered an impressive return of 168% since its inception (May’20), which stands significantly higher than the 100% return delivered by NIFTY 50 over the same period.Keeping this in view, we continue to believe in our thematic approach to Top Picks selection.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.

Top Picks - Upcoming Monsoon Critical for Broad-Based Recovery - June 2023

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capex</li><li>IOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimate</li><li>The beat was largely on account of better-than-expected performance from the refining and petchem segments.</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>

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capexIOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimateThe beat was largely on account of better-than-expected performance from the refining and petchem segments.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: Indian Oil Corporation, CreditAccess Grameen

<div><div><div><div><ul><li>We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.</li><li>On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.</li><li>Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. </li></ul></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>

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. 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 Q4fy23 Result Preview – yet Another Strong Quarter!

India

CreditAccess Grameen is a leading Indian microfinance institution that provides micro-loans to women customers, predominantly in rural areas across India. The company offers a diverse range of financial products including income generation loans, family welfare loans, home improvement loans, and emergency loans. It is headquartered in Bengaluru, India, and was founded in 1999.

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CreditAccess Grameen (CREDAG IN)

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank

RIL’s consolidated EBITDA at INR 381bn (+1% YoY, -1% QoQ, HSIE: INR 382bn) and APAT at INR 160bn (-11% YoY, -17% QoQ) came in below our estimates

HDFC Securities

BFSI Q1FY24 - Earnings Preview

Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in...

Axis Direct

Top Picks - Upcoming Monsoon Critical for Broad-Based Recovery - June 2023

Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one...

Axis Direct

HSIE Results Daily: Indian Oil Corporation, CreditAccess Grameen

Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins

HDFC Securities

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.

Axis Direct

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