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. 

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Equity Bottom-Up

<div><div><ul><li>Standalone oil to chemicals (O2C) segment: R<span style="font-size: var(--content-font-size);">evenue grew 53% YoY to INR </span><span style="font-size: var(--content-font-size);">1,370bn, primarily due to improved realisation, led by increase in oil prices </span><span style="font-size: var(--content-font-size);">and higher volumes.</span></li><li>Oil &amp; gas: Revenue grew ~4x YoY to INR 20bn and EBITDA improved ~5x <div><div><div><p>YoY to INR 15bn, driven by sharp improvement in price realisaton and stable <span style="font-size: var(--content-font-size);">production from the KG D6 block.</span></p></div></div></div></li></ul></div><div><div><div><ul><li>RJPL: Revenue improved to INR 261bn (+21% YoY, +8% QoQ) due to increase in ARPU to INR 168 (+21% YoY, +11% QoQ).</li></ul></div></div></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>

Standalone oil to chemicals (O2C) segment: Revenue grew 53% YoY to INR 1,370bn, primarily due to improved realisation, led by increase in oil prices and higher volumes.Oil &amp; gas: Revenue grew ~4x YoY to INR 20bn and EBITDA improved ~5x YoY to INR 15bn, driven by sharp improvement in price realisaton and stable production from the KG D6 block.RJPL: Revenue improved to INR 261bn (+21% YoY, +8% QoQ) due to increase in ARPU to INR 168 (+21% YoY, +11% QoQ).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.

Reliance Industries - Energy Business Outlook Sanguine

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>DCB Bank’s (DCB)Q4FY22 performance was strong with growth picking-up, NIMs at multiquarter high aided by better recoveries and asset quality improvement.</li><li>We believe the stock trades at attractive valuations (0.5x FY24E ABV) and the improving operating performance and asset quality are key triggers for re-rating the stock</li><li>We maintain our BUY rating with a target price of Rs 115/share (0.8x FY24E ABV), implying an upside of 47% from CMP.</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>

DCB Bank’s (DCB)Q4FY22 performance was strong with growth picking-up, NIMs at multiquarter high aided by better recoveries and asset quality improvement.We believe the stock trades at attractive valuations (0.5x FY24E ABV) and the improving operating performance and asset quality are key triggers for re-rating the stockWe maintain our BUY rating with a target price of Rs 115/share (0.8x FY24E ABV), implying an upside of 47% from CMP.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.

DCB Bank: Growth Pick-Up and Asset Quality Trends Encouraging

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<ul><li>Earnings beat led by margin expansion and lower provisions. DCB Bank 4QFY22 net profit increased by 45.6% YoY, primarily led by 47bps YoY margin expansion.</li><li>While 4QFY22 NIM came in at 3.93%, the management has continued to maintain its steady-state guidance of 3.5-3.75%.</li><li>Loan growth was mainly led by co-lending partnerships, which essentially comprise gold loans.</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>

Earnings beat led by margin expansion and lower provisions. DCB Bank 4QFY22 net profit increased by 45.6% YoY, primarily led by 47bps YoY margin expansion.While 4QFY22 NIM came in at 3.93%, the management has continued to maintain its steady-state guidance of 3.5-3.75%.Loan growth was mainly led by co-lending partnerships, which essentially comprise gold loans.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.

DCB Bank- 4QFY22 Result Update- Earnings beat led by margin expansion and lower provisions

Thematic (Sector/Industry)

<ul>
<li>Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.</li>
<li>Data suggests upturn in credit growth across segments (Retail and Corporate).</li>
<li>Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.</li>
<li>Large private banks are expected to grow at a highe...(continued).</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>


Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.
Data suggests upturn in credit growth across segments (Retail and Corporate).
Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.
Large private banks are expected to grow at a highe...(continued).

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.

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

<ul>
<li>DCB Bank’s (DCB) Q3FY22 numbers were muted owing to higher-than-expected provisions resulting in a miss on PAT and elevated opex</li>
<li>Disbursements during the quarter stood at Rs. 3,341 Cr (+21% YoY, -13% QoQ)</li>
<li>We maintain our BUY rating with a revised target price of Rs 115/share (0.8x FY24E ABV), implying an upside of 32% from CMP.</li>
</ul>
<div class="content-highlight"><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></div>


DCB Bank’s (DCB) Q3FY22 numbers were muted owing to higher-than-expected provisions resulting in a miss on PAT and elevated opex
Disbursements during the quarter stood at Rs. 3,341 Cr (+21% YoY, -13% QoQ)
We maintain our BUY rating with a revised target price of Rs 115/share (0.8x FY24E ABV), implying an upside of 32% from CMP.

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.

DCB Bank: Muted Quarter, Near Normalization Expected FY23E Onwards!

India

DCB Bank Limited is a full service commercial bank. The Bank offers consumer banking, commercial banking, and treasury operations.

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DCB Bank Ltd (DCBB IN)

Reliance Industries - Energy Business Outlook Sanguine

RIL reported standalone revenue of INR 1,295bn (+61% YoY; +16% QoQ) and EBITDA of INR 146bn, (+43% YoY; +11% QoQ), 3% below our estimates in Q4

HDFC Securities

DCB Bank: Growth Pick-Up and Asset Quality Trends Encouraging

We believe the stock trades at attractive valuations (0.5x FY24E ABV) and the improving operating performance and asset quality are key triggers...

Axis Direct

DCB Bank- 4QFY22 Result Update- Earnings beat led by margin expansion and lower provisions

Earnings beat led by margin expansion and lower provisions. DCB Bank 4QFY22 net profit increased by 45.6% YoY, primarily led by 47bps YoY margin...

Nirmal Bang

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving...

Nirmal Bang

DCB Bank: Muted Quarter, Near Normalization Expected FY23E Onwards!

We maintain our BUY rating with a revised target price of Rs 115/share (0.8x FY24E ABV), implying an upside of 32% from CMP.

Axis Direct

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