External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>FY23 was a year of recovery for DCB Bank Ltd (DCB).</li><li>The bank proactively pushed the growth pedal during the year,accelerating growth on both sides of the balance sheet.</li><li>Its asset quality concerns continued to ebb as collections improved and the recovery pipeline continued to be strong even as slippages remained elevated. </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>

FY23 was a year of recovery for DCB Bank Ltd (DCB).The bank proactively pushed the growth pedal during the year,accelerating growth on both sides of the balance sheet.Its asset quality concerns continued to ebb as collections improved and the recovery pipeline continued to be strong even as slippages remained elevated. 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.

<ul><li>DCB Bank Ltd. (DCB) reported strong advances growth of 18/4% YoY/QoQ, driven by continued growth in the Mortgage and AIB segment while gold loans de-grew during the quarter.</li><li>Thus, supported by healthy advances growth and 25/16bps NIM expansion, NII growth was robust at 28/9% YoY/QoQ.</li><li>Non-interest income improved despite lower PSLC income as core fee income growth improved meaningfully. </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 Ltd. (DCB) reported strong advances growth of 18/4% YoY/QoQ, driven by continued growth in the Mortgage and AIB segment while gold loans de-grew during the quarter.Thus, supported by healthy advances growth and 25/16bps NIM expansion, NII growth was robust at 28/9% YoY/QoQ.Non-interest income improved despite lower PSLC income as core fee income growth improved meaningfully. 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 Ltd. - On Track to Deliver 1% RoA; Maintain BUY!

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>Britannia Industries: Britannia’s Q4FY23 net revenue grew by 11% YoY vs our expectation of 14%</li><li>Volume growth was c.3% (four-year CAGR at 4%)</li><li>BRIT continued to strengthen its market leadership, led by (1) distribution and marketing initiatives (2) portfolio innovation and (3) cost efficiencies</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>

Britannia Industries: Britannia’s Q4FY23 net revenue grew by 11% YoY vs our expectation of 14%Volume growth was c.3% (four-year CAGR at 4%)BRIT continued to strengthen its market leadership, led by (1) distribution and marketing initiatives (2) portfolio innovation and (3) cost efficienciesContent 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: Britannia Industries, ABB India, Marico, Bharat Forge, DCB Bank

<ul><li>Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchises</li><li>While we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.</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>

Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchisesWhile we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.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.

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

<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

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)

Axis Annual Analysis:DCB Bank

The stock is currently trading at an attractive valuation of 0.7x FY25E ABV and we value the stock at 0.9x FY25E ABV to arrive at a target price of...

Axis Direct

DCB Bank Ltd. - On Track to Deliver 1% RoA; Maintain BUY!

DCB Bank Ltd. (DCB) reported strong advances growth of 18/4% YoY/QoQ, driven by continued growth in the Mortgage and AIB segment

Axis Direct

HSIE Results Daily: Britannia Industries, ABB India, Marico, Bharat Forge, DCB Bank

Britannia Industries: Britannia’s Q4FY23 net revenue grew by 11% YoY vs our expectation of 14%. Volume growth was c.3% (four-year CAGR at 4%)

HDFC Securities

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations

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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