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>ICICI Bank: ICICI Bank’s (ICICIBC) Q3FY25 earnings marginally beat estimates on the back of strong operating performance, healthy growth on both sides of the balance sheet, stable asset quality and flat margins</li><li>Loan growth (~14% YoY) continues to be largely driven by business banking, SME, rural and credit card segments</li><li>ICICIBC witnessed seasonally higher gross slippages in the retail and rural portfolios stemming from the KCC book, offset by lower write-offs</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’s (ICICIBC) Q3FY25 earnings marginally beat estimates on the back of strong operating performance, healthy growth on both sides of the balance sheet, stable asset quality and flat marginsLoan growth (~14% YoY) continues to be largely driven by business banking, SME, rural and credit card segmentsICICIBC witnessed seasonally higher gross slippages in the retail and rural portfolios stemming from the KCC book, offset by lower write-offsContent 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, Shriram Finance, AU Small Finance Bank, CreditAccess Grameen

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>DCB Bank (DCBB) reported 22.6% YoY growth in PAT to INR1.55b (15% beat) due to higher other income.</li><li>NII grew 7% YoY to INR5.1b (in line, up 2.5% QoQ).</li><li>NIM moderated 12bp QoQ to 3.27%, adversely affected by extension of some of the one-offs that occurred in 1QFY25 (including replacement of penal interest with penal charges).</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.

DCB Bank (DCBB) reported 22.6% YoY growth in PAT to INR1.55b (15% beat) due to higher other income.NII grew 7% YoY to INR5.1b (in line, up 2.5% QoQ).NIM moderated 12bp QoQ to 3.27%, adversely affected by extension of some of the one-offs that occurred in 1QFY25 (including replacement of penal interest with penal charges).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 - Healthy Performance; Other Income Gaining Traction

<ul><li>TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimates</li><li>Higher investments in digital, brand building and R&amp;D led to higher other expenses YoY and higher depreciation</li><li>Q2 was a subdued quarter, in line with expectations</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.

TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimatesHigher investments in digital, brand building and R&amp;D led to higher other expenses YoY and higher depreciationQ2 was a subdued quarter, in line with expectationsContent 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: TVS Motor, IndusInd Bank, Dixon Technologies, Petronet LNG, Metro Brands

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>Multiple levers to ensure margin improvement: DCB’s NIMs contracted sharply owing to (i) one-offs owing to regulatory change which continued into Q2FY25, (ii) reclassification of penal interest as penal charges, (iii) conscious growth slowdown in the high-yielding microfinance book (~16% mix) owing to elevated sectoral stress and (iv) pursuing opportunistic lending in lower-yielding lending.</li><li>The management does not expect the one-off to repeat in H2FY25.</li><li>Additionally, DCB is eyeing to improve the average ticket size in its overdraft proposition alongside improving the share of better-yielding LAP loans which should provide support to lending yields. </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.

Multiple levers to ensure margin improvement: DCB’s NIMs contracted sharply owing to (i) one-offs owing to regulatory change which continued into Q2FY25, (ii) reclassification of penal interest as penal charges, (iii) conscious growth slowdown in the high-yielding microfinance book (~16% mix) owing to elevated sectoral stress and (iv) pursuing opportunistic lending in lower-yielding lending.The management does not expect the one-off to repeat in H2FY25.Additionally, DCB is eyeing to improve the average ticket size in its overdraft proposition alongside improving the share of better-yielding LAP loans which should provide support to lending yields. 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. - NIMs Bottom-Out; Pushing for Sustainable RoA of 1% from FY26!

<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

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)

HSIE Results Daily: ICICI Bank, Shriram Finance, AU Small Finance Bank, CreditAccess Grameen

ICICI Bank’s (ICICIBC) Q3FY25 earnings marginally beat estimates on the back of strong operating performance, healthy growth on both sides of the...

HDFC Securities

DCB Bank - Healthy Performance; Other Income Gaining Traction

DCB Bank (DCBB) reported 22.6% YoY growth in PAT to INR1.55b (15% beat) due to higher other income. NII grew 7% YoY to INR5.1b (in line, up 2.5% QoQ).

Motilal Oswal

HSIE Results Daily: TVS Motor, IndusInd Bank, Dixon Technologies, Petronet LNG, Metro Brands

TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimates. Higher investments in digital, brand...

HDFC Securities

DCB Bank Ltd. - NIMs Bottom-Out; Pushing for Sustainable RoA of 1% from FY26!

Additionally, DCB is eyeing to improve the average ticket size in its overdraft proposition alongside improving the share of better-yielding LAP...

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

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