External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Equitas Small Finance Bank  / Equity Bottom-Up

<div><div><div><div><ul><li>Will change in MD &amp; CEO impact reverse merger or application for universal bank license?</li></ul><div><div><div><div><ul><li>Strong management team to drive growth and profitability: Mr. Murali Vaidyanathan, Head of Liabilities and Mr Rohit Phadke, Head of Assets have been promoted to Executive Director’s position (subject to RBI and shareholders’ approval).</li></ul><div><div><div><div><ul><li>Valuation: We have a BUY rating on Equitas Small Finance Bank with a target price (TP) of Rs84.</li></ul></div></div></div></div></div></div></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>

Will change in MD &amp; CEO impact reverse merger or application for universal bank license?Strong management team to drive growth and profitability: Mr. Murali Vaidyanathan, Head of Liabilities and Mr Rohit Phadke, Head of Assets have been promoted to Executive Director’s position (subject to RBI and shareholders’ approval).Valuation: We have a BUY rating on Equitas Small Finance Bank with a target price (TP) of Rs84.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.

Equitas Small Finance Bank - MD & CEO Resignation to Be an Overhang near Term

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>Equitas Small Finance Bank Ltd. (EQSFB) results were a mixed bag. While growth on the asset and liability side was encouraging and Opex growth was modest at 10% YoY thereby supporting operating profit, higher than expected provisions weighed on the bottom line.</li><li>Disbursements stood at Rs 3,279 Cr (+29% YoY,+21% QoQ)aiding loan growth revival.</li><li>We believe current valuations of 1.3x FY24E ABV are attractive and thus maintain our BUY rating on the stock with a target price of Rs 77 (1.9x FY24E ABV), implying an upside of 43% from the 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>

Equitas Small Finance Bank Ltd. (EQSFB) results were a mixed bag. While growth on the asset and liability side was encouraging and Opex growth was modest at 10% YoY thereby supporting operating profit, higher than expected provisions weighed on the bottom line.Disbursements stood at Rs 3,279 Cr (+29% YoY,+21% QoQ)aiding loan growth revival.We believe current valuations of 1.3x FY24E ABV are attractive and thus maintain our BUY rating on the stock with a target price of Rs 77 (1.9x FY24E ABV), implying an upside of 43% from the 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.

Equitas Small Finanace Bank: Growth to Resume FY23 Onwards

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</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>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

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.

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ujjivan-financial-services" target="_blank" data-smartkarma-citation="entities:22697:1" rel="noopener">Ujjivan Financial Services (UJJIVAN IN)</a> had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with <a href="https://www.smartkarma.com/entities/ujjivan-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:28443:1" rel="noopener">Ujjivan Small Finance Bank (UJJIVANS IN)</a>.</li>
<li>The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.</li>
<li>However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.</li>
</ul>



Ujjivan Financial Services (UJJIVAN IN) had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with Ujjivan Small Finance Bank (UJJIVANS IN).
The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.
However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.


Ujjivan Reverse Merger: Behind the Dull Response

<p>We maintain our BUY rating on the stock and value EQSFB at 2.1x FY23E ABV to arrive at a target price of Rs 76/share, implying an upside of 18% from CMP.</p><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>

We maintain our BUY rating on the stock and value EQSFB at 2.1x FY23E ABV to arrive at a target price of Rs 76/share, implying an upside of 18% 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.

Equitas Small Finance Bank: Disbursements & Deposit Traction Healthy

India

Equitas Small Finance Bank Limited operates as a bank. The Bank offers savings accounts, fixed deposits, loans, debit and credit cards, investment, insurance, online services, and other related activities. Equitas Small Finance Bank serves clients in India.

Equitas Small Finance Bank  (EQUITASB IN)

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Equitas Small Finance Bank (EQUITASB IN)

Equitas Small Finance Bank - MD & CEO Resignation to Be an Overhang near Term

Mr P N Vasudevan, MD & CEO of Equitas Small Finance Bank (Equitas SFB) has intimated (link) to leave the bank in due course to pursue social goals.

Nirmal Bang

Equitas Small Finanace Bank: Growth to Resume FY23 Onwards

We believe current valuations of 1.3x FY24E ABV are attractive and thus maintain our BUY rating on the stock with a target price of Rs 77 (1.9x...

Axis Direct

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

Ujjivan Reverse Merger: Behind the Dull Response

The share swap ratio clearly showcases a significant merger arbitrage opportunity. However, there has been no major interest in this very visible...

Nitin Mangal

Equitas Small Finance Bank: Disbursements & Deposit Traction Healthy

We maintain our BUY rating on the stock and value EQSFB at 2.1x FY23E ABV to arrive at a target price of Rs 76/share, implying an upside of 18%...

Axis Direct

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