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. 

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Thematic (Sector/Industry)

<ul><li>Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.</li><li>Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.</li><li>Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit growth. </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.

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit 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.

Equity Bottom-Up

Equitas Small Finance Bank  / Equity Bottom-Up

<ul><li>Disbursements de-grew by 4/1% YoY/QoQ, with slower disbursements across most segments. Advances growth was healthy at 32/5% YoY/QoQ.</li><li>Advances growth was led by strong growth in the MFI (+32/3% YoY/QoQ), Vehicle Finance book (+30/4% YoY/QoQ), Small Business Loans (+32/6% YoY/QoQ) and Housing Loans (+58/8% YoY).</li><li>Deposits growth was robust at 38/5% YoY/QoQ, primarily led by growth in TDs (+73/6% YoY/QoQ). </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.

Disbursements de-grew by 4/1% YoY/QoQ, with slower disbursements across most segments. Advances growth was healthy at 32/5% YoY/QoQ.Advances growth was led by strong growth in the MFI (+32/3% YoY/QoQ), Vehicle Finance book (+30/4% YoY/QoQ), Small Business Loans (+32/6% YoY/QoQ) and Housing Loans (+58/8% YoY).Deposits growth was robust at 38/5% YoY/QoQ, primarily led by growth in TDs (+73/6% YoY/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.

Result Update - Equitas Small Finance Bank Ltd

<ul><li>The bank has continued to deliver a strong performance both on the advances and deposit growth in H1FY24.</li><li>In the provisional update released by the bank for Q3FY24, advances growth was robust at 32/5% YoY/QoQ, while deposit growth was steady at 39/5% YoY/QoQ.</li><li>Equitas continues to see healthy demand across products and is eyeing to exit FY24 with credit growth of 25-30%, with growth delivery at the upper end of the guided band.</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 bank has continued to deliver a strong performance both on the advances and deposit growth in H1FY24.In the provisional update released by the bank for Q3FY24, advances growth was robust at 32/5% YoY/QoQ, while deposit growth was steady at 39/5% YoY/QoQ.Equitas continues to see healthy demand across products and is eyeing to exit FY24 with credit growth of 25-30%, with growth delivery at the upper end of the guided band.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.

Pick of the Week - Equitas Small Finance Bank Ltd. - 23 JANUARY 2024

We interacted with the team at Equitas Small Finance Bank (EQSFB) to understand the growth roadmap for the bank over the medium term as the bank looks to roll out new products to support growth and harbours ambitions to transition into a universal bank from a small finance bank.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.

We interacted with the team at Equitas Small Finance Bank (EQSFB) to understand the growth roadmap for the bank over the medium term as the bank looks to roll out new products to support growth and harbours ambitions to transition into a universal bank from a small finance bank.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: New Products to Support Growth, 2% RoA Deliverable!

<ul><li>Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.</li><li>Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).</li><li>ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.</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.

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.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.

Axis Research Scorecard Report for Oct 2023

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)

Top Sector Ideas - BFSI

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.

Axis Direct

Result Update - Equitas Small Finance Bank Ltd

Disbursements de-grew by 4/1% YoY/QoQ, with slower disbursements across most segments. Advances growth was healthy at 32/5% YoY/QoQ.

Axis Direct

Pick of the Week - Equitas Small Finance Bank Ltd. - 23 JANUARY 2024

Equitas continues to see healthy demand across products and is eyeing to exit FY24 with credit growth of 25-30%, with growth delivery at the upper...

Axis Direct

Equitas Small Finance Bank: New Products to Support Growth, 2% RoA Deliverable!

We maintain our BUY recommendation on the stock with a revised target price of Rs 125, implying an upside of 15% from CMP.

Axis Direct

Axis Research Scorecard Report for Oct 2023

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23. Calls that successfully achieved their target were Nestle India (~10%),...

Axis Direct

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