External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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

Equitas Small Finance Bank / Equity Bottom-Up

<ul><li>ICICI Securities research report onEquitas Small Finance Bank Equitas SFB (Equitas) delivered 1.9% RoA in Q4FY24 and 2.0% in FY24 vs. 1.89% in FY23 – largely driven by credit cost normalisation on full year basis.</li><li>However, steady NIM contraction during FY24, due to rising cost of funds resulting from increasing rate cycle and higher proportion of fixed rate assets (~85%) raised concerns over RoA sustainability.</li><li>Nevertheless, we believe NIM has bottomed out at 8.2% and gradual repricing of asset book would help Equitas with a steady NIM trajectory going ahead.</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 Securities research report onEquitas Small Finance Bank Equitas SFB (Equitas) delivered 1.9% RoA in Q4FY24 and 2.0% in FY24 vs. 1.89% in FY23 – largely driven by credit cost normalisation on full year basis.However, steady NIM contraction during FY24, due to rising cost of funds resulting from increasing rate cycle and higher proportion of fixed rate assets (~85%) raised concerns over RoA sustainability.Nevertheless, we believe NIM has bottomed out at 8.2% and gradual repricing of asset book would help Equitas with a steady NIM trajectory going ahead.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.

Buy Equitas Small Finance Bank; Target of Rs 120

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>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

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (1363943D IN)</a> is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.</li>
<li>Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>In our previous note, we looked at the company’s performance. In this note, we talk about the company’s RHP updates and share our quick thoughts on peer comp and valuation.</li>
</ul>



Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.
Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
In our previous note, we looked at the company’s performance. In this note, we talk about the company’s RHP updates and share our quick thoughts on peer comp and valuation.


Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

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!

India

Equitas Small Finance Bank Ltd. is a Chennai-based banking institution that evolved from a microfinance company into a full-service small finance bank. It focuses on serving individuals and small businesses often underserved by traditional banking channels, offering products like microfinance, small business loans, vehicle finance, and housing finance. The bank was founded in 2007, and its banking operations commenced in 2016.

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Equitas Small Finance Bank (EQUITASB IN)

Buy Equitas Small Finance Bank; Target of Rs 120

ICICI Securities research report onEquitas Small Finance Bank Equitas SFB (Equitas) delivered 1.9% RoA in Q4FY24 and 2.0% in FY24 vs. 1.89% in FY23

ICICI Securities Limited

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

Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.

Ethan Aw

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

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