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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Equity Bottom-Up

Equitas Small Finance Bank / Equity Bottom-Up

<ul><li>The management has indicated that the demand across products remains healthy and is likely to sustain with Small Business Loans (SBL), Affordable Housing (AFH), Microfinance (MF) and Commercial Vehicles (CV) being the key growth drivers.</li><li>Thus, supported by credit demand tailwinds, the management expects to clock an advances growth of 25%+ in FY23.</li><li>We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growth</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>

The management has indicated that the demand across products remains healthy and is likely to sustain with Small Business Loans (SBL), Affordable Housing (AFH), Microfinance (MF) and Commercial Vehicles (CV) being the key growth drivers.Thus, supported by credit demand tailwinds, the management expects to clock an advances growth of 25%+ in FY23.We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growthContent 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 Ltd. - Strong Quarter; Ripe For Re-Rating!

<ul><li>Equitas Small Finance Bank’s (EQSFB) Q2FY23 performance was a mixed bag with NII broadly in line with our expectations.</li><li>Elevated employee costs resulted in a miss on PPOP and PAT despite lower-than-expected earnings.</li><li>Disbursements stood at Rs 3,845 Cr (+22% YoY, +19% QoQ) aiding the bank’s loan growth revival.</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’s (EQSFB) Q2FY23 performance was a mixed bag with NII broadly in line with our expectations.Elevated employee costs resulted in a miss on PPOP and PAT despite lower-than-expected earnings.Disbursements stood at Rs 3,845 Cr (+22% YoY, +19% QoQ) aiding the bank’s loan growth revival.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 Ltd - A Mixed Bag Performance, Maintain BUY!

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<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

<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.

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)

Equitas Small Finance Bank Ltd. - Strong Quarter; Ripe For Re-Rating!

We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growth

Axis Direct

Equitas Small Finance Bank Ltd - A Mixed Bag Performance, Maintain BUY!

Elevated employee costs resulted in a miss on PPOP and PAT despite lower-than-expected earnings. Disbursements stood at Rs 3,845 Cr (+22% YoY, +19%...

Axis Direct

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

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