External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>HDFC Bank has largely outperformed its large private peers in the recent past, primarily on account of its relatively better margin, asset quality outcomes amid rising asset quality noises in unsecured loans.</li><li>Separately, the bank has adopted the strategy to securitize loans (Rs90bn in 2Q and Rs123bn in Dec, leading to ~82bps reduction in LDR and a reduced PSL requirement), apart from slowing down credit growth and accelerating deposit growth to bring down its LDR to pre-merger levels (less than 90% from 100%) in due course and thus avoid regulatory friction.</li><li>Bank is also planning to launch IPO of its NBFC subsidiary – HDB Fin to the tune of Rs125bn (including OFS of Rs100bn) in line with regulatory requirement and also to unlock value.</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.

HDFC Bank has largely outperformed its large private peers in the recent past, primarily on account of its relatively better margin, asset quality outcomes amid rising asset quality noises in unsecured loans.Separately, the bank has adopted the strategy to securitize loans (Rs90bn in 2Q and Rs123bn in Dec, leading to ~82bps reduction in LDR and a reduced PSL requirement), apart from slowing down credit growth and accelerating deposit growth to bring down its LDR to pre-merger levels (less than 90% from 100%) in due course and thus avoid regulatory friction.Bank is also planning to launch IPO of its NBFC subsidiary – HDB Fin to the tune of Rs125bn (including OFS of Rs100bn) in line with regulatory requirement and also to unlock value.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.

HDFC Bank - Recuperation Progressing Well

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.

Thematic (Sector/Industry)

<ul><li>Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.</li><li>Nifty 50 saw a comeback with a 1500+ points rally. This was led by 1) Better-than-expected earnings performance for the first half, 2) Optimism building for 15% tariffs for India, 3) Early signs of consumption pickup, 4) Stable currency, 5) Relative attractiveness in valuations vs other emerging markets, and 6) Positive sentiments.</li><li>Based on the above developments and after almost 14 months of underperformance, Nifty touched the all-time high level of 26,203 on 28th Nov’25 (similar levels were earlier seen in Sep’24). </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.

Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.Nifty 50 saw a comeback with a 1500+ points rally. This was led by 1) Better-than-expected earnings performance for the first half, 2) Optimism building for 15% tariffs for India, 3) Early signs of consumption pickup, 4) Stable currency, 5) Relative attractiveness in valuations vs other emerging markets, and 6) Positive sentiments.Based on the above developments and after almost 14 months of underperformance, Nifty touched the all-time high level of 26,203 on 28th Nov’25 (similar levels were earlier seen in Sep’24). 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 Top Picks for the month of December 2025

<ul><li>The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.</li><li>However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.</li><li>We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry 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.

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.However, credit growth is showing gradual signs of revival. For banks that have reported their provisional update, they have reported a healthy sequential growth.We expect banks under our coverage to deliver ~11% YoY credit growth, only marginally ahead of industry 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.

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

<ul><li>Relative Underperformance Provides an Opportunity to Add Equity for the Long Term: On a YTD basis, the Indian market has underperformed the US market and other emerging markets by a notable margin.</li><li>FTSE India is now trading at a PE premium of 49% to the EM index (PE), vs. an average premium of 44%.</li><li>During Sep’24, the Indian market traded at a 97% PE premium to EM. </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.

Relative Underperformance Provides an Opportunity to Add Equity for the Long Term: On a YTD basis, the Indian market has underperformed the US market and other emerging markets by a notable margin.FTSE India is now trading at a PE premium of 49% to the EM index (PE), vs. an average premium of 44%.During Sep’24, the Indian market traded at a 97% PE premium to 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.

Axis Top Picks for the month of October 2025

<ul><li>Axis Top Picks Basket delivered a return of 16.2% in the last six months against the 10.4% returns posted by Nifty 50, outperforming the Nifty 50 by a notable margin of 5.8%.</li><li>Amidst a highly volatile month of Aug’25, which witnessed notably mixed performance across sectors, market caps, and style indices, the Axis Top Picks basket delivered a flattish return on an MoM basis, and managed to beat the benchmark Nifty 50, which declined by 1.4% over the same period.</li><li>It gives us immense joy to share that our Top Picks Basket has delivered an impressive return of 324% since its inception (May’20), which stands well above the 164% return delivered by the NIFTY 50 index over the same period.</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.

Axis Top Picks Basket delivered a return of 16.2% in the last six months against the 10.4% returns posted by Nifty 50, outperforming the Nifty 50 by a notable margin of 5.8%.Amidst a highly volatile month of Aug’25, which witnessed notably mixed performance across sectors, market caps, and style indices, the Axis Top Picks basket delivered a flattish return on an MoM basis, and managed to beat the benchmark Nifty 50, which declined by 1.4% over the same period.It gives us immense joy to share that our Top Picks Basket has delivered an impressive return of 324% since its inception (May’20), which stands well above the 164% return delivered by the NIFTY 50 index over the same period.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 Top Picks for the month of September 2025

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

HDFC Bank - Recuperation Progressing Well

Bank is also planning to launch IPO of its NBFC subsidiary – HDB Fin to the tune of Rs125bn (including OFS of Rs100bn) in line with regulatory...

Emkay

Axis Top Picks for the month of December 2025

Strong 1500+ points Rally in Nifty 50 since Oct’25: After seeing some pullback in Jul/Aug’25, a broad-based recovery was seen since Oct’25.

Axis Direct

Q2FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI)

The systemic credit growth as of 19 th September, 2025, stood at 10.4% YoY, with muted growth seen in retail and corporate segments.

Axis Direct

Axis Top Picks for the month of October 2025

Relative Underperformance Provides an Opportunity to Add Equity for the Long Term: On a YTD basis, the Indian market has underperformed the US...

Axis Direct

Axis Top Picks for the month of September 2025

Axis Top Picks Basket delivered a return of 16.2% in the last six months against the 10.4% returns posted by Nifty 50, outperforming the Nifty 50...

Axis Direct

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