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>HDFCB has announced the long-awaited reverse merger of parent HDFCL.</li><li>The merger should fulfill the implicit RBI policy of 1) not allowing a bank to be owned by an NBFC/HFC, and 2) having its lending business housed mainly in the bank.</li><li>It should also generate cost/business synergies in the medium-to-long run.</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>

HDFCB has announced the long-awaited reverse merger of parent HDFCL.The merger should fulfill the implicit RBI policy of 1) not allowing a bank to be owned by an NBFC/HFC, and 2) having its lending business housed mainly in the bank.It should also generate cost/business synergies in the medium-to-long run.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: Mega Merger to Drive Economies of Scale, Cost/Business Synergies

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

ICICI Securities Limited

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.

Housing Development Finance Corporation / Equity Bottom-Up

Housing Development Finance Corporation (HDFC IN)

<ul><li>HDFC Ltd is the largest NBFC engaged in the housing finance business.</li><li>It has demonstrated a consistent performance in terms of both business growth as well as asset quality.</li><li>Target Price and Valuation: We value HDFC Ltd at ~2.5x FY24E core ABV and Rs 1676 (post15% discount) for subsidiaries and maintain target price of Rs 3350/share.</li></ul><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>

HDFC Ltd is the largest NBFC engaged in the housing finance business.It has demonstrated a consistent performance in terms of both business growth as well as asset quality.Target Price and Valuation: We value HDFC Ltd at ~2.5x FY24E core ABV and Rs 1676 (post15% discount) for subsidiaries and maintain target price of Rs 3350/share.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 Ltd: Credit Growth Gains Momentum; Outlook Optimistic

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<p>HDFC reported 2QFY22 PAT (in-line) of INR37.8b, up 32% YoY / 26% QoQ. The increase was primarily driven by lower credit costs of 31bps (which stood at INR4.5b, against the expectation of INR6b). NII (in-line) grew 14% YoY to INR41.1b. Reported spreads stood at 2.29% and were stable QoQ. Assignment income was lower than expected and stood at INR1.3b v/s our estimate of INR4.1b. Gross Stage 2 and Stage 3 declined to 8.67% v/s 9.24% a quarter ago....</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>

HDFC reported 2QFY22 PAT (in-line) of INR37.8b, up 32% YoY / 26% QoQ. The increase was primarily driven by lower credit costs of 31bps (which stood at INR4.5b, against the expectation of INR6b). NII (in-line) grew 14% YoY to INR41.1b. Reported spreads stood at 2.29% and were stable QoQ. Assignment income was lower than expected and stood at INR1.3b v/s our estimate of INR4.1b. Gross Stage 2 and Stage 3 declined to 8.67% v/s 9.24% a quarter ago....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.

Healthy core performance in 2Q; disbursements very strong

<p>HDFC's core PBT grew 12% YoY to INR32.2b (5% beat). NII (ex-assignment income) at INR41.3b was 2% above our estimate. On the other hand, provisions at INR6.9b were lower than our est. of INR8b. Better-than-expected...</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>

HDFC's core PBT grew 12% YoY to INR32.2b (5% beat). NII (ex-assignment income) at INR41.3b was 2% above our estimate. On the other hand, provisions at INR6.9b were lower than our est. of INR8b. Better-than-expected...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.

Core operating profit in-line; commentary suggests healthy recovery from second wave impact

<p>What should investors do? HDFC Ltd's share price has grown ~80% over the past five years. Market leadership, funding advantage and adequate capital lead us to remain positive on fundamentals....</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>

What should investors do? HDFC Ltd's share price has grown ~80% over the past five years. Market leadership, funding advantage and adequate capital lead us to remain positive on fundamentals....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 Ltd: Steady Operations; Business to Pick up from Here On

India

Housing Development Finance Corporation (HDFC) was an Indian private-sector mortgage lender, widely recognized as the largest housing finance company in India, offering long-term home loans to individuals and corporations for housing purposes. It also provided construction finance to housing development businesses. The company had diversified interests through its associate and subsidiary companies in banking, life and general insurance, asset management, venture capital, and deposit services. HDFC was incorporated in 1977 and headquartered in Mumbai, India. On July 1, 2023, HDFC merged with HDFC Bank, its subsidiary.

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Housing Development Finance Corporation (HDFC IN)

HDFC Bank: Mega Merger to Drive Economies of Scale, Cost/Business Synergies

HDFCB has announced the long-awaited reverse merger of parent HDFCL.The merger should fulfill the implicit RBI policy of 1) not allowing a bank...

Emkay

HDFC Ltd: Credit Growth Gains Momentum; Outlook Optimistic

HDFC Ltd is the largest NBFC engaged in the housing finance business. It has demonstrated a consistent performance in terms of both business growth...

ICICI Securities Limited

Healthy core performance in 2Q; disbursements very strong

HDFC reported 2QFY22 PAT (in-line) of INR37.8b, up 32% YoY / 26% QoQ. The increase was primarily driven by lower credit costs of 31bps (which stood...

Motilal Oswal

Core operating profit in-line; commentary suggests healthy recovery from second wave impact

HDFC's core PBT grew 12% YoY to INR32.2b (5% beat). NII (ex-assignment income) at INR41.3b was 2% above our estimate. On the other hand, provisions...

Motilal Oswal

HDFC Ltd: Steady Operations; Business to Pick up from Here On

What should investors do? HDFC Ltd's share price has grown ~80% over the past five years. Market leadership, funding advantage and adequate capital...

ICICI Securities Limited

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