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. 

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>We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments</li>
<li>Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.</li>
<li>Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU Small Finance Bank</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>


We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments
Deposit growth continues to remain range-bound. However, most banks have reported a healthy CASA growth aiding CoF, thereby supporting margins.
Positive result plays: SBI, ICICI Bank, HDFC Bank, CanFin Homes, SBI Cards, AU 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.

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

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.

<ul>
<li>Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.</li>
<li>Data suggests upturn in credit growth across segments (Retail and Corporate).</li>
<li>Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.</li>
<li>Large private banks are expected to grow at a highe...(continued).</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>


Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.
Data suggests upturn in credit growth across segments (Retail and Corporate).
Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.
Large private banks are expected to grow at a highe...(continued).

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.

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

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

Emkay

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.

<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

India

Housing Development Finance Corporation Ltd. HDFC provides housing finance company. The Company provides wide range of housing loans, loan for home improvement, extensions, top ups, and non housing loans and loans for non resident Indian (NRI). HDFC serves customers in India, kuwait, Singapore, Oman, UAE, and the United Kingdom.

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HDFC Limited (HDFC IN)

BFSI Q4FY22 Result Preview – Growth Momentum Robust; Asset Quality Pressures to Ease

We expect loan growth momentum for banks to sustain on a sequential basis, mainly driven by Retail/SME segments. Deposit growth continues to remain...

Axis Direct

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving...

Nirmal Bang

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

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