External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<p>Kajaria Ceramics: We maintain our BUY rating on Kajaria Ceramics (KJC) with an unchanged target price of INR 1,360/share (21x its Sep'23E consolidated EBITDA). We continue to like KJC for its superior margin in the tiles segment (function of its robust distribution and cost controls) and its fast expansion in the bathware and ply businesses. In Q2FY22, KJC's consolidated net sales rose 37/26/30% YoY to INR 9.74/1.81/1.16bn respectively. This is driven by strong growth across tiles (revenue up 37%) and bathware/ply segments (+48%).</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>

Kajaria Ceramics: We maintain our BUY rating on Kajaria Ceramics (KJC) with an unchanged target price of INR 1,360/share (21x its Sep'23E consolidated EBITDA). We continue to like KJC for its superior margin in the tiles segment (function of its robust distribution and cost controls) and its fast expansion in the bathware and ply businesses. In Q2FY22, KJC's consolidated net sales rose 37/26/30% YoY to INR 9.74/1.81/1.16bn respectively. This is driven by strong growth across tiles (revenue up 37%) and bathware/ply segments (+48%).
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.

HSIE Results Daily: Reliance Industries, ICICI Bank, Kajaria Ceramics

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

<p>Strong growth momentum continues</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>

Strong growth momentum continuesContent 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.

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<p><a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank Ltd (ICICIBC IN)</a> reported strong profits for 2QFY2022, with standalone net profits increasing by 30% YoY to Rs 55 bn., enthusing the market. The bank has been focusing on retail loans to drive its assets and profits, after heavily haemorrhaging on corporate loans prior to FY2020. The retail asset emphasis was expected to provide stability to the bank’s earnings. However, the broader economic slowdown, combined with the Covid-19 pandemic, has unmasked the supposed stability in the retail strategy. In some ways this is a mystery, as 55.3% of retail loans are mortgages, which are regarded as being very secure. It is surprising that the bank does not provide any details regarding the erratic retail performance, and does not attempt to educate investors on why a retail portfolio largely consisting of mortgages should perform in such an unpredictable manner </p><p>In 2QFY2022 ICICI Bank reported a YoY decline in retail Profit Before Tax (PBT) of 13.5% to Rs 26.1 bn (in 1QFY2022 Rs 3.9 bn), with retail loans of Rs 4,404 bn. Pertinently, the retail PBT in 1QFY2021 was Rs 27.6 bn with retail loans of Rs 3,449 bn. Even though retail loans since 1QFY2021 increased by 28%, the retail PBT in 2QFY2022 is still below the level of 1QFY2021. The bank’s overall domestic net interest margin in 2QFY2022 is higher than 1QFY2021 and 2QFY2021, which indicates that the performance was not impacted by a squeeze in margins but more likely by credit costs.</p><p>Shareholders in ICICI Bank should be concerned regarding the volatility in the bank’s retail PBT. It could be on account of an industry-wide impact on retail loans brought about by Covid19 which impacts quarterly performance, or it could be peculiar only to ICICI Bank’s retail loans. Whatever the reason, it reveals that a strategy of increasing retail loans, the bulk of which are mortgages, is not insulated against a broad economic downturn, and results in high volatility in performance. Whether this volatility is transitory or for the long term only time can tell.</p>

ICICI Bank Ltd (ICICIBC IN) reported strong profits for 2QFY2022, with standalone net profits increasing by 30% YoY to Rs 55 bn., enthusing the market. The bank has been focusing on retail loans to drive its assets and profits, after heavily haemorrhaging on corporate loans prior to FY2020. The retail asset emphasis was expected to provide stability to the bank’s earnings. However, the broader economic slowdown, combined with the Covid-19 pandemic, has unmasked the supposed stability in the retail strategy. In some ways this is a mystery, as 55.3% of retail loans are mortgages, which are regarded as being very secure. It is surprising that the bank does not provide any details regarding the erratic retail performance, and does not attempt to educate investors on why a retail portfolio largely consisting of mortgages should perform in such an unpredictable manner In 2QFY2022 ICICI Bank reported a YoY decline in retail Profit Before Tax (PBT) of 13.5% to Rs 26.1 bn (in 1QFY2022 Rs 3.9 bn), with retail loans of Rs 4,404 bn. Pertinently, the retail PBT in 1QFY2021 was Rs 27.6 bn with retail loans of Rs 3,449 bn. Even though retail loans since 1QFY2021 increased by 28%, the retail PBT in 2QFY2022 is still below the level of 1QFY2021. The bank’s overall domestic net interest margin in 2QFY2022 is higher than 1QFY2021 and 2QFY2021, which indicates that the performance was not impacted by a squeeze in margins but more likely by credit costs.Shareholders in ICICI Bank should be concerned regarding the volatility in the bank’s retail PBT. It could be on account of an industry-wide impact on retail loans brought about by Covid19 which impacts quarterly performance, or it could be peculiar only to ICICI Bank’s retail loans. Whatever the reason, it reveals that a strategy of increasing retail loans, the bulk of which are mortgages, is not insulated against a broad economic downturn, and results in high volatility in performance. Whether this volatility is transitory or for the long term only time can tell.

ICICI Bank’s Retail Loan Strategy: A Source of Stability or Volatility?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

<p>PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$800m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.</p><p>The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost &amp; Sullivan, the company is a leader in the online sphere in both segments. </p><p>Despite Paisabazaar having taken a hit due to COVID-19, the company has managed to grow its revenue by 80% over FY19-21. In addition, it has been able to rein in expenses as well leading to an improvement in margins. Although, it was still making losses in FY21.</p><p>In this note, we will talk about the positive aspects of the deal.</p>

PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$800m via selling a mix of primary and secondary shares in its India IPO. The company is backed by a strong set of investors including Info Edge, Tencent, Temasek, Tiger Global and Softbank.The company operates two platforms: Policybazaar operates in India’s online insurance product and service industry; and Paisabazaar platform operates in India’s online credit industry. As per Frost &amp; Sullivan, the company is a leader in the online sphere in both segments. Despite Paisabazaar having taken a hit due to COVID-19, the company has managed to grow its revenue by 80% over FY19-21. In addition, it has been able to rein in expenses as well leading to an improvement in margins. Although, it was still making losses in FY21.In this note, we will talk about the positive aspects of the deal.

PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth

Aditya Birla Sun Life AMC / Equity Capital Markets

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<p>Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders raised around US$369m via reducing their stake in the company’s Indian IPO. </p>
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<p>ABSL is the largest non-bank affiliated asset management company (AMC) in India by quarterly average assets under management (QAAUM) and the fourth largest AMC in India. according to CRISIL. ABSL managed total AUM of INR2.9tn across mutual funds, portfolio management services, offshore and real estate offerings, as of Jun 21.</p>
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<p>We have covered various aspects of the deal in our previous notes, <a href="https://www.smartkarma.com/insights/aditya-birla-sun-life-amc-pre-ipo-strong-profit-growth-but-it-s-losing-market-share" target="_blank" rel="noopener">Aditya Birla Sun Life AMC Pre-IPO - Strong profit growth but it’s losing market share</a> and <a href="https://www.smartkarma.com/insights/aditya-birla-sun-life-amc-ipo-at-a-slight-discount-but-there-s-no-compelling-reason-to-buy" target="_blank" rel="noopener">Aditya Birla Sun Life AMC IPO - At a Slight Discount but There’s No Compelling Reason to Buy</a>.</p>
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<p>In this note, we will talk about the deal dynamics.</p>
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Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders raised around US$369m via reducing their stake in the company’s Indian IPO. 


ABSL is the largest non-bank affiliated asset management company (AMC) in India by quarterly average assets under management (QAAUM) and the fourth largest AMC in India. according to CRISIL. ABSL managed total AUM of INR2.9tn across mutual funds, portfolio management services, offshore and real estate offerings, as of Jun 21.


We have covered various aspects of the deal in our previous notes, Aditya Birla Sun Life AMC Pre-IPO - Strong profit growth but it’s losing market share and Aditya Birla Sun Life AMC IPO - At a Slight Discount but There’s No Compelling Reason to Buy.


In this note, we will talk about the deal dynamics.


Aditya Birla Sun Life AMC IPO Trading - Tepid Demand

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

HSIE Results Daily: Reliance Industries, ICICI Bank, Kajaria Ceramics

Kajaria Ceramics: We maintain our BUY rating on Kajaria Ceramics (KJC) with an unchanged target price of INR 1,360/share (21x its Sep'23E...

HDFC Securities

ICICI Bank Ltd. | Q2FY22 Result Update

Strong growth momentum continues

Edelweiss

ICICI Bank’s Retail Loan Strategy: A Source of Stability or Volatility?

It is possible that the revival in retail profits and profitability in 2QFY2022 may be sustained. However, if it continues to be volatile, ICICI...

Hemindra Hazari

PB Fintech (Policybazaar) Pre-IPO - The Positives - Fast Growth

PB Fintech (PBF), India’s largest online platform for insurance and lending products, aims to raise up to US$800m via selling a mix of primary and...

Sumeet Singh

Aditya Birla Sun Life AMC IPO Trading - Tepid Demand

Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders raised around US$369m via reducing their stake in the company’s Indian IPO.

Sumeet Singh

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