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><span style="font-size: var(--content-font-size);">Q1FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Sequential improvement in high-frequency indicators, 3) Cool-off in key commodity prices, 4) Easing inflation expectations, and 5) Growth challenges in export-oriented demand.</span></li></ul><div><ul><li>Moreover, domestic-facing sectors are enjoying economic recovery as well.</li><li>Considering these factors collectively, the Q1FY24 earnings season is likely to deliver positive surprises on the margins front. </li></ul></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>

Q1FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Sequential improvement in high-frequency indicators, 3) Cool-off in key commodity prices, 4) Easing inflation expectations, and 5) Growth challenges in export-oriented demand.Moreover, domestic-facing sectors are enjoying economic recovery as well.Considering these factors collectively, the Q1FY24 earnings season is likely to deliver positive surprises on the margins front. 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.

<div><div><div><div><ul><li>Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in Q1FY24.</li><li>For banks, Credit growth moderation was a central topic of discussions in Q4FY23.</li><li>However, systemic data as published by the RBI (as of Jun’23) has a different story to tell. </li></ul></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>

Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in Q1FY24.For banks, Credit growth moderation was a central topic of discussions in Q4FY23.However, systemic data as published by the RBI (as of Jun’23) has a different story to tell. 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.

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>New HDFC Bank appears to have far better returns and credit metrics that large Asian peers</li>
<li>Pro-Forma amalgamation puts HDFC Bank as 2nd largest bank in Asia Pacific in market cap </li>
<li>Comparably large banks in Asia are concentrated in China, where credit metrics are opaque</li>
</ul>


New HDFC Bank appears to have far better returns and credit metrics that large Asian peers
Pro-Forma amalgamation puts HDFC Bank as 2nd largest bank in Asia Pacific in market cap 
Comparably large banks in Asia are concentrated in China, where credit metrics are opaque


HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

Equity Bottom-Up

<ul>
<li>What sets HDFC Bank apart from peers is stability, strength in profit, ROA, NPLs, NIM</li>
<li>Peers see volatile, high NPL ratios, where HDFC Bank may see NPLs at less than 1% soon</li>
<li>Amalgamation HDFC into HDFC Bank can see more interest, supported by fundamentals </li>
</ul>


What sets HDFC Bank apart from peers is stability, strength in profit, ROA, NPLs, NIM
Peers see volatile, high NPL ratios, where HDFC Bank may see NPLs at less than 1% soon
Amalgamation HDFC into HDFC Bank can see more interest, supported by fundamentals 


HDFC Bank - Stability, Strength Against India Peer Banks and Non-Banks

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>An interview with Deepak Parekh set a bunch of stocks on fire. Then came the <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> exchange announcement that said the dates were still tentative.</li>
<li>Indications are that the merger could be effective 1 July and <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a>'s last trading day would be 13 July.</li>
<li>The merger will have an impact on both HDFC stocks and on other stocks that could be added to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NIFTYJR INDEX</a> and <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">SENSEX Index</a>.</li>
</ul>


An interview with Deepak Parekh set a bunch of stocks on fire. Then came the HDFC Bank (HDFCB IN) exchange announcement that said the dates were still tentative.
Indications are that the merger could be effective 1 July and HDFC Limited (HDFC IN)'s last trading day would be 13 July.
The merger will have an impact on both HDFC stocks and on other stocks that could be added to the NIFTY Index, NIFTYJR INDEX and SENSEX Index.


HDFC/​​​​​​HDFC Bank Mega Merger: Are We There Yet?

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)

Q1FY24 Consolidated Preview

Considering these factors collectively, the Q1FY24 earnings season is likely to deliver positive surprises on the margins front.

Axis Direct

BFSI Q1FY24 - Earnings Preview

Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in...

Axis Direct

HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

The merger is now done, and this is more relevant, highlighting now large HDFC Bank is now in Asia Pacific, not only in India.

Daniel Tabbush

HDFC Bank - Stability, Strength Against India Peer Banks and Non-Banks

Stability and strength, sets HDFC Bank apart from its peers, as does it high ranking in system for loans outstanding. HDFC Finance amalgamation can...

Daniel Tabbush

HDFC/HDFC Bank Mega Merger: Are We There Yet?

The HDFC/HDFCB merger could complete in 2-3 weeks. This will set off changes to a bunch of indices and impact a bunch of stocks. We look at the...

Brian Freitas

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Q1FY24 Consolidated Preview

Considering these factors collectively, the Q1FY24 earnings season is likely to deliver positive surprises on the margins front.

Axis Direct

BFSI Q1FY24 - Earnings Preview

Q1 is a seasonally weak quarter, despite which we expect banks under our coverage to continue delivering a strong credit growth of ~15-16% YoY in...

Axis Direct

HDFC Bank - Ranks 2nd After Merger Compared With Asia Pacific Banks

The merger is now done, and this is more relevant, highlighting now large HDFC Bank is now in Asia Pacific, not only in India.

Daniel Tabbush

HDFC Bank - Stability, Strength Against India Peer Banks and Non-Banks

Stability and strength, sets HDFC Bank apart from its peers, as does it high ranking in system for loans outstanding. HDFC Finance amalgamation can...

Daniel Tabbush

HDFC/​​​​​​HDFC Bank Mega Merger: Are We There Yet?

The HDFC/HDFCB merger could complete in 2-3 weeks. This will set off changes to a bunch of indices and impact a bunch of stocks. We look at the...

Brian Freitas

HDFC/HDFC Bank Mega Merger: Are We There Yet?