External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We recommend a BUY on the stock with a target price of Rs 832/share.</p>
<p>ICICI Securities Limited (ISEC) is an integrated and technology-based firm offering a wide range of services including retail and institutional broking, financial products distribution, private wealth management, and advisory services. ISEC manages total assets of Rs 4.2 Tn for clients across different products. Currently, it is the 4th largest broker in terms of NSE active clients and commands a market share of 8.4%.</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>

We recommend a BUY on the stock with a target price of Rs 832/share.
ICICI Securities Limited (ISEC) is an integrated and technology-based firm offering a wide range of services including retail and institutional broking, financial products distribution, private wealth management, and advisory services. ISEC manages total assets of Rs 4.2 Tn for clients across different products. Currently, it is the 4th largest broker in terms of NSE active clients and commands a market share of 8.4%.
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.

<p>We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.</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>

We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs (ex-prop) for cash/derivatives increased +25%/-1% sequentially. The capital markets witnessed an unprecedented monthly addition of 2.4mn new retail investors over the past four months. We expect the larger organised players to see sustained market share gains. Increased retail activity and a market clocking all-time highs have supported higher volumes, thereby boosting broking revenues.</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>

Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs (ex-prop) for cash/derivatives increased +25%/-1% sequentially. The capital markets witnessed an unprecedented monthly addition of 2.4mn new retail investors over the past four months. We expect the larger organised players to see sustained market share gains. Increased retail activity and a market clocking all-time highs have supported higher volumes, thereby boosting broking revenues.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.

Non-leveraged financials (1QFY22 Results Preview): Brokers steal the limelight!

India Financials

Saumya Agarwal

<p>ICICI securities, India’s leading retail brokerage, reported doubling of profits in Q4FY21 and for the full year FY21. Despite the pandemic woes,  it has been acquiring new clients in a determined way propelled by its Digital push strategy. However, the tightened norms on margin funding have dented ICICI Securities turnover volumes, translating to market share loss. Reigning in market share loss will be crucial to counter competition from other brokers.</p>

ICICI securities, India’s leading retail brokerage, reported doubling of profits in Q4FY21 and for the full year FY21. Despite the pandemic woes,  it has been acquiring new clients in a determined way propelled by its Digital push strategy. However, the tightened norms on margin funding have dented ICICI Securities turnover volumes, translating to market share loss. Reigning in market share loss will be crucial to counter competition from other brokers.

ICICI Securities: Digital Strategy Bearing Fruit but Reigning in Market Share Loss Crucial

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<p><strong><em>* It Just Keeps Getting Worse: </em></strong>Punjab National Bank (PNB.IN) [PNB] reported net income of INR 5.1 bn, declining INR 1.1 bn (18.5%) linked quarter. Three factors drove the poor result: a) net interest income declined INR 627 mn (0.8%) despite loan growth of 1.2%, as the NIM declined 9 bp to 2.93%; b) a loss provision increase of INR 5.8 bn (14.0%). Despite the increase, provisioins still fell short given the acerating level of credit risk; and c) a 10.6% linked quarter increase in PNB’s tax rate to 47.2%, which detracted INR 1.0 bn from the bottom-line; and</p><p><strong><em>*Credit Risk Leads to Capital Shortfall: </em></strong>Inclusive of the INR 9.6 bn NCO, we find that PNB’s level of net new NPLs actually increased INR 82.6 bn or 33.3% on an annualized basis. While we have very little confidence in PNB’s reporting of problem assets at this stage, we take their word for current NPLs and find that at a minimum loss reserves are light by at least INR 730 mn  - or approximately 100% of stated book value. This is without accounting for the delayed or backlog provisions associated fraud accounts and ageing provisions to be complete in FY 1H21.  </p>

* It Just Keeps Getting Worse: Punjab National Bank (PNB.IN) [PNB] reported net income of INR 5.1 bn, declining INR 1.1 bn (18.5%) linked quarter. Three factors drove the poor result: a) net interest income declined INR 627 mn (0.8%) despite loan growth of 1.2%, as the NIM declined 9 bp to 2.93%; b) a loss provision increase of INR 5.8 bn (14.0%). Despite the increase, provisioins still fell short given the acerating level of credit risk; and c) a 10.6% linked quarter increase in PNB’s tax rate to 47.2%, which detracted INR 1.0 bn from the bottom-line; and*Credit Risk Leads to Capital Shortfall: Inclusive of the INR 9.6 bn NCO, we find that PNB’s level of net new NPLs actually increased INR 82.6 bn or 33.3% on an annualized basis. While we have very little confidence in PNB’s reporting of problem assets at this stage, we take their word for current NPLs and find that at a minimum loss reserves are light by at least INR 730 mn  - or approximately 100% of stated book value. This is without accounting for the delayed or backlog provisions associated fraud accounts and ageing provisions to be complete in FY 1H21.  

India

ICICI Securities is an Indian financial services company offering investment banking, retail and institutional broking, wealth management, and distribution of financial products. It provides investment and trading solutions across various asset classes, including equities, derivatives, mutual funds, and fixed income products. The company was founded in 1995 and is headquartered in Mumbai, India.

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ICICI Securities (ISEC IN)

Pick of the Week: ICICI Securities

We recommend a BUY on the stock with a target price of Rs 832/share. ICICI Securities Limited (ISEC) is an integrated and technology-based firm...

Axis Direct

Initiating Coverage:ICICI Securities

We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.

Axis Direct

Non-leveraged financials (1QFY22 Results Preview): Brokers steal the limelight!

Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs...

HDFC Securities

Punjab National Bank – Match Is Lit

PUNJAB NATIONAL BANK: PNB reported a net income decline of 18.5% linked quarter. Despite the increase, provisions still fell short to the tune of...

Thomas J. Monaco

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Pick of the Week: ICICI Securities

We recommend a BUY on the stock with a target price of Rs 832/share. ICICI Securities Limited (ISEC) is an integrated and technology-based firm...

Axis Direct

Initiating Coverage:ICICI Securities

We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.

Axis Direct

Non-leveraged financials (1QFY22 Results Preview): Brokers steal the limelight!

Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs...

HDFC Securities

ICICI Securities: Digital Strategy Bearing Fruit but Reigning in Market Share Loss Crucial

ICICI securities has been aggressively scaling up its customer base led by digital push strategy. however stringent norms on margin funding have...

Saumya Agarwal

Punjab National Bank – Match Is Lit

PUNJAB NATIONAL BANK: PNB reported a net income decline of 18.5% linked quarter. Despite the increase, provisions still fell short to the tune of...

Thomas J. Monaco