External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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)

<div><div><div><ul><li>Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.</li><li>Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.</li></ul></div><div><div><div><ul><li>MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.</li></ul></div></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>

Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.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 - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

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), Axis Direct

Axis Direct

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.

Equity Bottom-Up

<ul><li>Advances grew robust at ~21.4%/5.9% YoY/QoQ, largely driven by Credit cards (+59.4% YoY), Personal loans (+35.3% YoY) and Corporate (+24.9% YoY).</li><li>The share of unsecured retail loans in the overall portfolio mix increased to 11% vs. 8.7%/10.7% YoY/QoQ.</li><li>Deposit growth improved to 23.3%/3.8% YoY/QoQ, led by TDs which grew by 45.5%/5.3% YoY/QoQ. </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>

Advances grew robust at ~21.4%/5.9% YoY/QoQ, largely driven by Credit cards (+59.4% YoY), Personal loans (+35.3% YoY) and Corporate (+24.9% YoY).The share of unsecured retail loans in the overall portfolio mix increased to 11% vs. 8.7%/10.7% YoY/QoQ.Deposit growth improved to 23.3%/3.8% YoY/QoQ, led by TDs which grew by 45.5%/5.3% YoY/QoQ. 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.

Kotak Mahindra Bank Ltd. - Appointment of New CEO Addresses Leadership Concerns

<ul><li>Advances growth was in-line with expectations at ~20%/4% YoY/QoQ.</li><li>The share of unsecured retail loans in the overall portfolio mix increased to 10.7% vs 7.9%/10% YoY/QoQ.</li><li>PL/Credit Cards/Retail MFI grew by 44%/67%/91% YoY.</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>

Advances growth was in-line with expectations at ~20%/4% YoY/QoQ.The share of unsecured retail loans in the overall portfolio mix increased to 10.7% vs 7.9%/10% YoY/QoQ.PL/Credit Cards/Retail MFI grew by 44%/67%/91% YoY.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.

Kotak Mahindra Bank Ltd - Healthy Quarter; Business Momentum to Sustain!

<ul><li>Operating leverage is expected to kick in in the coming fiscal which will be the key lever for the bank’s ROA/ROE growth.</li><li>Loan growth momentum is expected to continue primarily driven by growth in the retail portfolio.</li><li>With a reduced restructured book and improving GNPA (decreased by 18bps QoQ) and NNPA (decreased by 12bps QoQ) ratios, we expect the same to remain stable going forward.</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>

Operating leverage is expected to kick in in the coming fiscal which will be the key lever for the bank’s ROA/ROE growth.Loan growth momentum is expected to continue primarily driven by growth in the retail portfolio.With a reduced restructured book and improving GNPA (decreased by 18bps QoQ) and NNPA (decreased by 12bps QoQ) ratios, we expect the same to remain stable going forward.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.

Kotak Mahindra Bank Ltd. - Growth Momentum Continues

India

Kotak Mahindra Bank is an Indian banking and financial services company that offers a comprehensive range of banking products and financial services to corporate and retail customers. These services include personal finance, investment banking, life insurance, wealth management, consumer banking, commercial banking, and treasury operations. The company provides deposit accounts, various loans, credit and debit cards, mutual funds, and insurance plans. Headquartered in Mumbai, India, the company was founded in 1985 as Kotak Mahindra Finance Limited and received its banking license in 2003.

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Kotak Mahindra Bank (KMB IN)

BFSI - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

Signalling its serious intent to rein in a galloping inflation, the RBI announced a 50bps repo rate hike in its monetary policy meeting

HDFC Securities

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

Kotak Mahindra Bank Ltd. - Appointment of New CEO Addresses Leadership Concerns

Advances grew robust at ~21.4%/5.9% YoY/QoQ, largely driven by Credit cards (+59.4% YoY), Personal loans (+35.3% YoY) and Corporate (+24.9% YoY).

Axis Direct

Kotak Mahindra Bank Ltd - Healthy Quarter; Business Momentum to Sustain!

Advances growth was in-line with expectations at ~20%/4% YoY/QoQ. The share of unsecured retail loans in the overall portfolio mix increased to...

Axis Direct

Kotak Mahindra Bank Ltd. - Growth Momentum Continues

Operating leverage is expected to kick in in the coming fiscal which will be the key lever for the bank’s ROA/ROE growth.

Axis Direct

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