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.

Equity Bottom-Up

<ul><li>Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ.</li><li>Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to the RBI embargo.</li><li>Deposits growth was disappointing and remained flat QoQ. CASA Deposits de-grew by ~5% QoQ while TDs grew by 3% QoQ. </li></ul>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.

Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ.Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to the RBI embargo.Deposits growth was disappointing and remained flat QoQ. CASA Deposits de-grew by ~5% QoQ while TDs grew by 3% 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. - NIMs Surprise Negatively, Growth Strong

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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)

<ul><li>Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is likely to keep valuations under check, especially of mid-sized, high-growth franchises</li><li>While we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below FY24)</li></ul>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.

Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is likely to keep valuations under check, especially of mid-sized, high-growth franchisesWhile we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below FY24)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.

Leveraged Financials: The Liquidity Conundrum

Head of Trading/ Partner, AceGama Advisors

Sankalp Singh

Head of Trading/ Partner

Proprietary Trading Desk

AceGama Advisors

Trading desk specializing in the Listed & OTC options strategies for risk management & investment purposes.

Equity Derivatives

<ul>
<li>IVs for Monthly &amp; Quarterly contracts rose as options market baked in additional risk premia for the Budget Announcement. </li>
<li>Vega bid &amp; Gamma offered  - Monthly IVs higher by +2.3 vols &amp; Weekly IVs lower by -0.5 vols.  Short-Dated IVs closed lower in spite of upcoming earnings events </li>
<li>Term structure is trading with a kinked shape, with Monthly IVs trading at a markup to rest of the curve</li>
</ul>


IVs for Monthly &amp; Quarterly contracts rose as options market baked in additional risk premia for the Budget Announcement. 
Vega bid &amp; Gamma offered  - Monthly IVs higher by +2.3 vols &amp; Weekly IVs lower by -0.5 vols.  Short-Dated IVs closed lower in spite of upcoming earnings events 
Term structure is trading with a kinked shape, with Monthly IVs trading at a markup to rest of the curve


EQD / NSE Vol Update / Vega Was Bid & Gamma Was Offered

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>
<a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> has seen its NPL ratio decline dramatically over the past several years, which is at complete odds with <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> </li>
<li>Net profit is nearly 50% lower for <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> while <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> moved from a loss to the best profit on record </li>
<li>The loan-to-deposit ratio (LDR) of <a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> has come down from over 200% to 100%, but remains high; <a href="https://www.smartkarma.com/entities/canara-bank" target="_blank" data-smartkarma-citation="entities:543:1" rel="noopener">Canara Bank (CBK IN)</a> is gently widening to 77%</li>
</ul>



Canara Bank (CBK IN) has seen its NPL ratio decline dramatically over the past several years, which is at complete odds with Bandhan Bank Ltd (BANDHAN IN) 
Net profit is nearly 50% lower for Bandhan Bank Ltd (BANDHAN IN) while Canara Bank (CBK IN) moved from a loss to the best profit on record 
The loan-to-deposit ratio (LDR) of Bandhan Bank Ltd (BANDHAN IN) has come down from over 200% to 100%, but remains high; Canara Bank (CBK IN) is gently widening to 77%


India Banks - Divergent Trends at Canara and Bandhan Fundamentally Support NIFTY Bank Rebalancing

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Kotak Mahindra Bank aims to add up to 200 branches in FY25</li>
<li>Ather Energy converts to a public company, planning an IPO in 2024</li>
<li>Ata Motors plans to demerge its PV and CV businesses for better synergy</li>
</ul>


Kotak Mahindra Bank aims to add up to 200 branches in FY25
Ather Energy converts to a public company, planning an IPO in 2024
Ata Motors plans to demerge its PV and CV businesses for better synergy


#18 India Insight: Tata Motors Demerger, Kotak Bank Expands, Ather Plans IPO

India

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

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Kotak Mahindra Bank (KMB IN)

Kotak Mahindra Bank Ltd. - NIMs Surprise Negatively, Growth Strong

Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ. Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to...

Axis Direct

Leveraged Financials: The Liquidity Conundrum

Our hypothesis remains anchored around strong retail deposit franchises and declining spreads over the next 12 months, coupled with the...

HDFC Securities

EQD / NSE Vol Update / Vega Was Bid & Gamma Was Offered

IVs rise as additional risk premia gets baked in for Budget Announcement. Kinked-shaped term structure with Monthly IVs trading at a markup to rest...

AceGama Advisors

India Banks - Divergent Trends at Canara and Bandhan Fundamentally Support NIFTY Bank Rebalancing

The Nifty Bank rebalancing that may see Bandhan Bank replaced by Canara Bank is a rebalancing that is also supported by divergent fundamentals, on...

Daniel Tabbush

#18 India Insight: Tata Motors Demerger, Kotak Bank Expands, Ather Plans IPO

Kotak Mahindra Bank expanding its operations, while electric vehicle manufacturer, Ather Energy is preparing for an IPO, and Tata Motors planning...

Sudarshan Bhandari

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