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>We recommend a BUY rating on the stock with a target price of Rs 1941, implying an upside of 10% from the CMP.</li><li>Kotak Mahindra Bank (KMB) offers diversified banking and financial products/services to customers in India and oversea</li><li>Incorporated in 1985 as Kotak Capital Management Finance Ltd, the company has since ventured successfully into various branches of the financial services segment through its various subsidiaries</li></ul><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 rating on the stock with a target price of Rs 1941, implying an upside of 10% from the CMP.Kotak Mahindra Bank (KMB) offers diversified banking and financial products/services to customers in India and overseaIncorporated in 1985 as Kotak Capital Management Finance Ltd, the company has since ventured successfully into various branches of the financial services segment through its various subsidiariesContent 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.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>Exposure in Indian Financials has reached peak levels among Asia Ex-Japan managers.  A key overweight, 77% of Asia Ex-Japan managers are now positioned above benchmark.</li>
<li>HDFC Bank Limited is the most widely held stock, with Housing Development Finance Corp, ICICI Bank Limited and Kotak Mahindra well held stocks and net overweights in Asia Ex-Japan portfolios</li>
<li>HDFC Bank Limited is a key holding for many investors, with the bulk of allocations above 2% and high conviction positions well above that</li>
</ul>


Exposure in Indian Financials has reached peak levels among Asia Ex-Japan managers.  A key overweight, 77% of Asia Ex-Japan managers are now positioned above benchmark.
HDFC Bank Limited is the most widely held stock, with Housing Development Finance Corp, ICICI Bank Limited and Kotak Mahindra well held stocks and net overweights in Asia Ex-Japan portfolios
HDFC Bank Limited is a key holding for many investors, with the bulk of allocations above 2% and high conviction positions well above that


Indian Financials: Momentum Returns to Key Overweight

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> will replace <a href="https://www.smartkarma.com/entities/rbl-bank-ltd" target="_blank" data-smartkarma-citation="entities:22856:1" rel="noopener">RBL Bank Ltd (RBK IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index (NSEBANK INDEX)</a> at the close of trading on 30 March.</li>
<li>Index trackers will need to buy over 2 days of ADV on BOB while selling over 2 days of ADV on RBL. There will be capping changes too.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-baroda" target="_blank" data-smartkarma-citation="entities:545:1" rel="noopener">Bank Of Baroda (BOB IN)</a> trades cheaper than its peers on forward PE and price to book and could outperform over the near-term.</li>
</ul>



Bank Of Baroda (BOB IN) will replace RBL Bank Ltd (RBK IN) in the Nifty Bank Index (NSEBANK INDEX) at the close of trading on 30 March.
Index trackers will need to buy over 2 days of ADV on BOB while selling over 2 days of ADV on RBL. There will be capping changes too.

Bank Of Baroda (BOB IN) trades cheaper than its peers on forward PE and price to book and could outperform over the near-term.


NIFTY Bank Index Rebalance: BOB to Replace RBL Bank

Financials & FinTech research, Galliano’s Financials Research

Victor Galliano

Financials & FinTech research

Financials & FinTech, EM & Developed Markets

Galliano’s Financials Research

Galliano's Financials Research provides fundamental research in Emerging Markets financials, including FinTech, as well as financials in select Developed Markets.

The investment style applied is generally value oriented, although Growth At Reasonable Price (GARP) strategies can also be used where appropriate. 

Our investment research approach aim is often contrarian, looking to capitalise on overly sceptical or optimistic consensus views. In terms of valuation techniques, the focus is on PBV ratio to ROE, PE multiples and dividend yield, as well as the application of PEG ratios and, where appropriate, Sum of the Parts (SOTP) valuations.

<ul>
<li>Our profitability and credit quality screens were generally, in terms of credit quality metrics to end-December 2021, more constructive than the prior quarter, whilst core profitability signals improved slightly</li>
<li>The threat of worsening credit quality in the coming quarters is still real, in our view, with the financial difficulties of Future Retail indicating potential corporate credit quality deterioration</li>
<li>We like quality play HDFC Bank, turn constructive on State Bank of India and we remain negative on Canara Bank and Bandhan Bank; neutral on Kotak Mahindra and ICICI Bank</li>
</ul>


Our profitability and credit quality screens were generally, in terms of credit quality metrics to end-December 2021, more constructive than the prior quarter, whilst core profitability signals improved slightly
The threat of worsening credit quality in the coming quarters is still real, in our view, with the financial difficulties of Future Retail indicating potential corporate credit quality deterioration
We like quality play HDFC Bank, turn constructive on State Bank of India and we remain negative on Canara Bank and Bandhan Bank; neutral on Kotak Mahindra and ICICI Bank


Indian Banks; Further Question Marks on Credit Quality

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.

<p>We upgrade from REDUCE to ADD with an SOTP-based target price of INR2,040 (standalone bank at INR1,448, 3.7x Sep-23 ABVPS). Kotak Mahindra Bank's (KMB) Q3FY22 performance was broadly in line with our estimates, predominantly on the back of a favourable credit cost outcome (credit costs at negative 20bps due to lower slippages and reversal of COVID provisions). However, the biggest surprise was on the balance sheet front with a second straight quarter of 8% sequential loan growth, driven by sustained acceleration across home loans as well as unsecured personal loans and credit cards.</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 upgrade from REDUCE to ADD with an SOTP-based target price of INR2,040 (standalone bank at INR1,448, 3.7x Sep-23 ABVPS). Kotak Mahindra Bank's (KMB) Q3FY22 performance was broadly in line with our estimates, predominantly on the back of a favourable credit cost outcome (credit costs at negative 20bps due to lower slippages and reversal of COVID provisions). However, the biggest surprise was on the balance sheet front with a second straight quarter of 8% sequential loan growth, driven by sustained acceleration across home loans as well as unsecured personal loans and credit cards.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 (Q3FY22 Result review): Capitalising on growth impulses; upgrade to ADD

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)

Pick of the Week: Kotak Mahindra Bank

We recommend a BUY rating on the stock with a target price of Rs 1941, implying an upside of 10% from the CMP. Kotak Mahindra Bank (KMB) offers...

Axis Direct

Indian Financials: Momentum Returns to Key Overweight

Exposure in Indian Financials has reached peak levels among Asia Ex-Japan managers. A key overweight, 77% of Asia Ex-Japan managers are now...

Steven Holden

NIFTY Bank Index Rebalance: BOB to Replace RBL Bank

Bank of Baroda replaces RBL Bank in the NSEBANK at the close on 30 March. Passive trackers will need to buy over 2 days ADV on BOB while selling...

Brian Freitas

Indian Banks; Further Question Marks on Credit Quality

We still have NPL concerns on Indian banks; yet we like quality play HDFC Bank, turn positive on State Bank of India & we stay negative on Canara &...

Victor Galliano

Kotak Mahindra Bank (Q3FY22 Result review): Capitalising on growth impulses; upgrade to ADD

We upgrade from REDUCE to ADD with an SOTP-based target price of INR2,040 (standalone bank at INR1,448, 3.7x Sep-23 ABVPS). Kotak Mahindra...

HDFC Securities

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