External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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

<div><div><div><ul><li>Multiple tailwinds drive a strong quarter: KMB reported a strong set of earnings (NII growth of 18% YoY, RoA of 2.7%) on the back of reflating NIM (4.8% - best-in-class), strong loan growth, and negative credit costs (-0.5%) as asset quality continues to remain impressive (slippages at 1.2%; SMA II at 0.1%).</li></ul><div><div><div><ul><li>Growth vs. margins - watch out for trade-offs ahead: With its formidable leadership in cost of funds (3.2%), KMB, from here on, is fully geared to accelerate growth in its secured and unsecured book further, supporting its large floating rate book (~68%) in a rising interest rate scenario.</li></ul><div><div><div><ul><li>Subsidiary businesses continue to scale; maintain ADD: KMB’s subsidiaries continue to deliver a strong performance, contributing ~30% of the consolidated PAT on a steady basis.</li></ul></div></div></div></div></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>

Multiple tailwinds drive a strong quarter: KMB reported a strong set of earnings (NII growth of 18% YoY, RoA of 2.7%) on the back of reflating NIM (4.8% - best-in-class), strong loan growth, and negative credit costs (-0.5%) as asset quality continues to remain impressive (slippages at 1.2%; SMA II at 0.1%).Growth vs. margins - watch out for trade-offs ahead: With its formidable leadership in cost of funds (3.2%), KMB, from here on, is fully geared to accelerate growth in its secured and unsecured book further, supporting its large floating rate book (~68%) in a rising interest rate scenario.Subsidiary businesses continue to scale; maintain ADD: KMB’s subsidiaries continue to deliver a strong performance, contributing ~30% of the consolidated PAT on a steady basis.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: Accelerating on Growth Engines; Speed Bumps Ahead

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.

<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.

<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

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<ul><li>Kotak Mahindra Bank (KMB) is a powerful banking franchise, with promoter stake at 26% and strong promoter led management</li><li>CASA forms 60% of total deposits aiding lower costs</li><li>Target Price and Valuation: We value standalone bank at ~4.4x FY24E ABV and subsidiaries at ~Rs 520 post holding company discount giving SOTP target of Rs 2500</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>

Kotak Mahindra Bank (KMB) is a powerful banking franchise, with promoter stake at 26% and strong promoter led managementCASA forms 60% of total deposits aiding lower costsTarget Price and Valuation: We value standalone bank at ~4.4x FY24E ABV and subsidiaries at ~Rs 520 post holding company discount giving SOTP target of Rs 2500Content 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: Pedalling Business Growth Ahead

<p>We revise our rating to Buy from Hold with revised target price of Rs 2,475 (SOTP basis).</p><p>The key positives for Kotak Mahindra Bank (KMB) in Q2FY22 was strong pick up in loan growth (up 14.7% YoY/ 8%) coupled with stable asset quality resulting in earnings growth of 23.8% QoQ to Rs 203.2 Bn. Loan growth was spread across segments led by mortgages and unsecured book (up more than 10%). NIM slowed down to ~4.45% from 4.6% QoQ. G/NNPAs came down ~40/20bps to 3.2%/1.1% with gross slippage ratio of ~1.9%. Credit costs declined to ~60bps of loans. Restructured book is also moderate at ~54bps. With the push on growth, C-I has increased to 46.5% from 43.5% QoQ and 38.5% YoY which led to moderate PPOP growth.</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 revise our rating to Buy from Hold with revised target price of Rs 2,475 (SOTP basis).The key positives for Kotak Mahindra Bank (KMB) in Q2FY22 was strong pick up in loan growth (up 14.7% YoY/ 8%) coupled with stable asset quality resulting in earnings growth of 23.8% QoQ to Rs 203.2 Bn. Loan growth was spread across segments led by mortgages and unsecured book (up more than 10%). NIM slowed down to ~4.45% from 4.6% QoQ. G/NNPAs came down ~40/20bps to 3.2%/1.1% with gross slippage ratio of ~1.9%. Credit costs declined to ~60bps of loans. Restructured book is also moderate at ~54bps. With the push on growth, C-I has increased to 46.5% from 43.5% QoQ and 38.5% YoY which led to moderate PPOP growth.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: Well Positioned for Earnings Pick-Up

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)

Kotak Mahindra Bank: Accelerating on Growth Engines; Speed Bumps Ahead

Kotak Mahindra Bank’s (KMB) Q4FY22 earnings were significantly ahead of estimates on account of reversal in COVID provisions, robust loan growth...

HDFC Securities

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

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

Kotak Mahindra Bank: Pedalling Business Growth Ahead

Kotak Mahindra Bank (KMB) is a powerful banking franchise, with promoter stake at 26% and strong promoter led management

ICICI Securities Limited

Kotak Mahindra Bank: Well Positioned for Earnings Pick-Up

We revise our rating to Buy from Hold with revised target price of Rs 2,475 (SOTP basis). The key positives for Kotak Mahindra Bank (KMB) in Q2FY22...

Axis Direct

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