External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Emkay Global Financial's research report onKotak Mahindra Bank The RBI has barred Kotak Mahindra Bank (KMB) from onboarding new customers via online/mobile banking channels or issuing new credit cards, mainly due to unaddressed supervisory concerns emerging from the Regulator’s IT examination for FY22/23 and from the frequent tech-outages (latest being on 15-Apr-2024).</li><li>Notably, similar punitive action was taken earlier in case of HDFCB.</li><li>The restrictions will be reviewed upon completion of external audit and corrective action plan to RBI’s satisfaction which typically takes 6-12 months.</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.

Emkay Global Financial's research report onKotak Mahindra Bank The RBI has barred Kotak Mahindra Bank (KMB) from onboarding new customers via online/mobile banking channels or issuing new credit cards, mainly due to unaddressed supervisory concerns emerging from the Regulator’s IT examination for FY22/23 and from the frequent tech-outages (latest being on 15-Apr-2024).Notably, similar punitive action was taken earlier in case of HDFCB.The restrictions will be reviewed upon completion of external audit and corrective action plan to RBI’s satisfaction which typically takes 6-12 months.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 - RBI’s Ban on Online/Card Customer Acquisition to Hurt Growth

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>Outlook: Margins have remained stable sequentially at 5.22%.</li><li>With challenges in deposit accretion higher cost of funds may impact margin in the near term, however, we expect margins at ~5.2% for FY24E.</li><li>Also, the management’s focus on high-yielding loans would provide some support to margins. </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.

Outlook: Margins have remained stable sequentially at 5.22%.With challenges in deposit accretion higher cost of funds may impact margin in the near term, however, we expect margins at ~5.2% for FY24E.Also, the management’s focus on high-yielding loans would provide some support to margins. 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 - Strong Growth Supported by Stability in Margins

<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>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.

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>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.

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!

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>Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%</li><li>There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoY</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.

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoYContent 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.

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

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.

Kotak Mahindra Bank (KMB IN)

Kotak Mahindra Bank - RBI’s Ban on Online/Card Customer Acquisition to Hurt Growth

The restrictions will be reviewed upon completion of external audit and corrective action plan to RBI’s satisfaction which typically takes 6-12...

Emkay

Kotak Mahindra Bank Ltd - Strong Growth Supported by Stability in Margins

With challenges in deposit accretion higher cost of funds may impact margin in the near term, however, we expect margins at ~5.2% for FY24E.

Axis Direct

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

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 5%/20%...

HDFC Securities