External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

<ul><li>Punjab National Bank (PNB) reported a healthy 3QFY25 PAT of INR45.1b (103% YoY growth, 24% beat), primarily driven by provisioning reversal.</li><li>NII grew 7% YoY/5% QoQ to INR110.3b (in line), while NIM inched up 1bp QoQ to 2.93% (3.09% domestic NIMs).</li><li>Loan book grew 16.8% YoY (4.9% QoQ) to INR10.7t, led by continued traction in retail loans, up 22.6% YoY/5.0% 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.

Punjab National Bank (PNB) reported a healthy 3QFY25 PAT of INR45.1b (103% YoY growth, 24% beat), primarily driven by provisioning reversal.NII grew 7% YoY/5% QoQ to INR110.3b (in line), while NIM inched up 1bp QoQ to 2.93% (3.09% domestic NIMs).Loan book grew 16.8% YoY (4.9% QoQ) to INR10.7t, led by continued traction in retail loans, up 22.6% YoY/5.0% 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.

Punjab National Bank - Strong Quarter; Asset Quality Continues to Improve

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>PAT at Rs. 4,508 crore beat estimates, up 103% y-o-y mainly aided by write-back of provisions resulting in steady state RoA at 1.0%.</li><li>Asset quality continued to improve. However, operating profit growth was muted (up 5% y-o-y) led by lower recoveries from NPA pool and AS-15 related provisions despite strong loan growth (~17% y-o-y).</li><li>NIMs were stable q-o-q at 2.93%. The bank guided that NPA recoveries would drive earnings/ return ratios over the next few quarters as the overall written off pool is quite large at ~Rs 91,000 crore.</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.

PAT at Rs. 4,508 crore beat estimates, up 103% y-o-y mainly aided by write-back of provisions resulting in steady state RoA at 1.0%.Asset quality continued to improve. However, operating profit growth was muted (up 5% y-o-y) led by lower recoveries from NPA pool and AS-15 related provisions despite strong loan growth (~17% y-o-y).NIMs were stable q-o-q at 2.93%. The bank guided that NPA recoveries would drive earnings/ return ratios over the next few quarters as the overall written off pool is quite large at ~Rs 91,000 crore.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.

Punjab National Bank - Provision Write-Back Drives Q3

<ul><li> Punjab National Bank (PNB) reported a 1QFY25 PAT of INR32.5b (8% beat), led by sharply lower provisions (67% YoY decline).</li><li>NII grew 10.2% YoY to INR104.8b (in line), while NIM contracted slightly by 3bp QoQ to 3.07% (3.21% domestic).</li><li>Opex declined 8.4% QoQ; however; was still higher than our estimate due to the PSLC charges.</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.

 Punjab National Bank (PNB) reported a 1QFY25 PAT of INR32.5b (8% beat), led by sharply lower provisions (67% YoY decline).NII grew 10.2% YoY to INR104.8b (in line), while NIM contracted slightly by 3bp QoQ to 3.07% (3.21% domestic).Opex declined 8.4% QoQ; however; was still higher than our estimate due to the PSLC charges.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.

Punjab National Bank - Strong Quarter; Asset Quality Surprises Positively

<ul><li>Sharekhan's research report onPunjab National Bank Ability to manage NIMs and favorable bond yields are additional drivers, which would keep sentiment positive.</li><li>PNB is also well-placed to grow the book without worrying about deposit growth in a tight liquidity environment led by comfortable credit-deposit CD ratio and excess liquidity.</li><li>Recent correction in the stock price provides a good entry opportunity.</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.

Sharekhan's research report onPunjab National Bank Ability to manage NIMs and favorable bond yields are additional drivers, which would keep sentiment positive.PNB is also well-placed to grow the book without worrying about deposit growth in a tight liquidity environment led by comfortable credit-deposit CD ratio and excess liquidity.Recent correction in the stock price provides a good entry opportunity.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.

Punjab National Bank - On Track to Clock Strong Earnings

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>Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)</li><li>The margin beat was due to an improved mix and better export realisation</li><li>While BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenance</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.

Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)The margin beat was due to an improved mix and better export realisationWhile BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenanceContent 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.

HSIE Results Daily: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

India

Punjab National Bank provides financial services such as corporate and personal banking, industrial finance, agricultural finance, financing of trade and international banking. The Company provides services to domestic conglomerates, medium and small industrial units, exporters, non-resident Indians and multinational companies.

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Punjab National Bank (PNB IN)

Punjab National Bank - Strong Quarter; Asset Quality Continues to Improve

Punjab National Bank (PNB) reported a healthy 3QFY25 PAT of INR45.1b (103% YoY growth, 24% beat), primarily driven by provisioning reversal.

Motilal Oswal

Punjab National Bank - Provision Write-Back Drives Q3

PAT at Rs. 4,508 crore beat estimates, up 103% y-o-y mainly aided by write-back of provisions resulting in steady state RoA at 1.0%.

Sharekhan

Punjab National Bank - Strong Quarter; Asset Quality Surprises Positively

Punjab National Bank (PNB) reported a 1QFY25 PAT of INR32.5b (8% beat), led by sharply lower provisions (67% YoY decline). NII grew 10.2% YoY to...

Motilal Oswal

Punjab National Bank - On Track to Clock Strong Earnings

Sharekhan's research report onPunjab National Bank Ability to manage NIMs and favorable bond yields are additional drivers, which would keep...

Sharekhan

HSIE Results Daily: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)

HDFC Securities

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