External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

SBI Cards & Payment Services / Equity Bottom-Up

<ul><li>SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)</li><li>The overall receivables mix remained stable with the mix of revolve + instalment loans at 61% (identical on a YoY basis)</li><li>Issuances witnessed a sharp de-growth (-33% YoY) on a high base, although attrition trended lower, driving strong CIF growth (+16% 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.

SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)The overall receivables mix remained stable with the mix of revolve + instalment loans at 61% (identical on a YoY basis)Issuances witnessed a sharp de-growth (-33% YoY) on a high base, although attrition trended lower, driving strong CIF growth (+16% 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.

SBI Cards and Payment Services: Gravy Train Derailed, Downgrade to ADD

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.</li>
<li>It is a branchless digital bank that only started operations in 2017. As of Sep 21, it had a loan book of US$21bn, deposit base of US$24bn and 17.4m customers.</li>
<li>Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea.</li>
</ul>


Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.
It is a branchless digital bank that only started operations in 2017. As of Sep 21, it had a loan book of US$21bn, deposit base of US$24bn and 17.4m customers.
Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea.


2022 High Conviction - Kakao Bank - A Long Way to Go

India BFSI - Long-Short - Equity Research Analyst

Raj S, CA, CFA

Artoval Advisors

Art’o’val stands for Art of Valuation. Artoval Advisors LLP is a professionally run advisory firm catering to various financial advisory services including Valuation, Investment Research, Training, Accounting, CFO Services and other ancillary services.

We are passionate about what we do and strongly believe in working with our clients as their extended teams. With Artoval Advisors as their trusted partner, our clients find it easy to achieve efficiency in service delivery without compromising on quality.

True Art of Valuation

<ul>
<li>
<a href="https://www.smartkarma.com/entities/state-bank-of-india" target="_blank" data-smartkarma-citation="entities:160:1" rel="noopener">State Bank Of India (SBIN IN)</a> is the best-performing PSU bank in India and shows clear convergence with private peers across fundamental metrics beyond what its valuations might suggest</li>
<li>Medium-Term ROE Forecast of 16% to 18% and loan growth forecast of 14% to 16%; ROA ~1.2% consistently; Strong fee income; successful cross-selling through subsidiaries; Strong asset quality.
</li>
<li>
 P/BV is cheap at 1.3x FY25e, compared private peers’ valuations of 2.5x to 3.0x. SBIN can potentially re-rate to P/BV of ~1.6x FY25e in the near term (~35% upside).</li>
</ul>



State Bank Of India (SBIN IN) is the best-performing PSU bank in India and shows clear convergence with private peers across fundamental metrics beyond what its valuations might suggest
Medium-Term ROE Forecast of 16% to 18% and loan growth forecast of 14% to 16%; ROA ~1.2% consistently; Strong fee income; successful cross-selling through subsidiaries; Strong asset quality.


 P/BV is cheap at 1.3x FY25e, compared private peers’ valuations of 2.5x to 3.0x. SBIN can potentially re-rate to P/BV of ~1.6x FY25e in the near term (~35% upside).


State Bank Of India (SBIN IN): Initiation -  Convergence with Private Peers, Poised for Re-Rating

Equity Analyst, Event-driven, Quiddity Advisors

Janaghan Jeyakumar, CFA

Equity Analyst, Event-driven

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>
<a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a>'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  </li>
<li>For BSE 100, <a href="https://www.smartkarma.com/entities/jio-financial-services-limited" target="_blank" data-smartkarma-citation="entities:40042:1" rel="noopener">Jio Financial Services (JIOFIN IN)</a> is a new potential ADD and that has caused major changes to the index change expectations I had previously.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.

Wipro Ltd (WPRO IN)'s deletion from Sensex is imminent but there are question marks over the top replacement names as this involves some subjectivity.  
For BSE 100, Jio Financial Services (JIOFIN IN) is a new potential ADD and that has caused major changes to the index change expectations I had previously.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

Forensics and Corporate Governance Analyst, Beat the Street

Nimish Maheshwari

Forensics and Corporate Governance Analyst

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

Forensic Accounting

Kotak Mahindra Bank / Forensic Accounting

<ul>
<li>RBI has barred Kotak Bank from expanding its digital business and credit card issuance</li>
<li>Rather than earnings damage (max -10%) there is more reputational damage to the bank taking away premium valuations it used to command</li>
<li>The way ahead lies for the bank is the path of moderate growth </li>
</ul>


RBI has barred Kotak Bank from expanding its digital business and credit card issuance
Rather than earnings damage (max -10%) there is more reputational damage to the bank taking away premium valuations it used to command
The way ahead lies for the bank is the path of moderate growth 


Why RBI's Favourite Enemy Kotak Bank Is Barred from Digital Banking Business?

India

SBI Cards and Payment Services Private Limited provides credit card services. The Company offers payment products and services in the form of corporate and credit cards with incentive and rewards programs. SBI Cards and Payment Services serves customers in India.

SBI Cards & Payment Services (SBICARD IN)

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SBI Cards & Payment Services (SBICARD IN)

SBI Cards and Payment Services: Gravy Train Derailed, Downgrade to ADD

SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)

HDFC Securities

2022 High Conviction - Kakao Bank - A Long Way to Go

Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.

Sumeet Singh

State Bank Of India (SBIN IN): Initiation - Convergence with Private Peers, Poised for Re-Rating

State Bank of India (SBIN IN) is by far the best-performing PSU bank in India and has the potential to re-rate substantially in the near-term.

Raj S, CA, CFA

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

The reference period for the BSE/SENSEX June 2024 ended on 30th April 2024. The index expectations discussed in this insight are our final...

Janaghan Jeyakumar, CFA

Why RBI's Favourite Enemy Kotak Bank Is Barred from Digital Banking Business?

In the latest development at Ganesh Benzoplast Ltd, Raunak Pilani, son of Ramakant Pilani, has resigned from his position as director. Ramakant...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SBI Cards and Payment Services: Gravy Train Derailed, Downgrade to ADD

SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)

HDFC Securities

2022 High Conviction - Kakao Bank - A Long Way to Go

Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.

Sumeet Singh

State Bank Of India (SBIN IN): Initiation - Convergence with Private Peers, Poised for Re-Rating

State Bank of India (SBIN IN) is by far the best-performing PSU bank in India and has the potential to re-rate substantially in the near-term.

Raj S, CA, CFA

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Jio Financial Addition Creates New Possibilities

The reference period for the BSE/SENSEX June 2024 ended on 30th April 2024. The index expectations discussed in this insight are our final...

Janaghan Jeyakumar, CFA

Why RBI's Favourite Enemy Kotak Bank Is Barred from Digital Banking Business?

In the latest development at Ganesh Benzoplast Ltd, Raunak Pilani, son of Ramakant Pilani, has resigned from his position as director. Ramakant...

Nimish Maheshwari

Quiddity Leaderboard BSE/SENSEX Jun 24: Jio Financial Addition Creates New Possibilities