External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>In the third and last part of our trilogy on Asian AT1s, we turn our focus to AT1s in Asian emerging markets (EMs) including India, Indonesia, Philippines and Thailand.</li><li>Compared with that of Chinese G-SIBs and Asian DMs, the return predictability of AT1s in Asian EMs are lower.</li><li>Hence, our analytical approach in Asian EM AT1s will be more “bottom-up”.</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.

In the third and last part of our trilogy on Asian AT1s, we turn our focus to AT1s in Asian emerging markets (EMs) including India, Indonesia, Philippines and Thailand.Compared with that of Chinese G-SIBs and Asian DMs, the return predictability of AT1s in Asian EMs are lower.Hence, our analytical approach in Asian EM AT1s will be more “bottom-up”.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.

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.

<ul><li>Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%</li><li>Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segments</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.

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segmentsContent 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: Cost inflation peaked out; margin recovery on the horizon

<ul><li>State Bank of India: SBIN reported a strong all-around performance, leading to earnings well above our estimates</li><li>Balance sheet growth gained further traction across segments, with an impressive loan growth of +21% YoY</li><li>Asset quality continued to remain robust, with slippages at ~0.4% (albeit net of inter-quarter upgrades) and a steady restructured pool at 0.9% and SMA-I+II at 0.3%</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.

State Bank of India: SBIN reported a strong all-around performance, leading to earnings well above our estimatesBalance sheet growth gained further traction across segments, with an impressive loan growth of +21% YoYAsset quality continued to remain robust, with slippages at ~0.4% (albeit net of inter-quarter upgrades) and a steady restructured pool at 0.9% and SMA-I+II at 0.3%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.

HSIE Results Daily: State Bank of India, Titan, GAIL, Aditya Birla Fashion and Retail

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>Axis Top Picks basket delivered an encouraging return of 3% in Oct’22, outperforming the benchmark Index NIFTY 50 over the last three and six-month periods.</li><li>Furthermore, the basket has delivered an impressive return of 150% since its inception (May'20), which stands significantly higher than the 94% returns delivered by NIFTY 50 over the same period.</li><li>In view of this robust performance, we continue to believe in our thematic approach in our Top Picks selections.</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.

Axis Top Picks basket delivered an encouraging return of 3% in Oct’22, outperforming the benchmark Index NIFTY 50 over the last three and six-month periods.Furthermore, the basket has delivered an impressive return of 150% since its inception (May'20), which stands significantly higher than the 94% returns delivered by NIFTY 50 over the same period.In view of this robust performance, we continue to believe in our thematic approach in our Top Picks selections.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.

Top Picks -Earnings Commentary & The Direction of Dollar Index to Drive Market

<ul><li>A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediaries</li><li>However, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resets</li><li>With the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-off</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.

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediariesHowever, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resetsWith the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-offContent 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.

Leveraged Financials: The final stages of “easy money”

India

State Bank of India is a multinational public sector bank and financial services statutory body. It offers a comprehensive range of banking services, including retail, corporate, and investment banking, along with various financial products like loans, savings accounts, and wealth management. The bank is headquartered in Mumbai, India, and traces its origins back to the Bank of Calcutta, founded in 1806, eventually becoming State Bank of India on July 1, 1955.

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State Bank of India (SBID LI)

Asian AT1s Part III – Picks on EM AT1s

In the third and last part of our trilogy on Asian AT1s, we turn our focus to AT1s in Asian emerging markets (EMs) including India, Indonesia,...

CMB International

India Equity Strategy: Cost inflation peaked out; margin recovery on the horizon

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY

HDFC Securities

HSIE Results Daily: State Bank of India, Titan, GAIL, Aditya Birla Fashion and Retail

Asset quality continued to remain robust, with slippages at ~0.4% (albeit net of inter-quarter upgrades) and a steady restructured pool at 0.9% and...

HDFC Securities

Top Picks -Earnings Commentary & The Direction of Dollar Index to Drive Market

Axis Top Picks - Nov 22Content is external broker report sourced from online content aggregator through publicly available sources and is displayed...

Axis Direct

Leveraged Financials: The final stages of “easy money”

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial...

HDFC Securities

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