Specialist in Indian Banking and Economic Research

Hemindra Hazari

Equity Bottom-Up

<ul>
<li>Reconstructed board of Yes Bank implemented an ill-conceived, poorly executed retail strategy to revive the bank</li>
<li>Structural problem of low net interest margin and high overheads not resolved</li>
<li>Retail assets strategy characterised by low yield, high operating cost and rising credit cost which the bank has finally acknowledged</li>
</ul>


Reconstructed board of Yes Bank implemented an ill-conceived, poorly executed retail strategy to revive the bank
Structural problem of low net interest margin and high overheads not resolved
Retail assets strategy characterised by low yield, high operating cost and rising credit cost which the bank has finally acknowledged


Yes Bank’s Retail Therapy Proves Expensive

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

ICICI Securities Limited

External broker reports(aggregated public sources)

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>ICICI Securities research report onYes Bank Yes Bank (YES) has reported in-line Q4FY24 PAT of INR 4.5bn, with RoA rising to 0.5%.</li><li>Loan growth was healthy at 5% QoQ but deposits growth was strong at 10% QoQ.</li><li>Stock of net NPA and net SR improved sharply to 1.1% vs 1.7% QoQ and 2.4% YoY.</li></ul><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>

ICICI Securities research report onYes Bank Yes Bank (YES) has reported in-line Q4FY24 PAT of INR 4.5bn, with RoA rising to 0.5%.Loan growth was healthy at 5% QoQ but deposits growth was strong at 10% QoQ.Stock of net NPA and net SR improved sharply to 1.1% vs 1.7% QoQ and 2.4% 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.

Yes Bank - Commendable Turnaround but Valuation Remains Expensive

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.

Event-Driven

<ul>
<li>Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). Bookbuild will begin tomorrow (27th Jan 23) and last till the end of the month.</li>
<li>Adani Enterprises is the flagship company of the Adani Group. The group’s entities' stock performance over the past few years has made the founder one of the richest persons globally.</li>
<li>We have covered most aspects of the deal in our earlier note published. In this note, we talk about the recent updates and the deal pricing and structure.</li>
</ul>


Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). Bookbuild will begin tomorrow (27th Jan 23) and last till the end of the month.
Adani Enterprises is the flagship company of the Adani Group. The group’s entities' stock performance over the past few years has made the founder one of the richest persons globally.
We have covered most aspects of the deal in our earlier note published. In this note, we talk about the recent updates and the deal pricing and structure.


Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics 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

Zee Entertainment Enterprises / Forensic Accounting

<ul>
<li>NFRA imposed a Rs. 2 crore penalty on Deloitte and fined two retired partners for audit lapses in <a href="https://www.smartkarma.com/entities/zee-entertainment-enterprises" target="_blank" data-smartkarma-citation="entities:19466:1" rel="noopener">Zee Entertainment Enterprises (Z IN)</a>'s Rs. 200 crore FD mismanagement involving RPTs.</li>
<li>This case exposes serious flaws in audit practices, corporate governance, and related-party transaction scrutiny, emphasizing the rising importance of professional skepticism in financial audits.</li>
<li>Audit reports aren’t infallible; investors must independently assess corporate governance and scrutinize financial assumptions, especially in listed companies with complex transactions.</li>
</ul>


NFRA imposed a Rs. 2 crore penalty on Deloitte and fined two retired partners for audit lapses in Zee Entertainment Enterprises (Z IN)'s Rs. 200 crore FD mismanagement involving RPTs.
This case exposes serious flaws in audit practices, corporate governance, and related-party transaction scrutiny, emphasizing the rising importance of professional skepticism in financial audits.
Audit reports aren’t infallible; investors must independently assess corporate governance and scrutinize financial assumptions, especially in listed companies with complex transactions.


The Zee Entertainment Audit Saga: NFRA’s Action Against Deloitte

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>The <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> has announced a list of 45 stocks that will be added to the Futures &amp; Options (F&amp;O) segment of the market from 29 November.</li>
<li>There will be changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index</a> and the CNXIT Index over the next couple of rebalances.</li>
<li>There are some interesting situations out there, including a change to the universe for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> that could lead to more changes. </li>
</ul>


The National Stock Exchange (NSEIN IN) has announced a list of 45 stocks that will be added to the Futures &amp; Options (F&amp;O) segment of the market from 29 November.
There will be changes to the NIFTY Index, NSE Nifty Next 50 Index, S&amp;P BSE SENSEX Index and the CNXIT Index over the next couple of rebalances.
There are some interesting situations out there, including a change to the universe for the NSE Nifty Next 50 Index (NIFTYJR INDEX) that could lead to more changes. 


INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

India

YES BANK Limited provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, corporate, and business banking services. YES BANK serves the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology, and infrastructure development industries in India.

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Yes Bank (YES IN)

Yes Bank’s Retail Therapy Proves Expensive

Yes Bank's implemented an ill-conceived, poorly executed retail strategy to revive the bank and the asset strategy is facing challenges of low...

Hemindra Hazari

Yes Bank - Commendable Turnaround but Valuation Remains Expensive

ICICI Securities research report onYes Bank Yes Bank (YES) has reported in-line Q4FY24 PAT of INR 4.5bn, with RoA rising to 0.5%.

ICICI Securities Limited

Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). We have covered most of the details in our prior...

Sumeet Singh

The Zee Entertainment Audit Saga: NFRA’s Action Against Deloitte

NFRA penalizes Deloitte and partners for audit lapses in Zee Entertainment's FD mismanagement, highlighting flaws in audit practices and the need...

Nimish Maheshwari

INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

Futures & Options start trading on 45 new stocks in India today. Things could get interesting in the 3 Adani names where the stock prices have been...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

Yes Bank’s Retail Therapy Proves Expensive

​Yes Bank's implemented an ill-conceived, poorly executed retail strategy to revive the bank and the asset strategy is facing challenges of low...

Hemindra Hazari

Yes Bank - Commendable Turnaround but Valuation Remains Expensive

ICICI Securities research report onYes Bank Yes Bank (YES) has reported in-line Q4FY24 PAT of INR 4.5bn, with RoA rising to 0.5%.

ICICI Securities Limited

Adani Enterprises US$2.4bn FPO - Updates, Pricing, Structure, Anchor and Some More

Adani Enterprises is looking to raise INR200bn (US$2.4bn) via a further public offering (FPO). We have covered most of the details in our prior...

Sumeet Singh

The Zee Entertainment Audit Saga: NFRA’s Action Against Deloitte

​NFRA penalizes Deloitte and partners for audit lapses in Zee Entertainment's FD mismanagement, highlighting flaws in audit practices and the need...

Nimish Maheshwari

INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

Futures & Options start trading on 45 new stocks in India today. Things could get interesting in the 3 Adani names where the stock prices have been...

Brian Freitas

Yes Bank's implemented an ill-conceived, poorly executed retail strategy to revive the bank and the asset strategy is facing challenges of low...

NFRA penalizes Deloitte and partners for audit lapses in Zee Entertainment's FD mismanagement, highlighting flaws in audit practices and the need...