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

Thematic (Sector/Industry)

<ul>
<li>
<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> updated rule on Collateral for Margin Requirement in Intraday &amp; F&amp;) Trading. </li>
<li>NSE almost trimmed 1000 Securities acceptable as collateral, leaving only about 730 counters for F&amp;O and intraday traders to pledge for margin trading facility.</li>
<li>New Rules will be applicable step by step till Nov-24.</li>
</ul>



National Stock Exchange (NSEIN IN) updated rule on Collateral for Margin Requirement in Intraday &amp; F&amp;) Trading. 
NSE almost trimmed 1000 Securities acceptable as collateral, leaving only about 730 counters for F&amp;O and intraday traders to pledge for margin trading facility.
New Rules will be applicable step by step till Nov-24.


NSE Is Making Future & Options Trading Harder!!!

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

<ul>
<li>There is renewed interest in HDFC Bank given potential for stock index re-balancing as well as an acquisition for one of its subsidiaries </li>
<li>The story with HDFC Bank is strong regardless of these new ancillary positives, where growth is incredibly stable, and credit metrics shine</li>
<li>We remind that the amalgamation of HDFC Finance remains new, and gains are still not fully reflected, but a look at costs/assets shows progress</li>
</ul>


There is renewed interest in HDFC Bank given potential for stock index re-balancing as well as an acquisition for one of its subsidiaries 
The story with HDFC Bank is strong regardless of these new ancillary positives, where growth is incredibly stable, and credit metrics shine
We remind that the amalgamation of HDFC Finance remains new, and gains are still not fully reflected, but a look at costs/assets shows progress


HDFC Bank - Rebalancing & MUFG Acquisition Benefit, Ongoing NPL Stability & Profit Strength

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

NSE Is Making Future & Options Trading Harder!!!

NSE tightens collateral rules for margin trading, reducing acceptable securities trimming more than 1000 Securities which earlier acceptable as F&O...

Nimish Maheshwari

HDFC Bank - Rebalancing & MUFG Acquisition Benefit, Ongoing NPL Stability & Profit Strength

Renewed interest from a potential re-balancing, and a possible MUFG purchase for HDB. It shines on its own: stability, growth, credit metrics, with...

Daniel Tabbush

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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

NSE Is Making Future & Options Trading Harder!!!

NSE tightens collateral rules for margin trading, reducing acceptable securities trimming more than 1000 Securities which earlier acceptable as F&O...

Nimish Maheshwari

HDFC Bank - Rebalancing & MUFG Acquisition Benefit, Ongoing NPL Stability & Profit Strength

Renewed interest from a potential re-balancing, and a possible MUFG purchase for HDB. It shines on its own: stability, growth, credit metrics, with...

Daniel Tabbush

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