In today’s briefing:
- Indonesia the Latest Safe Haven to Buckle with KLSE in Pursuit
- IBK – Loan to Deposit Ratio at 181%
- Ngern Tid Lor IPO Lock-Up – A US$660m Overhang. Selldown Is a Question of When, Not If.
- Aristotle Capital Management International Equity 1Q 2022 Commentary
- Aristotle Capital Management Value Equity 1Q 2022 Commentary
- Equitas Holdings – Growth Momentum to Accelerate
- Airdrops as the Ultimate Marketing Tool
- Federal Bank – Guiding for 15% Credit Growth and ROA Improvement
- IIFL Wealth | PAT Grew 8% QoQ and 64% YoY to INR1.7b (24% Beat) In 4QFY22.
- Kotak Mahindra Bank – Growth Momentum Steady; High CASA Positions It Well in a Rising Rate Cycle
Indonesia the Latest Safe Haven to Buckle with KLSE in Pursuit
- Hiding spots that are coming under pressure – Indonesia’s JKSE just cracked key support that makes the USD/IDR one of the last holdouts to see a big USD move.
- USD/IDR bull triangle breakout unfolding with risk of a big USD short squeeze.
- USD/MYR break above 4.50 would increase odds of devaluation and a more painful USD move in Asian FX. A huge pivot level to watch.
IBK – Loan to Deposit Ratio at 181%
- A wholesale funded bank with rising rates can see margin compression
- In recent months Korea shows a higher delta on funding costs than loan yields
- Credit costs already at half normal level, where ramp up was never high in FY20-21
Ngern Tid Lor IPO Lock-Up – A US$660m Overhang. Selldown Is a Question of When, Not If.
- Ngern Tid Lor (NTL), a financial service provider based in Thailand, raised around US$1bn in its Thailand IPO in May 2021.
- NTL provides hire purchase loans for motorcycles and cars, along with new and used trucks. It also provides insurance brokerage services through its branches for non-life and life insurance.
- The lock-up on its two main shareholders will expire today.
Aristotle Capital Management International Equity 1Q 2022 Commentary
- For Q1 2022, Aristotle Capital’s International Equity Composite posted a total USD return of -10.28% gross of fees.Performance for the first few months of 2022 has undoubtedly been disappointing.
Aristotle Capital Management Value Equity 1Q 2022 Commentary
- For Q1 2022, Aristotle Capital’s Value Equity Composite posted a total return of -7.19% gross of fees.
- The labor market continued to improve and inflation continued to rise, resulting in tighter monetary policy.
- The labor markets continued to improving and inflation continues to rise.
Equitas Holdings – Growth Momentum to Accelerate
- Improvement in its asset quality outlook; CASA mix improves to 52%
- Healthy growth in PPOP led by NII; provisioning remains high
- Highlights from the management commentary – With asset quality back in place, a robust growth outlook, a strong management team, and a high CASA ratio positions the bank well for the future.
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.
Airdrops as the Ultimate Marketing Tool
- The marketing world is probably one of the earliest adopters of new technological trends, albeit often for the wrong reasons.
- But there is a lot in store for those brands that a ready to dig a little deeper. Web 3 is an ultra noisy, ultra-competitive sector, where the marketer’s toolkit has expanded thanks to tokens and their ability to disrupt the companies’ and clients’ roles
- When created with honesty and common sense, a project’s token can have a lot of uses: they are fundraising tools, help distribute revenue, and fuel decentralized governance
Federal Bank – Guiding for 15% Credit Growth and ROA Improvement
- Guiding for 15% credit growth: Overall advances growth stood at 9.5% YoY and 2.8% QoQ. Retail loans increased by 10.7% YoY and 4.7% QoQ.
- CASA share improves further: Deposits increased by 5.2% YoY and 3.6% QoQ. CASA deposits grew by 14.3% YoY.
- Slippages trend down: Overall asset quality improved, with the GNPA ratio declining from 3.06% in 3QFY22 to 2.8% in 4QFY22.
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.
IIFL Wealth | PAT Grew 8% QoQ and 64% YoY to INR1.7b (24% Beat) In 4QFY22.
- Revenue beat led by transaction-based income – PAT grew 8% QoQ and 64% YoY to INR1.7b (24% beat) in 4QFY22. The beat on profitability was driven by a 16% beat on net revenue, up 12% QoQ and 59% YoY to INR4.2b, owing to Transaction/Brokerage Revenue (TBR, 39% beat) and Annual Recurring Revenue (ARR, a 4% beat).
- Gross AUM flat QoQ at INR2.6t; shift in mix favors ARR assets
- Yields jump sequentially with a higher increase in TBR
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.
Kotak Mahindra Bank – Growth Momentum Steady; High CASA Positions It Well in a Rising Rate Cycle
- Provisioning reversal drives a strong beat in earnings
- Robust loan growth; NIM improves by 16bp QoQ (33bp in 2HFY22)
- Subsidiary performance: While PAT for the standalone bank jumped 65% YoY in 4QFY22, profitability of all subsidiaries grew 24%.
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.
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