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

ICICI Securities Limited

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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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.

Equity Bottom-Up

Equitas Small Finance Bank  / Equity Bottom-Up

Equitas Small Finance Bank  (EQUITASB IN)

<ul><li>ICICI Securities research report onEquitas Small Finance Bank Equitas SFB (Equitas) delivered 1.9% RoA in Q4FY24 and 2.0% in FY24 vs. 1.89% in FY23 – largely driven by credit cost normalisation on full year basis.</li><li>However, steady NIM contraction during FY24, due to rising cost of funds resulting from increasing rate cycle and higher proportion of fixed rate assets (~85%) raised concerns over RoA sustainability.</li><li>Nevertheless, we believe NIM has bottomed out at 8.2% and gradual repricing of asset book would help Equitas with a steady NIM trajectory going ahead.</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 onEquitas Small Finance Bank Equitas SFB (Equitas) delivered 1.9% RoA in Q4FY24 and 2.0% in FY24 vs. 1.89% in FY23 – largely driven by credit cost normalisation on full year basis.However, steady NIM contraction during FY24, due to rising cost of funds resulting from increasing rate cycle and higher proportion of fixed rate assets (~85%) raised concerns over RoA sustainability.Nevertheless, we believe NIM has bottomed out at 8.2% and gradual repricing of asset book would help Equitas with a steady NIM trajectory going ahead.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.

Buy Equitas Small Finance Bank; Target of Rs 120