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. 

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External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>We met with Mr Ashok Vaswani - MD CEO of Kotak Mahindra Bank (KMB) to understand the current business trends and risks amidst uncertain macros and the bank’s long-term strategies and growth roadmap.</li><li>During Mr Vaswani’s tenure at KMB (over the last 30 months), the bank has prepared the foundation for strong sustainable growth delivery as it (1) effectively resolved the RBI embargo while simultaneously strengthening its tech infrastructure, (2) reset its unsecured portfolio underwriting, (3) managed a clustered management transition and (4) recalibrated its growth engine. We believe KMB’s concentrated efforts in its identified focus segments (1) Affluent (Solitaire), (2) Contrarian bet on core India through Kotak811, (3) SME segment and (4) Institutions should enable the bank to deliver Advances/Deposits/NII/Earnings CAGR growth of 17/16/15/21% over FY26-28E.</li><li>We continue to maintain our positive outlook on the bank and maintain our BUY recommendation on the stock with an unchanged TP of Rs 500/share (2.2x FY28 ABV core book), implying an upside of 25% from the CMP.</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>

We met with Mr Ashok Vaswani - MD CEO of Kotak Mahindra Bank (KMB) to understand the current business trends and risks amidst uncertain macros and the bank’s long-term strategies and growth roadmap.During Mr Vaswani’s tenure at KMB (over the last 30 months), the bank has prepared the foundation for strong sustainable growth delivery as it (1) effectively resolved the RBI embargo while simultaneously strengthening its tech infrastructure, (2) reset its unsecured portfolio underwriting, (3) managed a clustered management transition and (4) recalibrated its growth engine. We believe KMB’s concentrated efforts in its identified focus segments (1) Affluent (Solitaire), (2) Contrarian bet on core India through Kotak811, (3) SME segment and (4) Institutions should enable the bank to deliver Advances/Deposits/NII/Earnings CAGR growth of 17/16/15/21% over FY26-28E.We continue to maintain our positive outlook on the bank and maintain our BUY recommendation on the stock with an unchanged TP of Rs 500/share (2.2x FY28 ABV core book), implying an upside of 25% from the CMP.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 Ltd - The Heavy Lifting Is Behind; Ready for Lift-Off!