External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were in line with estimates barring a one-off gain of INR27bn (net of tax) from the divestment of a stake in its general insurance subsidiary</li><li>Healthy loan growth (~19% YoY) was offset by a sharp decline in margins (26bps QoQ) and elevated credit costs (55bps annualised)</li><li>Deposit growth was muted (-0.3% QoQ) with a drop in current account balances and softer momentum in the active money pool (+2% QoQ), as the CASA ratio moderated further (43.4%, -210bps QoQ)</li></ul>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: Kotak Mahindra Bank’s (KMB) earnings were in line with estimates barring a one-off gain of INR27bn (net of tax) from the divestment of a stake in its general insurance subsidiaryHealthy loan growth (~19% YoY) was offset by a sharp decline in margins (26bps QoQ) and elevated credit costs (55bps annualised)Deposit growth was muted (-0.3% QoQ) with a drop in current account balances and softer momentum in the active money pool (+2% QoQ), as the CASA ratio moderated further (43.4%, -210bps QoQ)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.

HSIE Results Daily: Kotak Mahindra Bank, Bharat Petroleum Corporation, Indian Hotels, RBL Bank

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. 

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

Nippon Life India Asset Management / Equity Bottom-Up

Nippon Life India Asset Management Limited operates as an investment management firm. The Company offers portfolio management, financial planning, mutual fund investment, and advisory services to individuals, institutions, trusts, and private funds. Nippon Life India Asset Management serves customers in India.

Nippon Life India Asset Management (NAM IN)

<ul><li>Operational Performance – NAM reported a strong QAAUM growth of 54/12% YoY/QoQ and gained market share across all segments.</li><li>On an overall basis, MF QAAUM market share improved by 93bps/24bps YoY/QoQ.</li><li>The share of Equity AUMs continued to improve to 49.8% vs. 49.2% QoQ. Equity AUM market share improved by 62bps YoY and stood at 6.88%. </li></ul>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.

Operational Performance – NAM reported a strong QAAUM growth of 54/12% YoY/QoQ and gained market share across all segments.On an overall basis, MF QAAUM market share improved by 93bps/24bps YoY/QoQ.The share of Equity AUMs continued to improve to 49.8% vs. 49.2% QoQ. Equity AUM market share improved by 62bps YoY and stood at 6.88%. 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.

Nippon Life India AMC Ltd - Market Share Gains Across Segments, Outlook Healthy

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

<ul><li>HDFCB’s advances grew by 52% YoY and remained flattish QoQ. Deposits growth was disappointing at 24% YoY and flat QoQ.</li><li>CASA Deposits grew by ~6% YoY but de-grew by 5% QoQ, while TDs grew by 38/3% YoY/QoQ.</li><li>CASA Ratio improved to 36.3% vs 38.2% QoQ. C-D Ratio stood at 103.5% vs 104.4% QoQ.</li></ul>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.

HDFCB’s advances grew by 52% YoY and remained flattish QoQ. Deposits growth was disappointing at 24% YoY and flat QoQ.CASA Deposits grew by ~6% YoY but de-grew by 5% QoQ, while TDs grew by 38/3% YoY/QoQ.CASA Ratio improved to 36.3% vs 38.2% QoQ. C-D Ratio stood at 103.5% vs 104.4% QoQ.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.

HDFC Bank Ltd. - Deposit Accretion and C-D Ratio Improvement Assume Priority!

CreditAccess Grameen Ltd / Equity Bottom-Up

CreditAccess Grameen Limited provides consumer finance services. The Company offers income generation, home improvement, emergency, and family welfare loans, as well as retail finance, insurance, and healthcare programs. CreditAccess Grameen serves clients in India.

<ul><li>Operational Performance: CAGrameen added ~1.9 Lc borrowers during Q1FY25, taking the total customer base to ~5 Mn customers (+13% YoY).</li><li>Disbursement growth tapered QoQ (-44% QoQ) owing to (i) Seasonal weakness generally seen in Q1, (ii) Severe heat wave across several regions and (iii) Operational limitations during general elections.</li><li>AUM growth was slower than our expectation at 21% YoY and de-grew by 2% QoQ. </li></ul>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.

Operational Performance: CAGrameen added ~1.9 Lc borrowers during Q1FY25, taking the total customer base to ~5 Mn customers (+13% YoY).Disbursement growth tapered QoQ (-44% QoQ) owing to (i) Seasonal weakness generally seen in Q1, (ii) Severe heat wave across several regions and (iii) Operational limitations during general elections.AUM growth was slower than our expectation at 21% YoY and de-grew by 2% QoQ. 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.

CreditAccess Grameen Ltd. - In-Line Quarter, Near-Term Asset Quality Concerns to Persist!

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

<ul><li>Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ.</li><li>Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to the RBI embargo.</li><li>Deposits growth was disappointing and remained flat QoQ. CASA Deposits de-grew by ~5% QoQ while TDs grew by 3% QoQ. </li></ul>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.

Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ.Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to the RBI embargo.Deposits growth was disappointing and remained flat QoQ. CASA Deposits de-grew by ~5% QoQ while TDs grew by 3% QoQ. 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. - NIMs Surprise Negatively, Growth Strong