External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

<ul><li>Bandhan Bank (BANDHAN) has been taking it on the chin as the bank continuously cleanses its balance sheet with EEB stress pool moderating to INR95b (17.6% of EEB loans) in 2QFY23 from a peak of INR195b (36.1% of EEB loans) in 2QFY22, while its restructured book has dissolved completely.</li><li>-SMA book though remains elevated, has moderated to 13.1% from a peak of 37.1% in 1QFY22.</li><li>We note that slippages in 2QFY23 formed ~78% of the SMA book in 1QFY23 and thus we expect slippages to remain elevated over 3QFY23/4QFY23.</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.

Bandhan Bank (BANDHAN) has been taking it on the chin as the bank continuously cleanses its balance sheet with EEB stress pool moderating to INR95b (17.6% of EEB loans) in 2QFY23 from a peak of INR195b (36.1% of EEB loans) in 2QFY22, while its restructured book has dissolved completely.-SMA book though remains elevated, has moderated to 13.1% from a peak of 37.1% in 1QFY22.We note that slippages in 2QFY23 formed ~78% of the SMA book in 1QFY23 and thus we expect slippages to remain elevated over 3QFY23/4QFY23.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.

Bandhan Bank (BANDHAN) - Darkest Before Dawn

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Bandhan Bank has embarked on the journey to transform itself into a true universal bank, led by geographic diversification (incrementally in Uttar Pradesh, Bihar, Gujarat, Karnataka, Andhra, and Telangana, among others) as well as asset portfolio (non-MFI portfolio).</li><li>The bank remains determined to grow its non-MFI book (including affordable housing, prime housing, micro/larger LAP, gold, cards, VF, PL, and commercial banking loan pool) at a faster pace and, thus, reduce the share of the otherwise volatile group MFI portfolio to 28% by FY25E from 40% currently.</li><li>However, we believe this structural portfolio shift towards secured and low-yielding assets should have a bearing on margins in the long run but, at the same time, reduce asset-quality volatility.</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.

Bandhan Bank has embarked on the journey to transform itself into a true universal bank, led by geographic diversification (incrementally in Uttar Pradesh, Bihar, Gujarat, Karnataka, Andhra, and Telangana, among others) as well as asset portfolio (non-MFI portfolio).The bank remains determined to grow its non-MFI book (including affordable housing, prime housing, micro/larger LAP, gold, cards, VF, PL, and commercial banking loan pool) at a faster pace and, thus, reduce the share of the otherwise volatile group MFI portfolio to 28% by FY25E from 40% currently.However, we believe this structural portfolio shift towards secured and low-yielding assets should have a bearing on margins in the long run but, at the same time, reduce asset-quality volatility.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.

Bandhan Bank - Transforming into a True Universal Bank

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Bandhan Bank (BANDHAN) hosted an Analyst Day to articulate its medium-term strategic priorities around portfolio diversification and strengthening of its customer franchise</li><li>While the bank’s focus on building borrower discipline in its flagship business and accelerated investments in portfolio diversification and distribution could gradually yield constructive outcomes, near-term return ratios are likely to remain soft from continued provisions and elevated opex</li><li>The management guided for major stress flowing into the 90dpd bucket, resulting in sustained one-off provisioning requirement during H2FY23</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.

Bandhan Bank (BANDHAN) hosted an Analyst Day to articulate its medium-term strategic priorities around portfolio diversification and strengthening of its customer franchiseWhile the bank’s focus on building borrower discipline in its flagship business and accelerated investments in portfolio diversification and distribution could gradually yield constructive outcomes, near-term return ratios are likely to remain soft from continued provisions and elevated opexThe management guided for major stress flowing into the 90dpd bucket, resulting in sustained one-off provisioning requirement during H2FY23Content 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.

Bandhan Bank (Update): Hard pivot ahead to offset volatile core franchise. Maintain ADD

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.

Equity Capital Markets

Five Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (0958461D IN)</a> is looking to raise around US$250m in its upcoming India IPO. </li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we talk about the RHP updates and undertake a peer comparison.</li>
</ul>



Five Star Business Finance (0958461D IN) is looking to raise around US$250m in its upcoming India IPO. 
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we talk about the RHP updates and undertake a peer comparison.


Five-Star Business IPO - RHP Updates and Peer Comparion

Thematic (Sector/Industry)

<ul><li>NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand</li><li>PAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availability</li><li>Accordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn 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.

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demandPAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availabilityAccordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQContent 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: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

India

Bandhan Bank Limited operates as a commercial bank. The Bank provides accounts checking, savings deposits, money market, mortgage, and term loans services, as well as card facilities and Internet banking services. Bandhan Bank serves customers in India.

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Bandhan Bank Ltd (BANDHAN IN)

Bandhan Bank (BANDHAN) - Darkest Before Dawn

Bandhan Bank (BANDHAN) has been taking it on the chin as the bank continuously cleanses its balance sheet with EEB stress pool moderating to INR95b

Motilal Oswal

Bandhan Bank - Transforming into a True Universal Bank

The bank remains determined to grow its non-MFI book (including affordable housing, prime housing, micro/larger LAP, gold, cards, VF, PL, and...

Emkay

Bandhan Bank (Update): Hard pivot ahead to offset volatile core franchise. Maintain ADD

Bandhan Bank (BANDHAN) hosted an Analyst Day to articulate its medium-term strategic priorities around portfolio diversification and strengthening...

HDFC Securities

Five-Star Business IPO - RHP Updates and Peer Comparion

Five Star Business Finance is looking to raise around US$250m in its upcoming India IPO. In this note, we talk about the RHP updates and undertake...

Sumeet Singh

HSIE Results Daily: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand

HDFC Securities

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