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

Emkay

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<div><div><div><div><ul><li>MFI growth prospects improving, while bank remains determinant to accelerate non- MFI growth</li></ul><div><div><div><div><ul><li>Sharp run-down in GNPA ratio; higher specific PCR and recovery to contain incremental LLP</li></ul><div><div><div><div><ul><li>Outlook and valuations: Factoring in a better growth trajectory and lower LLP, we raise our FY23E/FY24E earnings by 16-17% and expect RoE to return to 20-23% by FY24-25E.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

MFI growth prospects improving, while bank remains determinant to accelerate non- MFI growthSharp run-down in GNPA ratio; higher specific PCR and recovery to contain incremental LLPOutlook and valuations: Factoring in a better growth trajectory and lower LLP, we raise our FY23E/FY24E earnings by 16-17% and expect RoE to return to 20-23% by FY24-25E.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.

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.

Thematic (Sector/Industry)

<div><div><div><ul><li>State Bank of India: Despite healthy loan growth (~11% YoY) and stable NIMs (3.1%), State Bank of India’s (SBI) earnings missed estimates, with PAT at INR91bn, impacted by higher credit costs at 1.1% (annualised).</li></ul><div><div><div><ul><li>Bandhan Bank: Bandhan Bank’s Q4FY22 earnings were significantly ahead of our estimates, driven by strong pick-up in advances (+14% YoY), stronger margin (8.7%), and negligible credit costs.</li></ul><div><div><div><ul><li>Aditya Birla Capital: A year since articulating its ambitious FY24 roadmap, ABCL’s journey to drive consolidated return ratios closer to franchise potential seems on track, with consistent execution across businesses.</li></ul></div></div></div></div></div></div></div></div></div><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>

State Bank of India: Despite healthy loan growth (~11% YoY) and stable NIMs (3.1%), State Bank of India’s (SBI) earnings missed estimates, with PAT at INR91bn, impacted by higher credit costs at 1.1% (annualised).Bandhan Bank: Bandhan Bank’s Q4FY22 earnings were significantly ahead of our estimates, driven by strong pick-up in advances (+14% YoY), stronger margin (8.7%), and negligible credit costs.Aditya Birla Capital: A year since articulating its ambitious FY24 roadmap, ABCL’s journey to drive consolidated return ratios closer to franchise potential seems on track, with consistent execution across businesses.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: State Bank of India, Bandhan Bank, Aditya Birla Capital, APL Apollo, CESC

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.

<div><div><div><div><ul><li>NII stood at Rs 2,540 Cr (+45% YoY, 20% QoQ) vs our expectation of Rs 2,314 Cr aided growth pick-up and improving NIMs led by higher recovery from NPA accounts.</li></ul><div><div><div><div><ul><li>Non-Interest income came in higher at Rs 965 Cr (+23% YoY, +35% QoQ), higher than our estimate of Rs 863 Cr.</li></ul></div></div></div></div></div></div></div></div><div><div><div><div><ul><li>PPOP was at Rs 2,522 Cr (+46% YoY, +29% QoQ) vs. our estimate of Rs 2,177 Cr.</li></ul></div></div></div></div><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>

NII stood at Rs 2,540 Cr (+45% YoY, 20% QoQ) vs our expectation of Rs 2,314 Cr aided growth pick-up and improving NIMs led by higher recovery from NPA accounts.Non-Interest income came in higher at Rs 965 Cr (+23% YoY, +35% QoQ), higher than our estimate of Rs 863 Cr.PPOP was at Rs 2,522 Cr (+46% YoY, +29% QoQ) vs. our estimate of Rs 2,177 Cr.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.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Strong growth across segments: Overall loans increased by 15.1% YoY and 17.1% QoQ</li></ul><div><div><div><div><ul><li>NII growth was strong; aided by margin expansion: NII increased by 44.6% YoY and 19.5% QoQ.</li></ul><div><div><div><ul><li>Deposits growth steady: Overall deposits increased by 23.5% YoY and 14% QoQ. CASA deposits increased by 18.5% YoY and 4% QoQ.</li></ul></div></div></div></div></div></div></div></div></div></div></div><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>

Strong growth across segments: Overall loans increased by 15.1% YoY and 17.1% QoQNII growth was strong; aided by margin expansion: NII increased by 44.6% YoY and 19.5% QoQ.Deposits growth steady: Overall deposits increased by 23.5% YoY and 14% QoQ. CASA deposits increased by 18.5% YoY and 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.

Bandhan Bank - Stress Levels Down on the Back of Improving Collections, Recoveries

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>When stocks languish, or spiral downwards, it is not just shareholders whose wealth erodes. Senior executives, also suffer, as much of their personal wealth may be tied up in ESOPs. </li>
<li>Few HDFC Bank ESOPs  may be of concern to executives while many ESOPs of RBL Bank and Bandhan Bank are under water</li>
<li>ESOPs are a major retention tool for holding onto executives. If ESOPs are under water it may accelerate senior executive attrition worsening the situation</li>
</ul>


When stocks languish, or spiral downwards, it is not just shareholders whose wealth erodes. Senior executives, also suffer, as much of their personal wealth may be tied up in ESOPs. 
Few HDFC Bank ESOPs  may be of concern to executives while many ESOPs of RBL Bank and Bandhan Bank are under water
ESOPs are a major retention tool for holding onto executives. If ESOPs are under water it may accelerate senior executive attrition worsening the situation


When Bank ESOPs Go Under Water, Expect Senior Management to Be Distracted or Departing

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)

Result Update - Bandhan Bank

Bandhan reported a strong PAT beat in Q4 at Rs19bn (est: Rs5.4bn). For FY22, it returned to profitability on the back of higher other income and...

Emkay

HSIE Results Daily: State Bank of India, Bandhan Bank, Aditya Birla Capital, APL Apollo, CESC

State Bank of India’s (SBI) earnings missed estimates, with PAT at INR91bn, impacted by higher credit costs at 1.1% (annualised).

HDFC Securities

Result Update - Bandhan Bank

Bandhan Bank Ltd. (Bandhan) reported a strong performance in Q4FY22, which was ahead of our expectations driven by pick-up in credit growth,...

Axis Direct

Bandhan Bank - Stress Levels Down on the Back of Improving Collections, Recoveries

Bandhan Bank posted net profit growth of 17.5x YoY, mainly led by negligible provisions for the quarter. The overall operating metrics for the bank...

Nirmal Bang

When Bank ESOPs Go Under Water, Expect Senior Management to Be Distracted or Departing

A decling/flat share price not only frustrates shareholders but can prove disastrous for senior executives either locked into/granted ESOPs at...

Hemindra Hazari

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