External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchises</li><li>While we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.</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>

Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchisesWhile we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.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.

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

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>We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.</li><li>On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.</li><li>Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. </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>

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. 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.

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

<ul><li>India’s home loan (HL) market (INR26trn, 17% of overall credit) is poised to double by FY28E on the back of secular trends around improving affordability, rising urbanisation and penetration beyond Tier-I locations</li><li>Driven by the combination of a sustained funding cost advantage, structural shift in sourcing models, renewed focus on retail HL, and transient rate cycle tailwinds, banks (~67% of HL market) are likely to continue dominating the prime HL segment</li><li>Affordable-focused HFCs (~INR1trn, 4% of HL market) have emerged as high-growth, high-RoA businesses, however, given the superior economics, this segment is witnessing rising competitive intensity</li><li>Going forward, the market micro-structure is likely to reflect newer collaborative models which are still evolving.</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>

India’s home loan (HL) market (INR26trn, 17% of overall credit) is poised to double by FY28E on the back of secular trends around improving affordability, rising urbanisation and penetration beyond Tier-I locationsDriven by the combination of a sustained funding cost advantage, structural shift in sourcing models, renewed focus on retail HL, and transient rate cycle tailwinds, banks (~67% of HL market) are likely to continue dominating the prime HL segmentAffordable-focused HFCs (~INR1trn, 4% of HL market) have emerged as high-growth, high-RoA businesses, however, given the superior economics, this segment is witnessing rising competitive intensityGoing forward, the market micro-structure is likely to reflect newer collaborative models which are still evolving.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.

Housing Finance: New market structures open up investment universe

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimate</li><li>Earnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)</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>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimateEarnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)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: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

Equity Bottom-Up

<ul><li>Credit growth to pick up – With Q4 being a seasonally strong quarter along with on- ground demand exhibiting signs of revival, we expect Bandhan Bank (Bandhan) to resume its growth momentum in terms of disbursements and credit growth.</li><li>The bank continues progressing well in terms of diversifying its loan book. We believe the growth in non-EEB book will outpace the growth in the EEB book.</li><li>We expect Bandhan to clock an advance growth of 20% CAGR over FY23-25E, driven by a robust 28% CAGR growth in the non-EEB book.</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>

Credit growth to pick up – With Q4 being a seasonally strong quarter along with on- ground demand exhibiting signs of revival, we expect Bandhan Bank (Bandhan) to resume its growth momentum in terms of disbursements and credit growth.The bank continues progressing well in terms of diversifying its loan book. We believe the growth in non-EEB book will outpace the growth in the EEB book.We expect Bandhan to clock an advance growth of 20% CAGR over FY23-25E, driven by a robust 28% CAGR growth in the non-EEB book.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 Ltd. - Business-As-Usual From FY24 Onwards!

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)

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations

HDFC Securities

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.

Axis Direct

Housing Finance: New market structures open up investment universe

India’s home loan (HL) market (INR26trn, 17% of overall credit) is poised to double by FY28E on the back of secular trends around improving...

HDFC Securities

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA...

HDFC Securities

Bandhan Bank Ltd. - Business-As-Usual From FY24 Onwards!

With Q4 being a seasonally strong quarter along with on- ground demand exhibiting signs of revival, we expect Bandhan Bank (Bandhan) to resume its...

Axis Direct

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