External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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 was incorporated in 2015 as RBI granted a universal banking license</li><li>The bank has a strong presence in eastern and northeastern India with MFI loans being its forte.</li><li>Target Price and Valuation: We value Bandhan Bank at ~2.2x FY24E ABV and assign target price of Rs 300 per share</li></ul><div class="content-highlight"><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></div>

Bandhan Bank was incorporated in 2015 as RBI granted a universal banking licenseThe bank has a strong presence in eastern and northeastern India with MFI loans being its forte.Target Price and Valuation: We value Bandhan Bank at ~2.2x FY24E ABV and assign target price of Rs 300 per shareContent 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.

<p>GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.</p>
<div class="content-highlight"><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></div>

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.
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: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>Bandhan Bank Ltd. (Bandhan) results were above our expectations backed by improved operating performance and NIMs rebounding to normalized levels. The disbursements were impacted due to the regional lockdowns, resulting in a run-off in the loan book on a sequential basis, which was down 8% QoQ. The share of EEB (MFI loans) increased from 64% in Q1FY21 to 66% in Q1FY22. However, the share of group lending decreased from 61% in Q1FY21 to 58% in Q1FY22, in line with the bank’s strategy to de-focus on group lending and shift towards Individual EEB loans.</p><p>We maintain a BUY rating on the stock with a target price of Rs 350/share, implying an upside of 20% from CMP.</p><div class="content-highlight"><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></div>

Bandhan Bank Ltd. (Bandhan) results were above our expectations backed by improved operating performance and NIMs rebounding to normalized levels. The disbursements were impacted due to the regional lockdowns, resulting in a run-off in the loan book on a sequential basis, which was down 8% QoQ. The share of EEB (MFI loans) increased from 64% in Q1FY21 to 66% in Q1FY22. However, the share of group lending decreased from 61% in Q1FY21 to 58% in Q1FY22, in line with the bank’s strategy to de-focus on group lending and shift towards Individual EEB loans.We maintain a BUY rating on the stock with a target price of Rs 350/share, implying an upside of 20% from 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.

Bandhan Bank: Asset Quality Stress To Persist In Near-Term

<p>About the stock: Bandhan Bank was incorporated in 2015 as RBI granted a universal banking license. The bank has a strong presence in eastern and northeastern India with MFI loans being its forte.</p><ul><li>Total 66% of loans are from emerging enterprise business (EEB)</li><li>Also, 1152 branches in 34 states, UTs and total customer base of 2.3 crore</li></ul><div class="content-highlight"><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></div>

About the stock: Bandhan Bank was incorporated in 2015 as RBI granted a universal banking license. The bank has a strong presence in eastern and northeastern India with MFI loans being its forte.Total 66% of loans are from emerging enterprise business (EEB)Also, 1152 branches in 34 states, UTs and total customer base of 2.3 croreContent 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: Weak Performance; Still Time to Recover

<p>COVID 3.0 continues to pose risks in the normalization of Bandhan's business. We maintain a BUY rating on the stock with a target price of Rs 355/share, implying an upside of 11% from CMP.</p><div class="content-highlight"><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></div>

COVID 3.0 continues to pose risks in the normalization of Bandhan's business. We maintain a BUY rating on the stock with a target price of Rs 355/share, implying an upside of 11% from 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.

Bandhan Bank: Business Momentum and Collections Take a Hit!

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: Not yet Out of the Woods

Bandhan Bank was incorporated in 2015 as RBI granted a universal banking license. The bank has a strong presence in eastern and northeastern India...

ICICI Securities Limited

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E...

HDFC Securities

Bandhan Bank: Asset Quality Stress To Persist In Near-Term

We maintain a BUY rating on the stock with a target price of Rs 350/share, implying an upside of 20% from CMP. Bandhan Bank results were above our...

Axis Direct

Bandhan Bank: Weak Performance; Still Time to Recover

Bandhan Bank was incorporated in 2015 as RBI granted a universal banking license. The bank has a strong presence in eastern and northeastern India...

ICICI Securities Limited

Bandhan Bank: Business Momentum and Collections Take a Hit!

COVID 3.0 continues to pose risks in the normalization of Bandhan's business. We maintain a BUY rating on the stock with a target price of Rs 355...

Axis Direct

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