External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

Thematic (Sector/Industry)

<ul>
<li>Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.</li>
<li>Data suggests upturn in credit growth across segments (Retail and Corporate).</li>
<li>Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.</li>
<li>Large private banks are expected to grow at a highe...(continued).</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 picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving credit growth (systemic growth 8.5% YoY) (2) stable margins and (3) lower credit costs.
Data suggests upturn in credit growth across segments (Retail and Corporate).
Within the Retail segment, Housing has continued to show sustained traction while unsecured credit has been improving sequentially.
Large private banks are expected to grow at a highe...(continued).

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.

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

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

ICICI Securities Limited

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.

<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

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 - 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

Banking & Financials Sector: Credit Growth Picking Up; Lower Provisions to Drive Earnings

Credit growth picking up; lower provisions to drive earnings We expect strong earnings performance from banks in 4QFY22, driven by: (1) improving...

Nirmal Bang

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

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