External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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)

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,700/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 at INR 381bn (+1% YoY, -1% QoQ, HSIE: INR 382bn) and APAT at INR 160bn (-11% YoY, -17% QoQ) came in below our estimates</li><li>Earnings in Q1 were largely impacted by weaker-than-expected O2C profitability. ICICI Bank: ICICI Bank (ICICIBC) reported yet another impressive quarter on the back of strong loan growth (+18% YoY), treasury gains, and continued robust asset quality</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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,700/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 at INR 381bn (+1% YoY, -1% QoQ, HSIE: INR 382bn) and APAT at INR 160bn (-11% YoY, -17% QoQ) came in below our estimatesEarnings in Q1 were largely impacted by weaker-than-expected O2C profitability. ICICI Bank: ICICI Bank (ICICIBC) reported yet another impressive quarter on the back of strong loan growth (+18% YoY), treasury gains, and continued robust asset qualityContent 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

<ul><li>Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance. However, the margin saw a marginal miss</li><li>Domestic revenue grew 21% YoY while exports grew by 25%</li><li>The growth was led by a healthy balance of pricing, volume and mix (around mid-single-digit volume growth)</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.

Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance. However, the margin saw a marginal missDomestic revenue grew 21% YoY while exports grew by 25%The growth was led by a healthy balance of pricing, volume and mix (around mid-single-digit volume 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.

HSIE Results Daily: Nestle India, Bajaj Auto, AU Small Finance Bank, Persistent Systems

<ul><li>Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance</li><li>However, the margin saw a marginal miss. Domestic revenue grew 21% YoY while exports grew by 25%</li><li>The growth was led by a healthy balance of pricing, volume and mix (around mid-single-digit volume growth)</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.

Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performanceHowever, the margin saw a marginal miss. Domestic revenue grew 21% YoY while exports grew by 25%The growth was led by a healthy balance of pricing, volume and mix (around mid-single-digit volume 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.

HSIE Results Daily - Nestle India, Bajaj Auto, AU Small Finance Bank, Persistent Systems

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.

Equity Bottom-Up

AU Small Finance Bank Limited / Equity Bottom-Up

<ul><li>Advances grew by 26/5% YoY/QoQ led by growth in home loans (+61/16% YoY/QoQ), Credit cards (+3.6x YoY), and business banking (+72/14% YoY/QoQ).</li><li>NII grew by 30/5% YoY/QoQ, driven by strong advances growth, and margins contracted by ~20/10bpsYoY/QoQ owing to higher CoF.</li><li>Opex growth remained elevated as the bank continues to invest in building the franchise.</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.

Advances grew by 26/5% YoY/QoQ led by growth in home loans (+61/16% YoY/QoQ), Credit cards (+3.6x YoY), and business banking (+72/14% YoY/QoQ).NII grew by 30/5% YoY/QoQ, driven by strong advances growth, and margins contracted by ~20/10bpsYoY/QoQ owing to higher CoF.Opex growth remained elevated as the bank continues to invest in building the franchise.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.

AUBANK IN - Strong Levers for Fee Income Growth to Partially Offset Margin Pressures!

<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>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.

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

India

AU Small Finance Bank Limited operates as a commercial bank. The Bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending. AU Small Finance Bank serves customers in India.

AU Small Finance Bank Limited (AUBANK IN)

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

RIL’s consolidated EBITDA at INR 381bn (+1% YoY, -1% QoQ, HSIE: INR 382bn) and APAT at INR 160bn (-11% YoY, -17% QoQ) came in below our estimates

HDFC Securities

HSIE Results Daily: Nestle India, Bajaj Auto, AU Small Finance Bank, Persistent Systems

Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance. However, the margin saw a marginal miss

HDFC Securities

HSIE Results Daily - Nestle India, Bajaj Auto, AU Small Finance Bank, Persistent Systems

Nestle India: Nestle’s 1QCY23 earnings surprised positively, led by strong revenue performance. However, the margin saw a marginal miss. Domestic...

HDFC Securities

AUBANK IN - Strong Levers for Fee Income Growth to Partially Offset Margin Pressures!

Advances grew by 26/5% YoY/QoQ led by growth in home loans (+61/16% YoY/QoQ), Credit cards (+3.6x YoY), and business banking (+72/14% YoY/QoQ).

Axis Direct

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