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

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<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

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<p><a href="https://www.smartkarma.com/entities/bandhan-bank-ltd" target="_blank" data-smartkarma-citation="entities:26705:1" rel="noopener">Bandhan Bank Ltd (BANDHAN IN)</a> is a fine example, reiterating our ability to deliver "qualitative" alpha that is backed with rigorous primary research and channel checks (YTD BANDHAN -26% vs NIFTY at +12%). Our work done on Bandhan stands as a testimony proving our ability to cover channels not just for consumer names but also financials where in spite of wide coverage, primary checks are able to provide the required edge. </p>
<p><strong>Our earlier coverage on Bandhan includes </strong></p>
<ul>
<li>
<a href="https://www.smartkarma.com/insights/india-channel-insight-bandhan-hero-bata-nestle" target="_blank" data-smartkarma-citation="insights:49988" rel="noopener">India Channel Insight | Bandhan, Hero, Bata, Nestle</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/bandhan-bank-bandhan-in-pain-in-assam-likely-to-continue" target="_blank" data-smartkarma-citation="insights:50001" rel="noopener">Bandhan Bank (BANDHAN IN) | Pain in Assam Likely to Continue</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/bandhan-bank-bandhan-in-on-ground-narrative-from-assam-and-west-bengal" target="_blank" data-smartkarma-citation="insights:47495" rel="noopener">Bandhan Bank (BANDHAN IN) | On Ground Narrative from Assam and West Bengal</a> </li>
</ul>
<div class="content-highlight">
<p>We again test the waters by speaking to five DSC managers in top districts in West Bengal with an objective to assess collection, lending practices and expected delinquency. </p>
</div>

Bandhan Bank Ltd (BANDHAN IN) is a fine example, reiterating our ability to deliver "qualitative" alpha that is backed with rigorous primary research and channel checks (YTD BANDHAN -26% vs NIFTY at +12%). Our work done on Bandhan stands as a testimony proving our ability to cover channels not just for consumer names but also financials where in spite of wide coverage, primary checks are able to provide the required edge. 
Our earlier coverage on Bandhan includes 


India Channel Insight | Bandhan, Hero, Bata, Nestle 

Bandhan Bank (BANDHAN IN) | Pain in Assam Likely to Continue 

Bandhan Bank (BANDHAN IN) | On Ground Narrative from Assam and West Bengal 


We again test the waters by speaking to five DSC managers in top districts in West Bengal with an objective to assess collection, lending practices and expected delinquency. 


External broker reports(aggregated public sources), Axis Direct

Axis Direct

<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!

<p>*Picks: CreditAccess Grameen, Equitas SFB, Ujjivan SFB, Bandhan Bank</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>

*Picks: CreditAccess Grameen, Equitas SFB, Ujjivan SFB, Bandhan BankContent 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.

CONSULTATIVE DOCUMENT ON REGULATION OF MICRO FINANCE

India Financials

Saumya Agarwal

Thematic (Sector/Industry)

<p>The Monetary Policy Committee (MPC) of the RBI, in its June meeting, has kept the policy rates unchanged and decided to continue with the accommodative monetary stance, till the time needed. It has also expanded the scope of the Resolution 2.0 framework for the MSME and individual borrowers impacted by the Covid. Both these decisions are favorable and should help mitigate the stress of the small borrowers</p>

The Monetary Policy Committee (MPC) of the RBI, in its June meeting, has kept the policy rates unchanged and decided to continue with the accommodative monetary stance, till the time needed. It has also expanded the scope of the Resolution 2.0 framework for the MSME and individual borrowers impacted by the Covid. Both these decisions are favorable and should help mitigate the stress of the small borrowers

The RBI Radar: Soft Borrowing Costs + Widened Scope of Resolution, to Boost Recovery

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: 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 | Postcard from West Bengal

We again test the waters by speaking to 5 DSC managers in top districts in West Bengal with an objective to assess collection, lending practices...

Pranav Bhavsar

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

CONSULTATIVE DOCUMENT ON REGULATION OF MICRO FINANCE

*Picks: CreditAccess Grameen, Equitas SFB, Ujjivan SFB, Bandhan Bank

Axis Direct

The RBI Radar: Soft Borrowing Costs + Widened Scope of Resolution, to Boost Recovery

The RBI decision to continue with the accommodative monetary stance and expanding the scope of Resolution, for MSME and individual borrowers,...

Saumya Agarwal

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