External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<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!

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.

<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!

<ul><li>The credit growth momentum has continued to remain robust as is visible from the near decadal high systemic growth of ~17% YoY, driven by the continued traction in the Retail and SME segments.</li><li>On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well.</li><li>Corporate loans are showing gradual recovery, albeit on a weaker base.</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>

The credit growth momentum has continued to remain robust as is visible from the near decadal high systemic growth of ~17% YoY, driven by the continued traction in the Retail and SME segments.On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well.Corporate loans are showing gradual recovery, albeit on a weaker base.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 Q3FY23 Result Preview – Earnings Growth to Remain Strong!

India

Punjab & Sind Bank is a commercial bank. The Bank offers its customers a wide range of banking products and services.

PNB Housing Finance Ltd. (PNBHFL) provides lending services. The Company offers housing loans to individuals and corporate bodies for construction, purchase, repair, and upgradation of houses, as well as loans for commercial space, loan against property, and loan for purchase of residential plots. PNBHFL serves customers in India.

Federal Bank Limited operates branches and regional offices throughout India. The Bank offers a wide range of financial services, including merchant banking, international banking and foreign exchange, leasing facilities, money markets and agricultural advances. The Bank also provides lending for hi-tech agricultural and government sponsored schemes.

Bank of Maharashtra Ltd. provides a full range of banking services throughout India. The Group's activities include retail banking, commercial and personal banking, investment management, treasury & NRI services, cash management and assorted ATM facilities. Bank of Maharashtra also sponsors regional rural banks jointly with the Central Government and State Government.

Karur Vysya Bank Ltd. provides a full range of commercial banking services for retail and institutional customers. The Bank offers mutual funds, insurance, personal loan, fixed deposits, internet banking, gold and silver, lockers, credit cards, and agricultural finance. Karur Vysya Bank serves customers throughout India.

RBL Bank Limited operates as a commercial bank. The Company offers banking products and services such as savings accounts, fixed deposits, personal and business loans, debit and credit cards, insurance, investment management, and mobile banking. RBL Bank serves customers throughout 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)

Ujjivan Small Finance Bank Limited operates as a bank. The Company offers various types of financial services such as saving account, deposits, loans, and insurance solutions. Ujjivan Small Finance Bank serves customers in India.

Ujjivan Small Finance Bank  (UJJIVANS IN)

The Jammu & Kashmir Bank Limited provides banking services, including CD's, educational loans, housing loans and car loans.  The Bank also provides insurance services through a joint venture with MetLife India Insurance Company. The Group has about 475 branches throughout India.

City Union Bank Ltd. is a full service bank. The Bank offers a wide range of banking and financial services across India, including both domestic and International banking services.

Atlantic Union Bankshares Corporation provides banking services. The Bank checking accounts, lending, credit cards, online and mobile banking, and wealth and treasury management services. Atlantic Union Bankshares serves customers in the United States.

International Bancshares Corporation, through its bank subsidiaries, provides commercial and retail banking services through offices in south and southeast Texas.  The Bank accepts deposits from the general public and uses those funds to make a variety of loans.

Fulton Financial Corporation is a multi-bank holding company. The Banks offer a full range of general retail and commercial banking services, including deposits, loans, equipment leasing and financing, and credit cards. Fulton operates in Pennsylvania, Maryland, Delaware, and New Jersey.

The Bank of East Asia, Limited and its subsidiaries provide general banking, related financial, business corporate, and investor services.

Huishang Bank Corporation Limited is a commercial bank. The Bank provides banking services including loans, money market operations, treasury business, investment and trading services, and valet transactions.

Taichung Commercial Bank conducts commercial banking and trust business.  The Bank accepts deposits, offers loans, as well as  invests in bonds and stocks. Taichung Commercial Banks provides bills and notes discounting, draft endorsement, domestic remittance, guarantee, and securities underwriting and brokerage services.

The Bank of Kyoto, Ltd. is a regional bank in Kyoto.  The Bank provides banking services including deposits, savings, loans, foreign exchange transactions, and securities investments.  The Bank of Kyoto also provides financial services such as letter of credit, leasing, loans, and credit cards.

Hong Leong Financial Group Berhad is a banking and financial services holding company. The Company provides a range of services including commercial and consumer banking, investment banking, and insurance broking. Through its subsidiaries, Hong Leong Financial underwrites life/general insurance, provides funds management, corporate advisory, and stock and share broking services.

Ameris Bancorp is a multi-bank holding company. The Banks provide a broad range of retail and commercial banking services to its customers, including checking and savings deposits, commercial and consumer loans, trust services, discount brokerage services, and electronic funds transfer services. Ameris Bancorp operates in Georgia, Florida, and Alabama.

United Community Banks, Inc. is a multi-bank holding company with locations throughout north Georgia and western North Carolina.  The Banks are community oriented and offer retail and corporate banking services including checking, savings, and time deposit accounts, secured and unsecured loans, wire transfers, trust services, and rental of safe deposit boxes.

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)

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

BFSI Q3FY23 Result Preview – Earnings Growth to Remain Strong!

On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well. Corporate loans are showing gradual recovery,...

Axis Direct

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