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 2,735/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>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 2,735/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,

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

<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>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.

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>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.

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!

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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 (BANDHAN) has been taking it on the chin as the bank continuously cleanses its balance sheet with EEB stress pool moderating to INR95b (17.6% of EEB loans) in 2QFY23 from a peak of INR195b (36.1% of EEB loans) in 2QFY22, while its restructured book has dissolved completely.</li><li>-SMA book though remains elevated, has moderated to 13.1% from a peak of 37.1% in 1QFY22.</li><li>We note that slippages in 2QFY23 formed ~78% of the SMA book in 1QFY23 and thus we expect slippages to remain elevated over 3QFY23/4QFY23.</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.

Bandhan Bank (BANDHAN) has been taking it on the chin as the bank continuously cleanses its balance sheet with EEB stress pool moderating to INR95b (17.6% of EEB loans) in 2QFY23 from a peak of INR195b (36.1% of EEB loans) in 2QFY22, while its restructured book has dissolved completely.-SMA book though remains elevated, has moderated to 13.1% from a peak of 37.1% in 1QFY22.We note that slippages in 2QFY23 formed ~78% of the SMA book in 1QFY23 and thus we expect slippages to remain elevated over 3QFY23/4QFY23.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 (BANDHAN) - Darkest Before Dawn

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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 has embarked on the journey to transform itself into a true universal bank, led by geographic diversification (incrementally in Uttar Pradesh, Bihar, Gujarat, Karnataka, Andhra, and Telangana, among others) as well as asset portfolio (non-MFI portfolio).</li><li>The bank remains determined to grow its non-MFI book (including affordable housing, prime housing, micro/larger LAP, gold, cards, VF, PL, and commercial banking loan pool) at a faster pace and, thus, reduce the share of the otherwise volatile group MFI portfolio to 28% by FY25E from 40% currently.</li><li>However, we believe this structural portfolio shift towards secured and low-yielding assets should have a bearing on margins in the long run but, at the same time, reduce asset-quality volatility.</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.

Bandhan Bank has embarked on the journey to transform itself into a true universal bank, led by geographic diversification (incrementally in Uttar Pradesh, Bihar, Gujarat, Karnataka, Andhra, and Telangana, among others) as well as asset portfolio (non-MFI portfolio).The bank remains determined to grow its non-MFI book (including affordable housing, prime housing, micro/larger LAP, gold, cards, VF, PL, and commercial banking loan pool) at a faster pace and, thus, reduce the share of the otherwise volatile group MFI portfolio to 28% by FY25E from 40% currently.However, we believe this structural portfolio shift towards secured and low-yielding assets should have a bearing on margins in the long run but, at the same time, reduce asset-quality volatility.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 - Transforming into a True Universal Bank

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)

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

Bandhan Bank (BANDHAN) - Darkest Before Dawn

Bandhan Bank (BANDHAN) has been taking it on the chin as the bank continuously cleanses its balance sheet with EEB stress pool moderating to INR95b

Motilal Oswal

Bandhan Bank - Transforming into a True Universal Bank

The bank remains determined to grow its non-MFI book (including affordable housing, prime housing, micro/larger LAP, gold, cards, VF, PL, and...

Emkay

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