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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<h2>Muhurat Pick – 2021</h2><p>Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.</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>

Muhurat Pick – 2021Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.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.

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

<p>About the stock: Bank of Baroda is among leading PSU banks with a global loan book of ~| 7.1 lakh crore and has better operating metrics among PSBs.</p><ul><li>Pan-India presence with 8192 branches and 11637 ATMs</li><li>The bank has a meaningful presence in international operations with its JVs and subsidiaries. Total ~12.4% of total business comes from overseas</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: Bank of Baroda is among leading PSU banks with a global loan book of ~| 7.1 lakh crore and has better operating metrics among PSBs.Pan-India presence with 8192 branches and 11637 ATMsThe bank has a meaningful presence in international operations with its JVs and subsidiaries. Total ~12.4% of total business comes from overseasContent 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.

Bank of Baroda: Revival in Economy to Aid Growth, Earnings

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Bank of Baroda is an Indian multinational, public sector banking and financial services company. It currently has 8,192 branches in India and 99 overseas offices across 20 countries. The bank merged with Vijaya Bank and...</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>

Bank of Baroda is an Indian multinational, public sector banking and financial services company. It currently has 8,192 branches in India and 99 overseas offices across 20 countries. The bank merged with Vijaya Bank and...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.

Bank of Baroda: Strong Performance, Outlook Cautious

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

Motilal Oswal

<p>Asset quality trends were stable sequentially in a challenging environment, with fresh slippage at INR51.3b (annualized slippage rate of 3.1%). However, higher write-offs and upgrades resulted in stable asset quality trends the GNPA/NNPA ratio declined 1bp/6bp QoQ, while PCR was broadly stable at ~68%. Also, total SMA 1/2 (&gt;INR50m) declined to ~2.68%, while the restructured book stood at 3.2% of loans. Collection efficiency (ex-Agri) was stable QoQ at 93%, better vis-vis many other peers. The bank expects growth to pick up, led by retail segments, while corporate growth would see gradual recovery as the economic situation normalizes.</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>

Asset quality trends were stable sequentially in a challenging environment, with fresh slippage at INR51.3b (annualized slippage rate of 3.1%). However, higher write-offs and upgrades resulted in stable asset quality trends the GNPA/NNPA ratio declined 1bp/6bp QoQ, while PCR was broadly stable at ~68%. Also, total SMA 1/2 (&gt;INR50m) declined to ~2.68%, while the restructured book stood at 3.2% of loans. Collection efficiency (ex-Agri) was stable QoQ at 93%, better vis-vis many other peers. The bank expects growth to pick up, led by retail segments, while corporate growth would see gradual recovery as the economic situation normalizes.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.

Morning India : Bank of Baroda: NII growth recovers sharply; collection efficiency stable QoQ

Actionable Insights, Assured Alpha, ANTYA Investments

ANTYA Investments

Actionable Insights, Assured Alpha

Investing That Empowers You

ANTYA Investments Inc., regulated by the Ontario Securities Commission, is registered to provide wealth management services in Canada. ANTYA manages institutional, and high net-worth client portfolios on a discretionary basis. Our investment philosophy embraces a Core-Satellite approach.  The core of the portfolio is chosen from a group of fifteen asset classes. A few stock specific asymmetrical investment opportunities comprise the satellite segment. ANTYA invests only in global, large capitalization, and investment grade companies.  

<p>As far as the <a href="https://www.smartkarma.com/entities/542" target="_blank" data-smartkarma-citation="entities:542:1">Punjab National Bank (PNB IN)</a> PNB is concerned, its financial statements have become unreliable now that allegations surrounding unauthenticated transactions using the SWIFT system have surfaced. Since it is PNB’s position that bank was not aware of these transactions, the bank's capital adequacy ratios as disclosed in the past were incorrect simply because appropriate risk-weights on an additional $1.8B of loans were missing. Going forward, the bank could make a provision for the entire $1.8B that it claims to be missing in action, and then book any recoveries from assets that have been seized by the enforcement directorate and the income tax authorities to income, in F19 and beyond. That makes the past unreliable and the future uncertain.</p><p>In PNB's future, an earnings slowdown due to dilutive financing, higher operational risk weights requiring higher capital and hence lower ROEs, and a more moderate asset growth profile are in store. Therefore, ANTYA  recommends that investors find alternative investments to earn a better return.</p>

As far as the Punjab National Bank (PNB IN) PNB is concerned, its financial statements have become unreliable now that allegations surrounding unauthenticated transactions using the SWIFT system have surfaced. Since it is PNB’s position that bank was not aware of these transactions, the bank's capital adequacy ratios as disclosed in the past were incorrect simply because appropriate risk-weights on an additional $1.8B of loans were missing. Going forward, the bank could make a provision for the entire $1.8B that it claims to be missing in action, and then book any recoveries from assets that have been seized by the enforcement directorate and the income tax authorities to income, in F19 and beyond. That makes the past unreliable and the future uncertain.In PNB's future, an earnings slowdown due to dilutive financing, higher operational risk weights requiring higher capital and hence lower ROEs, and a more moderate asset growth profile are in store. Therefore, ANTYA  recommends that investors find alternative investments to earn a better return.

Hong Kong Monetary Authority–Blindsided by Indian Banks in HK - Could Increase Regulatory Scrutiny

India

Punjab National Bank provides financial services such as corporate and personal banking, industrial finance, agricultural finance, financing of trade and international banking. The Company provides services to domestic conglomerates, medium and small industrial units, exporters, non-resident Indians and multinational companies.

Canara Bank 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.

Union Bank of India Limited provides a full range of banking services throughout India. The Company's activities include retail banking, commercial and personal banking, investment management, treasury and NRI services, cash management and assorted ATM facilities. Union Bank has an online tele-banking facility for all its core banking customers.

IndusInd Bank Limited is a Mumbai-based Indian new generation bank established in 1994. The Bank provides a range of banking and financial services including  wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London.

Indian Overseas Bank operates some 1,429 banking branches in India, as well as six branches in overseas locations.  The Group's banks provide loan and deposit schemes, Internet banking, and a full range of banking services.

YES BANK Limited provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, corporate, and business banking services. YES BANK serves the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology, and infrastructure development industries in India.

IDBI Bank Limited provides a range of banking and financial services. The Bank's services include fund-based operations, such as venture capital and fee-based activities, which include merchant banking and debenture trusteeship.

Indian Bank is a full service bank owned by the Government of India. The Bank offers a wide range of services including a foreign currency banking unit at Colombo and specialized overseas branches at Chennai, Bangalore, and Mumbai exclusively for handling foreign exchange  transactions arising out of export, import, remittances and non resident Indian business.

Bank of India, through its subsidiaries, provides corporate, commercial, personal banking, retail, rural, and development banking.  The Group specializes its services towards corporate and medium businesses, in addition to upmarket retail customers.

Central Bank Of India is a full service commercial bank. The Bank's services include taking deposits, lending services, and investing. Central bank operates branches throughout India.

CIMB Group Holdings Berhad provides commercial banking and related financial services. The Company and its subsidiaries, operate as a regional universal bank offering a full range of financial products and services, covering corporate and investment banking, consumer banking, treasury, insurance and asset management.

Bank of the Philippine Islands, through its subsidiaries, provides commercial banking services. The Company's products includes ATM, debit card system, credit card, electronic cash card, internet platform and other services.

BDO Unibank Inc provides banking services. The Bank offers saving accounts, investment, loans, credit and debit cards, remittance, insurance, and trade financing services. BDO Unibank serves customers in Philippines.

Public Bank Berhad provides a range of banking and financial services which include leasing and factoring, stock and futures broking, financing for the purchase of licensed public vehicles, and other financial services. The Group's overseas operations include branches in Hong Kong, Sri Lanka, Laos, Cambodia, and Vietnam.

Bank of Nanjing Co., Ltd. operates commercial banking businesses. The Company offers deposits, loans, settlement, discounting, financial bond issuance, government bond underwriting, bank guarantee, and other related financial services. Bank of Nanjing provides services for enterprises and individuals.

First Financial Holding Co., Ltd. is a holding company.  Through its subsidiaries, the Company accepts deposits, provides loans and discount, letters of credit, and guarantee services, invests in marketable securities, provides securities brokerage and investment services, as well as provides insurance services.

E.Sun Financial Holding Company Ltd. is a holding company.  Through its subsidiaries, the Company provides banking, brokerage and dealer services.

Bank of Beijing Company Ltd. attracts deposits and offers commercial banking services.  The Bank offers short-, medium- and long-term loans, insurance, foreign exchange, international settlement, government bonds, and other products and services.

China Everbright Bank Company Limited provides banking services. The Company offers deposits, loans, domestic settlement, currency trading, and other services. China Everbright Bank provides its services to individuals, enterprises, and other clients.

Shinkin Central Bank is a central bank for shinkin banks nationwide, operating as a cooperative financial institution.  The Bank has developed businesses in a variety of fields that contribute the shinkin banking industry.  The Bank's services include enhancement of the credit standing, efficient use of shikin bank's surplus funds, and settlement of domestic exchange transaction.

Bank of Baroda owns and operates commercial banks in India.  The Group's banks provide the traditional forms of banking services, including CD's, Credit Card services and a variety of car loans, in addition to gold banking and a range of insurance services.  The Group also owns IBU International Finance Limited, an international banking company in Hong Kong.

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Bank Of Baroda (BOB IN)

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry...

ICICI Securities Limited

Bank of Baroda: Revival in Economy to Aid Growth, Earnings

Bank of Baroda is among leading PSU banks with a global loan book of ~| 7.1 lakh crore and has better operating metrics among PSBs.

ICICI Securities Limited

Bank of Baroda: Strong Performance, Outlook Cautious

Bank of Baroda is an Indian multinational, public sector banking and financial services company. It currently has 8,192 branches in India and 99...

Geojit

Morning India : Bank of Baroda: NII growth recovers sharply; collection efficiency stable QoQ

Asset quality trends were stable sequentially in a challenging environment, with fresh slippage at INR51.3b (annualized slippage rate of 3.1%)....

Motilal Oswal

Hong Kong Monetary Authority–Blindsided by Indian Banks in HK - Could Increase Regulatory Scrutiny

As far as the Punjab National Bank (PNB IN) PNB is concerned, its financial statements have become unreliable now that allegations surrounding...

ANTYA Investments

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