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.

Equity Bottom-Up

<ul><li>Growth revival likely from FY25E onwards – While the implementation of digital lending processes has resulted in CUB holding back from growth, the management is confident of commencing its growth journey as the processes are near completion by mid-Jun’24.</li><li>This process revamping is also being extended towards the secured retail businesses such as Housing, LAP, and Micro-LAP and is expected to be completed by the end of Q1FY25 and will give a fillip to the bank’s credit growth.</li><li>Though the management has refrained from giving any growth guidance for FY25, it indicated Q1FY25 to be strong in terms of growth compared to Q1 historically, despite being a seasonally weak quarter. </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.

Growth revival likely from FY25E onwards – While the implementation of digital lending processes has resulted in CUB holding back from growth, the management is confident of commencing its growth journey as the processes are near completion by mid-Jun’24.This process revamping is also being extended towards the secured retail businesses such as Housing, LAP, and Micro-LAP and is expected to be completed by the end of Q1FY25 and will give a fillip to the bank’s credit growth.Though the management has refrained from giving any growth guidance for FY25, it indicated Q1FY25 to be strong in terms of growth compared to Q1 historically, despite being a seasonally weak quarter. 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.

City Union Bank Ltd. - Muted Quarter; Recovery Expected From FY25E Onwards!

<ul><li>CUB reported a disappointing set of numbers. Advances growth was slower than expected at 2/1% YoY/QoQ and continued to lag industry/peer growth.</li><li>Deposits were flat QoQ and grew by 5% YoY. NII de-grew by 7/4% YoY/QoQ with NIMs contracting by 24bps QoQ and slower growth.</li><li>NIMs stood at 3.5% vs. 3.88/3.74% YoY/QoQ. Non-interest income grew by 6% QoQ, while de-grew by 14% YoY. </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.

CUB reported a disappointing set of numbers. Advances growth was slower than expected at 2/1% YoY/QoQ and continued to lag industry/peer growth.Deposits were flat QoQ and grew by 5% YoY. NII de-grew by 7/4% YoY/QoQ with NIMs contracting by 24bps QoQ and slower growth.NIMs stood at 3.5% vs. 3.88/3.74% YoY/QoQ. Non-interest income grew by 6% QoQ, while de-grew by 14% YoY. 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.

City Union Bank Ltd - Yet Another Muted Quarter; Growth Recovery Delayed!

<ul><li>CUB reported a mixed set of numbers. Credit growth continues to lag industry and peer growth and stood at 2/3% YoY/QoQ. NII de-grew by 5% YoY and improved by 3% QoQ.</li><li>NIMs remained steady at 3.7%, flat QoQ. Opex growth was driven by higher employee costs owing to the roll-out of annual increments during the quarter.</li><li>Challenges on NII growth, lower treasury income and higher Opex hurt PPOP, which de-grew by 15/7% YoY/QoQ. </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.

CUB reported a mixed set of numbers. Credit growth continues to lag industry and peer growth and stood at 2/3% YoY/QoQ. NII de-grew by 5% YoY and improved by 3% QoQ.NIMs remained steady at 3.7%, flat QoQ. Opex growth was driven by higher employee costs owing to the roll-out of annual increments during the quarter.Challenges on NII growth, lower treasury income and higher Opex hurt PPOP, which de-grew by 15/7% YoY/QoQ. 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.

City Union Bank - FY24 Guidance Maintained Despite a Sluggish H1FY24!

<ul><li>CUB reported yet another weak quarter with slower than industry/peers loan growth at 4% YoY.</li><li>The weakness in credit growth during the quarter can be attributed to the seasonal weakness generally witnessed in Q1, along with CUB witnessing a slowdown in the cash credit utilization which is currently at ~70-72% vs. historical avg. of 75-80%.</li><li>NII growth was largely flat YoY/QoQ, with margins remaining stable QoQ. Lower non-interest income and higher C-I Ratio (up 221bps YoY) dented PPOP which de-grew by 7% YoY and was flat QoQ. </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.

CUB reported yet another weak quarter with slower than industry/peers loan growth at 4% YoY.The weakness in credit growth during the quarter can be attributed to the seasonal weakness generally witnessed in Q1, along with CUB witnessing a slowdown in the cash credit utilization which is currently at ~70-72% vs. historical avg. of 75-80%.NII growth was largely flat YoY/QoQ, with margins remaining stable QoQ. Lower non-interest income and higher C-I Ratio (up 221bps YoY) dented PPOP which de-grew by 7% YoY and was flat QoQ. 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.

City Union Bank Ltd - Another Weak 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.

Thematic (Sector/Industry)

<ul><li>Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to 132/142mmscmd by FY25/26 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q4FY24 reported EBITDA stood at INR 36bn (+11.6x YoY, -7% QoQ), which came broadly in line with our estimate, however, PAT at INR 22bn (+3.6x YoY, -23% QoQ), came below our estimate, impacted by higher depreciation and interest cost and lower other income</li><li>Depreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional depreciation of INR 1.7bn in Q4</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.

Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to 132/142mmscmd by FY25/26 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ4FY24 reported EBITDA stood at INR 36bn (+11.6x YoY, -7% QoQ), which came broadly in line with our estimate, however, PAT at INR 22bn (+3.6x YoY, -23% QoQ), came below our estimate, impacted by higher depreciation and interest cost and lower other incomeDepreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional depreciation of INR 1.7bn in Q4Content 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: Gail (India), Phoenix Mills, Balkrishna Industries

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.

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City Union Bank (CUBK IN)

City Union Bank Ltd. - Muted Quarter; Recovery Expected From FY25E Onwards!

While the implementation of digital lending processes has resulted in CUB holding back from growth, the management is confident of commencing its...

Axis Direct

City Union Bank Ltd - Yet Another Muted Quarter; Growth Recovery Delayed!

CUB reported a disappointing set of numbers. Advances growth was slower than expected at 2/1% YoY/QoQ and continued to lag industry/peer growth.

Axis Direct

City Union Bank - FY24 Guidance Maintained Despite a Sluggish H1FY24!

CUB reported a mixed set of numbers. Credit growth continues to lag industry and peer growth and stood at 2/3% YoY/QoQ. NII de-grew by 5% YoY and...

Axis Direct

City Union Bank Ltd - Another Weak Quarter

The weakness in credit growth during the quarter can be attributed to the seasonal weakness generally witnessed in Q1, along with CUB witnessing a...

Axis Direct

HSIE Results Daily: Gail (India), Phoenix Mills, Balkrishna Industries

Depreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional...

HDFC Securities

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