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>DCB’s disbursements remained flat YoY and grew by 8% QoQ.In H1FY24, disbursement growth was sluggish as growth in the bank’s TReDS portfolio (loweryielding) slowed down as the competition, especially from PSBs, was higher.</li><li>However, excluding this portfolio, disbursement growth was healthy. Advances growth continued to remain strong at 19/5% YoY/QoQ.</li><li>NII growth was lower at 16/1% YoY/QoQ owing to NIM compression of 14bps, which was largely inline with our expectations.</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.

DCB’s disbursements remained flat YoY and grew by 8% QoQ.In H1FY24, disbursement growth was sluggish as growth in the bank’s TReDS portfolio (loweryielding) slowed down as the competition, especially from PSBs, was higher.However, excluding this portfolio, disbursement growth was healthy. Advances growth continued to remain strong at 19/5% YoY/QoQ.NII growth was lower at 16/1% YoY/QoQ owing to NIM compression of 14bps, which was largely inline with our expectations.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.

DCB Bank Ltd. - Growth Momentum Sustains; Margin Pressures Persist!

<ul>
<li>DCB Bank (DCB) is a retail-focused bank that offers a diversified suite of products, primarily catering to self-employed borrowers (80-90% of the customer base).</li>
<li>The bank’s portfolio is spread across segments such as Mortgage (mainly LAP), SME/MSME loans, Agri, and Inclusive Banking, Gold loans, CV Loans, and Corporate loans.</li>
<li>DCB has a pan-India network of 436 branches with ~56% of the branches in metro and urban cities.</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.


DCB Bank (DCB) is a retail-focused bank that offers a diversified suite of products, primarily catering to self-employed borrowers (80-90% of the customer base).
The bank’s portfolio is spread across segments such as Mortgage (mainly LAP), SME/MSME loans, Agri, and Inclusive Banking, Gold loans, CV Loans, and Corporate loans.
DCB has a pan-India network of 436 branches with ~56% of the branches in metro and urban cities.

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.

Pick of the Week - DCB Bank Ltd. - 7 August 2023

<ul><li>DCB’s disbursements de-grew by 16% QoQ, owing to seasonality and the bank’s slower pace of MSME disbursals.</li><li>However, advances growth continues to remain healthy at 19/3% YoY/QoQ.</li><li>NII de-grew by 3% QoQ backed by a sharp 35bps contraction in NIMs.</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.

DCB’s disbursements de-grew by 16% QoQ, owing to seasonality and the bank’s slower pace of MSME disbursals.However, advances growth continues to remain healthy at 19/3% YoY/QoQ.NII de-grew by 3% QoQ backed by a sharp 35bps contraction in NIMs.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.

DCB Bank Ltd - Soft Quarter; ~1% RoA Deliverable!

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>Marico: Marico’s consolidated revenue fell by 3% YoY, given a one-off channel inventory adjustment leading to a 5% decline in domestic revenues as four-year volume CAGR was flat (+3% YoY)</li><li>However, healthy offtake along with market share gains indicate an uptick in volume growth in the coming quarter</li><li>The overall demand recovery trend has sustained led by urban markets while rural recovery has been slower than expected</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.

Marico: Marico’s consolidated revenue fell by 3% YoY, given a one-off channel inventory adjustment leading to a 5% decline in domestic revenues as four-year volume CAGR was flat (+3% YoY)However, healthy offtake along with market share gains indicate an uptick in volume growth in the coming quarterThe overall demand recovery trend has sustained led by urban markets while rural recovery has been slower than expectedContent 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: Marico, Macrotech Developers, Mahindra & Mahindra Financial Services

<ul><li>FY23 was a year of recovery for DCB Bank Ltd (DCB).</li><li>The bank proactively pushed the growth pedal during the year,accelerating growth on both sides of the balance sheet.</li><li>Its asset quality concerns continued to ebb as collections improved and the recovery pipeline continued to be strong even as slippages remained elevated. </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.

FY23 was a year of recovery for DCB Bank Ltd (DCB).The bank proactively pushed the growth pedal during the year,accelerating growth on both sides of the balance sheet.Its asset quality concerns continued to ebb as collections improved and the recovery pipeline continued to be strong even as slippages remained elevated. 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.

India

DCB Bank Limited is a full service commercial bank. The Bank offers consumer banking, commercial banking, and treasury operations.

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DCB Bank Ltd (DCBB IN)

DCB Bank Ltd. - Growth Momentum Sustains; Margin Pressures Persist!

NII growth was lower at 16/1% YoY/QoQ owing to NIM compression of 14bps, which was largely inline with our expectations.

Axis Direct

Pick of the Week - DCB Bank Ltd. - 7 August 2023

DCB Bank (DCB) is a retail-focused bank that offers a diversified suite of products, primarily catering to self-employed borrowers (80-90% of the...

Axis Direct

DCB Bank Ltd - Soft Quarter; ~1% RoA Deliverable!

DCB’s disbursements de-grew by 16% QoQ, owing to seasonality and the bank’s slower pace of MSME disbursals. However, advances growth continues to...

Axis Direct

HSIE Results Daily: Marico, Macrotech Developers, Mahindra & Mahindra Financial Services

Marico: Marico’s consolidated revenue fell by 3% YoY, given a one-off channel inventory adjustment leading to a 5% decline in domestic revenues as...

HDFC Securities

Axis Annual Analysis:DCB Bank

The stock is currently trading at an attractive valuation of 0.7x FY25E ABV and we value the stock at 0.9x FY25E ABV to arrive at a target price of...

Axis Direct

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