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. 

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Equity Bottom-Up

Equitas Small Finance Bank  / Equity Bottom-Up

We interacted with the team at Equitas Small Finance Bank (EQSFB) to understand the growth roadmap for the bank over the medium term as the bank looks to roll out new products to support growth and harbours ambitions to transition into a universal bank from a small finance bank.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.

We interacted with the team at Equitas Small Finance Bank (EQSFB) to understand the growth roadmap for the bank over the medium term as the bank looks to roll out new products to support growth and harbours ambitions to transition into a universal bank from a small finance bank.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.

Equitas Small Finance Bank: New Products to Support Growth, 2% RoA Deliverable!

Thematic (Sector/Industry)

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </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 systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. 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.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

<ul><li>Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.</li><li>Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.</li><li>Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit growth. </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.

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit 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.

<ul><li>Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.</li><li>Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).</li><li>ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.</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.

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.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.

Axis Research Scorecard Report for Oct 2023

<ul>
<li>Disbursements grew by 29/4% YoY/QoQ, translating into healthy advances growth of 37/5% YoY/QoQ.</li>
<li>Advances growth was led by strong growth in the MFI (+42/4% YoY/QoQ), Vehicle Finance book (+38/6% YoY/QoQ) – led by used cars and new CVs, Small Business Loans (+32/7% YoY/QoQ) and Housing Loans (+69/12% YoY).</li>
<li>Deposits growth was robust at 42/11% YoY/QoQ, primarily led by growth in TDs (+82/20% 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.


Disbursements grew by 29/4% YoY/QoQ, translating into healthy advances growth of 37/5% YoY/QoQ.
Advances growth was led by strong growth in the MFI (+42/4% YoY/QoQ), Vehicle Finance book (+38/6% YoY/QoQ) – led by used cars and new CVs, Small Business Loans (+32/7% YoY/QoQ) and Housing Loans (+69/12% YoY).
Deposits growth was robust at 42/11% YoY/QoQ, primarily led by growth in TDs (+82/20% 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.

Equitas Small Finance Bank Ltd. - RoA of ~2% Deliverable with Improved Outlook on Margins!

India

Equitas Small Finance Bank Limited operates as a bank. The Bank offers savings accounts, fixed deposits, loans, debit and credit cards, investment, insurance, online services, and other related activities. Equitas Small Finance Bank serves clients in India.

Equitas Small Finance Bank  (EQUITASB IN)

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Equitas Small Finance Bank (EQUITASB IN)

Equitas Small Finance Bank: New Products to Support Growth, 2% RoA Deliverable!

We maintain our BUY recommendation on the stock with a revised target price of Rs 125, implying an upside of 15% from CMP.

Axis Direct

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

Top Sector Ideas - BFSI

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.

Axis Direct

Axis Research Scorecard Report for Oct 2023

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23. Calls that successfully achieved their target were Nestle India (~10%),...

Axis Direct

Equitas Small Finance Bank Ltd. - RoA of ~2% Deliverable with Improved Outlook on Margins!

Disbursements grew by 29/4% YoY/QoQ, translating into healthy advances growth of 37/5% YoY/QoQ. Advances growth was led by strong growth in the MFI...

Axis Direct

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