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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>FB reported a strong quarter with a PAT of INR7b (up 53% YoY and 17% beat), aided by NIM expansion and higher 'other income' even as the bank prudently increased the PCR to ~69%.</li><li>Margin improved 8bp QoQ to 3.3%. Gross advances grew 19.4% YoY, led by a broad-based pickup across all business segments.</li><li>Corporate grew the fastest at 21% YoY, followed by SME/ Retail/Agri at 20%/18%/18%, respectively.</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.

FB reported a strong quarter with a PAT of INR7b (up 53% YoY and 17% beat), aided by NIM expansion and higher 'other income' even as the bank prudently increased the PCR to ~69%.Margin improved 8bp QoQ to 3.3%. Gross advances grew 19.4% YoY, led by a broad-based pickup across all business segments.Corporate grew the fastest at 21% YoY, followed by SME/ Retail/Agri at 20%/18%/18%, respectively.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.

Federal Bank - Robust Performance; RoA Progression on a Fast Track

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.

<ul><li>Federal Bank (FB) reported a stellar performance in Q2FY23 with a beat across all parameters.</li><li>The highlight of the quarter has been the multi-year high RoA of 1.2%, which was led by healthy NIMs of 3.3% (multi-quarter high) and modest Opex growth with the C-I Ratio improving to sub-50%.</li><li>The management remains confident in delivering an FY23 exit RoA of 1.25% vs. its earlier guidance of 1.15%, driven by lower slippages, benign credit costs, and a well-managed cost structure.</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.

Federal Bank (FB) reported a stellar performance in Q2FY23 with a beat across all parameters.The highlight of the quarter has been the multi-year high RoA of 1.2%, which was led by healthy NIMs of 3.3% (multi-quarter high) and modest Opex growth with the C-I Ratio improving to sub-50%.The management remains confident in delivering an FY23 exit RoA of 1.25% vs. its earlier guidance of 1.15%, driven by lower slippages, benign credit costs, and a well-managed cost structure.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.

Federal Bank Ltd. - Robust Quarter, RoA Expansion Levers in Place!

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>Bajaj Auto: BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within exports, favorable currency, and lower staff costs</li><li>Domestic 2W demand has failed to revive in H1 and the outlook for H2 remains weak, given the erratic rainfall which has hurt rural sentiment</li><li>Also, while inventory destocking with distributors in key export markets is now over, demand from Africa is likely to remain tepid, given: 1) sharp devaluation of Naira relative to USD; 2) lack of adequate availability of USD in some markets; 3) government’s proposal of putting a blanket ban on motorcycles in Nigeria</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.

Bajaj Auto: BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within exports, favorable currency, and lower staff costsDomestic 2W demand has failed to revive in H1 and the outlook for H2 remains weak, given the erratic rainfall which has hurt rural sentimentAlso, while inventory destocking with distributors in key export markets is now over, demand from Africa is likely to remain tepid, given: 1) sharp devaluation of Naira relative to USD; 2) lack of adequate availability of USD in some markets; 3) government’s proposal of putting a blanket ban on motorcycles in NigeriaContent 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: Bajaj Auto, Shree Cement, Tata Elxsi, Federal Bank

<ul><li>A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediaries</li><li>However, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resets</li><li>With the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-off</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.

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediariesHowever, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resetsWith the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-offContent 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.

Leveraged Financials: The final stages of “easy money”

<ul><li>Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.</li><li>To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.</li><li>The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.</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.

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed elevated commodity prices, which had changed the inflation dynamics significantly.To curb the prevailing inflation problem, all central banks including the RBI have adopted a path of aggressive policy tightening.The RBI increased the repo rate by 50bps in Sep’22 MPC, marking a total policy rate hike of 190bps to 5.9%.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

Federal Bank Limited operates branches and regional offices throughout India. The Bank offers a wide range of financial services, including merchant banking, international banking and foreign exchange, leasing facilities, money markets and agricultural advances. The Bank also provides lending for hi-tech agricultural and government sponsored schemes.

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Federal Bank (FB IN)

Federal Bank - Robust Performance; RoA Progression on a Fast Track

FB reported a strong quarter with a PAT of INR7b (up 53% YoY and 17% beat), aided by NIM expansion and higher 'other income' even as the bank...

Motilal Oswal

Federal Bank Ltd. - Robust Quarter, RoA Expansion Levers in Place!

The management remains confident in delivering an FY23 exit RoA of 1.25% vs. its earlier guidance of 1.15%, driven by lower slippages, benign...

Axis Direct

HSIE Results Daily: Bajaj Auto, Shree Cement, Tata Elxsi, Federal Bank

BAL’s Q2 earnings were ahead of estimates, led by better-than-expected margin (17.2% vs estimate of 15.5%), and was driven by improved mix within...

HDFC Securities

Leveraged Financials: The final stages of “easy money”

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial...

HDFC Securities

Consolidate Q2FY23 Result Preview

Q2FY23 marked a cool-off in the key commodity prices including the base metals and the crude oil as against the Q1FY23 period that witnessed...

Axis Direct

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