External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<div><div><div><div><ul><li>Retail growth to pick up, supported by new product launches: Overall commentary was positive and mostly similar to the recent earning’s call wherein the management highlighted that growth is likely to pick up pace in the retail segment across product lines.</li></ul></div></div></div></div><div><div><div><div><ul><li>Corporate growth is expected to do well too: Even though retail loan book is expected to grow at a higher rate, corporate growth is expected to be healthy too.</li></ul><div><div><div><div><ul><li>CRB to clock 25-30% growth: In recent times, we have seen the CRB segment clocking growth rates of 25-30%, driven by expansion in semi-urban and rural areas.</li></ul></div></div></div></div></div></div></div></div><p><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></p>

Retail growth to pick up, supported by new product launches: Overall commentary was positive and mostly similar to the recent earning’s call wherein the management highlighted that growth is likely to pick up pace in the retail segment across product lines.Corporate growth is expected to do well too: Even though retail loan book is expected to grow at a higher rate, corporate growth is expected to be healthy too.CRB to clock 25-30% growth: In recent times, we have seen the CRB segment clocking growth rates of 25-30%, driven by expansion in semi-urban and rural areas.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.

HDFC Bank - Execution Underway on Multiple Fronts

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>HDFC Bank’s (HDFCB) Q4FY22 earnings performance stood below our and consensus estimates with NII growth disappointing despite a healthy loan growth.</li><li>Loan growth was robust at 21/9% YoY/QoQ supported by healthy growth in the Commercial &amp; Rural Banking (+31% YoY) and Corporate Book (+17% YoY)</li><li>We maintain our BUY recommendation on the stock with a revised target price of Rs 1,960/share derived using the SOTP method (core bank at 3.4xFY24E ABV + Subsidiaries value Rs 75/-), implying an upside of 34% from the CMP</li></ul><p><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></p>

HDFC Bank’s (HDFCB) Q4FY22 earnings performance stood below our and consensus estimates with NII growth disappointing despite a healthy loan growth.Loan growth was robust at 21/9% YoY/QoQ supported by healthy growth in the Commercial &amp; Rural Banking (+31% YoY) and Corporate Book (+17% YoY)We maintain our BUY recommendation on the stock with a revised target price of Rs 1,960/share derived using the SOTP method (core bank at 3.4xFY24E ABV + Subsidiaries value Rs 75/-), implying an upside of 34% from the CMPContent 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.

HDFC Bank: Strong ROA Despite NIM Compression!

<ul>
<li>HDFC Bank reported earnings growth of ~23% YoY, mainly driven by lower provisions.</li>
<li>Operating profit growth was subdued at 5.3% YoY on account of multiple factors: (1) lower NII growth due to NIM compression (2) treasury losses (vs. gains in previous periods) due to increase in yields (3) investments in branches, human capital and technology.</li>
<li>Loan book growth was strong at ~21% YoY, driven by commercial/rural and wholesale banking...(continued).</li>
</ul>
<p><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></p>


HDFC Bank reported earnings growth of ~23% YoY, mainly driven by lower provisions.
Operating profit growth was subdued at 5.3% YoY on account of multiple factors: (1) lower NII growth due to NIM compression (2) treasury losses (vs. gains in previous periods) due to increase in yields (3) investments in branches, human capital and technology.
Loan book growth was strong at ~21% YoY, driven by commercial/rural and wholesale banking...(continued).

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.

HDFC Bank- 4QFY22 Result Update- Higher Wholesale Growth Hurts Margins

<ul><li>HDFC Bank (HDFCB) announced the merger with HDFC Ltd. (HDFC), which we believe is beneficial for both entities and will help strengthen HDFCB’s leadership position as synergies emerge over the longer term</li><li>The merger process is likely to be completed in 15- 18 months, subject to the completion of regulatory approvals</li><li>We maintain our BUY recommendation with a target price of Rs 1,985 derived using the SOTP method (core bank at 3.5x FY24 ABV + Subsidiaries value Rs 70/-), implying an upside of 20% from CMP.</li></ul><p><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></p>

HDFC Bank (HDFCB) announced the merger with HDFC Ltd. (HDFC), which we believe is beneficial for both entities and will help strengthen HDFCB’s leadership position as synergies emerge over the longer termThe merger process is likely to be completed in 15- 18 months, subject to the completion of regulatory approvalsWe maintain our BUY recommendation with a target price of Rs 1,985 derived using the SOTP method (core bank at 3.5x FY24 ABV + Subsidiaries value Rs 70/-), implying an upside of 20% from CMP.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.

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>HDFCB has announced the long-awaited reverse merger of parent HDFCL.</li><li>The merger should fulfill the implicit RBI policy of 1) not allowing a bank to be owned by an NBFC/HFC, and 2) having its lending business housed mainly in the bank.</li><li>It should also generate cost/business synergies in the medium-to-long run.</li></ul><p><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></p>

HDFCB has announced the long-awaited reverse merger of parent HDFCL.The merger should fulfill the implicit RBI policy of 1) not allowing a bank to be owned by an NBFC/HFC, and 2) having its lending business housed mainly in the bank.It should also generate cost/business synergies in the medium-to-long run.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.

HDFC Bank: Mega Merger to Drive Economies of Scale, Cost/Business Synergies

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

HDFC Bank - Execution Underway on Multiple Fronts

HDFC Bank is aiming to double the post-merger balance sheet in 5 years and expects eventual steady-state ROA of 2% given the merger benefits.

Nirmal Bang

HDFC Bank: Strong ROA Despite NIM Compression!

We maintain our BUY recommendation on the stock with a revised target price of Rs 1,960/share derived using the SOTP method (core bank at 3.4xFY24E...

Axis Direct

HDFC Bank- 4QFY22 Result Update- Higher Wholesale Growth Hurts Margins

HDFC Bank reported earnings growth of ~23% YoY, mainly driven by lower provisions. Operating profit growth was subdued at 5.3% YoY on account of...

Nirmal Bang

HDFC Bank: Win-Win for Both Entities!

We maintain our BUY recommendation with a target price of Rs 1,985 derived using the SOTP method (core bank at 3.5x FY24 ABV + Subsidiaries value...

Axis Direct

HDFC Bank: Mega Merger to Drive Economies of Scale, Cost/Business Synergies

HDFCB has announced the long-awaited reverse merger of parent HDFCL.The merger should fulfill the implicit RBI policy of 1) not allowing a bank...

Emkay

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