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

Emkay

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>HDFCB maintained its robust credit growth trajectory – up 23.5% YoY/6% QoQ, in Q2 (vs 21.5% YoY/2% QoQ, in Q1).</li><li>This was mainly led by continued strong momentum in commercial banking (31.5% YoY/9.5% QoQ)/corporate book (27% YoY /9% QoQ).</li><li>Retail growth too was healthy, at 21.5% YoY/5% QoQ.</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 maintained its robust credit growth trajectory – up 23.5% YoY/6% QoQ, in Q2 (vs 21.5% YoY/2% QoQ, in Q1).This was mainly led by continued strong momentum in commercial banking (31.5% YoY/9.5% QoQ)/corporate book (27% YoY /9% QoQ).Retail growth too was healthy, at 21.5% YoY/5% 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.

HDFC Bank | HDFCB Maintained Its Robust Credit Growth Trajectory

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

Thematic (Sector/Industry)

<div><ul><li>Treasury losses to dent earnings: While we expect NII growth to be strong (up 16.9% YoY for coverage banks), treasury losses could be a major drag on operating profit growth.</li><li><p>Systemic credit growth, provisional updates indicate optimism: As per RBI’s latest data, systemic credit growth rate is 12% YoY (June’22).</p></li><li><p><span style="font-size: var(--content-font-size);">Large cap banks showing stronger traction than peers; housing doing well: We expect large cap coverage banks to continue to report higher growth (20.7% YoY) vis-à-vis mid/small-cap peers (16.9% YoY) and PSBs (15.5% YoY).</span></p></li></ul></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>

Treasury losses to dent earnings: While we expect NII growth to be strong (up 16.9% YoY for coverage banks), treasury losses could be a major drag on operating profit growth.Systemic credit growth, provisional updates indicate optimism: As per RBI’s latest data, systemic credit growth rate is 12% YoY (June’22).Large cap banks showing stronger traction than peers; housing doing well: We expect large cap coverage banks to continue to report higher growth (20.7% YoY) vis-à-vis mid/small-cap peers (16.9% YoY) and PSBs (15.5% 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.

Banking & Financials Sector - Weak Treasury to Dent Earnings

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.

<div><div><div><ul><li>Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.</li><li>Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.</li></ul></div><div><div><div><ul><li>MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.</li></ul></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>

Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.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.

BFSI - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

<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!

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 | HDFCB Maintained Its Robust Credit Growth Trajectory

HDFCB maintained its robust credit growth trajectory – up 23.5% YoY/6% QoQ, in Q2 (vs 21.5% YoY/2% QoQ, in Q1). Retail growth too was healthy, at...

Emkay

Banking & Financials Sector - Weak Treasury to Dent Earnings

We expect banks to report weak earnings due to treasury losses. We expect operating earnings of coverage banks to decline by 6.5% YoY and 11.2% QoQ...

Nirmal Bang

BFSI - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

Signalling its serious intent to rein in a galloping inflation, the RBI announced a 50bps repo rate hike in its monetary policy meeting

HDFC Securities

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

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