External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles</li><li>The bank has maintained superior return ratios compared to its peers resulting in premium valuations</li><li>We value HDFC Bank at ~3.7x FY24E ABV and Rs 50 for subsidiaries and maintain our target price at Rs 2000 per share</li></ul><div class="content-highlight"><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></div>

HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cyclesThe bank has maintained superior return ratios compared to its peers resulting in premium valuationsWe value HDFC Bank at ~3.7x FY24E ABV and Rs 50 for subsidiaries and maintain our target price at Rs 2000 per shareContent 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: Gradual Acceleration, Capability Build-Up in Focus

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.

<p>We expect regulatory convergence on the back of the RBI's recent narrative for digital lenders although FinTech BNPLs are likely to sustain their superior user experience. Within a bouquet of BNPL options, credit cards remain the most exhaustive and profitable and, in fact, offer an up-sell opportunity for credit-tested top-of-the-BNPL-pyramid customers. India's Buy-Now-Pay-Later (BNPL) is positioned as a source of gateway credit and poised to grow to USD56bn by FY26 (~5% of digital P2M payments) on the back of rising ecommerce and digital payments penetration.</p><div class="content-highlight"><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></div>

We expect regulatory convergence on the back of the RBI's recent narrative for digital lenders although FinTech BNPLs are likely to sustain their superior user experience. Within a bouquet of BNPL options, credit cards remain the most exhaustive and profitable and, in fact, offer an up-sell opportunity for credit-tested top-of-the-BNPL-pyramid customers. India's Buy-Now-Pay-Later (BNPL) is positioned as a source of gateway credit and poised to grow to USD56bn by FY26 (~5% of digital P2M payments) on the back of rising ecommerce and digital payments penetration.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.

FinTech Playbook: Buy Now Pay Later | De-mystifying the tablestakes

<p><strong>About the stock:</strong> HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations.</p><ul><li>Largest private sector bank with loan book of ~| 12 lakh crore</li><li>Consistent performance with +4% NIM and +15% RoE in past many years</li></ul><div class="content-highlight"><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></div>

About the stock: HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior return ratios compared to its peers resulting in premium valuations.Largest private sector bank with loan book of ~| 12 lakh croreConsistent performance with +4% NIM and +15% RoE in past many yearsContent 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: Healthy Revival; Shifting Gears to Accelerate Growth

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>HDFCB remains one of the resilient stocks in the sector and we maintain a BUY on the stock with a revised target price of Rs 1,935/share (SOTP basis core book at 3.9x FY23E and Rs 70 Subsidiary Value).</p><div class="content-highlight"><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></div>

HDFCB remains one of the resilient stocks in the sector and we maintain a BUY on the stock with a revised target price of Rs 1,935/share (SOTP basis core book at 3.9x FY23E and Rs 70 Subsidiary Value).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), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>HDFCB reported an inline quarter with NII/PPoP growth of 12%/14% YoY and PAT growth of 18% YoY to INR88.3b (inline). Profitability came in strong despite creating an additional contingent provision of INR12b, thus taking the total buffer to ~INR78b (~0.65% of loans). The bank witnessed a healthy pickup in business momentum as deposits / loans were up 4.5% QoQ each. Retail segment grew ~13% YoY while Commercial and Rural Banking grew robustly at 27.6% YoY.</p><div class="content-highlight"><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></div>

HDFCB reported an inline quarter with NII/PPoP growth of 12%/14% YoY and PAT growth of 18% YoY to INR88.3b (inline). Profitability came in strong despite creating an additional contingent provision of INR12b, thus taking the total buffer to ~INR78b (~0.65% of loans). The bank witnessed a healthy pickup in business momentum as deposits / loans were up 4.5% QoQ each. Retail segment grew ~13% YoY while Commercial and Rural Banking grew robustly at 27.6% 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.

Earnings/PPOP in line; asset quality robust

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: Gradual Acceleration, Capability Build-Up in Focus

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

FinTech Playbook: Buy Now Pay Later | De-mystifying the tablestakes

We expect regulatory convergence on the back of the RBI's recent narrative for digital lenders although FinTech BNPLs are likely to sustain...

HDFC Securities

HDFC Bank: Healthy Revival; Shifting Gears to Accelerate Growth

HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior...

ICICI Securities Limited

HDFC Bank: Strong Earnings Visibility

HDFCB remains one of the resilient stocks in the sector and we maintain a BUY on the stock with a revised target price of Rs 1,935/share (SOTP...

Axis Direct

Earnings/PPOP in line; asset quality robust

HDFCB reported an inline quarter with NII/PPoP growth of 12%/14% YoY and PAT growth of 18% YoY to INR88.3b (inline). Profitability came in strong...

Motilal Oswal

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HDFC Bank: Gradual Acceleration, Capability Build-Up in Focus

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

FinTech Playbook: Buy Now Pay Later | De-mystifying the tablestakes

We expect regulatory convergence on the back of the RBI&#x27;s recent narrative for digital lenders although FinTech BNPLs are likely to sustain...

HDFC Securities

HDFC Bank: Healthy Revival; Shifting Gears to Accelerate Growth

HDFC Bank is a leading private sector bank with consistent growth and operational performance over various cycles. The bank has maintained superior...

ICICI Securities Limited

HDFC Bank: Strong Earnings Visibility

HDFCB remains one of the resilient stocks in the sector and we maintain a BUY on the stock with a revised target price of Rs 1,935/share (SOTP...

Axis Direct

Earnings/PPOP in line; asset quality robust

HDFCB reported an inline quarter with NII/PPoP growth of 12%/14% YoY and PAT growth of 18% YoY to INR88.3b (inline). Profitability came in strong...

Motilal Oswal

We expect regulatory convergence on the back of the RBI's recent narrative for digital lenders although FinTech BNPLs are likely to sustain...