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. 

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’s (HDFCB) Q3FY22 earnings performance was stable, albeit with marginal lags</li><li>The management commentary was highly positive on growth pick-up in Retail/Rural/SME/Commercial segments</li><li>We maintain a BUY on the stock with a revised target price of Rs 1985/share (SOTP basis core book at 3.5x FY24E and Rs 70 Subsidiary Value).</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’s (HDFCB) Q3FY22 earnings performance was stable, albeit with marginal lagsThe management commentary was highly positive on growth pick-up in Retail/Rural/SME/Commercial segmentsWe maintain a BUY on the stock with a revised target price of Rs 1985/share (SOTP basis core book at 3.5x FY24E 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

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.

<p>HDFCB reported an in line quarter, with NII/PPOP growth of 13%/10.5% YoY. PAT grew 18% YoY to INR103.4b (in line). Profitability stood stronger despite the bank creating additional provisions of INR9b, taking the total buffer to ~INR86.4b (~70bp of loans). The bank witnessed a healthy pickup in business as loans grew 5.2% QoQ. The Retail segment grew 13.3% YoY, while Commercial and Rural Banking...</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 in line quarter, with NII/PPOP growth of 13%/10.5% YoY. PAT grew 18% YoY to INR103.4b (in line). Profitability stood stronger despite the bank creating additional provisions of INR9b, taking the total buffer to ~INR86.4b (~70bp of loans). The bank witnessed a healthy pickup in business as loans grew 5.2% QoQ. The Retail segment grew 13.3% YoY, while Commercial and Rural Banking...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 in line; Balance Sheet strengthens further

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

ICICI Securities Limited

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.

<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

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<ul>
<li>Toxity in Axis Bank's work culture confirmed by Ravi Narayanan - Group Executive, retail liabilities and branches</li>
<li>Senior executive at town hall meeting allegedly stated “employees should fight, abuse and complain amongst them [sic] for business, this is the attitude what [sic] I like”</li>
<li>Strategy of abuse so far has failed but with board's endorsement, more of the same is being implemented which may have adverse impact on performance </li>
</ul>


Toxity in Axis Bank's work culture confirmed by Ravi Narayanan - Group Executive, retail liabilities and branches
Senior executive at town hall meeting allegedly stated “employees should fight, abuse and complain amongst them [sic] for business, this is the attitude what [sic] I like”
Strategy of abuse so far has failed but with board's endorsement, more of the same is being implemented which may have adverse impact on performance 


Axis Bank’s Toxic Call to Staff to Fight, Abuse, and Undermine One Another in Pursuit of Business

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

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

HDFC Bank (HDFCB IN)

HDFC Bank: Stable Quarter; Maintain BUY

We maintain a BUY on the stock with a revised target price of Rs 1985/share (SOTP basis core book at 3.5x FY24E and Rs 70 Subsidiary Value).

Axis Direct

Earnings in line; Balance Sheet strengthens further

HDFCB reported an in line quarter, with NII/PPOP growth of 13%/10.5% YoY. PAT grew 18% YoY to INR103.4b (in line). Profitability stood stronger...

Motilal Oswal

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

Axis Bank’s Toxic Call to Staff to Fight, Abuse, and Undermine One Another in Pursuit of Business

Strategy of abusing staff so far has failed but with board of directors' endorsement, more of the same is being implemented which may have adverse...

Hemindra Hazari

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HDFC Bank: Stable Quarter; Maintain BUY

We maintain a BUY on the stock with a revised target price of Rs 1985/share (SOTP basis core book at 3.5x FY24E and Rs 70 Subsidiary Value).

Axis Direct

Earnings in line; Balance Sheet strengthens further

HDFCB reported an in line quarter, with NII/PPOP growth of 13%/10.5% YoY. PAT grew 18% YoY to INR103.4b (in line). Profitability stood stronger...

Motilal Oswal

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

Axis Bank’s Toxic Call to Staff to Fight, Abuse, and Undermine One Another in Pursuit of Business

Strategy of abusing staff so far has failed but with board of directors' endorsement, more of the same is being implemented which may have adverse...

Hemindra Hazari

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

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