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>Relaxation in Priority Sector Lending (PSL)Compliance – RBI’s relaxation in terms of PSL compliance to HDFCB with only 1/3rd of HDFC’s O/S book to be considered in the 1st year of the merger, is a key positive.</li><li>This implies that at the effective date of merger, even though the ANBC would increase, the bank would have 12 months to comply with the PSL requirements on the added ANBC.</li><li>Assuming the merger concludes in Sep’23 (Q2FY24, management had indicated completion in Q2FY24 by Jul’23), the PSL requirement on HDFC’s ANBC will be effective from Q2FY25E.</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.

Relaxation in Priority Sector Lending (PSL)Compliance – RBI’s relaxation in terms of PSL compliance to HDFCB with only 1/3rd of HDFC’s O/S book to be considered in the 1st year of the merger, is a key positive.This implies that at the effective date of merger, even though the ANBC would increase, the bank would have 12 months to comply with the PSL requirements on the added ANBC.Assuming the merger concludes in Sep’23 (Q2FY24, management had indicated completion in Q2FY24 by Jul’23), the PSL requirement on HDFC’s ANBC will be effective from Q2FY25E.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 - RBI’s Clarifications Ease Merger Roadblocks!

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> reported a steady and broadly in-line-with-expected Q4FY23 earnings. In particular, its growth in deposits at 8.7% QoQ was commendable.</li>
<li>Advances also grew at a healthy pace of 6% QoQ. Retail advances grew 5% QoQ, while CRB (Commercial and Rural Banking) grew the most at 9.7% QoQ.</li>
<li>Aided by low credit costs, HDFCB continues to invest in expanding its geographical and digital distribution to deepen its penetration.</li>
</ul>



HDFC Bank (HDFCB IN) reported a steady and broadly in-line-with-expected Q4FY23 earnings. In particular, its growth in deposits at 8.7% QoQ was commendable.
Advances also grew at a healthy pace of 6% QoQ. Retail advances grew 5% QoQ, while CRB (Commercial and Rural Banking) grew the most at 9.7% QoQ.
Aided by low credit costs, HDFCB continues to invest in expanding its geographical and digital distribution to deepen its penetration.


HDFC Bank: Steady Q4FY23 Results | Merger Update - RBI Concessions

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, raised around US$630m in its Japan IPO.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at various aspects of the deal. In this note, we talk about the deal dynamics and trading updates.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), raised around US$630m in its Japan IPO.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at various aspects of the deal. In this note, we talk about the deal dynamics and trading updates.


<ul><li>Advances growth of 17/6% YoY/QoQ was driven by Retail (+19/5% YoY/QoQ) and CRB (+30/9% YoY/QoQ).</li><li>Retail advances growth was driven by Personal Loans (+23/4% YoY/QoQ), Gold Loans (+30/8% YoY/QoQ), and Home loans (+23/5% YoY/QoQ).</li><li>NII grew by 24/2% YoY/QoQ, and NIMs (reported) remained stable QoQ at ~4.1% and improved by ~20bps YoY. </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.

Advances growth of 17/6% YoY/QoQ was driven by Retail (+19/5% YoY/QoQ) and CRB (+30/9% YoY/QoQ).Retail advances growth was driven by Personal Loans (+23/4% YoY/QoQ), Gold Loans (+30/8% YoY/QoQ), and Home loans (+23/5% YoY/QoQ).NII grew by 24/2% YoY/QoQ, and NIMs (reported) remained stable QoQ at ~4.1% and improved by ~20bps 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.

HDFC Bank Ltd. - Elevated Opex Hurts PPOP; Aggressive Branch Expansion to Continue!

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>
<a href="https://www.smartkarma.com/entities/prosus-nv" target="_blank" data-smartkarma-citation="entities:28104:1" rel="noopener">Prosus (PRX NA)</a> moved 96mn shares of <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> into CCASS. Tencent shares fell hard. If the share price fell because of a block offering, that would be unwarranted. </li>
<li>
<a href="https://www.smartkarma.com/entities/ecopro-co-ltd" target="_blank" data-smartkarma-citation="entities:19029:1" rel="noopener">Ecopro (086520 KS)</a> is up an eye-watering 590% in the past three months, primarily on <a href="https://www.smartkarma.com/entities/ecopro-bm-co-ltd" target="_blank" data-smartkarma-citation="entities:27873:1" rel="noopener">Ecopro BM (247540 KS)</a>'s outperformance, together with sentiment towards soon-to-be-listed 52.8% held Ecopro Materials. </li>
<li>Japan's Finance Minister said that companies need to improve their PBRs, and that "increasing corporate value of listed companies would allow for Japan to realise sustainable growth."</li>
</ul>



Prosus (PRX NA) moved 96mn shares of Tencent (700 HK) into CCASS. Tencent shares fell hard. If the share price fell because of a block offering, that would be unwarranted. 

Ecopro (086520 KS) is up an eye-watering 590% in the past three months, primarily on Ecopro BM (247540 KS)'s outperformance, together with sentiment towards soon-to-be-listed 52.8% held Ecopro Materials. 
Japan's Finance Minister said that companies need to improve their PBRs, and that "increasing corporate value of listed companies would allow for Japan to realise sustainable growth."


Last Week in Event SPACE: Tencent, Ecopro, Japan’s Governance, Jardines, Citizen

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 - RBI’s Clarifications Ease Merger Roadblocks!

RBI’s relaxation in terms of PSL compliance to HDFCB with only 1/3rd of HDFC’s O/S book to be considered in the 1st year of the merger, is a key...

Axis Direct

HDFC Bank: Steady Q4FY23 Results | Merger Update - RBI Concessions

HDFCB reported a steady Q4FY23 quarter. In particular, the growth in deposits was attractive at 8.7% QoQ. At current valuation, HDFCB offers an...

Ankit Agrawal, CFA

Rakuten Bank IPO Trading - Ample Upside

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), raised around US$630m in its Japan IPO. In this note, we talk about the...

Sumeet Singh

HDFC Bank Ltd. - Elevated Opex Hurts PPOP; Aggressive Branch Expansion to Continue!

Retail advances growth was driven by Personal Loans (+23/4% YoY/QoQ), Gold Loans (+30/8% YoY/QoQ), and Home loans (+23/5% YoY/QoQ).

Axis Direct

Last Week in Event SPACE: Tencent, Ecopro, Japan’s Governance, Jardines, Citizen

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

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