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.

Thematic (Sector/Industry)

<div><ul><li>Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one year) by a notable margin.</li><li>In May’23, the basket inched up further by 4.2%. Furthermore, it gives us immense joy to share that our Top Picks basket has delivered an impressive return of 168% since its inception (May’20), which stands significantly higher than the 100% return delivered by NIFTY 50 over the same period.</li><li>Keeping this in view, we continue to believe in our thematic approach to Top Picks selection.</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>

Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one year) by a notable margin.In May’23, the basket inched up further by 4.2%. Furthermore, it gives us immense joy to share that our Top Picks basket has delivered an impressive return of 168% since its inception (May’20), which stands significantly higher than the 100% return delivered by NIFTY 50 over the same period.Keeping this in view, we continue to believe in our thematic approach to Top Picks selection.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.

Top Picks - Upcoming Monsoon Critical for Broad-Based Recovery - June 2023

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.

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,637/sh is premised on (1) recovery in the O2C businesses (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA at INR 384bn (+23% YoY, +9% QoQ, HSIE: INR 378bn) and APAT at INR 193bn (+19% YoY, +22% QoQ), came in above our estimates</li><li>Earnings in Q4 were largely driven by strong growth seen in the O2C segment.</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>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,637/sh is premised on (1) recovery in the O2C businesses (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA at INR 384bn (+23% YoY, +9% QoQ, HSIE: INR 378bn) and APAT at INR 193bn (+19% YoY, +22% QoQ), came in above our estimatesEarnings in Q4 were largely driven by strong growth seen in the O2C segment.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.

HSIE Results Daily: Reliance Industries, ICICI Bank

Equity Bottom-Up

<ul><li>Strong credit growth was visible across segments - Retail loans (+23/5% YoY/QoQ), Business Banking portfolio (+35/8% YoY/QoQ), SME book (+19/6% YoY/QoQ) and Corporate Loans (+21/4% YoY/QoQ).</li><li>NII grew by 40/7% YoY/QoQ driven by healthy credit growth of 19/5% YoY/QoQ and multi-year high NIMs of 4.9% (+90bps/25bps YoY/QoQ).</li><li>Non-interest income growth was driven by fee income growth of 11/2% YoY/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>

Strong credit growth was visible across segments - Retail loans (+23/5% YoY/QoQ), Business Banking portfolio (+35/8% YoY/QoQ), SME book (+19/6% YoY/QoQ) and Corporate Loans (+21/4% YoY/QoQ).NII grew by 40/7% YoY/QoQ driven by healthy credit growth of 19/5% YoY/QoQ and multi-year high NIMs of 4.9% (+90bps/25bps YoY/QoQ).Non-interest income growth was driven by fee income growth of 11/2% YoY/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.

ICICI Bank Ltd. -Stellar Quarter, Growth Momentum to Sustain!

<ul><li>Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchises</li><li>While we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.</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>

Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchisesWhile we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.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.

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

<div><div><div><div><ul><li>We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.</li><li>On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.</li><li>Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. </li></ul></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>

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. 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 Q4fy23 Result Preview – yet Another Strong Quarter!

India

ICICI Bank Limited operates a network of banks located throughout India. The Group specializes in retail and corporate banking, in addition to Forex and treasury operations. ICICI Bank also provides a wide variety of investment banking, insurance and financial services to its clients.

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Icici Bank Ltd Spon Adr (IBN US)

Top Picks - Upcoming Monsoon Critical for Broad-Based Recovery - June 2023

Axis Top Picks basket delivered impressive returns of 25% in the last one year, outperforming the benchmark Index NIFTY 50 (12% returns in one...

Axis Direct

HSIE Results Daily: Reliance Industries, ICICI Bank

RIL’s consolidated EBITDA at INR 384bn (+23% YoY, +9% QoQ, HSIE: INR 378bn) and APAT at INR 193bn (+19% YoY, +22% QoQ), came in above our estimates

HDFC Securities

ICICI Bank Ltd. -Stellar Quarter, Growth Momentum to Sustain!

Retail loans (+23/5% YoY/QoQ), Business Banking portfolio (+35/8% YoY/QoQ), SME book (+19/6% YoY/QoQ) and Corporate Loans (+21/4% YoY/QoQ).

Axis Direct

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations

HDFC Securities

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.

Axis Direct

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