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. 

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Equity Bottom-Up

<ul><li>ICICI Bank (ICICIBC) reported yet another strong performance in Q3FY22 with a 25% YoY earnings growth</li><li>The bank's NII grew 25% YoY with a healthy loan book growth of 16% YoY and stable NIMs (3.97%)</li><li>We maintain a BUY rating on the stock with a revised target price of Rs 990/share (SOTP basis core book at 2.8x FY24E and Rs 182 Subs. Value), implying an upside of 23% from the CMP.</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>

ICICI Bank (ICICIBC) reported yet another strong performance in Q3FY22 with a 25% YoY earnings growthThe bank's NII grew 25% YoY with a healthy loan book growth of 16% YoY and stable NIMs (3.97%)We maintain a BUY rating on the stock with a revised target price of Rs 990/share (SOTP basis core book at 2.8x FY24E and Rs 182 Subs. Value), implying an upside of 23% from the CMP.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: Outperformance Continues; Maintain BUY

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. 

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<p>Kajaria Ceramics: We reiterate our BUY rating on Kajaria Ceramics (KJC), with an unchanged target price of INR1,450/sh (21x its Dec-23E consolidated EBITDA). KJC reported robust growth across tiles, bathware, and ply segments, riding on both healthy demand and market share gains, which drove its revenue by 27% YoY. However, elevated gas prices muted EBITDA/APAT growth to 1/3% YoY. KJC is confident to continue to gain market share, as it is eying a 15%+ tiles volume growth CAGR for the next three years.</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>

Kajaria Ceramics: We reiterate our BUY rating on Kajaria Ceramics (KJC), with an unchanged target price of INR1,450/sh (21x its Dec-23E consolidated EBITDA). KJC reported robust growth across tiles, bathware, and ply segments, riding on both healthy demand and market share gains, which drove its revenue by 27% YoY. However, elevated gas prices muted EBITDA/APAT growth to 1/3% YoY. KJC is confident to continue to gain market share, as it is eying a 15%+ tiles volume growth CAGR for the next three years.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, Kajaria Ceramics

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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<p>Yet another quarter of superior credit growth</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>

Yet another quarter of superior credit growthContent 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. 

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<p>ICICIBC has been the best performer in the Banking sector (despite the consensus Buy tag) as it delivered 80%/42% returns over FY21/FY22 YTD. Its market capitalization ranking within the BFSI space has improved to two from five in FY18. Stability of the top management has helped improve its operational performance. Mr. Sandeep Bakhshi's appointment as CEO has brought stability which enabled value creation and drove re-rating as bank delivered 31% CAGR in m-cap since FY1821 v/s 7% over FY10-18.</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>

ICICIBC has been the best performer in the Banking sector (despite the consensus Buy tag) as it delivered 80%/42% returns over FY21/FY22 YTD. Its market capitalization ranking within the BFSI space has improved to two from five in FY18. Stability of the top management has helped improve its operational performance. Mr. Sandeep Bakhshi's appointment as CEO has brought stability which enabled value creation and drove re-rating as bank delivered 31% CAGR in m-cap since FY1821 v/s 7% over FY10-18.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.

Leadership position to strengthen; Tech capabilities to drive sustainable growth

<ul><li>Building a financial super app – iMobile: 74% of the bank’s customers are digitally active, and the bank is working towards building a financial super app – iMobile</li><li>UPI monthly transactions exhibit healthy growth: ICICI Bank’s UPI monthly transaction count has grown at 89% year to Oct’21, whereas the UPI market has grown at 74%</li><li>We maintain a BUY rating on the stock with a target price of Rs 975/share (SOTP basis core book at 2.8x FY24E and Rs 182 Subs. 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>

Building a financial super app – iMobile: 74% of the bank’s customers are digitally active, and the bank is working towards building a financial super app – iMobileUPI monthly transactions exhibit healthy growth: ICICI Bank’s UPI monthly transaction count has grown at 89% year to Oct’21, whereas the UPI market has grown at 74%We maintain a BUY rating on the stock with a target price of Rs 975/share (SOTP basis core book at 2.8x FY24E and Rs 182 Subs. 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.

ICICI Bank: Focus on Scalability and Customer Experience Through Technology

India

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

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ICICI Bank Ltd (ICICIBC IN)

ICICI Bank: Outperformance Continues; Maintain BUY

We maintain a BUY rating on the stock with a revised target price of Rs 990/share (SOTP basis core book at 2.8x FY24E and Rs 182 Subs. Value),...

Axis Direct

HSIE Results Daily: Reliance Industries, ICICI Bank, Kajaria Ceramics

Kajaria Ceramics: We reiterate our BUY rating on Kajaria Ceramics (KJC), with an unchanged target price of INR1,450/sh (21x its Dec-23E...

HDFC Securities

ICICI Bank Ltd | Q3FY22 Result Update

Yet another quarter of superior credit growth

Edelweiss

Leadership position to strengthen; Tech capabilities to drive sustainable growth

ICICIBC has been the best performer in the Banking sector (despite the consensus Buy tag) as it delivered 80%/42% returns over FY21/FY22 YTD. Its...

Motilal Oswal

ICICI Bank: Focus on Scalability and Customer Experience Through Technology

We maintain a BUY rating on the stock with a target price of Rs 975/share (SOTP basis core book at 2.8x FY24E and Rs 182 Subs. Value).

Axis Direct

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