External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/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 stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimate</li><li>Earnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)</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.

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/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 stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimateEarnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~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.

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Retail-led Credit Growth Momentum – ICICI Bank (ICICIB) continues to witness sustained growth momentum in the retail, SME and Business Banking segments, which would remain its key growth drivers.</li><li>In the corporate segment, demand from certain pockets (real estate, infra, and industrials) remains healthy.</li><li>Overall, corporate growth is likely to lag retail credit growth. We expect ICICIB to deliver a strong credit growth of ~19% CAGR over the medium term.</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.

Retail-led Credit Growth Momentum – ICICI Bank (ICICIB) continues to witness sustained growth momentum in the retail, SME and Business Banking segments, which would remain its key growth drivers.In the corporate segment, demand from certain pockets (real estate, infra, and industrials) remains healthy.Overall, corporate growth is likely to lag retail credit growth. We expect ICICIB to deliver a strong credit growth of ~19% CAGR over the medium term.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. - Firing On All Cylinders!

<ul><li>IndusInd Bank: IndusInd Bank (IIB) reported its highest-ever quarterly earnings, largely on account of steady loan growth (+19% YoY), stable margins, sustained traction in fee income and lower credit costs (1.7% annualised)</li><li>Gross slippages at 2.3% witnessed some deterioration in the CV/CE portfolio and partial fallout from the restructured book, ex of which the back-book appears to be incrementally stabilising</li><li>IIB managed to garner retail deposits in the form of CA and TD from select affluent and NRI pockets, resulting in an overhang on its funding costs</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.

IndusInd Bank: IndusInd Bank (IIB) reported its highest-ever quarterly earnings, largely on account of steady loan growth (+19% YoY), stable margins, sustained traction in fee income and lower credit costs (1.7% annualised)Gross slippages at 2.3% witnessed some deterioration in the CV/CE portfolio and partial fallout from the restructured book, ex of which the back-book appears to be incrementally stabilisingIIB managed to garner retail deposits in the form of CA and TD from select affluent and NRI pockets, resulting in an overhang on its funding costsContent 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 - IndusInd Bank, ICICI Prudential Life, PSP Projects

<ul><li>The credit growth momentum has continued to remain robust as is visible from the near decadal high systemic growth of ~17% YoY, driven by the continued traction in the Retail and SME segments.</li><li>On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well.</li><li>Corporate loans are showing gradual recovery, albeit on a weaker base.</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.

The credit growth momentum has continued to remain robust as is visible from the near decadal high systemic growth of ~17% YoY, driven by the continued traction in the Retail and SME segments.On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well.Corporate loans are showing gradual recovery, albeit on a weaker base.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 Q3FY23 Result Preview – Earnings Growth to Remain Strong!

<ul><li>Axis Top Picks basket outperformed the benchmark by a significant margin as it delivered an impressive return of 11% in 2022 as against 4.3% posted by Nifty 50 during the year.</li><li>The basket, however, declined by 1.8% in Dec’22 on account of the volatile equity market but it still managed to beat the 3.5% de-growth reported by the benchmark Nifty 50 on an MoM basis.</li><li>Furthermore, the basket has delivered an astounding return of 149% since its inception (May'20), which stands significantly higher than the 95% returns delivered by NIFTY 50 over the same period.</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.

Axis Top Picks basket outperformed the benchmark by a significant margin as it delivered an impressive return of 11% in 2022 as against 4.3% posted by Nifty 50 during the year.The basket, however, declined by 1.8% in Dec’22 on account of the volatile equity market but it still managed to beat the 3.5% de-growth reported by the benchmark Nifty 50 on an MoM basis.Furthermore, the basket has delivered an astounding return of 149% since its inception (May'20), which stands significantly higher than the 95% returns delivered by NIFTY 50 over the same period.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 - Near-Term Volatile, Continue ‘Buy On Dips’ Strategy for Equities

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)

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA...

HDFC Securities

ICICI Bank Ltd. - Firing On All Cylinders!

ICICI Bank (ICICIB) continues to witness sustained growth momentum in the retail, SME and Business Banking segments, which would remain its key...

Axis Direct

HSIE Results Daily - IndusInd Bank, ICICI Prudential Life, PSP Projects

IndusInd Bank (IIB) reported its highest-ever quarterly earnings, largely on account of steady loan growth (+19% YoY), stable margins

HDFC Securities

BFSI Q3FY23 Result Preview – Earnings Growth to Remain Strong!

On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well. Corporate loans are showing gradual recovery,...

Axis Direct

Top Picks - Near-Term Volatile, Continue ‘Buy On Dips’ Strategy for Equities

Axis Top Picks basket outperformed the benchmark by a significant margin as it delivered an impressive return of 11% in 2022 as against 4.3% posted...

Axis Direct

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