External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We recommend a BUY on the stock with a target price of Rs 832/share.</p>
<p>ICICI Securities Limited (ISEC) is an integrated and technology-based firm offering a wide range of services including retail and institutional broking, financial products distribution, private wealth management, and advisory services. ISEC manages total assets of Rs 4.2 Tn for clients across different products. Currently, it is the 4th largest broker in terms of NSE active clients and commands a market share of 8.4%.</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 recommend a BUY on the stock with a target price of Rs 832/share.
ICICI Securities Limited (ISEC) is an integrated and technology-based firm offering a wide range of services including retail and institutional broking, financial products distribution, private wealth management, and advisory services. ISEC manages total assets of Rs 4.2 Tn for clients across different products. Currently, it is the 4th largest broker in terms of NSE active clients and commands a market share of 8.4%.
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.

<p>We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.</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 initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from 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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs (ex-prop) for cash/derivatives increased +25%/-1% sequentially. The capital markets witnessed an unprecedented monthly addition of 2.4mn new retail investors over the past four months. We expect the larger organised players to see sustained market share gains. Increased retail activity and a market clocking all-time highs have supported higher volumes, thereby boosting broking revenues.</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>

Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs (ex-prop) for cash/derivatives increased +25%/-1% sequentially. The capital markets witnessed an unprecedented monthly addition of 2.4mn new retail investors over the past four months. We expect the larger organised players to see sustained market share gains. Increased retail activity and a market clocking all-time highs have supported higher volumes, thereby boosting broking revenues.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.

Non-leveraged financials (1QFY22 Results Preview): Brokers steal the limelight!

India Financials

Saumya Agarwal

<p>ICICI securities, India’s leading retail brokerage, reported doubling of profits in Q4FY21 and for the full year FY21. Despite the pandemic woes,  it has been acquiring new clients in a determined way propelled by its Digital push strategy. However, the tightened norms on margin funding have dented ICICI Securities turnover volumes, translating to market share loss. Reigning in market share loss will be crucial to counter competition from other brokers.</p>

ICICI securities, India’s leading retail brokerage, reported doubling of profits in Q4FY21 and for the full year FY21. Despite the pandemic woes,  it has been acquiring new clients in a determined way propelled by its Digital push strategy. However, the tightened norms on margin funding have dented ICICI Securities turnover volumes, translating to market share loss. Reigning in market share loss will be crucial to counter competition from other brokers.

ICICI Securities: Digital Strategy Bearing Fruit but Reigning in Market Share Loss Crucial

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<p><strong><em>* It Just Keeps Getting Worse: </em></strong>Punjab National Bank (PNB.IN) [PNB] reported net income of INR 5.1 bn, declining INR 1.1 bn (18.5%) linked quarter. Three factors drove the poor result: a) net interest income declined INR 627 mn (0.8%) despite loan growth of 1.2%, as the NIM declined 9 bp to 2.93%; b) a loss provision increase of INR 5.8 bn (14.0%). Despite the increase, provisioins still fell short given the acerating level of credit risk; and c) a 10.6% linked quarter increase in PNB’s tax rate to 47.2%, which detracted INR 1.0 bn from the bottom-line; and</p><p><strong><em>*Credit Risk Leads to Capital Shortfall: </em></strong>Inclusive of the INR 9.6 bn NCO, we find that PNB’s level of net new NPLs actually increased INR 82.6 bn or 33.3% on an annualized basis. While we have very little confidence in PNB’s reporting of problem assets at this stage, we take their word for current NPLs and find that at a minimum loss reserves are light by at least INR 730 mn  - or approximately 100% of stated book value. This is without accounting for the delayed or backlog provisions associated fraud accounts and ageing provisions to be complete in FY 1H21.  </p>

* It Just Keeps Getting Worse: Punjab National Bank (PNB.IN) [PNB] reported net income of INR 5.1 bn, declining INR 1.1 bn (18.5%) linked quarter. Three factors drove the poor result: a) net interest income declined INR 627 mn (0.8%) despite loan growth of 1.2%, as the NIM declined 9 bp to 2.93%; b) a loss provision increase of INR 5.8 bn (14.0%). Despite the increase, provisioins still fell short given the acerating level of credit risk; and c) a 10.6% linked quarter increase in PNB’s tax rate to 47.2%, which detracted INR 1.0 bn from the bottom-line; and*Credit Risk Leads to Capital Shortfall: Inclusive of the INR 9.6 bn NCO, we find that PNB’s level of net new NPLs actually increased INR 82.6 bn or 33.3% on an annualized basis. While we have very little confidence in PNB’s reporting of problem assets at this stage, we take their word for current NPLs and find that at a minimum loss reserves are light by at least INR 730 mn  - or approximately 100% of stated book value. This is without accounting for the delayed or backlog provisions associated fraud accounts and ageing provisions to be complete in FY 1H21.  

India

Central Depository Services (India) Limited (CDSL) offers financial services. The Company provides transmission of securities, dematerialisation, processing delivery, account opening, receipt instructions, holding, pledging, educational initiatives, settlements, and depository services to investors. CDSL serves customers in India.

Motilal Oswal Financial Services Limited is a global, diversified financial services group. The Company offers services that include securities, commodities, investment banking and venture capital.

Motilal Oswal Financial Services (MOFS IN)

Tata Investment Corporation Limited invests in land, stocks and debentures.  The Company has been granted a mandate allowing it to takeover the management and control of companies.

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

Crisil Ltd. operates a credit rating agency in India. The Company specializes in the areas of risk identification, classification and assessment, across a broad spectrum of industries.

Capri Global Capital Ltd is an Indian Non-Banking Finance Company (NBFC-NDSI). The Company is focused on the priority sector in the SME lending space; it provides loans for purchase of machinery and equipment, and working capital. In wholesale lending, it offers specialized solutions to Indian corporates to grow their businesses with initial funding, mezzanine financing et cetera.

IIFL Holdings Limited is a financial services company and is engaged, through its subsidiaries, in the businesses of  non-banking finance, housing finance, wealth management, asset management, institutional & retail brokerage and investment banking. The Company is also a distributor of insurance and other financial products.

Bombay Stock Exchange Limited provides market for trading in equity, debt instruments, derivatives, and mutual funds. The Company offers services including risk management, clearing, settlement, market data services, and education. Bombay Stock Exchange serves customers in India. ... More

UTI Asset Management Company Limited operates as an investment management firm. The Company offers asset management, research analysis, portfolio construction, financial planning, and advisory services to group of individual and institutional investors. UTI Asset Management serves clients in India.

Bengal & Assam Company Ltd. is an investment company.  The Company derives its revenues from dividend income it receives from companies in which it holds investments; interest income; and rental income.

China Cinda Asset Management Company Ltd. provides asset management services. The Company invests, disposes, and manages non-performing assets and equity. China Cinda Asset Management also provides consulting, investment, financial, and risk management services to individuals and businesses.

Samsung Securities Co.,Ltd. provides personalized asset management services. The Company provides brokerage, investment trust, underwriting services, and other services. Samsung Securities also provides cyber trading, mutual funds, asset backed securities issuing, municipal bonds trading services.

StoneX Group Inc. is an institutional-grade financial services network that connects companies, organizations, and investors to the global markets ecosystem through digital platforms, end-to-end clearing, and execution services. StoneX Group operates worldwide.

Virtu Financial, Inc. is a technology-enabled market maker and liquidity provider to the global financial markets. The Company posts two-sided quotes in equities, ETFs, commodities, currencies, options, futures, fixed income, and other securities on various exchanges, markets, and liquidity pools around the world.

Guoco Group Limited, through its subsidiaries, develops, invests in, and manages properties as well as provides stock, commodity and bullion broking, insurance, and fund management services.

Artisan Partners Asset Management Inc. provides investment management services. The Company offers investment strategies spanning various market capitalization segments, region, and investing styles. Artisan Partners Asset Management serves customers worldwide.

Artisan Partners Asset Management (APAM US)

Pacific Securities Co., Ltd. provides securities brokerage, custodian, underwriting, trading and investment consulting services.

AnXin Trust Co., Ltd-A is a non-banking financial firm.  The Company's businesses include trust deposit, trust loan, securities trading, financing lease, securities underwriting, and other financial services. Through its subsidiaries, the Company also invests in real estate development.

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

HUB24 Limited is a financial services company.  The Company focuses on the delivery of a platform which supports investors.  The platform is a next-generation service with state-of-the-art portfolio management, transaction, and reporting solutions for licensees, financial advisers, accountants, stockbrokers, and institutions.

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. ICICI Securities serves customers in India.

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ICICI Securities Ltd (ISEC IN)

Pick of the Week: ICICI Securities

We recommend a BUY on the stock with a target price of Rs 832/share. ICICI Securities Limited (ISEC) is an integrated and technology-based firm...

Axis Direct

Initiating Coverage:ICICI Securities

We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.

Axis Direct

Non-leveraged financials (1QFY22 Results Preview): Brokers steal the limelight!

Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs...

HDFC Securities

Punjab National Bank – Match Is Lit

PUNJAB NATIONAL BANK: PNB reported a net income decline of 18.5% linked quarter. Despite the increase, provisions still fell short to the tune of...

Thomas J. Monaco

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pick of the Week: ICICI Securities

We recommend a BUY on the stock with a target price of Rs 832/share. ICICI Securities Limited (ISEC) is an integrated and technology-based firm...

Axis Direct

Initiating Coverage:ICICI Securities

We initiate coverage with a BUY rating and a target price of Rs 870/share (19x Sept'23E EPS), implying an upside of 22% from CMP.

Axis Direct

Non-leveraged financials (1QFY22 Results Preview): Brokers steal the limelight!

Brokers on a one-way streak: Although Phase-3 of the upfront peak margin requirement for cash and derivatives kicked in during the quarter, ADTVs...

HDFC Securities

ICICI Securities: Digital Strategy Bearing Fruit but Reigning in Market Share Loss Crucial

ICICI securities has been aggressively scaling up its customer base led by digital push strategy. however stringent norms on margin funding have...

Saumya Agarwal

Punjab National Bank – Match Is Lit

PUNJAB NATIONAL BANK: PNB reported a net income decline of 18.5% linked quarter. Despite the increase, provisions still fell short to the tune of...

Thomas J. Monaco