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)

<ul><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.</li><li>A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).</li><li>You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. </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: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. 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.

Key Highlights of the Month – Fundamental

Equity Bottom-Up

<ul><li>The bank’s advances grew by 10%/6% YoY/QoQ to Rs 66,936 Cr.</li><li>NIM remained flat YoY and declined by 10bps QoQ to 3.6%, and Q1FY23 having a higher base resulted in marginal growth in NII by 2.5% YoY to Rs 822 Cr.</li><li>Non-interest income reported a decline of 23% sequentially due to lower fee income and treasury movements. </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 bank’s advances grew by 10%/6% YoY/QoQ to Rs 66,936 Cr.NIM remained flat YoY and declined by 10bps QoQ to 3.6%, and Q1FY23 having a higher base resulted in marginal growth in NII by 2.5% YoY to Rs 822 Cr.Non-interest income reported a decline of 23% sequentially due to lower fee income and treasury movements. 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.

Karnataka Bank - Asset Quality Improvement with Marginal Decline in Margins

<ul><li>The systemic credit growth (as reported till 22nd Sep’23) of ~20% YoY factoring in the HDFC-HDFC Bank merger (~15.3% YoY ex-HDFC) continues to remain healthy and largely driven by Retail and SME.</li><li>On the other hand, the corporate segment continues to pace gradually.</li><li>Taking cue from this, we expect Banks to maintain their credit growth momentum in Q2FY24E and factor-in healthy growth of ~15% YoY for banks under our coverage. </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 systemic credit growth (as reported till 22nd Sep’23) of ~20% YoY factoring in the HDFC-HDFC Bank merger (~15.3% YoY ex-HDFC) continues to remain healthy and largely driven by Retail and SME.On the other hand, the corporate segment continues to pace gradually.Taking cue from this, we expect Banks to maintain their credit growth momentum in Q2FY24E and factor-in healthy growth of ~15% YoY for banks under our coverage. 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.

<ul><li>Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.</li><li>Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.</li><li>Management commentary on growth momentum sustaining is reassuring.</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.

Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.Management commentary on growth momentum sustaining is reassuring.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 Sector Ideas - Banking, Financial Services and Insurance (BFSI)

<ul><li>With potential hiring expected for expansion plans, we believe, the C-I ratio would inch up to 49-50% in the near term.</li><li>Thus, with Opex expected to uptick, PPOP would remain under pressure.</li><li>Slippages are expected to remain at current levels and NPA is to report at 1.2% for FY24.</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.

With potential hiring expected for expansion plans, we believe, the C-I ratio would inch up to 49-50% in the near term.Thus, with Opex expected to uptick, PPOP would remain under pressure.Slippages are expected to remain at current levels and NPA is to report at 1.2% for FY24.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.

Karnataka Bank - Advances Growth to Pick Up; Asset Quality Improved

India

Karnataka Bank Ltd is a full-service bank. The Bank accepts deposits, makes loans and provides other services for the public.

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Karnataka Bank (KBL IN)

Key Highlights of the Month – Fundamental

We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50...

Axis Direct

Karnataka Bank - Asset Quality Improvement with Marginal Decline in Margins

NIM remained flat YoY and declined by 10bps QoQ to 3.6%, and Q1FY23 having a higher base resulted in marginal growth in NII by 2.5% YoY to Rs 822 Cr.

Axis Direct

BFSI Q2FY24 Earnings Preview

The systemic credit growth (as reported till 22nd Sep’23) of ~20% YoY factoring in the HDFC-HDFC Bank merger (~15.3% YoY ex-HDFC) continues to...

Axis Direct

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments .Owing to seasonal weakness, disbursements for most...

Axis Direct

Karnataka Bank - Advances Growth to Pick Up; Asset Quality Improved

With potential hiring expected for expansion plans, we believe, the C-I ratio would inch up to 49-50% in the near term. Thus, with Opex expected to...

Axis Direct

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