External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Karur Vysya Bank (KVB) continues to deliver strong earnings growth with PAT at Rs4.7bn and peer-best RoA at ~1.7%, driven by strong and stable margins @4.1%, contained opex, and higher recoveries from w-offs.</li><li>Credit growth moderated a bit to 14.6% due to the bank’s strategy to pull-out from the low yielding corporate book and deceleration in the PL/VF book; however, it continues to grow its secured LAP/GL book.</li><li>Improvement in overall asset quality is maintained with GNPA ratio reducing to a low of 1.1%/NNPA at 0.3%, while shoring-up specific PCR to 75% and also building contingent/floating provision buffers.</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.

Karur Vysya Bank (KVB) continues to deliver strong earnings growth with PAT at Rs4.7bn and peer-best RoA at ~1.7%, driven by strong and stable margins @4.1%, contained opex, and higher recoveries from w-offs.Credit growth moderated a bit to 14.6% due to the bank’s strategy to pull-out from the low yielding corporate book and deceleration in the PL/VF book; however, it continues to grow its secured LAP/GL book.Improvement in overall asset quality is maintained with GNPA ratio reducing to a low of 1.1%/NNPA at 0.3%, while shoring-up specific PCR to 75% and also building contingent/floating provision buffers.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.

Karur Vysya Bank - Best-In-Class Performance Continues

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.

Thematic (Sector/Industry)

<ul><li>Infosys: Infosys (INFO) delivered a strong Q2 top-line leading to the anticipated guidance increase for FY25E</li><li>INFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large deals) and an uptick in short-cycle/small to mid-sized deals</li><li>Management commentary pointed to a stable demand environment and an uptick in discretionary in parts of the BFSI vertical</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.

Infosys: Infosys (INFO) delivered a strong Q2 top-line leading to the anticipated guidance increase for FY25EINFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large deals) and an uptick in short-cycle/small to mid-sized dealsManagement commentary pointed to a stable demand environment and an uptick in discretionary in parts of the BFSI verticalContent 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: Infosys, Axis Bank, Wipro, LTIMindtree, Mphasis, Karur Vysya Bank

<ul><li>Bajaj Auto: Driven by a better mix, Bajaj Auto’s Q1 PAT at INR19.9bn was ahead of our estimate</li><li>There has been an uptick in prices of aluminum, copper, rubber, and metals like rhodium and platinum, which has been offset by steady prices of steel, nickel, lead, and palladium and the company’s cost reduction initiatives</li><li>Price increases taken in the ICE portfolio offset the price reduction taken in the electric portfolio</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.

Bajaj Auto: Driven by a better mix, Bajaj Auto’s Q1 PAT at INR19.9bn was ahead of our estimateThere has been an uptick in prices of aluminum, copper, rubber, and metals like rhodium and platinum, which has been offset by steady prices of steel, nickel, lead, and palladium and the company’s cost reduction initiativesPrice increases taken in the ICE portfolio offset the price reduction taken in the electric portfolioContent 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: Bajaj Auto, LTIMindtree, L&T Technology Services, Karur Vysya Bank, Mastek

<ul><li>Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated 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 likely to keep valuations under check, especially of mid-sized, high-growth franchises</li><li>While we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below 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.

Given the rising competitive intensity for low-cost and granular deposits facing the banking system, loan-deposit ratios at historical highs, and expected rate cuts towards the back-end of FY25, we believe banks are faced with the challenge of quality deposit mobilisation, elevated 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 likely to keep valuations under check, especially of mid-sized, high-growth franchisesWhile we expect system-wide growth to decelerate by 90-100 bps from FY24 levels, we are conservative on incremental spreads across our coverage universe, pencilling in 50bps of rate cuts starting Q4FY25 (blended FY25 NIMs at 12-15bps below 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.

Leveraged Financials: The Liquidity Conundrum

<ul><li>ABB India: ABB reported its best-ever quarter with revenue/EBITDA/PAT at INR 30.8/5.6/4.5bn, beating our estimates by 9.5/37.6/35%</li><li>The company achieved a strong Q1CY24 order inflow at INR 36bn (+15%/+14% YoY/QoQ), taking the backlog to INR 89bn</li><li>Base Q1CY24 order inflows grew 3% YoY to INR 32.3bn and a large data centre order aided growth with inflows growing 15% YoY to INR 36.1bn</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.

ABB India: ABB reported its best-ever quarter with revenue/EBITDA/PAT at INR 30.8/5.6/4.5bn, beating our estimates by 9.5/37.6/35%The company achieved a strong Q1CY24 order inflow at INR 36bn (+15%/+14% YoY/QoQ), taking the backlog to INR 89bnBase Q1CY24 order inflows grew 3% YoY to INR 32.3bn and a large data centre order aided growth with inflows growing 15% YoY to INR 36.1bnContent 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: ABB India, Thermax, Aarti Industries, Karur Vysya Bank

India

Karur Vysya Bank Ltd. provides a full range of commercial banking services for retail and institutional customers. The Bank offers mutual funds, insurance, personal loan, fixed deposits, internet banking, gold and silver, lockers, credit cards, and agricultural finance. Karur Vysya Bank serves customers throughout India.

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Karur Vysya Bank (KVB IN)

Karur Vysya Bank - Best-In-Class Performance Continues

Karur Vysya Bank (KVB) continues to deliver strong earnings growth with PAT at Rs4.7bn and peer-best RoA at ~1.7%, driven by strong and stable...

Emkay

HSIE Results Daily: Infosys, Axis Bank, Wipro, LTIMindtree, Mphasis, Karur Vysya Bank

INFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large...

HDFC Securities

HSIE Results Daily: Bajaj Auto, LTIMindtree, L&T Technology Services, Karur Vysya Bank, Mastek

Bajaj Auto: Driven by a better mix, Bajaj Auto’s Q1 PAT at INR19.9bn was ahead of our estimate. There has been an uptick in prices of aluminum,...

HDFC Securities

Leveraged Financials: The Liquidity Conundrum

Our hypothesis remains anchored around strong retail deposit franchises and declining spreads over the next 12 months, coupled with the...

HDFC Securities

HSIE Results Daily: ABB India, Thermax, Aarti Industries, Karur Vysya Bank

ABB India: ABB reported its best-ever quarter with revenue/EBITDA/PAT at INR 30.8/5.6/4.5bn, beating our estimates by 9.5/37.6/35%

HDFC Securities

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