External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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. 

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>Kotak Mahindra Bank (KMB) posted a standalone PAT of ~INR33.4b (5% miss, 5% YoY growth).</li><li>Consol. PAT stood at INR50.4b (13% YoY growth) in 2QFY25. NII grew 11.5% YoY to INR70.2b (inline).</li><li>NIM moderated 11bp QoQ to 4.91%. Other income grew 16% YoY to INR26.8b (11% miss). Total revenue thus grew 12.7% YoY. </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.

Kotak Mahindra Bank (KMB) posted a standalone PAT of ~INR33.4b (5% miss, 5% YoY growth).Consol. PAT stood at INR50.4b (13% YoY growth) in 2QFY25. NII grew 11.5% YoY to INR70.2b (inline).NIM moderated 11bp QoQ to 4.91%. Other income grew 16% YoY to INR26.8b (11% miss). Total revenue thus grew 12.7% YoY. 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.

Kotak Mahindra Bank - Operating Performance Inline

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.

<ul><li>Chasing Growth – Both Organic and Inorganic: KMB’s growth in the Credit Cards and Personal Loan portfolio amidst the embargo and in the microfinance book given stress in certain geographies and customer over-leveraging, continues to remain subdued.</li><li>Thus, the focus has shifted towards growing secured businesses and corporate lending.</li><li>In the wholesale portfolio, the bank, in line with its strategy is making strides to improve market share and grow the granular book at a faster pace. </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.

Chasing Growth – Both Organic and Inorganic: KMB’s growth in the Credit Cards and Personal Loan portfolio amidst the embargo and in the microfinance book given stress in certain geographies and customer over-leveraging, continues to remain subdued.Thus, the focus has shifted towards growing secured businesses and corporate lending.In the wholesale portfolio, the bank, in line with its strategy is making strides to improve market share and grow the granular book at a faster pace. 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.

Kotak Mahindra Bank Ltd. - NIM Contraction Continues

<ul><li>Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ.</li><li>Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to the RBI embargo.</li><li>Deposits growth was disappointing and remained flat QoQ. CASA Deposits de-grew by ~5% QoQ while TDs grew by 3% QoQ. </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.

Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ.Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to the RBI embargo.Deposits growth was disappointing and remained flat QoQ. CASA Deposits de-grew by ~5% QoQ while TDs grew by 3% QoQ. 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.

Kotak Mahindra Bank Ltd. - NIMs Surprise Negatively, Growth Strong

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in <a href="https://www.smartkarma.com/entities/kotak-mahindra-bank-ltd" target="_blank" data-smartkarma-citation="entities:126:1" rel="noopener">Kotak Mahindra Bank (KMB IN)</a>. Prior to that it had sold a similar amount in Mar 2022.</li>
<li>CPPIB will be released from its placement linked lockup early next month.</li>
<li>In this note, we will talk about the lockup dynamics and past deals performance.</li>
</ul>


In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in Mar 2022.
CPPIB will be released from its placement linked lockup early next month.
In this note, we will talk about the lockup dynamics and past deals performance.


Kotak Mahindra Bank - US$1.2 Billion Lockup Release

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.

<ul><li>Kotak Mahindra Bank (KMB) has underperformed the Bank Nifty by ~20% over the past few months on the back of three key developments: CEO transition, regulatory embargo on client acquisition through digital channels, and senior management attrition</li><li>Of these, we believe that the RBI-imposed embargo is the only material event that impacts forecasts - hence, we argue that the bank needs to disproportionately invest in restoring regulatory confidence, the most critical aspect that needs fixing</li><li>While investments in tech, and digital are likely to keep opex intensity elevated, we believe that KMB remains a high-quality franchise with adequate levers to sustain RoAs north of 2.3% (FY24: 2.5%).</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.

Kotak Mahindra Bank (KMB) has underperformed the Bank Nifty by ~20% over the past few months on the back of three key developments: CEO transition, regulatory embargo on client acquisition through digital channels, and senior management attritionOf these, we believe that the RBI-imposed embargo is the only material event that impacts forecasts - hence, we argue that the bank needs to disproportionately invest in restoring regulatory confidence, the most critical aspect that needs fixingWhile investments in tech, and digital are likely to keep opex intensity elevated, we believe that KMB remains a high-quality franchise with adequate levers to sustain RoAs north of 2.3% (FY24: 2.5%).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.

Kotak Mahindra Bank: Sweating a high-quality franchise, upgrade to BUY

India

Kotak Mahindra Bank Limited is a full service commercial bank. The Bank offers a wide range of products and services such as personal, commercial, and corporate banking services, including deposit accounts, loans, and investments. Kotak Mahindra Bank serves customers in India.

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Kotak Mahindra Bank (KMB IN)

Kotak Mahindra Bank - Operating Performance Inline

Kotak Mahindra Bank (KMB) posted a standalone PAT of ~INR33.4b (5% miss, 5% YoY growth). Consol. PAT stood at INR50.4b (13% YoY growth) in 2QFY25....

Motilal Oswal

Kotak Mahindra Bank Ltd. - NIM Contraction Continues

In the wholesale portfolio, the bank, in line with its strategy is making strides to improve market share and grow the granular book at a faster pace.

Axis Direct

Kotak Mahindra Bank Ltd. - NIMs Surprise Negatively, Growth Strong

Operational Performance: KMB’s advances grew by ~19/4% YoY/QoQ. Unsecured book (+29.5/2% YoY/QoQ) stood at 11.2% vs. 11.4% QoQ, largely owing to...

Axis Direct

Kotak Mahindra Bank - US$1.2 Billion Lockup Release

In Jun 2023, CPPIB raised around US$750m via selling a 1.6% stake in Kotak Mahindra Bank (KMB IN). Prior to that it had sold a similar amount in...

Sumeet Singh

Kotak Mahindra Bank: Sweating a high-quality franchise, upgrade to BUY

While investments in tech, and digital are likely to keep opex intensity elevated, we believe that KMB remains a high-quality franchise with...

HDFC Securities

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