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. 

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Equity Bottom-Up

<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

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

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Forensic Accounting

Kotak Mahindra Bank / Forensic Accounting

<ul>
<li>RBI has barred Kotak Bank from expanding its digital business and credit card issuance</li>
<li>Rather than earnings damage (max -10%) there is more reputational damage to the bank taking away premium valuations it used to command</li>
<li>The way ahead lies for the bank is the path of moderate growth </li>
</ul>


RBI has barred Kotak Bank from expanding its digital business and credit card issuance
Rather than earnings damage (max -10%) there is more reputational damage to the bank taking away premium valuations it used to command
The way ahead lies for the bank is the path of moderate growth 


Why RBI's Favourite Enemy Kotak Bank Is Barred from Digital Banking Business?

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

Motilal Oswal

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.

<ul><li>Motilal Oswal's research report onKotak Mahindra Bank Kotak Mahindra Bank (KMB) posted a standalone PAT of INR41.3b (21% beat), which grew 18.2% YoY in 4QFY24 aided by steady revenue growth and one-off gains from the reversal of AIF provisions (INR1.57b), interest on IT refund (INR1.4b), and tax credit (INR2b).</li><li>Consol. PAT grew 16.9% YoY to INR53.4b. NII grew 13% YoY to INR69.1b (in line; up 5.4% QoQ) as NIM improved 6bp QoQ to 5.28%. Other income grew 36.2% YoY (17% beat) for the quarter.</li><li>Outlook KMB delivered a steady quarter with a beat on earnings and margins improving sequentially.</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.

Motilal Oswal's research report onKotak Mahindra Bank Kotak Mahindra Bank (KMB) posted a standalone PAT of INR41.3b (21% beat), which grew 18.2% YoY in 4QFY24 aided by steady revenue growth and one-off gains from the reversal of AIF provisions (INR1.57b), interest on IT refund (INR1.4b), and tax credit (INR2b).Consol. PAT grew 16.9% YoY to INR53.4b. NII grew 13% YoY to INR69.1b (in line; up 5.4% QoQ) as NIM improved 6bp QoQ to 5.28%. Other income grew 36.2% YoY (17% beat) for the quarter.Outlook KMB delivered a steady quarter with a beat on earnings and margins improving sequentially.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 - Strong Quarter; One-Off Gains Boost Earnings Further

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

Emkay

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.

<ul><li>Emkay Global Financial's research report on Kotak Mahindra Bank Kotak Mahindra Bank (Kotak) reported a huge 28% beat on PAT (which stood at Rs41bn), mainly on treasury gains/debt syndication fees, reversal of AIF provisions (Rs1.6bn), and lower tax rate @21%.</li><li>Its CASA ratio has slipped by 1,500bps in the last 2Y to 45.5%; this, coupled with the recent RBI embargo on digital customer sourcing (incl.</li><li>Kotak 811) and slower branch expansion vs peers, could further hurt the bank amid the raging war for retail deposits.</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.

Emkay Global Financial's research report on Kotak Mahindra Bank Kotak Mahindra Bank (Kotak) reported a huge 28% beat on PAT (which stood at Rs41bn), mainly on treasury gains/debt syndication fees, reversal of AIF provisions (Rs1.6bn), and lower tax rate @21%.Its CASA ratio has slipped by 1,500bps in the last 2Y to 45.5%; this, coupled with the recent RBI embargo on digital customer sourcing (incl.Kotak 811) and slower branch expansion vs peers, could further hurt the bank amid the raging war for retail deposits.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 - Strong Earnings Beat, but CASA Continues to Retreat

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

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: 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

Why RBI's Favourite Enemy Kotak Bank Is Barred from Digital Banking Business?

In the latest development at Ganesh Benzoplast Ltd, Raunak Pilani, son of Ramakant Pilani, has resigned from his position as director. Ramakant...

Nimish Maheshwari

Kotak Mahindra Bank - Strong Quarter; One-Off Gains Boost Earnings Further

Motilal Oswal's research report onKotak Mahindra Bank Kotak Mahindra Bank (KMB) posted a standalone PAT of INR41.3b (21% beat), which grew 18.2%...

Motilal Oswal

Kotak Mahindra Bank - Strong Earnings Beat, but CASA Continues to Retreat

Emkay Global Financial's research report on Kotak Mahindra Bank Kotak Mahindra Bank (Kotak) reported a huge 28% beat on PAT (which stood at Rs41bn)

Emkay

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

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