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. 

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)

<div><div><div><ul><li>Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.</li><li>Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.</li></ul></div><div><div><div><ul><li>MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.</li></ul></div></div></div></div></div><p><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></p>

Accelerated rate hike; more in the offing: In its response to a stubborn and elevated inflation print, the RBI has now effected an accelerated cumulative 90bps repo rate hike over the past few weeks.Near-total pass-through a surprise; near-term margin-accretive: Unlike earlier up-cycles in the past, the sharp pace of rate normalisation is margin- accretive for banks in the near-term, especially given early-stage monetary transmission.MCLR transmission to significantly lag EBLR transmission: At a system- wide level, ~20-30% of the aggregate loans are currently anchored to MCLR while 40% of the loans are anchored to EBLR.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.

BFSI - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

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.

Equity Bottom-Up

<ul><li><span style="font-size: var(--content-font-size);">Provisioning reversal drives a strong beat in earnings</span></li></ul><div><div><div><div><div><ul><li>Robust loan growth; NIM improves by 16bp QoQ (33bp in 2HFY22)</li></ul><div><div><div><ul><li>Subsidiary performance: While PAT for the standalone bank jumped 65% YoY in 4QFY22, profitability of all subsidiaries grew 24%.</li></ul></div></div></div></div></div></div></div></div><p><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></p>

Provisioning reversal drives a strong beat in earningsRobust loan growth; NIM improves by 16bp QoQ (33bp in 2HFY22)Subsidiary performance: While PAT for the standalone bank jumped 65% YoY in 4QFY22, profitability of all subsidiaries grew 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.

Kotak Mahindra Bank -  Growth Momentum Steady; High CASA Positions It Well in a Rising Rate Cycle

<div><div><div><ul><li>Multiple tailwinds drive a strong quarter: KMB reported a strong set of earnings (NII growth of 18% YoY, RoA of 2.7%) on the back of reflating NIM (4.8% - best-in-class), strong loan growth, and negative credit costs (-0.5%) as asset quality continues to remain impressive (slippages at 1.2%; SMA II at 0.1%).</li></ul><div><div><div><ul><li>Growth vs. margins - watch out for trade-offs ahead: With its formidable leadership in cost of funds (3.2%), KMB, from here on, is fully geared to accelerate growth in its secured and unsecured book further, supporting its large floating rate book (~68%) in a rising interest rate scenario.</li></ul><div><div><div><ul><li>Subsidiary businesses continue to scale; maintain ADD: KMB’s subsidiaries continue to deliver a strong performance, contributing ~30% of the consolidated PAT on a steady basis.</li></ul></div></div></div></div></div></div></div></div></div><p><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></p>

Multiple tailwinds drive a strong quarter: KMB reported a strong set of earnings (NII growth of 18% YoY, RoA of 2.7%) on the back of reflating NIM (4.8% - best-in-class), strong loan growth, and negative credit costs (-0.5%) as asset quality continues to remain impressive (slippages at 1.2%; SMA II at 0.1%).Growth vs. margins - watch out for trade-offs ahead: With its formidable leadership in cost of funds (3.2%), KMB, from here on, is fully geared to accelerate growth in its secured and unsecured book further, supporting its large floating rate book (~68%) in a rising interest rate scenario.Subsidiary businesses continue to scale; maintain ADD: KMB’s subsidiaries continue to deliver a strong performance, contributing ~30% of the consolidated PAT on a steady basis.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 - Accelerating on Growth Engines; Speed Bumps Ahead

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Credit growth aided by retail loans: Overall loans increased by 21.3% YoY and 7.2% QoQ.</li></ul><div><div><div><div><ul><li>NII growth led by NIM expansion and strong loan growth: Calc. NIM expanded by 28bps YoY and 7bps QoQ.</li></ul><div><div><div><div><ul><li>Stepping up efforts on SA sourcing: Overall deposits increased by 11.3% YoY and 2.1% QoQ, implying improving credit/deposit ratio, which directly translated into better margins for 4QFY22.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Credit growth aided by retail loans: Overall loans increased by 21.3% YoY and 7.2% QoQ.NII growth led by NIM expansion and strong loan growth: Calc. NIM expanded by 28bps YoY and 7bps QoQ.Stepping up efforts on SA sourcing: Overall deposits increased by 11.3% YoY and 2.1% QoQ, implying improving credit/deposit ratio, which directly translated into better margins for 4QFY22.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.

4QFY22 Result Update - Kotak Mahindra Bank

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.

<div><div><div><div><ul><li>Sustained strong delivery on growth/NIMs; outlook remains positive</li></ul><div><div><div><div><ul><li>Bank draws down contingent buffer given better asset quality outcomes</li></ul><div><div><div><div><ul><li>Outlook and valuation: We revise our earnings estimates for FY23 by 4% but largely retain FY24 estimates.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Sustained strong delivery on growth/NIMs; outlook remains positiveBank draws down contingent buffer given better asset quality outcomesOutlook and valuation: We revise our earnings estimates for FY23 by 4% but largely retain FY24 estimates.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.

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)

BFSI - Sector Update - New Normal Rate Cycle; Brace for Transmission Effects

Signalling its serious intent to rein in a galloping inflation, the RBI announced a 50bps repo rate hike in its monetary policy meeting

HDFC Securities

Kotak Mahindra Bank - Growth Momentum Steady; High CASA Positions It Well in a Rising Rate Cycle

KMB reported a strong 4QFY22, with a 64% YoY growth in standalone PAT to INR27.7b. This was driven by provision write-back in 4QFY22 as PPOP growth...

Motilal Oswal

Kotak Mahindra Bank - Accelerating on Growth Engines; Speed Bumps Ahead

Kotak Mahindra Bank’s (KMB) Q4FY22 earnings were significantly ahead of estimates on account of reversal in COVID provisions, robust loan growth...

HDFC Securities

4QFY22 Result Update - Kotak Mahindra Bank

Credit growth strong; to step up SA efforts; Kotak Mahindra Bank reported earnings growth of 64.5% YoY, led by provision reversals and a strong...

Nirmal Bang

Result Update - Kotak Mahindra Bank

Sustained Growth/NIM Delivery; Board Rejig a Prelude to Top Management Change in CY23? Kotak Bank reported a strong 35% beat on PAT at Rs27.7bn

Emkay

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