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> Punjab National Bank (PNB) reported a 1QFY25 PAT of INR32.5b (8% beat), led by sharply lower provisions (67% YoY decline).</li><li>NII grew 10.2% YoY to INR104.8b (in line), while NIM contracted slightly by 3bp QoQ to 3.07% (3.21% domestic).</li><li>Opex declined 8.4% QoQ; however; was still higher than our estimate due to the PSLC charges.</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.

 Punjab National Bank (PNB) reported a 1QFY25 PAT of INR32.5b (8% beat), led by sharply lower provisions (67% YoY decline).NII grew 10.2% YoY to INR104.8b (in line), while NIM contracted slightly by 3bp QoQ to 3.07% (3.21% domestic).Opex declined 8.4% QoQ; however; was still higher than our estimate due to the PSLC charges.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.

Punjab National Bank - Strong Quarter; Asset Quality Surprises Positively

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Sharekhan's research report onPunjab National Bank Ability to manage NIMs and favorable bond yields are additional drivers, which would keep sentiment positive.</li><li>PNB is also well-placed to grow the book without worrying about deposit growth in a tight liquidity environment led by comfortable credit-deposit CD ratio and excess liquidity.</li><li>Recent correction in the stock price provides a good entry opportunity.</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.

Sharekhan's research report onPunjab National Bank Ability to manage NIMs and favorable bond yields are additional drivers, which would keep sentiment positive.PNB is also well-placed to grow the book without worrying about deposit growth in a tight liquidity environment led by comfortable credit-deposit CD ratio and excess liquidity.Recent correction in the stock price provides a good entry opportunity.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.

Punjab National Bank - On Track to Clock Strong Earnings

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).</li>
<li>Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.</li>
</ul>


There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).
Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.


NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

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.

Equity Capital Markets

China Resources Beverage / Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.</li>
<li>On the placements front, there were a few China ADR blocks and other placements across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front,  it hasn't been this busy for a while, with deals live in Japan and Korea, and possible launches in Hong Kong and India as well.
On the placements front, there were a few China ADR blocks and other placements across the region.


ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Head of Trading/ Partner, AceGama Advisors

Sankalp Singh

Head of Trading/ Partner

Proprietary Trading Desk

AceGama Advisors

Trading desk specializing in the Listed & OTC options strategies for risk management & investment purposes.

<ul>
<li>Implied Volatilities (IVs) sold off dramatically post Budget Event - in spite of weaker underlying indices. Larger break of trading ranges likely needed to stall the slide in IVs.</li>
<li>Wait-And-See approach to tactical decisions justified. Vol-Regime avoids a switch from “High &amp; Down” state. Protracted grind lower in IVs projected.</li>
<li>Vol Surface Smile has compressed alongside lower IVs. Skew remains unaffected by change in IV levels. Vol Term-structure has flattened.</li>
</ul>


Implied Volatilities (IVs) sold off dramatically post Budget Event - in spite of weaker underlying indices. Larger break of trading ranges likely needed to stall the slide in IVs.
Wait-And-See approach to tactical decisions justified. Vol-Regime avoids a switch from “High &amp; Down” state. Protracted grind lower in IVs projected.
Vol Surface Smile has compressed alongside lower IVs. Skew remains unaffected by change in IV levels. Vol Term-structure has flattened.


EQD / NSE Vol Update / Vols Focus on India-Specific News & Ignore Upcoming Global Macro Events

India

Punjab National Bank provides financial services such as corporate and personal banking, industrial finance, agricultural finance, financing of trade and international banking. The Company provides services to domestic conglomerates, medium and small industrial units, exporters, non-resident Indians and multinational companies.

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Punjab National Bank (PNB IN)

Punjab National Bank - Strong Quarter; Asset Quality Surprises Positively

Punjab National Bank (PNB) reported a 1QFY25 PAT of INR32.5b (8% beat), led by sharply lower provisions (67% YoY decline). NII grew 10.2% YoY to...

Motilal Oswal

Punjab National Bank - On Track to Clock Strong Earnings

Sharekhan's research report onPunjab National Bank Ability to manage NIMs and favorable bond yields are additional drivers, which would keep...

Sharekhan

NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

There could be 16 constituent changes in December. one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn...

Brian Freitas

ECM Weekly (30th Sep 2024) - Tokyo Metro, Rigaku, China Resources, K Bank, Mr DIY, Smartworks, IREDA

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

EQD / NSE Vol Update / Vols Focus on India-Specific News & Ignore Upcoming Global Macro Events

Post FOMC Event update. Indian Markets have continued their trend of higher Equity Indices as the Nifty50 has cleared the 25000 resistance. Short...

AceGama Advisors

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