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

<div><div><div><div><ul><li>System-beating credit growth; surpasses expectations: Overall credit growth improved to 11% yoy/6% qoq, led by continued strong traction in retail (up 15% yoy) and resurging corporate book.</li></ul><div><div><div><div><ul><li>Steady improvement in asset quality, higher PCR to contain incremental LLP</li></ul><div><div><div><div><ul><li>Outlook and valuation: SBI remains one of our preferred picks, given its healthy growth trajectory and improving RoA/RoRWA/RoE profile.</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>

System-beating credit growth; surpasses expectations: Overall credit growth improved to 11% yoy/6% qoq, led by continued strong traction in retail (up 15% yoy) and resurging corporate book.Steady improvement in asset quality, higher PCR to contain incremental LLPOutlook and valuation: SBI remains one of our preferred picks, given its healthy growth trajectory and improving RoA/RoRWA/RoE profile.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.

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)

<div><div><div><ul><li>State Bank of India: Despite healthy loan growth (~11% YoY) and stable NIMs (3.1%), State Bank of India’s (SBI) earnings missed estimates, with PAT at INR91bn, impacted by higher credit costs at 1.1% (annualised).</li></ul><div><div><div><ul><li>Bandhan Bank: Bandhan Bank’s Q4FY22 earnings were significantly ahead of our estimates, driven by strong pick-up in advances (+14% YoY), stronger margin (8.7%), and negligible credit costs.</li></ul><div><div><div><ul><li>Aditya Birla Capital: A year since articulating its ambitious FY24 roadmap, ABCL’s journey to drive consolidated return ratios closer to franchise potential seems on track, with consistent execution across businesses.</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>

State Bank of India: Despite healthy loan growth (~11% YoY) and stable NIMs (3.1%), State Bank of India’s (SBI) earnings missed estimates, with PAT at INR91bn, impacted by higher credit costs at 1.1% (annualised).Bandhan Bank: Bandhan Bank’s Q4FY22 earnings were significantly ahead of our estimates, driven by strong pick-up in advances (+14% YoY), stronger margin (8.7%), and negligible credit costs.Aditya Birla Capital: A year since articulating its ambitious FY24 roadmap, ABCL’s journey to drive consolidated return ratios closer to franchise potential seems on track, with consistent execution across businesses.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.

HSIE Results Daily: State Bank of India, Bandhan Bank, Aditya Birla Capital, APL Apollo, CESC

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.

<div><div><div><div><ul><li>Strong Loan growth Performance: On the business front, the bank’s loan growth reamined strong and was up by 11%/6% YoY/QoQ compared to 9%/5.5% YoY/QoQ in Q3FY22.</li></ul><div><div><div><div><ul><li>Continued Strong Asset quality:Asset quality improved with G/NNPAs declining by 53bps/32bps QoQ to 3.97%/1.02%.</li></ul><div><div><div><div><ul><li>Operating performance: Domestic NIM remained flat QoQ to 3.4% and improved 29bps YoY.</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>

Strong Loan growth Performance: On the business front, the bank’s loan growth reamined strong and was up by 11%/6% YoY/QoQ compared to 9%/5.5% YoY/QoQ in Q3FY22.Continued Strong Asset quality:Asset quality improved with G/NNPAs declining by 53bps/32bps QoQ to 3.97%/1.02%.Operating performance: Domestic NIM remained flat QoQ to 3.4% and improved 29bps 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.

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>Loan growth accelerates: Overall loan growth accelerated further to 11.6% YoY and 5.8% QoQ.</li></ul><div><div><div><div><ul><li>Deposit growth healthy, CASA ratio dips: Overall deposits increased by 10.1% YoY and 5.3% QoQ.</li></ul><div><div><div><div><ul><li>Yields/NIM stable: NII increased by 15.3% YoY and 1.7% QoQ.</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>

Loan growth accelerates: Overall loan growth accelerated further to 11.6% YoY and 5.8% QoQ.Deposit growth healthy, CASA ratio dips: Overall deposits increased by 10.1% YoY and 5.3% QoQ.Yields/NIM stable: NII increased by 15.3% YoY and 1.7% 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.

State Bank of India - Credit Growth Accelerates; Margin Stable

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

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.</li>
<li>Placements remained few and far between with only <a href="https://www.smartkarma.com/entities/air-new-zealand-ltd" target="_blank" data-smartkarma-citation="entities:815:1" rel="noopener">Air New Zealand (AIR NZ)</a> launching its shortfall bookbuild.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPOs front, LIC's anchor book wasn't great while Delhivery finally launched its IPO and Hong Kong market saw its first launch in a while.
Placements remained few and far between with only Air New Zealand (AIR NZ) launching its shortfall bookbuild.


ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

India

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

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State Bank Of India (SBIN IN)

Result Update - State Bank of India

SBI continued to report a strong PAT of Rs91bn (est.: Rs86bn), up 41% yoy, led by better credit growth/margins, forex fees and contained LLP.

Emkay

HSIE Results Daily: State Bank of India, Bandhan Bank, Aditya Birla Capital, APL Apollo, CESC

State Bank of India’s (SBI) earnings missed estimates, with PAT at INR91bn, impacted by higher credit costs at 1.1% (annualised).

HDFC Securities

Result Update - State Bank of India

SBI’s earnings traction continued in Q4FY22 and was up 61% YoY, led by a 35% YoY decline in provisions and 15% YoY growth in Net Interest Income.

Axis Direct

State Bank of India - Credit Growth Accelerates; Margin Stable

Even though the NII growth was impressive at 15.3% YoY, operating profit was flat YoY as overall other income dipped ~27% YoY due to exceptionally...

Nirmal Bang

ECM Weekly (9th May 22) - LIC, Campus, Rainbow, Delhivery, Shieldus, Yunkang, PAG, Keep, Air NZ

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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