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)

<ul><li>Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)</li><li>The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HI</li><li>Personal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)</li></ul><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>

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HIPersonal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)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: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

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.

Equity Bottom-Up

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul><li>Ujjivan Small Finance Bank (UJSFB) reported a stellar set of numbers in Q2FY23, an all- around beat, led by strong credit growth, robust operating performance, and provision write- back aiding earnings growth.</li><li>Improvement was visible across asset quality metrics.</li><li>GNPA reduced by 674/145bps to 5.1%, aided by moderation in slippages and strong recoveries/upgrades. </li></ul><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>

Ujjivan Small Finance Bank (UJSFB) reported a stellar set of numbers in Q2FY23, an all- around beat, led by strong credit growth, robust operating performance, and provision write- back aiding earnings growth.Improvement was visible across asset quality metrics.GNPA reduced by 674/145bps to 5.1%, aided by moderation in slippages and strong recoveries/upgrades. 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.

Ujjivan Small Finance Bank - Stellar Quarter; Growth Outlook Encouraging!

<div><ul><li>Portfolio diversification towards secured book: UJSFB reported a robust growth of 44/8% YoY/QoQ in the Q2FY23 provisional update with growth driven by the MFI segment (+51% YoY, +9% QoQ).</li><li><p>Asset Quality improvement underway: UJSFB has been witnessing a significant improvement in asset quality over the past few quarters, mainly aided by the write-offs.</p></li><li><p><span style="font-size: var(--content-font-size);">Levers for RoA expansion in place: UJSFB’s portfolio shift towards the secured products along with a shift in the borrower profile, is likely to put pressure on yields and margins.</span></p></li></ul></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>

Portfolio diversification towards secured book: UJSFB reported a robust growth of 44/8% YoY/QoQ in the Q2FY23 provisional update with growth driven by the MFI segment (+51% YoY, +9% QoQ).Asset Quality improvement underway: UJSFB has been witnessing a significant improvement in asset quality over the past few quarters, mainly aided by the write-offs.Levers for RoA expansion in place: UJSFB’s portfolio shift towards the secured products along with a shift in the borrower profile, is likely to put pressure on yields and margins.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.

Pick of the Week - Ujjivan Small Finance Bank Ltd.

<ul><li>A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediaries</li><li>However, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resets</li><li>With the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-off</li></ul><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>

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediariesHowever, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resetsWith the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-offContent 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.

Leveraged Financials: The final stages of “easy money”

<div><div><div><div><ul><li>We interacted with the team at Ujjivan Small Finance Bank (UJSFB) to understand the business strategy and growth prospects over the medium term as the business stabilizes after facing multiple challenges in the form of top-level management rejig and asset quality concerns owing to COVID related disruption.</li><li>Our key takeaways from the discussion have been that the bank’s growth appetite remains strong as demand across segments remains buoyant, led by the MFI segment and steady improvement in asset quality continues.</li><li>In the past decade, the microfinance industry has faced 2 black-swan events in the form of – (a) Demonetization and (b) COVID-19.</li></ul></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>

We interacted with the team at Ujjivan Small Finance Bank (UJSFB) to understand the business strategy and growth prospects over the medium term as the business stabilizes after facing multiple challenges in the form of top-level management rejig and asset quality concerns owing to COVID related disruption.Our key takeaways from the discussion have been that the bank’s growth appetite remains strong as demand across segments remains buoyant, led by the MFI segment and steady improvement in asset quality continues.In the past decade, the microfinance industry has faced 2 black-swan events in the form of – (a) Demonetization and (b) COVID-19.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.

Ujjivan Small Finance Bank - Ready to Embark on a Growth Journey!

India

Karur Vysya Bank Ltd. provides a full range of commercial banking services for retail and institutional customers. The Bank offers mutual funds, insurance, personal loan, fixed deposits, internet banking, gold and silver, lockers, credit cards, and agricultural finance. Karur Vysya Bank serves customers throughout India.

RBL Bank Limited operates as a commercial bank. The Company offers banking products and services such as savings accounts, fixed deposits, personal and business loans, debit and credit cards, insurance, investment management, and mobile banking. RBL Bank serves customers throughout India.

The Jammu & Kashmir Bank Limited provides banking services, including CD's, educational loans, housing loans and car loans.  The Bank also provides insurance services through a joint venture with MetLife India Insurance Company. The Group has about 475 branches throughout India.

City Union Bank Ltd. is a full service bank. The Bank offers a wide range of banking and financial services across India, including both domestic and International banking services.

Karnataka Bank Ltd is a full-service bank. The Bank accepts deposits, makes loans and provides other services for the public.

PNB Housing Finance Ltd. (PNBHFL) provides lending services. The Company offers housing loans to individuals and corporate bodies for construction, purchase, repair, and upgradation of houses, as well as loans for commercial space, loan against property, and loan for purchase of residential plots. PNBHFL serves customers in India.

South Indian Bank Limited operates a network of banks in India.  The Group's banks provide a full range of banking, investment management, treasury, and lending services.

CSB Bank Limited operates as a bank. The Bank offers current and savings accounts, loans, insurance, cards, money transfer, currency exchange, and other related services. CSB Bank serves customers in India.

DCB Bank Limited is a full service commercial bank. The Bank offers consumer banking, commercial banking, and treasury operations.

Dhanlaxmi Bank Ltd. accepts deposits and offers commercial banking services. The bank offers personal loans; loans collateralized against future rent income, gold and bonds; home appliance financing loans; agricultural assistance loans; import - export assistance loans; and industrial and trade advance loans.

Bank Danamon Indonesia Tbk PT provides general banking services. The Bank's head office is located in Jakarta with branch offices throughout Indonesia.

BNK Financial Group Inc. a holding company, provides a full range of consumer and commercial banking-related financial services. The Company's main businesses include banking, trust banking, and assets management to individuals, businesses, and other financial institutions.

PT Bank Tabungan Pensiunan Nasional Tbk. is a financial institution that specializes in funding and lending. The Bank offers accounts in deposits & savings, pension loans, small to medium sized business loans, and other financial products.  Bank Tabungan offers services in bank clearance, payment, collection, transfer, and payroll services.

Bank Tabungan Pensiunan Nasional (BTPN IJ)

PT Bank Panin Indonesia Tbk provides commercial banking and foreign exchange services in Indonesia and overseas.

Customers Bancorp, Inc. provides banking services. The Company offers checking and saving accounts, personal and commercial loans, and retirement planning services. Customers Bancorp serves customers throughout the State of Pennsylvania.

Triumph Financial Inc. offers traditional banking products as well as commercial finance products to businesses that require specialized and tailored financial solutions.

S&T Bancorp, Inc. is the holding company for S&T Bank and S&T Investment Company, Inc.  S&T Bank is a full service bank providing service to its customers through a network of offices located in Allegheny, Armstrong, Clarion, Indiana, Jefferson, Clearfield, and Westmoreland counties in Pennsylvania.

King's Town Bank accepts deposits and offers various kinds of loans. The Bank provides notes and bills discounting, collecting, guarantee, remittance, securities brokerage and financing, letter of credit, foreign exchange, and traveler checks services.

WesBanco, Inc. is a multi-bank holding company.  The Company, through its subsidiaries, conducts general, commercial, and mortgage banking, as well as a trust business.  WesBanco provides its services to commercial, consumer, and government customers through offices located in West Virginia and eastern Ohio.

Banner Corporation is a bank holding company involved in the business of planning, directing and coordinating the business activities of its subsidiary banks. The Banks offers a wide variety of commercial banking services and financial products to individuals, businesses and public sector entities.

Ujjivan Small Finance Bank Limited operates as a bank. The Company offers various types of financial services such as saving account, deposits, loans, and insurance solutions. Ujjivan Small Finance Bank serves customers in India.

Ujjivan Small Finance Bank  (UJJIVANS IN)

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Ujjivan Small Finance Bank (UJJIVANS IN)

HSIE Results Daily: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)

HDFC Securities

Ujjivan Small Finance Bank - Stellar Quarter; Growth Outlook Encouraging!

Ujjivan Small Finance Bank (UJSFB) reported a stellar set of numbers in Q2FY23, an all- around beat, led by strong credit growth, robust operating...

Axis Direct

Pick of the Week - Ujjivan Small Finance Bank Ltd.

Ujjivan SFB (UJSFB) transitioned from an NBFC (Ujjivan Financial Services Ltd.) in Feb’17 and has a diversified portfolio spread across...

Axis Direct

Leveraged Financials: The final stages of “easy money”

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial...

HDFC Securities

Ujjivan Small Finance Bank - Ready to Embark on a Growth Journey!

Our key takeaways from the discussion have been that the bank’s growth appetite remains strong as demand across segments remains buoyant

Axis Direct

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