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>Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)</li><li>Decorative business clocked 37/59% volume/value growth YoY in Q1FY23 (FY19-22 volume/value CAGR: 20/0% resp)</li><li>Adjacencies continue to perform well</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>

Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)Decorative business clocked 37/59% volume/value growth YoY in Q1FY23 (FY19-22 volume/value CAGR: 20/0% resp)Adjacencies continue to perform wellContent 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: Asian Paints, Larsen & Toubro, Aether Industries...

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ujjivan-financial-services" target="_blank" data-smartkarma-citation="entities:22697:1" rel="noopener">Ujjivan Financial Services (UJJIVAN IN)</a> had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with <a href="https://www.smartkarma.com/entities/ujjivan-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:28443:1" rel="noopener">Ujjivan Small Finance Bank (UJJIVANS IN)</a>.</li>
<li>The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.</li>
<li>However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.</li>
</ul>



Ujjivan Financial Services (UJJIVAN IN) had announced a reverse merger back in October 2021 where the holding company (Ujjivan FS) will be merged with Ujjivan Small Finance Bank (UJJIVANS IN).
The share swap ratio given in the scheme of amalgamation clearly showcases a significant merger arbitrage opportunity.
However, there has been no major interest in this very visible opportunity. We try to justify the market behavior.


Ujjivan Reverse Merger: Behind the Dull Response

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.

<ul><li>Ujjivan Small Finance Bank’s (UJSFB) Q3FY22 performance was ahead of our expectations with a sharp improvement in asset quality and a bounceback in business momentum</li><li>GNPA declined to 9.8% as of Dec’21 vs 11.8% in Sept’21 as the bank wrote off loans worth Rs 152 Cr during the quarter</li><li>The management has indicated that despite the rise in COVID-19 cases, business momentum has not witnessed any major disruption</li></ul><div class="content-highlight"><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></div>

Ujjivan Small Finance Bank’s (UJSFB) Q3FY22 performance was ahead of our expectations with a sharp improvement in asset quality and a bounceback in business momentumGNPA declined to 9.8% as of Dec’21 vs 11.8% in Sept’21 as the bank wrote off loans worth Rs 152 Cr during the quarterThe management has indicated that despite the rise in COVID-19 cases, business momentum has not witnessed any major disruptionContent 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: Asset Quality Improves QoQ; Business Momentum Remains Strong

<ul>
<li>We maintain our HOLD rating given the delay in the ROE normalization, higher restructured pool with concerns of elevated slippages</li>
<li>We introduce FY24E estimates and value UJSFB at 1.4x H1FY24E ABV to arrive at a target price of Rs 20/share, implying a downside of 5% from CMP</li>
<li>UJSFB’s Q2FY22 performance was disappointing in terms of asset quality as GNPA inched up to 11.8% (vs 9.8% QoQ) </li>
</ul>
<div class="content-highlight"><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></div>


We maintain our HOLD rating given the delay in the ROE normalization, higher restructured pool with concerns of elevated slippages
We introduce FY24E estimates and value UJSFB at 1.4x H1FY24E ABV to arrive at a target price of Rs 20/share, implying a downside of 5% from CMP
UJSFB’s Q2FY22 performance was disappointing in terms of asset quality as GNPA inched up to 11.8% (vs 9.8% 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.

Ujjivan Small Finance Bank: Asset Quality Stress Persist, Business Momentum Regaining Strength

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

<div>
<p>The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. </p>
</div>
<div>
<p>For the narrative, we will be covering commentary on Operating environment &amp; outlook, Business performance, Collection &amp; Credit Awareness, Asset Quality &amp; Restructuring, Liability franchise &amp; deposits, Digital banking, Future business drivers &amp; new launches</p>
</div>
<p>Companies covered in this Insight include <a href="https://www.smartkarma.com/entities/au-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:24196:1" rel="noopener">AU Small Finance Bank Limited (AUBANK IN)</a> / <a href="https://www.smartkarma.com/entities/ujjivan-small-finance-bank-ltd" target="_blank" data-smartkarma-citation="entities:28443:1" rel="noopener">Ujjivan Small Finance Bank (USFB IN)</a> / <a href="https://www.smartkarma.com/entities/equitas-small-finance-bank-ltd" target="_blank" data-smartkarma-citation="entities:28834:1" rel="noopener">Equitas Small Finance Bank (ESFB IN)</a></p>


The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. 


For the narrative, we will be covering commentary on Operating environment &amp; outlook, Business performance, Collection &amp; Credit Awareness, Asset Quality &amp; Restructuring, Liability franchise &amp; deposits, Digital banking, Future business drivers &amp; new launches

Companies covered in this Insight include AU Small Finance Bank Limited (AUBANK IN) / Ujjivan Small Finance Bank (USFB IN) / Equitas Small Finance Bank (ESFB IN)

The Narrative | Q1 FY22 | India Small Finance Banks - AUBANK, USFB, ESFB

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: Asian Paints, Larsen & Toubro, Aether Industries...

Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)

HDFC Securities

Ujjivan Reverse Merger: Behind the Dull Response

The share swap ratio clearly showcases a significant merger arbitrage opportunity. However, there has been no major interest in this very visible...

Nitin Mangal

Ujjivan Small Finance Bank: Asset Quality Improves QoQ; Business Momentum Remains Strong

The management has indicated that despite the rise in COVID-19 cases, business momentum has not witnessed any major disruption and monthly...

Axis Direct

Ujjivan Small Finance Bank: Asset Quality Stress Persist, Business Momentum Regaining Strength

We maintain our HOLD rating given the delay in the ROE normalization, higher restructured pool with concerns of elevated slippages especially from...

Axis Direct

The Narrative | Q1 FY22 | India Small Finance Banks - AUBANK, USFB, ESFB

Companies covered in this Insight include AU Small Finance Bank Limited (AUBANK IN) / Ujjivan Small Finance Bank (USFB IN) / Equitas Small Finance...

Pranav Bhavsar

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