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.

External broker reports(aggregated public sources)

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

<ul><li>Federal Bank (FB) Q3FY22 performance was marked by lower provisions, improved recoveries and upgrades, pick-up in NIM, healthy fee income, and loan growth</li><li>This led to PAT growth of 29%/13% YoY/QoQ to Rs 5.2 Bn aiding ROA expansion to 1%</li><li>We maintain a BUY rating on the stock with a target price of Rs 125 (1.3x FY23EABV).</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>

Federal Bank (FB) Q3FY22 performance was marked by lower provisions, improved recoveries and upgrades, pick-up in NIM, healthy fee income, and loan growthThis led to PAT growth of 29%/13% YoY/QoQ to Rs 5.2 Bn aiding ROA expansion to 1%We maintain a BUY rating on the stock with a target price of Rs 125 (1.3x FY23EABV).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.

Federal Bank: Levers for ROA Expansion in Place; Maintain BUY