External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

Equity Bottom-Up

<div><div><div><ul><li>Multiple tailwinds drive a strong quarter: KMB reported a strong set of earnings (NII growth of 18% YoY, RoA of 2.7%) on the back of reflating NIM (4.8% - best-in-class), strong loan growth, and negative credit costs (-0.5%) as asset quality continues to remain impressive (slippages at 1.2%; SMA II at 0.1%).</li></ul><div><div><div><ul><li>Growth vs. margins - watch out for trade-offs ahead: With its formidable leadership in cost of funds (3.2%), KMB, from here on, is fully geared to accelerate growth in its secured and unsecured book further, supporting its large floating rate book (~68%) in a rising interest rate scenario.</li></ul><div><div><div><ul><li>Subsidiary businesses continue to scale; maintain ADD: KMB’s subsidiaries continue to deliver a strong performance, contributing ~30% of the consolidated PAT on a steady basis.</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>

Multiple tailwinds drive a strong quarter: KMB reported a strong set of earnings (NII growth of 18% YoY, RoA of 2.7%) on the back of reflating NIM (4.8% - best-in-class), strong loan growth, and negative credit costs (-0.5%) as asset quality continues to remain impressive (slippages at 1.2%; SMA II at 0.1%).Growth vs. margins - watch out for trade-offs ahead: With its formidable leadership in cost of funds (3.2%), KMB, from here on, is fully geared to accelerate growth in its secured and unsecured book further, supporting its large floating rate book (~68%) in a rising interest rate scenario.Subsidiary businesses continue to scale; maintain ADD: KMB’s subsidiaries continue to deliver a strong performance, contributing ~30% of the consolidated PAT on a steady basis.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.

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