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. 

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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

<p>We upgrade from REDUCE to ADD with an SOTP-based target price of INR2,040 (standalone bank at INR1,448, 3.7x Sep-23 ABVPS). Kotak Mahindra Bank's (KMB) Q3FY22 performance was broadly in line with our estimates, predominantly on the back of a favourable credit cost outcome (credit costs at negative 20bps due to lower slippages and reversal of COVID provisions). However, the biggest surprise was on the balance sheet front with a second straight quarter of 8% sequential loan growth, driven by sustained acceleration across home loans as well as unsecured personal loans and credit cards.</p><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 upgrade from REDUCE to ADD with an SOTP-based target price of INR2,040 (standalone bank at INR1,448, 3.7x Sep-23 ABVPS). Kotak Mahindra Bank's (KMB) Q3FY22 performance was broadly in line with our estimates, predominantly on the back of a favourable credit cost outcome (credit costs at negative 20bps due to lower slippages and reversal of COVID provisions). However, the biggest surprise was on the balance sheet front with a second straight quarter of 8% sequential loan growth, driven by sustained acceleration across home loans as well as unsecured personal loans and credit cards.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.

Kotak Mahindra Bank (Q3FY22 Result review): Capitalising on growth impulses; upgrade to ADD