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. 

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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

<p>We revise our rating to Buy from Hold with revised target price of Rs 2,475 (SOTP basis).</p><p>The key positives for Kotak Mahindra Bank (KMB) in Q2FY22 was strong pick up in loan growth (up 14.7% YoY/ 8%) coupled with stable asset quality resulting in earnings growth of 23.8% QoQ to Rs 203.2 Bn. Loan growth was spread across segments led by mortgages and unsecured book (up more than 10%). NIM slowed down to ~4.45% from 4.6% QoQ. G/NNPAs came down ~40/20bps to 3.2%/1.1% with gross slippage ratio of ~1.9%. Credit costs declined to ~60bps of loans. Restructured book is also moderate at ~54bps. With the push on growth, C-I has increased to 46.5% from 43.5% QoQ and 38.5% YoY which led to moderate PPOP growth.</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 revise our rating to Buy from Hold with revised target price of Rs 2,475 (SOTP basis).The key positives for Kotak Mahindra Bank (KMB) in Q2FY22 was strong pick up in loan growth (up 14.7% YoY/ 8%) coupled with stable asset quality resulting in earnings growth of 23.8% QoQ to Rs 203.2 Bn. Loan growth was spread across segments led by mortgages and unsecured book (up more than 10%). NIM slowed down to ~4.45% from 4.6% QoQ. G/NNPAs came down ~40/20bps to 3.2%/1.1% with gross slippage ratio of ~1.9%. Credit costs declined to ~60bps of loans. Restructured book is also moderate at ~54bps. With the push on growth, C-I has increased to 46.5% from 43.5% QoQ and 38.5% YoY which led to moderate PPOP growth.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: Well Positioned for Earnings Pick-Up