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

<ul><li>While SBI always had the natural advantage of brand recognition and scale, the bank has gradually added other competitive moats in the form of a prolific sourcing edge, a YONO-powered digital stack, an unparalleled lean distribution model, and a potent combination of cross-sell focus and competencies.</li><li>Although we argue that the Q1FY24 RoA (1.3%) and RoE (&gt;20%) prints are exaggerated for regulatory forbearance (lower risk weights), lopsided pricing (lagged deposit repricing), and a benign credit cycle, we believe that the potent combination of traditional strengths and newly-added moats is reflecting in higher throughput, sustained efficiency gains (lean P&amp;L), and high-quality new loan origination, translating into structurally lower credit costs and better return ratios.</li><li>We raise our two-year explicit period forecasts by 6-8% each to factor in a superior asset profile and maintain BUY with a revised TP of INR790 (earlier INR750; standalone bank at 1.4x Mar-25 ABVPS).</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>

While SBI always had the natural advantage of brand recognition and scale, the bank has gradually added other competitive moats in the form of a prolific sourcing edge, a YONO-powered digital stack, an unparalleled lean distribution model, and a potent combination of cross-sell focus and competencies.Although we argue that the Q1FY24 RoA (1.3%) and RoE (&gt;20%) prints are exaggerated for regulatory forbearance (lower risk weights), lopsided pricing (lagged deposit repricing), and a benign credit cycle, we believe that the potent combination of traditional strengths and newly-added moats is reflecting in higher throughput, sustained efficiency gains (lean P&amp;L), and high-quality new loan origination, translating into structurally lower credit costs and better return ratios.We raise our two-year explicit period forecasts by 6-8% each to factor in a superior asset profile and maintain BUY with a revised TP of INR790 (earlier INR750; standalone bank at 1.4x Mar-25 ABVPS).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.

State Bank of India: New moats emerge as game changers. Maintain BUY

State Bank Of India

State Bank of India: New moats emerge as game changers. Maintain BUY