External broker reports(aggregated public sources), Axis Direct

Axis Direct

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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

Ujjivan Small Finance Bank  / Equity Bottom-Up

Ujjivan Small Finance Bank  (UJJIVANS IN)

<ul>
<li>We maintain our HOLD rating given the delay in the ROE normalization, higher restructured pool with concerns of elevated slippages</li>
<li>We introduce FY24E estimates and value UJSFB at 1.4x H1FY24E ABV to arrive at a target price of Rs 20/share, implying a downside of 5% from CMP</li>
<li>UJSFB’s Q2FY22 performance was disappointing in terms of asset quality as GNPA inched up to 11.8% (vs 9.8% QoQ) </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>


We maintain our HOLD rating given the delay in the ROE normalization, higher restructured pool with concerns of elevated slippages
We introduce FY24E estimates and value UJSFB at 1.4x H1FY24E ABV to arrive at a target price of Rs 20/share, implying a downside of 5% from CMP
UJSFB’s Q2FY22 performance was disappointing in terms of asset quality as GNPA inched up to 11.8% (vs 9.8% QoQ) 

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.

Ujjivan Small Finance Bank: Asset Quality Stress Persist, Business Momentum Regaining Strength