MOSL: Morning India (6/December/21): 1. ICICI Bank (Growing franchise through technological innovations); 2. Bulls & Bears (OMICRON drives a pullback); 3. Siemens; 4. Angel One
MOrning India (6/December/21): 1. ICICI Bank (Growing franchise through technological innovations); 2. Bulls & Bears (OMICRON drives a pullback); 3. Siemens; 4. Angel One
Today’s top research idea
ICICI Bank: Growing franchise through technological innovations
- ICICIBC in its analyst day highlighted how the strengthening of its digital capabilities is helping transform the bank and increase throughput rates, while offering customers a superior experience. The bank is capable of building and scaling digital capabilities like the best of the FinTechs, though agility, constant innovation, and customer focus remains the key to success.
- ICICIBC has been reporting strong growth in Retail advances, supported by an impressive share of digital originations, while SME/Business Banking growth has been robust, aided by various digital applications. With a resilient asset quality and an improving economic environment, it appears firmly positioned to deliver healthy sustainable growth.
- We estimate ICICIBC to deliver ~25% earnings CAGR over FY22-24E, while RoA/RoE improves to 2%/16.6% in FY24E. ICICIBC remains our top pick in the sector. We reiterate a Buy with a SoTP based TP of INR1,000 (2.8x Sep'23E ABV).
Piping hot news
FMCG distributors warn firms of 'non-co-operation', seek price parity
The apex body of distributors of fast-moving consumer goods (FMCG) has written to companies against the price disparity between traditional distributors and other organised business-to-business (B2B) distribution firms, both online and offline, which have entered the sector in the last few years.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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