reports
- Dave Nicoski
- Ross LaDuke
Int'l Macro Vision: Sector Synopsis
Int'l Equity Strategy In our latest Int'l Compass (September 28, 2023), we discussed how some key support levels on global equity indexes were starting to break on the EURO STOXX 50, MSCI ACWI ex-US (ACWX-US), and MSCI EAFE (EFA-US), as the U.S. dollar (DXY) and 10-year Treasury yield broke above $105.70 and 4.35%. We also discussed how the breakouts in the DXY and 10-year Treasury yield increased the odds of a break below major $91.50-$92 support on MSCI ACWI (ACWI-US), but that we need to see...
- Nitin Aggarwal
MOSL : CANARA BANK: Operating performance healthy; loan growth gainin...
CANARA BANK: Operating performance healthy; loan growth gaining traction (CBK IN, Mkt Cap USD5.7b, CMP INR259, TP INR340, 31% Upside, Buy) Asset quality continues to improve Canara Bank (CBK) reported a healthy performance with 19% YoY NII growth (3% beat) driven by 8bp margin expansion in 2QFY23. This coupled with healthy treasury gains and traction in fee income drove overall earnings. The bank has further adopted the new tax regime and provided deferred tax worth INR24.5b. Tax rate for 2...
- Nitin Aggarwal
MOSL : AXIS BANK: Exemplary performance; margins take a giant leap
. AXIS BANK: Exemplary performance; margins take a giant leap (AXSB IN, Mkt Cap USD30.7b, CMP INR826, TP INR975, 18% Upside, Buy) Asset quality remains robust AXSB reported a PAT of INR53.3b, up 70% YoY (26% beat), largely driven by 6% beat in NII and lower provisions, which declined 51% YoY. The business registered robust growth of 18% YoY and 4.2% QoQ growth in advances. The SME segment grew 28% YoY/8.7% QoQ. The large and mid-corporate segment also came back with a 6% QoQ growth, after...
- Nitin Aggarwal
MOSL . BANK OF BARODA: Healthy business growth; lower provisions driv...
BOB reported a healthy 1QFY23 as core PPOP grew 11% YoY, while lower provisions drove net earnings (a significant beat). Business growth was healthy, with loans growing 3% QoQ. However, margin moderated by 6bp QoQ. Asset quality improved as fresh slippages moderated to INR32.7b, resulting in a significant decline in credit cost, with PCR increasing further to ~76%. Total SMA 1/2 (over INR50m) stands controlled at 48bp of loans. Collection efficiency (excluding Agri) improved to 98% in Jun’22....
AXIS BANK with less fundamental stars is reduced to Neutral
AXIS BANK (IN), a company active in the Money Center Banks industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 3 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date M...
CANARA BANK reduced its risk exposure resulting in an upgrade to Posit...
CANARA BANK (IN), a company active in the Money Center Banks industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 4 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Positive. As of the analysis date February 4, 2022, the closing price was INR 261...
BANK OF INDIA sees an upgrade to Slightly Positive due to a better fun...
The general evaluation of BANK OF INDIA (IN), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 28, 2022, the closing price w...
PUNJAB NATIONAL BANK sees an upgrade to Slightly Positive due to a bet...
The general evaluation of PUNJAB NATIONAL BANK (IN), a company active in the Money Center Banks industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date January 14, 2022, the closing ...
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