ICICI Bank’s balance sheet is one of the strongest among peers and is well placed to handle the Covid related stress.

Chirag Batavia • 23 August 2021

ICICI Bank (ICICIBANK)

  • ICICI Bank’s balance sheet is one of the strongest among peers and is well placed to handle the Covid related stress. The bank will show faster recovery in growth and earning.
  • Covid has been a good testing phase for the bank’s retail book. The early result suggest that we can view the bank’s performance with optimism and it is likely to emerge out of crisis with best in class asset quality.
  • The book is well provided for (coverage of unsecured retail is at ~75-85% levels and corporate at ~85-90% as of FY21); we expect a marked decline in credit costs even in retail book once the economy recovers.
  • The bank has rerated after the initial correction in the first lockdown. The multiple expansion is likely to be contingent on steady growth, stable asset quality and best in class return ratios, which we reckon, there is a high probability of this coming through in the current leg of the cycle.
  • We value the bank at a fair value of Rs. 810 – 2.6x (adj) book value and 18x June 23 EPS.
Note: The above is a brief note on the company, based on the inputs of KIE research report dated 6 th August 2021, which is available on their website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamental . Disclaimer: http://bit.ly/2n5AxIE

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Lakshit Financial Authorized Person of Kotak Securities Limited in cash segments of BSE & NSE and NSE F&O segments with NSE. Lakshit Financial registration number: BSE CASH AP0106730124228 | NSE CASH AP029177621 | NSE F&O AP029177621.Registered Office: Lakshit Financial, ASM 7, Ashwin Sector, Mumbai Agra Highway, CIDCO, Nasik 422009, Maharashtra, India. Kotak Securities Limited. Registered Office: 27 BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai 400051. CIN: U99999MH1994PLC134051. SEBI Registration No. INZ000200137 (Member of NSE, BSE, MSE, MCX & NCDEX). Member Id: NSE-08081; BSE-673; MSE-1024; MCX-56285; NCDEX-1262. AMFI ARN 0164, PMS INP000000258 and Research Analyst INH000000586. NSDL/CDSL: IN-DP-NSDL-23-97.
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Looking to invest in HOME FIRST FINANCE (HOMEFIRST) and other Indian stocks? Open your NRI Demat Acc

Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25

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Home First Finance (HOMEFIRST) Home First remains consistent on operational and financial parameters. Home First (HFFC) reported 24% earnings growth, with 19% net interest income growth in Q2FY25. Gross stage-3 ratio was flat qoq at 1.7%, stage-2 ratio declined 6 bps qoq to 1.1%. While other asset classes have reported mixed trends residential home loans, as an asset class, continues to stand tall. Home First, with 85% home loan exposure, is well-placed on the above. We expect the company to deliver 25% earnings CAGR for FY25-27E. We remain assertive with a BUY rating and FV of Rs1,360 (no change). Note: The above is a brief note on the company, based on the inputs of KIEresearch report dated 25111Oct, 2024, which is available onour website at: https://www.kotaksecurities.com/ksweb/ResearchCall/Fundamenta1. Disclaimer: http://bit.ly/2n5Ax1E https://www.kotaksecurities.oom/ksweb/research/kotak-research-reports/top-weekly-picks
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