ICICIBANK
24.01.2022 - JpMorgan on ICICIBANK Maintain Overweight CMP 805 Target 930
24.01.2022 - CLSA on ICICIBANK Maintain Buy CMP 805 Target 1125
05.01.2022 - Jefferies on ICICIBANK Maintain CMP 772 Buy Target 1000
05.01.2022 - Jefferies on ICICIBANK Maintain Buy Target 1000
*Stronger b/s, Better earnings growth
*Substantial provision buffer to tide over COVID related stress, & deliver 15% RoE by FY23F
MORGAN STANLEY ON ICICI BANK : 26.07.2021
* ICICI Bank's Q1 slippages elevated, above MS estimate, but net slippages in-line given strong recoveries, the brokerage says, maintains OVERWEIGHT on the stock
* Co Remains Top Pick In The Banking Sector
• Slippages Elevated, Above Our Estimate, But Net Slippages In-line Given Strong Recoveries
* Provision Write-backs Helped Manage Credit Cost
* MAINTAIN OVERWEIGHT TARGET: 900
BERNSTEIN ON ICICI BANK : 26.07.2021
• Maintain Outperform, Target at Rs 790/share
* Digital focus leading to granular loan growth
• Margins were at an all-time high aided by a low cost of funds
* Loan growth and margin expansion led to a 23% YoY growth in operating profit
NOMURA ON ICICI BANK : 26.07.2021
*Nomura expecting RoE normalisation for ICICI Bank to 15% by FY23.
* Strong Core PPOP, But Asset Quality Surprises Negatively
* Expect ROE Normalisation To 15% By FY23
* Bank Is Positioning Towards Right Customer Selection
* Working Towards Having A Greater Share Of Profit & Payment Pools
* MAINTAIN BUY TARGET:790
BERNSTEIN ON ICICI BANK : 26.07.2021
* ICICI Bank's focus on digital leading to granular loan growth, Bernstein says.
* Digital Focus Leading To Granular Loan Growth
* Guided Lower Incremental NPAs In Coming Quarters
* Margin At An All-time High Aided By A Low Cost Of Funds
* Loan Growth & Margin Expansion Led To A 23% YoY Growth In Operating Profit
* MAINTAIN OUTPERFORM TARGET: 790
CLSA ON ICICI BANK : 26.07.2021
* ICICI Bank is now consistently delivering sector-best growth in loans/core PPOP, CLSA says after the bank's Q1 results on Saturday
* Bank Is Now Consistently Delivering Sector-best Growth In Loans/Core PPOP
• With Normalisation Of Retail Credit Costs In H2, Expect Credit Costs To Settle 90 bps Over FY23/24
* With 1% -6% Higher Earnings Ests, Expect RORWA Of 2.7%, Which Is 30% Higher Than Last Upcycle
* MAINTAIN BUY TARGET: 940
CLSA ON ICICI BANK : 26.07.2021
• Maintain BUY, Target upped at Rs 940/share vs 825 earlier
* Expect its rerating to continue
• 1% slippage in 1QFY22 and 87bps of buffer provisioning still available
* Clearly a growth leader: core PPOP growth sustained at 20% YoY
CREDIT SUISSE ON ICICI BANK : 26.07.2021
• Maintain Outperform, Target upped at Rs 740/share
* Slippages spike in 1Q partly offset by stronger recoveries
• Continue to expect credit costs moderation of ~50 bp over FY21
* Tweak our FY22 numbers (EPS-3%) for provisions
JEFFERIES ON ICICI BANK : 26.07.2021
* Maintain BUY, Target upped at Rs 830/share
* ICICI bank hitting the right notes
* Healthy operating performance led by retail/SME lending
* Slippages higher, but can be recovered
JPMORGAN ON ICICI BANK : 26.07.2021
* Believe coming quarters should be better for growth & asset quality, for ICICI Bank, JPMorgan says in its report on the bank's Q1 results
* MAINTAIN OVERWEIGHT TARGET:675
* Retail Slippages Increase Driven By Second Wave; Core PPOP Growth Remains Robust
* Bank Expects Moderation In Slippages In Coming Quarters
* Believe Coming Quarters Should Be Better For Growth & Asset Quality
NOMURA ON ICICI BANK : 26.07.2021
* Reliance Industries Q1 EBITDA in-line as weaker retail offset by better stanalone/Jio; after pandemic impact in q1, expect most segments to improve
* Strong Core PPOP, But Asset Quality Surprises Negatively
* Expect ROE Normalisation To 15% By FY23
* Bank Is Positioning Towards Right Customer Selection
* Working Towards Having A Greater Share Of Profit & Payment Pools
* MAINTAIN BUY TARGET: 790
MACQUARIE ON ICICI BANK : 09.07.2021
• Maintain Outperform, Target upped at Rs 820/share
• ICICI Bank is gaining market share and growing the book profitably
• ROA convergence to drive a re-rating
* ICICI Bank is a 'Marquee idea and top pick'
• See strong earnings CAGR over the next three years
