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Axis Securities Report
ICICI Bank Ltd. - The bank has been outperforming its peers and has been firing on all cylinders. ICICI Bank has ticked most boxes on growth, margins, and asset quality. Higher loan growth, improving operating profits, and a strong provision buffer coupled with a strong deposit franchise will help the bank achieve return on average equity/return on average asset expansion over FY23-25E. On the valuation front, we believe the bank continues to be on a comfortable footing.
Tech Mahindra Ltd. - We believe Tech Mahindra has a superior services mix and multiple long-term contracts that are well-spread across the verticals, reducing its dependency on any one vertical. Furthermore, we foresee healthy tractions in communications and enterprise verticals which will greatly accelerate the company’s revenue growth moving forward.
Polycab India Ltd. - Polycab has maintained a leadership position in the organized cables and wires segment with a market share of over 24%. With a strong distribution network and a strong brand recall, the company is poised to gain market share from the unorganised players in both wires and fast moving electrical goods segments. We believe the growth will be driven by demand recovery, new product launches, product premiumisation, and increasing contribution of exports over the long run.
Click on the attachment for the full list of Axis Securities' Top Stock Picks for Nov 2022:
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This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
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