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AXIS Bank (AXBK.BO)
Research Tactical Idea
We believe the share price will rise relative to the country index over the next 30 days.
Axis Bank is likely to report robust revenue growth, driven by margin expansion in its QE-Sep 2011 results announcement,
scheduled for October 22, 2011. The bulk of the deposit repricing for entities with greater wholesale deposits had already
filtered through by QE Jun-11. Since then, lending rates have continued to move up – hence, this would have helped
improve loan spreads. Hence, we expect Axis to show reasonable margin progression this quarter. (See our note "QE
Sep-11: Results Preview – A Divergent Quarter Ahead", dated October 12, 2011, for details.)
We estimate that there is about a 70% to 80% or "very likely" probability for the scenario.
Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the
scenario.
Stock Rating: Equal-weight
Industry View: Cautious
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
AXIS Bank (AXBK.BO)
Research Tactical Idea
We believe the share price will rise relative to the country index over the next 30 days.
Axis Bank is likely to report robust revenue growth, driven by margin expansion in its QE-Sep 2011 results announcement,
scheduled for October 22, 2011. The bulk of the deposit repricing for entities with greater wholesale deposits had already
filtered through by QE Jun-11. Since then, lending rates have continued to move up – hence, this would have helped
improve loan spreads. Hence, we expect Axis to show reasonable margin progression this quarter. (See our note "QE
Sep-11: Results Preview – A Divergent Quarter Ahead", dated October 12, 2011, for details.)
We estimate that there is about a 70% to 80% or "very likely" probability for the scenario.
Estimated probabilities are illustrative and assigned subjectively based on our assessment of the likelihood of the
scenario.
Stock Rating: Equal-weight
Industry View: Cautious
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