ICICI Securities Ltd. share price target

We maintain our BUY recommendation on the stock with a revised target price of Rs 865/share (17x FY24E EPS), implying an upside of 38% from CMP.

ISEC witnessed a 6% YoY and 7% QoQ decline in revenue from the Retail Broking segment. For the eighth consecutive quarter, revenue has been in the INR3-3.5b range. Its customer count saw a 1.5x jump. While its Prime subscription fees has scaled up (up 71% YoY), its share in overall revenue is small. Revenue for the Issuer Services segment fell 41% QoQ to INR649m. Overall revenue grew 20% YoY to INR8.9b (inline) as the negative surprise in Issuer Services was offset by a beat in the Distribution segment. PAT at INR3.8b (+42% YoY) was 6% lower than our estimate, while C/I ratio rose...

We recommend a BUY rating on the stock with a target price of Rs 856/share, implying an upside of 10% from the CMP.

We continue to like ISEC for its superior ROE profile, better brand recall, and innovative product proposition across customer segments. We maintain a BUY rating on the stock and revise our target price to Rs 990/share (19x FY24E EPS), implying an upside of 21% from CMP.

ISEC witnessed flattish retail broking revenue for the seventh consecutive quarter despite improved traction in client acquisitions. However, this was more than offset by the strong performance in distribution, MTF books and investment banking revenue. Resultantly, ISEC's 3QFY22 revenue at INR9.4b (+52% YoY) was 10% higher than our forecasts. PAT at INR3.8b (+42% YoY) was ahead of our estimates by 11%, while the C/I ratio inched up 90bp sequentially to 45.9% driven by 11% rise in other expenses (mainly marketing costs and technology investments)....

ISEC is under transition, whereby the company is implementing several strategic initiatives across segments to emerge as a comprehensive financial solutions provider across customer cohorts. The margin norms, the last leg of which was implemented from 1st Sep'21, impacted ISEC's market share. These norms are now behind and the cash...

We maintain a BUY rating on the stock and revise a target price to Rs 940/share (20x Sept23E), implying an upside of 15% from CMP.

ISEC delivered yet another quarter of robust performance, with revenue (INR8.6b, 26% YoY) and PAT (INR3.5b, 26% YoY) beating our estimates by 9%. The C/I ratio inched up by 70bp sequentially to 45%, led by an 11%/34% rise in employee cost/other expenses (related to marketing cost and technology investments). Employee cost-to-total income stood ~20% v/s ~23% in FY21 and 29-32% over FY18-20. We have raised our FY22E/FY23E EPS estimates by ~5%/4% to factor in higher than expected traction in MTF, Distribution, and Investment...

ISEC delivered yet another quarter of robust performance, with revenue (INR8.6b, 26% YoY) and PAT (INR3.5b, 26% YoY) beating our estimates by 9%. The C/I ratio inched up by 70bp sequentially to 45%, led by an 11%/34% rise in employee cost/other expenses (related to marketing cost and technology investments). Employee cost-to-total income stood ~20% v/s ~23% in FY21 and 29-32% over FY18-20. We have raised our FY22E/FY23E EPS estimates by ~5%/4% to factor in higher than expected traction in MTF, Distribution, and Investment...