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Research Alert: Icici Bank: Broadly Better-than-expected Fy 26 Results
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:FY 26 (Mar.) EPADS rose 5.1% to INR149.54, beating our flattish estimate due to better-than-projected loan growth (+15.8%; of which, business banking: +24.4%; retail and corporate loans: +9% to +10%), NIM (stable at 4.32%), and non-banking income. We think robust demand from SMEs, the positive impact of the 0%-GST reform in September 2025 on consumer spending, and the strong housing market will sustain loan momentum into FY 27. We see some pressure on NIM from the 25-bp cut in the benchmark repo rate in December 2025, but expect ICICI's NIM to stay range-bound and industry leading, aided by faster growth in higher-yielding business loans and ICICI's relatively high mix of CASA deposits (at about 41.4% of total deposits at end-FY 26). Asset quality was solid. Provision charges rose 14.9% in FY 26 due to an additional standard asset provision set aside for agricultural priority sector credit facilities, but there is no change in the portfolio's asset quality. We expect provision charges to ease in FY 27.
$IBN
Research
Research Alert: CFRA Keeps Buy Rating On Shares Of Regions Financial Corporation
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:After digesting Q1 2026 earnings, we increase our 12-month target by $1 to $37, 12.5x our 2027 EPS estimate, a premium to RF's five-year forward P/E average of 9.7x, given an improving regulatory environment and exciting growth prospects. We raise our 2026 EPS estimate by $0.02 to $2.67 and increase 2027's by $0.07 to $2.95. We were a bit disappointed by Q1 results, as both net interest income and noninterest income contracted. However, RF is a well-run bank that successfully reduced costs, delivering positive operating leverage despite the weakness. Credit quality showed encouraging signs, and the bank's ROTCE of 18.3% remains superior to peers, many of whom do not expect to reach this level for at least three years. Significant upside remains. RF's CET1 ratio of 10.7% is conservative, in our view, coming in well above pre-pandemic levels. With proposed Basel III changes expected to reduce risk-weighted assets by 10%, RF is well positioned to return capital to shareholders at an accelerated rate.
$RF
Research
Research Alert: CFRA Maintains Buy Opinion On Shares Of Autoliv Inc.
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We maintain a 12-month price target of $145, based on a 2027 P/E of 11.3x, a justified discount to ALV's five-year forward P/E of 14.0x. Following a much stronger-than-expected Q1, we reiterate our Buy opinion and $145 price target on ALV. We lower our 2026 adjusted EPS estimate by $0.20 to $11.00 but keep 2027's unchanged at $12.80. In our view, the release went a long way toward easing demand-related concerns, both for the company and broader auto supplier industry. ALV remains one of our top picks in the auto supplier space, as justified by its strong track record of execution (this was its sixth consecutive earnings beat), organic net sales growth that continues to exceed global light vehicle growth by a wide margin thanks to its exposure to higher-growth manufacturers and countries (i.e., India), and generous cash returns to shareholders. While we have concerns regarding ALV's ability to hit full-year operating margin guidance, its organic net sales growth is running ahead of expectations.
$ALV