Motilal Oswal has given Buy recommendation for ICICI Securities recommended buy rating on the stock with a target price of Rs 1000 in its research re with a target price of Rs. 1000 in its research report issued on Jan 18, 2022

Motilal Oswal’s research report on ICICI Securities

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). We have raised our FY22E/FY23E EPS by ~3%/1%, to factor in higher-than-expected traction in the distribution segment. We have, however, lowered our growth estimates for Investment Banking and MTF segments (due to the impact from ESOP funding rule).


We maintain our BUY rating on the stock with a revised TP of INR1,000 (based on 21x Sep’23E P/E), implying 22% potential upside.

More Info on Trent

At 16:00 hrs ICICI Securities Ltd. was quoting at Rs 717.50, down Rs 60.60, or 7.79 percent.

It has touched an intraday high of Rs 773.45 and an intraday low of Rs 710.00.

It was trading with volumes of 58,845 shares, compared to its thirty day average of 21,254 shares, an increase of 176.86 percent.

In the previous trading session, the share closed down 3.49 percent or Rs 28.10 at Rs 778.10.

The share touched its 52-week high Rs 895.60 and 52-week low Rs 357.00 on 13 October, 2021 and 27 January, 2021, respectively.

Currently, it is trading 19.89 percent below its 52-week high and 100.98 percent above its 52-week low.

Market capitalisation stands at Rs 23,151.51 crore.

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