External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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Equity Bottom-Up

Cello World is an Indian consumer products company. The firm is a leading company in the consumerware market in India.

<ul><li>Cello World Ltd (CELLO) has achieved significant success within the writing instrument segment (accounted for ~17% of its consolidated revenue in FY24) following its re-entry into the space in CY19.</li><li>Currently, Unomax (CELLO’s brand) is one of the leading brands in the industry, posting revenue of ~INR3.3b in FY24 (~44% revenue CAGR over FY21-24) along with industry best margin profile.</li><li>The domestic business accounted for ~60% of segmental revenues in FY24, with exports accounting for the rest.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cello World Ltd (CELLO) has achieved significant success within the writing instrument segment (accounted for ~17% of its consolidated revenue in FY24) following its re-entry into the space in CY19.Currently, Unomax (CELLO’s brand) is one of the leading brands in the industry, posting revenue of ~INR3.3b in FY24 (~44% revenue CAGR over FY21-24) along with industry best margin profile.The domestic business accounted for ~60% of segmental revenues in FY24, with exports accounting for the rest.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Cello World - Penning the Growth Story Ahead

ICICI Bank Limited operates as a bank. The Bank offers saving accounts, loans, debit, credit cards, insurance, investments, mortgages, and online banking services. ICICI Bank serves customers worldwide.

<ul><li>ICICIBC has delivered a robust ~17% CAGR in loans over FY22 to FY24, driven by Retail, Business Banking and SME segments while leveraging data analytics for onboarding and credit assessment.</li><li>Business Banking segment continues to witness strong traction even as the overall economic environment has softened, as the bank has revamped its strategy, enhanced resources and streamlined internal processes.</li><li>As a result, the segment has posted ~30% YoY growth in 2QFY25. Overleveraging remains a concern for the industry mainly in unsecured lending segments and the unwinding process is ongoing, which may take a few more quarters and continue to put pressure on the segment’s growth in the near term.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICIBC has delivered a robust ~17% CAGR in loans over FY22 to FY24, driven by Retail, Business Banking and SME segments while leveraging data analytics for onboarding and credit assessment.Business Banking segment continues to witness strong traction even as the overall economic environment has softened, as the bank has revamped its strategy, enhanced resources and streamlined internal processes.As a result, the segment has posted ~30% YoY growth in 2QFY25. Overleveraging remains a concern for the industry mainly in unsecured lending segments and the unwinding process is ongoing, which may take a few more quarters and continue to put pressure on the segment’s growth in the near term.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Bank - Well Poised to Deliver Sustainable Growth and Profitability!

Bajaj Finance Limited is a financial services company that operates branches in India, which provide an assortment of financial services.

<ul><li>Bajaj Finserv hosted its investor day on 10th Dec’24, wherein the senior management of Bajaj Finance (BAF) led by Mr. Rajeev Jain, MD, unveiled BAF 3.0 – a FINAI company - and gave a sneak peek into its Long-Range Strategy (LRS) 2025-29.</li><li>BAF has demonstrated strong growth in the last 17 years, establishing itself as a leader in India’s financial services sector.</li><li>With a robust strategy underpinned by innovation and technology, BAF is well poised to achieve its FY25 targets, including INR4t in AUM and continued leadership in financial performance.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finserv hosted its investor day on 10th Dec’24, wherein the senior management of Bajaj Finance (BAF) led by Mr. Rajeev Jain, MD, unveiled BAF 3.0 – a FINAI company - and gave a sneak peek into its Long-Range Strategy (LRS) 2025-29.BAF has demonstrated strong growth in the last 17 years, establishing itself as a leader in India’s financial services sector.With a robust strategy underpinned by innovation and technology, BAF is well poised to achieve its FY25 targets, including INR4t in AUM and continued leadership in financial performance.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance - Investor Day: Unveils Long-Range Strategy 2025-29

Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

<ul><li>We attended Tata Power’s analyst meet, where the company showcased its 4.3GW cell and module manufacturing facility at Tirunelveli in Tamil Nadu.</li><li>The event was also attended by senior management from the company.</li><li>Our key takeaways: 1) management showcased its vision to double EBITDA and PAT (before minority) to INR300b and INR100b by FY30, respectively; 2) by FY30, TPWR expects the share of renewables in PAT to rise to ~50% (FY24: 21%), while the share of conventional generation and coal, which now account for ~44% of PAT, will decline to ~11%; 3) capex is estimated to rise to INR1,460b in the next five years, ~3x the capex over the last five years.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We attended Tata Power’s analyst meet, where the company showcased its 4.3GW cell and module manufacturing facility at Tirunelveli in Tamil Nadu.The event was also attended by senior management from the company.Our key takeaways: 1) management showcased its vision to double EBITDA and PAT (before minority) to INR300b and INR100b by FY30, respectively; 2) by FY30, TPWR expects the share of renewables in PAT to rise to ~50% (FY24: 21%), while the share of conventional generation and coal, which now account for ~44% of PAT, will decline to ~11%; 3) capex is estimated to rise to INR1,460b in the next five years, ~3x the capex over the last five years.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tata Power - Ambitious Investments and Strategic Expansion Drive Growth

<ul><li>Bajaj Finance (BAF) has decided to exit the co-branded credit card distribution business.</li><li>RBL Bank (RBK) announced that the bank and BAF have mutually agreed to terminate their co-branded credit card partnership.</li><li>This would also imply that BAF will potentially terminate its co-branded card partnership with DBS Bank (DBS).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance (BAF) has decided to exit the co-branded credit card distribution business.RBL Bank (RBK) announced that the bank and BAF have mutually agreed to terminate their co-branded credit card partnership.This would also imply that BAF will potentially terminate its co-branded card partnership with DBS Bank (DBS).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bajaj Finance - Exits Co-Branded Credit Card Distribution; Minimal Impact on Earnings