External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Over the past 3 months, ANGELONE has faced several regulatory measures to clamp down on the ever-rising exuberance in derivatives (F&amp;O) markets</li><li>Of the measures introduced, the three most material ones have taken effect during the current quarter (Q3FY25) - this includes the introduction of the “True to Label” framework, limiting the weekly expiry per exchange, and revisioning in BSDA threshold limits</li><li>While these measures are likely to pose a cumulative quarterly revenue loss of INR4.0bn (on the Q2FY25 revenue base), our waterfall analysis suggests that ANGELONE’s countermeasures (pricing interventions) are likely to recoup almost the entire lost revenues by Q4FY25</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.

Over the past 3 months, ANGELONE has faced several regulatory measures to clamp down on the ever-rising exuberance in derivatives (F&amp;O) marketsOf the measures introduced, the three most material ones have taken effect during the current quarter (Q3FY25) - this includes the introduction of the “True to Label” framework, limiting the weekly expiry per exchange, and revisioning in BSDA threshold limitsWhile these measures are likely to pose a cumulative quarterly revenue loss of INR4.0bn (on the Q2FY25 revenue base), our waterfall analysis suggests that ANGELONE’s countermeasures (pricing interventions) are likely to recoup almost the entire lost revenues by Q4FY25Content 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.

Angel One: The More Things Change… Upgrade to BUY

<ul><li>In its efforts to clamp down on the rising irrationality in option volumes (F&amp;O), the SEBI has directed exchanges and market infrastructure institutions (MII) to discontinue the practice of charging turnover-linked slab-wise fee structures, and levy uniform transaction charges instead</li><li>While exchanges currently levy regressive slab-wise fees (higher the turnover, lower the fees), brokers usually charge their customers at the highest prescribed slab rate, resulting in excess profit residing with brokers, especially discount brokers, which is accounted as “ancillary transaction income”</li><li>Our analysis of ANGELONE’s disclosures suggests that this revenue stream contributes ~8% to revenues and a material 20% to pre-tax profits, which is likely to be vulnerable to the SEBI’s “True to Label” mandate that calls for a complete pass-through from customers to MIIs</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.

In its efforts to clamp down on the rising irrationality in option volumes (F&amp;O), the SEBI has directed exchanges and market infrastructure institutions (MII) to discontinue the practice of charging turnover-linked slab-wise fee structures, and levy uniform transaction charges insteadWhile exchanges currently levy regressive slab-wise fees (higher the turnover, lower the fees), brokers usually charge their customers at the highest prescribed slab rate, resulting in excess profit residing with brokers, especially discount brokers, which is accounted as “ancillary transaction income”Our analysis of ANGELONE’s disclosures suggests that this revenue stream contributes ~8% to revenues and a material 20% to pre-tax profits, which is likely to be vulnerable to the SEBI’s “True to Label” mandate that calls for a complete pass-through from customers to MIIsContent 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.

Angel One: SEBI Clamps Down on Frothy Revenue Pools. Maintain ADD

<ul><li>Angel One beat estimates, driven by strong 31% QoQ growth in net revenues, on the back of increased activity, translating into higher ADTO and stronger ancillary transaction revenues (+28% QoQ)</li><li>However, admin costs spiked again and are likely to stay elevated on the back of investments in brand visibility, additional tech talent, and new businesses</li><li>While Angel One has gone through multiple BlitzScale gears (47k daily client adds during Q4FY24), we believe that the quality of incremental customer additions is turning inferior (lower trading intensity)</li><li>Even as individual wallets are actively looking for asset allocation alternatives, we believe that Angel One’s ability to prioritise speed over efficiency offers the franchise a potent “first scaler advantage” - however, this needs to be weighed up against RoIC.</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.

Angel One beat estimates, driven by strong 31% QoQ growth in net revenues, on the back of increased activity, translating into higher ADTO and stronger ancillary transaction revenues (+28% QoQ)However, admin costs spiked again and are likely to stay elevated on the back of investments in brand visibility, additional tech talent, and new businessesWhile Angel One has gone through multiple BlitzScale gears (47k daily client adds during Q4FY24), we believe that the quality of incremental customer additions is turning inferior (lower trading intensity)Even as individual wallets are actively looking for asset allocation alternatives, we believe that Angel One’s ability to prioritise speed over efficiency offers the franchise a potent “first scaler advantage” - however, this needs to be weighed up against RoIC.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.

Angel One: Burn Rate to Stay Elevated, Maintain ADD

<ul><li>Angel One clocked a modest 1.4% QoQ growth in net revenues, driven by an inferior order mix and lower ancillary transaction revenues (-10% QoQ)</li><li>Admin costs spiked again and are likely to stay elevated on the back of investments in additional tech talent and new businesses</li><li>While Angel One has gone through multiple BlitzScale gears (50k daily client adds during Dec’23), we believe that the quality of incremental customer additions is turning inferior (lower trading intensity)</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.

Angel One clocked a modest 1.4% QoQ growth in net revenues, driven by an inferior order mix and lower ancillary transaction revenues (-10% QoQ)Admin costs spiked again and are likely to stay elevated on the back of investments in additional tech talent and new businessesWhile Angel One has gone through multiple BlitzScale gears (50k daily client adds during Dec’23), we believe that the quality of incremental customer additions is turning inferior (lower trading intensity)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.

Angel One: Plateauing Marginal Utility, Maintain ADD

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate</li>
<li>Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.</li>
<li>There could be potential upside of 20% if delisting fails.</li>
</ul>


ICICI Securities Shareholders will consider delisting proposal at the end of March-24 which will decide its fate
Swap Ratio based on current prices offers limited downside for I-Sec Shareholders if delisting goes through.
There could be potential upside of 20% if delisting fails.


ICICI Securities : A Special Situation Play with Limited Downside

India

Angel Broking Limited provides securities brokerage services. The Company offers e-broking, insurance, portfolio management, mutual funds, commodities trading, investment advisory, wealth management, IPO, and depository services. Angel Broking serves customers in India.

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Angel One (ANGELONE IN)

Angel One: The More Things Change… Upgrade to BUY

Over the past 3 months, ANGELONE has faced several regulatory measures to clamp down on the ever-rising exuberance in derivatives (F&O) markets

HDFC Securities

Angel One: SEBI Clamps Down on Frothy Revenue Pools. Maintain ADD

We cut our PBT estimates by 11% and 23% for FY25E and FY26E to factor in the potential first-order impact, we also flag the potential second-order...

HDFC Securities

Angel One: Burn Rate to Stay Elevated, Maintain ADD

Angel One beat estimates, driven by strong 31% QoQ growth in net revenues, on the back of increased activity, translating into higher ADTO and...

HDFC Securities

Angel One: Plateauing Marginal Utility, Maintain ADD

Angel One clocked a modest 1.4% QoQ growth in net revenues, driven by an inferior order mix and lower ancillary transaction revenues (-10% QoQ)

HDFC Securities

ICICI Securities : A Special Situation Play with Limited Downside

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

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Market Cap (USDm)

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Angel One: The More Things Change… Upgrade to BUY

Over the past 3 months, ANGELONE has faced several regulatory measures to clamp down on the ever-rising exuberance in derivatives (F&O) markets

HDFC Securities

Angel One: SEBI Clamps Down on Frothy Revenue Pools. Maintain ADD

We cut our PBT estimates by 11% and 23% for FY25E and FY26E to factor in the potential first-order impact, we also flag the potential second-order...

HDFC Securities

Angel One: Burn Rate to Stay Elevated, Maintain ADD

Angel One beat estimates, driven by strong 31% QoQ growth in net revenues, on the back of increased activity, translating into higher ADTO and...

HDFC Securities

Angel One: Plateauing Marginal Utility, Maintain ADD

Angel One clocked a modest 1.4% QoQ growth in net revenues, driven by an inferior order mix and lower ancillary transaction revenues (-10% QoQ)

HDFC Securities

ICICI Securities : A Special Situation Play with Limited Downside

​ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.

Nimish Maheshwari

ICICI Securities Delisting is a Special Situation Play with a potential upside of 20% and limited downside risk offering a short-term bet.