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. 

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Equity Bottom-Up

<ul><li>ANGELONE printed a 2.5% QoQ decline in its top line, driven by moderation in the number of orders (-5% QoQ) and lower ancillary transaction revenues (-19% QoQ)</li><li>Staff costs spiked once again and are expected to stay elevated on the back of its sustained efforts on scaling up and investing in additional tech talent</li><li>ANGELONE has been inconsistent in its intent and ability to align marketing dollars with the pace of customer adds, thereby impacting margins, we continue to monitor these expenses in a soft customer add environment, especially with the quality of recent-vintage clients on the decline</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.

ANGELONE printed a 2.5% QoQ decline in its top line, driven by moderation in the number of orders (-5% QoQ) and lower ancillary transaction revenues (-19% QoQ)Staff costs spiked once again and are expected to stay elevated on the back of its sustained efforts on scaling up and investing in additional tech talentANGELONE has been inconsistent in its intent and ability to align marketing dollars with the pace of customer adds, thereby impacting margins, we continue to monitor these expenses in a soft customer add environment, especially with the quality of recent-vintage clients on the declineContent 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 - Signs of Fatigue Setting In, Downgrade to ADD

Angel One -  Signs of Fatigue Setting In, Downgrade to ADD

Thematic (Sector/Industry)

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% above our estimates (+12% YoY); however, better-than-expected loss ratios in the health insurance business were offset by sustained investments into building out the company’s retail health agency network, driving calculated CORs to 105% and APAT to INR4.4bn (+11% YoY)</li><li>We raise our FY24/FY25E earnings estimates by 7/11% to factor in the management guidance of achieving 102-103% CORs over the next couple of years</li><li>Given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and we maintain ADD with a revised TP of INR1,370 (implied Mar-25E P/E of 27x and P/ABV of 4.8x).</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.

ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% above our estimates (+12% YoY); however, better-than-expected loss ratios in the health insurance business were offset by sustained investments into building out the company’s retail health agency network, driving calculated CORs to 105% and APAT to INR4.4bn (+11% YoY)We raise our FY24/FY25E earnings estimates by 7/11% to factor in the management guidance of achieving 102-103% CORs over the next couple of yearsGiven the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and we maintain ADD with a revised TP of INR1,370 (implied Mar-25E P/E of 27x and P/ABV of 4.8x).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.

HSIE Results Daily - ICICI Lombard, Angel One

<ul><li>The SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of client funds aside from approving optional ASBA for secondary markets</li><li>While the decision on upstreaming of client funds appears to offer a transient relief to standalone brokers (non-bank owned), we expect the SEBI to gradually nudge towards mandatory adoption of ASBA for secondary trades, flushing the excess float out of the broking channel</li><li>The hits to float income notwithstanding, we believe that dominant FinTech discount broking franchises have sufficient levers to offset this negative impact.</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.

The SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of client funds aside from approving optional ASBA for secondary marketsWhile the decision on upstreaming of client funds appears to offer a transient relief to standalone brokers (non-bank owned), we expect the SEBI to gradually nudge towards mandatory adoption of ASBA for secondary trades, flushing the excess float out of the broking channelThe hits to float income notwithstanding, we believe that dominant FinTech discount broking franchises have sufficient levers to offset this negative impact.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.

Broking: Transient relief for non-bank owned brokers

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)</li><li>Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growth</li><li>However, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction revenues</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.

ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growthHowever, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction revenuesContent 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.

HSIE Results Daily: ICICI Lombard, Angel One, Mastek

India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

Capri Global Capital Ltd is an Indian Non-Banking Finance Company (NBFC-NDSI). The Company is focused on the priority sector in the SME lending space; it provides loans for purchase of machinery and equipment, and working capital. In wholesale lending, it offers specialized solutions to Indian corporates to grow their businesses with initial funding, mezzanine financing et cetera.

IIFL Holdings Limited is a financial services company and is engaged, through its subsidiaries, in the businesses of  non-banking finance, housing finance, wealth management, asset management, institutional & retail brokerage and investment banking. The Company is also a distributor of insurance and other financial products.

Central Depository Services (India) Limited (CDSL) offers financial services. The Company provides transmission of securities, dematerialisation, processing delivery, account opening, receipt instructions, holding, pledging, educational initiatives, settlements, and depository services to investors. CDSL serves customers in India.

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. ICICI Securities serves customers in India.

UTI Asset Management Company Limited operates as an investment management firm. The Company offers asset management, research analysis, portfolio construction, financial planning, and advisory services to group of individual and institutional investors. UTI Asset Management serves clients in India.

Bengal & Assam Company Ltd. is an investment company.  The Company derives its revenues from dividend income it receives from companies in which it holds investments; interest income; and rental income.

JM Financial Limited is a holding company which has subsidiaries in all major financial services. The Company's services include investment banking, institutional and retail brokerage, asset management (MF & alternative assets), commodities and asset reconstruction.

JSW Holdings Limited is an investment holding company.  The Company invests in the shares of companies.

Religare Enterprises Limited is a holding company for one of India's diversified financial services groups. The Company offers an integrated suite of financial services through its underlying subsidiaries and operating entities, including loans to SMEs, capital markets, wealth management, life and health insurance, and asset management.

Central China Securities Co., Ltd. is a securities company engaged in the brokerage, investment banking, investment management, and trading businesses primarily in China. The Company trades in stocks, funds, bonds, and commodity and financial futures on behalf of its clients; and provides margin financing, securities lending, and wealth management services.

StoneX Group Inc. is an institutional-grade financial services network that connects companies, organizations, and investors to the global markets ecosystem through digital platforms, end-to-end clearing, and execution services. StoneX Group operates worldwide.

SSI Securities Corporation offers investment banking and securities brokerage services.  The Company offers corporate finance advisory and capital raising services, mergers and acquisitions advice, and equity research, sales and trading services.

Shanxi Securities Company Limited provides securities brokerage, securities investment consulting, securities proprietary trading, securities and asset management, and intermediary services for futures trading companies. The Company, through its subsidiaries, also provides stock and bond underwriting and sponsorship, commodities and financial futures brokerage services.

HUB24 Limited is a financial services company.  The Company focuses on the delivery of a platform which supports investors.  The platform is a next-generation service with state-of-the-art portfolio management, transaction, and reporting solutions for licensees, financial advisers, accountants, stockbrokers, and institutions.

Shaanxi International Trust Co., Ltd. provides a variety of non-banking financial services. The Company's services include trust deposits, trust loans, trust investment, security trading, financing and leasing, guarantee, and other related services. The Company also invests in real estate development.

Sealand Securities Co., Ltd. operates as a securities brokerage company. The Company offers securities brokerage, securities investment consulting, securities trading, securities underwriting and sponsorship, securities asset management, and other services. Sealand Securities provides services in China.

Meritz Securities Co., Ltd. provides brokerage, underwriting, and securities dealing services in South Korea.  The Company also offers mutual funds, bonds, certificate of deposits (CD), corporate finance, online trading, and related services.

KIWOOM Securities Co., Ltd. is an online financial institution.  The Company offers equity and fixed income securities brokerage, dealing, and underwriting services.  Kiwoom Securities provides its services to individual investors.

Pinnacle Investment Management Group Limited provides investment management services. The Company offers operational support, insurance, business management, compliance, financial reporting, and accounting services. Pinnacle Investment Management Group conducts its business in Australia.

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 - Signs of Fatigue Setting In, Downgrade to ADD

ANGELONE printed a 2.5% QoQ decline in its top line, driven by moderation in the number of orders (-5% QoQ) and lower ancillary transaction...

HDFC Securities

Angel One - Signs of Fatigue Setting In, Downgrade to ADD

ANGELONE printed a 2.5% QoQ decline in its top line, driven by moderation in the number of orders (-5% QoQ) and lower ancillary transaction...

HDFC Securities

HSIE Results Daily - ICICI Lombard, Angel One

ANGELONE printed a 14/21% sequential growth in its top line/APAT, driven by all-time high retail derivative ADTVs and healthy ancillary transaction...

HDFC Securities

Broking: Transient relief for non-bank owned brokers

The SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of...

HDFC Securities

HSIE Results Daily: ICICI Lombard, Angel One, Mastek

Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during...

HDFC Securities

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