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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Thematic (Sector/Industry)

<ul><li>Avenue Supermarts: Higher bill sizes + lower footfalls aid FMCG profitability/productivity but are a sign of more targeted shopping with little room for discovery-based purchases (courtesy inflationary pressures), which in turn make a dent on the more profitable GM &amp; apparel sales (constituted &lt;25% vs a typical run-rate of 28%).</li><li>L&amp;T Infotech: L&amp;T Infotech’s (LTI) revenue and margin came in line in Q2FY23.</li><li>ICICI Prudential Life: ICICI Prudential Life (IPRU) reported a weak APE growth (+1.7% 3-year CAGR, in line with estimates); however, VNB margins, at 31%, surprised (200bps ahead of estimates), translating into 21% YoY VNB growth.</li></ul><p><em>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.</em></p>

Avenue Supermarts: Higher bill sizes + lower footfalls aid FMCG profitability/productivity but are a sign of more targeted shopping with little room for discovery-based purchases (courtesy inflationary pressures), which in turn make a dent on the more profitable GM &amp; apparel sales (constituted &lt;25% vs a typical run-rate of 28%).L&amp;T Infotech: L&amp;T Infotech’s (LTI) revenue and margin came in line in Q2FY23.ICICI Prudential Life: ICICI Prudential Life (IPRU) reported a weak APE growth (+1.7% 3-year CAGR, in line with estimates); however, VNB margins, at 31%, surprised (200bps ahead of estimates), translating into 21% YoY VNB growth.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: Avenue Supermarts, L&T Infotech, ICICI Prudential Life, Angel One

Equity Bottom-Up

<ul><li>ANGELONE printed a strong 8.5% sequential growth in its top line, driven by all-time high retail derivatives ADTVs coupled with healthy ancillary transaction revenues (+19% QoQ)</li><li>Staff costs are expected to remain elevated on the back of the management’s continued focus on scaling up and investing in additional tech talent</li><li>We are encouraged by ANGELONE’s intent to align marketing dollars with the pace of customer adds (make marketing spend variable), thereby protecting margins; we continue to monitor these expenses in a soft customer add environment</li></ul><p><em>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.</em></p>

ANGELONE printed a strong 8.5% sequential growth in its top line, driven by all-time high retail derivatives ADTVs coupled with healthy ancillary transaction revenues (+19% QoQ)Staff costs are expected to remain elevated on the back of the management’s continued focus on scaling up and investing in additional tech talentWe are encouraged by ANGELONE’s intent to align marketing dollars with the pace of customer adds (make marketing spend variable), thereby protecting margins; we continue to monitor these expenses in a soft customer add environmentContent 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 (2QFY23 Results Review): All-time high volumes drive strong earnings

<ul><li>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</li></ul><p><em>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.</em></p>

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

<ul><li>Tata Elxsi: Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1.</li><li>L&amp;T Technology Services: L&amp;T Technology Services (LTTS IN) posted revenue ahead of estimates and an in-line operating performance, while maintaining its FY23E revenue guidance (14.5-16.5% CC) and margin (18%+ EBITM).</li><li>Angel One: ANGELONE printed a sequentially flat top-line on a strong base (Q4: 15),  led by a healthy NII (+11% QoQ), offset by lower ancillary transactional revenues.</li></ul><p><em>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.</em></p>

Tata Elxsi: Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1.L&amp;T Technology Services: L&amp;T Technology Services (LTTS IN) posted revenue ahead of estimates and an in-line operating performance, while maintaining its FY23E revenue guidance (14.5-16.5% CC) and margin (18%+ EBITM).Angel One: ANGELONE printed a sequentially flat top-line on a strong base (Q4: 15),  led by a healthy NII (+11% QoQ), offset by lower ancillary transactional revenues.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: Tata Elxsi, L&T Technology Services, Angel One

<div><div><div><ul><li>Negative surprise on opex: Net broking revenue was sequentially flat at INR3.22bn, albeit on a strong base (Q4FY22: +19% QoQ). </li></ul><div><div><div><ul><li>It was driven by strong derivatives volumes in the industry, partially offset by a 40bps dip in retail derivative market share at 20.8% and a 15% drop in cash volumes.</li><li>A sharp decline in average revenue-generating orders (ARGO) per customer, at 18.4 (-16% QoQ), clocked in below estimates despite slower adds, indicates softer activation rates.</li></ul></div></div></div></div></div></div><p><em>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.</em></p>

Negative surprise on opex: Net broking revenue was sequentially flat at INR3.22bn, albeit on a strong base (Q4FY22: +19% QoQ). It was driven by strong derivatives volumes in the industry, partially offset by a 40bps dip in retail derivative market share at 20.8% and a 15% drop in cash volumes.A sharp decline in average revenue-generating orders (ARGO) per customer, at 18.4 (-16% QoQ), clocked in below estimates despite slower adds, indicates softer activation rates.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.

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)

HSIE Results Daily: Avenue Supermarts, L&T Infotech, ICICI Prudential Life, Angel One

Higher bill sizes + lower footfalls aid FMCG profitability/productivity but are a sign of more targeted shopping with little room for discovery...

HDFC Securities

Angel One (2QFY23 Results Review): All-time high volumes drive strong earnings

ANGELONE printed a strong 8.5% sequential growth in its top line, driven by all-time high retail derivatives ADTVs coupled with healthy ancillary...

HDFC Securities

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

HSIE Results Daily: Tata Elxsi, L&T Technology Services, Angel One

Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1; L&T Technology Services (LTTS IN) posted revenue ahead of...

HDFC Securities

Angel One - Elevated Opex Dents Margins

ANGELONE printed a sequentially flat top-line on a strong base (Q4: 15), led by a healthy NII (+11% QoQ), offset by lower ancillary transactional...

HDFC Securities

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