External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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

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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