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

<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.

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

Motilal Oswal

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. 

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.

<div><div><div><div><ul><li>Angel’s gross client acquisition run rate saw a marginal decline to 0.44m in Apr’22 from 0.48m in Mar’22.</li></ul><div><div><div><div><ul><li>Total client base stood at 9.64m as of Apr’22 (+5% MoM and 118% YoY).</li></ul><div><div><div><div><ul><li>Average funding book saw strong 10% MoM growth to ~INR17.2b.</li></ul></div></div></div></div></div></div></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>

Angel’s gross client acquisition run rate saw a marginal decline to 0.44m in Apr’22 from 0.48m in Mar’22.Total client base stood at 9.64m as of Apr’22 (+5% MoM and 118% YoY).Average funding book saw strong 10% MoM growth to ~INR17.2b.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 - Order Per Day Remains Flattish | Customer Acquisition Run Rate Slows Down Marginally

<ul><li>ANGELONE printed 15% growth in topline sequentially on a strong base (15% Q3), resulting in an 11% beat, led by better-than-estimated customer activity (higher average revenue-generating orders per customer) and stronger ancillary transactional revenue</li><li>We are comforted by ARGO’s indicators of stabilisation, which include higher quality customer adds and improved activation levels</li><li>Given the flat-fee model, ANGELONE is one of the best plays on the secular growth story in Indian capital markets and our highest-conviction BUY.</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 15% growth in topline sequentially on a strong base (15% Q3), resulting in an 11% beat, led by better-than-estimated customer activity (higher average revenue-generating orders per customer) and stronger ancillary transactional revenueWe are comforted by ARGO’s indicators of stabilisation, which include higher quality customer adds and improved activation levelsGiven the flat-fee model, ANGELONE is one of the best plays on the secular growth story in Indian capital markets and our highest-conviction BUY.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 (4QFY22 Results Review): Rising and Shining; Maintain BUY

<p>Brokers - growth expected to moderate: Despite healthy consolidation seen in index levels in Q3FY22, cash ADTVs (ex-prop) were sequentially flat whereas growth in derivatives ADTVs (ex-prop) continued unabated at 22% (estimated). A buoyant market for primary issuances resulted in an impressive pace of new investor additions at 7mn in the first 2 months of Q3 (H1FY22: 15mn). Despite flattish volume in the cash segment, delivery volume has increased; this, coupled with healthy derivates volume, is expected to boost broking revenues.</p><div class="content-highlight"><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></div>

Brokers - growth expected to moderate: Despite healthy consolidation seen in index levels in Q3FY22, cash ADTVs (ex-prop) were sequentially flat whereas growth in derivatives ADTVs (ex-prop) continued unabated at 22% (estimated). A buoyant market for primary issuances resulted in an impressive pace of new investor additions at 7mn in the first 2 months of Q3 (H1FY22: 15mn). Despite flattish volume in the cash segment, delivery volume has increased; this, coupled with healthy derivates volume, is expected to boost broking 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.

Non-leveraged financials (Q3FY22 Results Preview): Strong earnings traction across most segments

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Angel One (ANGELONE IN)

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

Angel One - Order Per Day Remains Flattish | Customer Acquisition Run Rate Slows Down Marginally

Angel’s gross client acquisition run rate saw a marginal decline to 0.44m in Apr’22 from 0.48m in Mar’22. However, the addition is better than our...

Motilal Oswal

Angel One (4QFY22 Results Review): Rising and Shining; Maintain BUY

ANGELONE printed 15% growth in topline sequentially on a strong base (15% Q3), resulting in an 11% beat, led by better-than-estimated customer...

HDFC Securities

Non-leveraged financials (Q3FY22 Results Preview): Strong earnings traction across most segments

Brokers - growth expected to moderate: Despite healthy consolidation seen in index levels in Q3FY22, cash ADTVs (ex-prop) were sequentially flat...

HDFC Securities

Non-leveraged financials (Q3FY22 Results Preview): Strong earnings traction across most segments

Brokers - growth expected to moderate: Despite healthy consolidation seen in index levels in Q3FY22, cash ADTVs (ex-prop) were sequentially flat...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)