External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

Aptus Value Housing Finance India / Equity Bottom-Up

<ul><li>Operational Performance: Disbursements picked up momentum and registered a strong growth of 45/26% YoY/QoQ.</li><li>AUM growth of 29/4% YoY/QoQ was driven by Home loans (+25/6% YoY/QoQ) and Small Business Loans (+101/14% YoY/QoQ).</li><li>Financial Performance: NII grew by 18/5% YoY/QoQ. Yields improved by 14bps QoQ, while CoF inched up by 9bps. Spreads expanded by 5bps QoQ.</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.

Operational Performance: Disbursements picked up momentum and registered a strong growth of 45/26% YoY/QoQ.AUM growth of 29/4% YoY/QoQ was driven by Home loans (+25/6% YoY/QoQ) and Small Business Loans (+101/14% YoY/QoQ).Financial Performance: NII grew by 18/5% YoY/QoQ. Yields improved by 14bps QoQ, while CoF inched up by 9bps. Spreads expanded by 5bps QoQ.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.

Aptus Value Housing Finance Ltd. - Inline Quarter; Growth Visibility Remains Strong!

<ul><li>Disbursement (+27/3% YoY/QoQ) and AUM growth (+28/6% YoY/QoQ) were marginally lower than our expectations.</li><li>AUM growth was driven by Home loans (+16/6% YoY/QoQ) and Small Business Loans (+127/14% YoY/QoQ).</li><li>NII grew by 20/5% YoY/QoQ. Yields remained largely stable QoQ, while CoF inched up by 14bps. NIMs stood at 13.4% vs 13.3% QoQ.</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.

Disbursement (+27/3% YoY/QoQ) and AUM growth (+28/6% YoY/QoQ) were marginally lower than our expectations.AUM growth was driven by Home loans (+16/6% YoY/QoQ) and Small Business Loans (+127/14% YoY/QoQ).NII grew by 20/5% YoY/QoQ. Yields remained largely stable QoQ, while CoF inched up by 14bps. NIMs stood at 13.4% vs 13.3% QoQ.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.

Aptus Value Housing Finance Ltd. - Steady Quarter, Growth to Remain Strong!

<ul><li>Disbursement (+23/15% YoY/QoQ) and AUM growth (+28/7% YoY/QoQ) were inline with our expectations.</li><li>AUM growth was driven by Home loans (+17/5% YoY/QoQ) and Small Business Loans (+111/20% YoY/QoQ).</li><li>In the Housing Finance book, the share of housing loans improved to 68% vs. 67% QoQ.</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.

Disbursement (+23/15% YoY/QoQ) and AUM growth (+28/7% YoY/QoQ) were inline with our expectations.AUM growth was driven by Home loans (+17/5% YoY/QoQ) and Small Business Loans (+111/20% YoY/QoQ).In the Housing Finance book, the share of housing loans improved to 68% vs. 67% QoQ.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.

Aptus Value Housing Finance Ltd - Eyeing Growth Beyond Core Geographies!

<ul><li>Disbursement and AUM growth were inline with our expectations.</li><li>Consolidated AUM grew by 29/6% YoY/QoQ, driven by Small Business Loans which grew by 80/29% YoY/QoQ.</li><li>In the Housing Finance book, the share of housing loans (+18/5% YoY/QoQ) improved to 67% vs. 64% QoQ.NII grew by 19% YoY but remained flat QoQ.</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.

Disbursement and AUM growth were inline with our expectations.Consolidated AUM grew by 29/6% YoY/QoQ, driven by Small Business Loans which grew by 80/29% YoY/QoQ.In the Housing Finance book, the share of housing loans (+18/5% YoY/QoQ) improved to 67% vs. 64% QoQ.NII grew by 19% YoY but remained flat QoQ.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.

Aptus Value Housing Finance Ltd. - Growth Momentum To Remain Strong!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bajaj Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$830m in its upcoming India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
In this note, we talk about the not-so-positive aspects of the deal.


Bajaj Housing Finance Pre-IPO - The Negatives - Carrying More Risky Loans

India

Aptus Value Housing Finance India Limited provides financial services. The Company offers housing and non-housing finance loans, as well as insurance services. Aptus Value Housing Finance India serves customers in India.

Aptus Value Housing Finance India (APTUS IN)

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Aptus Value Housing Finance India (APTUS IN)

Aptus Value Housing Finance Ltd. - Inline Quarter; Growth Visibility Remains Strong!

Financial Performance: NII grew by 18/5% YoY/QoQ. Yields improved by 14bps QoQ, while CoF inched up by 9bps. Spreads expanded by 5bps QoQ.

Axis Direct

Aptus Value Housing Finance Ltd. - Steady Quarter, Growth to Remain Strong!

NII grew by 20/5% YoY/QoQ. Yields remained largely stable QoQ, while CoF inched up by 14bps. NIMs stood at 13.4% vs 13.3% QoQ.

Axis Direct

Aptus Value Housing Finance Ltd - Eyeing Growth Beyond Core Geographies!

AUM growth was driven by Home loans (+17/5% YoY/QoQ) and Small Business Loans (+111/20% YoY/QoQ). In the Housing Finance book, the share of housing...

Axis Direct

Aptus Value Housing Finance Ltd. - Growth Momentum To Remain Strong!

Disbursement and AUM growth were inline with our expectations. Consolidated AUM grew by 29/6% YoY/QoQ, driven by Small Business Loans which grew by...

Axis Direct

Bajaj Housing Finance Pre-IPO - The Negatives - Carrying More Risky Loans

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we talk about the not-so-positive...

Sumeet Singh

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