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. 

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.

Thematic (Sector/Industry)

<ul><li>Axis Top Picks basket delivered an encouraging return of 3% in Oct’22, outperforming the benchmark Index NIFTY 50 over the last three and six-month periods.</li><li>Furthermore, the basket has delivered an impressive return of 150% since its inception (May'20), which stands significantly higher than the 94% returns delivered by NIFTY 50 over the same period.</li><li>In view of this robust performance, we continue to believe in our thematic approach in our Top Picks selections.</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.

Axis Top Picks basket delivered an encouraging return of 3% in Oct’22, outperforming the benchmark Index NIFTY 50 over the last three and six-month periods.Furthermore, the basket has delivered an impressive return of 150% since its inception (May'20), which stands significantly higher than the 94% returns delivered by NIFTY 50 over the same period.In view of this robust performance, we continue to believe in our thematic approach in our Top Picks selections.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.

Top Picks -Earnings Commentary & The Direction of Dollar Index to Drive Market

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Fusion Micro Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fusion-micro-finance-ltd" target="_blank" data-smartkarma-citation="entities:36450:1" rel="noopener">Fusion Micro Finance Ltd (1053199D IN)</a> is looking to raise approximately US$134m in its India IPO.  </li>
<li>Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.</li>
<li>We have looked at the background of the deal in our earlier notes. In this note, we talk about its recent RHP updates, peer comparison and valuations.   </li>
</ul>



Fusion Micro Finance Ltd (1053199D IN) is looking to raise approximately US$134m in its India IPO.  
Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.
We have looked at the background of the deal in our earlier notes. In this note, we talk about its recent RHP updates, peer comparison and valuations.   


Fusion Micro Finance IPO - Not Worth the Premium

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
-------------

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a> reported a strong Q2FY23 earnings with an AUM growth of 7.0% QoQ and 31% YoY. AUM growth was broad-based with all business lines doing well.</li>
<li>BAF is upbeat about its customer acquisition momentum and has upgraded its customer acquisition guidance for FY23 to 10-11mm vs 9-10mm earlier.</li>
<li>Competitive intensity remains high, however, BAF continues to be disciplined around margins and risk management. Also, BAF's increasing digital footprint is helping it to drive growth despite elevated competition.</li>
</ul>



Bajaj Finance Ltd (BAF IN) reported a strong Q2FY23 earnings with an AUM growth of 7.0% QoQ and 31% YoY. AUM growth was broad-based with all business lines doing well.
BAF is upbeat about its customer acquisition momentum and has upgraded its customer acquisition guidance for FY23 to 10-11mm vs 9-10mm earlier.
Competitive intensity remains high, however, BAF continues to be disciplined around margins and risk management. Also, BAF's increasing digital footprint is helping it to drive growth despite elevated competition.


Bajaj Finance: Continues to Scale Up Well

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Go Digit General Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/go-digit-general-insurance" target="_blank" data-smartkarma-citation="entities:36266:1" rel="noopener">Go Digit General Insurance</a> is looking to raise about US$503m in its upcoming India IPO. The deal will be run by ICICISec, MS, Axis, Edelweiss, HDFC Bank and IIFL.</li>
<li>Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Go Digit General Insurance is looking to raise about US$503m in its upcoming India IPO. The deal will be run by ICICISec, MS, Axis, Edelweiss, HDFC Bank and IIFL.
Go Digit General Insurance is a digital full stack insurance company, offering motor insurance, health insurance, travel insurance, property insurance, marine insurance, liability insurance and other insurance products.
In this note, we talk about the positive aspects of the deal.


Go Digit General Insurance Pre-IPO - The Positives - Has Been Growing a Lot Faster than the Industry

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

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

<ul><li>Bajaj Finance, a strong NBFC with digital footprints made a strong comeback with AUM growth reaching ~28-30% YoY.</li><li>Harnessing its large franchise base digitally offers huge opportunity. Housing forms 32% of the book.</li><li>Bajaj Finance maintained strong operating metrics over various credit and rate cycles leading to &gt;18% RoE and &gt; 4% RoA leading to 2x.</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.

Bajaj Finance, a strong NBFC with digital footprints made a strong comeback with AUM growth reaching ~28-30% YoY.Harnessing its large franchise base digitally offers huge opportunity. Housing forms 32% of the book.Bajaj Finance maintained strong operating metrics over various credit and rate cycles leading to &gt;18% RoE and &gt; 4% RoA leading to 2x.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.

Bajaj Finance - Sustainable Growth in AUM, PAT; Valuation Justified...

India

Shriram Finance Limited provides consumer finance services. The Company offers automobile, commercial vehicle, business, and gold loan services. Shriram Finance serves customers in India.

Cholamandalam Investment and Finance Company Limited operates as a financial services provider. The Company offers vehicle finance, home equity loans, investment advisory, stock broking, and other financial services to customers.

Cholamandalam Investment and Finance (CIFC IN)

Muthoot Finance Ltd. is a gold financing company. The Company provides personal and business loans secured by gold jewellery, or Gold Loans primarily to individuals who possess gold jewelry but can't access formal credit lines.

SBI Cards and Payment Services Private Limited provides credit card services. The Company offers payment products and services in the form of corporate and credit cards with incentive and rewards programs. SBI Cards and Payment Services serves customers in India.

SBI Cards & Payment Services (SBICARD IN)

Sundaram Finance Ltd., together with its subsidiaries, provides various financial products and services in India. The Company offers savings products, car and commercial vehicle finance, insurance products, home loans and logistics services. Sundaram is based in Chennai, India.

Mahindra & Mahindra Financial Services Limited is a finance company that provides finance to prospective buyers of Mahindra range of utility vehicles and tractors.  The Company extends finance through hire purchase/loan and lease modes.  Mahindra & Mahindra has a network of branches located across India.

Mahindra & Mahindra Fin Services Ltd. (MMFS IN)

Manappuram Finance Ltd. is a non-banking finance company. The Company offers loans against gold collateral, business loans, vehicle loans, foreign exchange and money transfer services; and sells gold coins.

CreditAccess Grameen Limited provides consumer finance services. The Company offers income generation, home improvement, emergency, and family welfare loans, as well as retail finance, insurance, and healthcare programs. CreditAccess Grameen serves clients in India.

Ujjivan Financial Services Ltd. provides financial services. The Company offers business, family, education, emergency, housing, and livestock loans. Ujjivan Financial Services serves customers throughout India.

MAS Financial Services Limited provides retail financial services. The Company offers loans and other financial services for homes, two wheeler vehicles, industrial machinery, properties, agricultural use, commercial vehicles, and insurance products. MAS Financial Services offers its services to small and medium enterprises in India.

Capital One Financial Corporation is a diversified bank. The Bank, through its subsidiaries, offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients both domestically and internationally.  Capital One has bank locations in Connecticut, Louisiana, New Jersey, New York, and Texas.

Discover Financial Services is a credit card issuer and electronic payment services company.  The Company issues credit cards and offers student and personal loans, as well as savings products such as certificates of deposit and money market accounts  and operates an automated teller machine(ATM)/debit network, which includes ATMs, as well as POS terminals nationwide.

Synchrony Financial operates as a consumer financial services company. The Company provides  a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers.

Ally Financial Inc. is a automotive financial services company powered by a direct banking franchise. The Company operates as a financial holding company.

OneMain Holdings Inc. provides consumer financial services. The Company provides responsible loan products to customers through its branch network and through its centralized operations. OneMain Holdings operates in the United States.

Credit Acceptance Corporation provides funding, receivables management, collection, sales training, and related services to automobile dealers.  The Company provides indirect financing for buyers with limited access to traditional sources of consumer credit.  Credit Acceptance operates in the United States.

SLM Corporation, commonly known as Sallie Mae, provides education funding, originating and servicing of U.S. government guaranteed and private student loans.  The Company, through its subsidiaries, also provides debt management services and business and technical products to a range of clients including colleges, universities and loan guarantors.

ACOM CO., LTD is a consumer financing company.  The Company provides financial services such as secured/unsecured loans and consumer installment credits.

Nelnet, Inc. is a consumer finance company that provides products and services to participants in the education finance process.  The Company originates, holds, and services education loans and offers a broad range of financial services and technology-based products, including student loan origination and lending, student loan, and guarantee services.

FirstCash Holdings, Inc. owns and operates pawn stores. The Company focuses on serving cash and credit constrained consumers through its retail pawn locations. FirstCash Holdings serves customers worldwide.

Bajaj Finance Limited is a financial services company that operates branches in India, which provide an assortment of financial services.

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Bajaj Finance Ltd (BAF IN)

Top Picks -Earnings Commentary & The Direction of Dollar Index to Drive Market

Axis Top Picks - Nov 22Content is external broker report sourced from online content aggregator through publicly available sources and is displayed...

Axis Direct

Fusion Micro Finance IPO - Not Worth the Premium

Fusion Micro Finance Ltd (1053199D IN) is looking to raise approximately US$134m in its India IPO. In this note, we talk about its recent RHP...

Ethan Aw

Bajaj Finance: Continues to Scale Up Well

BAF continues to scale up well with 7%+ AUM growth QoQ in Q2FY23. At current valuation, BAF offers an upside potential of 35%+ or an IRR potential...

Ankit Agrawal, CFA

Go Digit General Insurance Pre-IPO - The Positives - Has Been Growing a Lot Faster than the Industry

Go Digit General Insurance is looking to raise about US$503m in its upcoming India IPO. Go Digit is a digital full stack insurance company.

Sumeet Singh

Bajaj Finance - Sustainable Growth in AUM, PAT; Valuation Justified...

Bajaj Finance, a strong NBFC with digital footprints made a strong comeback with AUM growth reaching ~28-30% YoY. Harnessing its large franchise...

ICICI Securities Limited

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