Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. </li>
<li>There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. </li>
<li>These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.</li>
</ul>


After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. 
There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. 
These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.


S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

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

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).</li>
<li>In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Government of India (GoI) raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of gross written premium (GWP).
In this note, we will talk about the demand and trading dynamics.


Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

Smartkarma Research Team, Smartkarma

Smartkarma Research

Smartkarma Research Team

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<p>In our next Webinar, we welcome back Analyst <a href="https://www.smartkarma.com/profiles/ankit-agrawal-cfa" target="_blank" data-smartkarma-citation="accounts:4555" rel="noopener">Ankit Agrawal, CFA</a>, who will share and elaborate on three high-conviction ideas from the Indian market, across sectors and market caps.</p><h3>The webinar will be hosted on Wednesday, 11 May 2022, 17:00 SGT/HKT.</h3><div><div class="content-highlight"><h2><a href="https://share.hsforms.com/1H9pFZOB-RF2J00kbvMmxcw2c5gj?zoom_webinar_id=83404158604" target="_blank" rel="noopener">Register for the Webinar here</a></h2></div><p><a href="https://www.smartkarma.com/profiles/ankit-agrawal-cfa" target="_blank" data-smartkarma-citation="accounts:4555" rel="noopener">Ankit Agrawal, CFA</a> is the founder and CIO of Yellowstone Equity, a firm providing unbiased and independent research on Indian equities. He was previously on the buy-side with Howe &amp; Rusling and Investcorp. </p></div>

In our next Webinar, we welcome back Analyst Ankit Agrawal, CFA, who will share and elaborate on three high-conviction ideas from the Indian market, across sectors and market caps.The webinar will be hosted on Wednesday, 11 May 2022, 17:00 SGT/HKT.Register for the Webinar hereAnkit Agrawal, CFA is the founder and CIO of Yellowstone Equity, a firm providing unbiased and independent research on Indian equities. He was previously on the buy-side with Howe &amp; Rusling and Investcorp. 

Smartkarma Webinar | High-Conviction Ideas from the Indian Market

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
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<ul>
<li>BAF reported strong Q4FY22 earnings led by 1) healthy AUM growth and 2) decline in provisioning. YoY, the NIM growth was similar to the AUM growth suggesting no margin compression.</li>
<li>However, QoQ, BAF witnessed NIM compression, partly driven by interest reversal from a corporate account that became NPA. Overall, the management is confident of maintaining NIMs at current level. </li>
<li>The pace of core AUM growth also declined QoQ. However, this could be due to seasonality and despite declining pace, Q4FY22 core AUM growth was still healthy at 5%+.</li>
</ul>


BAF reported strong Q4FY22 earnings led by 1) healthy AUM growth and 2) decline in provisioning. YoY, the NIM growth was similar to the AUM growth suggesting no margin compression.
However, QoQ, BAF witnessed NIM compression, partly driven by interest reversal from a corporate account that became NPA. Overall, the management is confident of maintaining NIMs at current level. 
The pace of core AUM growth also declined QoQ. However, this could be due to seasonality and despite declining pace, Q4FY22 core AUM growth was still healthy at 5%+.


Bajaj Finance (BAF): Back to Pre-COVID Like Stellar Performance!

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.

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps), partially offset by elevated opex (~5% of AUM)</li><li>Core AUM growth (ex-IPO financing) remained strong at 26% YoY despite marginal softness in new customer additions (-2% YoY) and new loans disbursed (+15% YoY)</li><li>With Phase-I of the digital transformation underway and Phase-II in the works (expected in FY23), BAF articulated a further build-out of its omnichannel strategy (web-based platform, in addition to its apps)</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>

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps), partially offset by elevated opex (~5% of AUM)Core AUM growth (ex-IPO financing) remained strong at 26% YoY despite marginal softness in new customer additions (-2% YoY) and new loans disbursed (+15% YoY)With Phase-I of the digital transformation underway and Phase-II in the works (expected in FY23), BAF articulated a further build-out of its omnichannel strategy (web-based platform, in addition to its apps)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: Bajaj Finance, AU Small Finance Bank, Nippon Life India Asset Management

India

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)

S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

S&P BSE Index changes for June 2022 were announced last week. No changes for SENSEX. 7 Adds/Deletes for BSE 100 including some negative and...

Janaghan Jeyakumar, CFA

Life Insurance Corporation IPO Trading - Demand Shored up by Policyholders, Trading Won’t Be

Government of India raised around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India in its India IPO. In this note, we will...

Sumeet Singh

Smartkarma Webinar | High-Conviction Ideas from the Indian Market

On 11 May, 5pm SGT, join our Webinar with Analyst Ankit Agrawal, CFA, who will share three high-conviction ideas from the Indian market.

Smartkarma Research

Bajaj Finance (BAF): Back to Pre-COVID Like Stellar Performance!

BAF reported stellar Q4FY22 earnings led by growing AUM and declining provisions. As per our estimates, an investment in BAF's stock presents an...

Ankit Agrawal, CFA

HSIE Results Daily: Bajaj Finance, AU Small Finance Bank, Nippon Life India Asset Management

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps),...

HDFC Securities

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52-week Range

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