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.

Thematic (Sector/Industry)

<ul><li>Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%</li><li>There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoY</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.

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoYContent 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.

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

<ul><li>ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolio</li><li>Cigarette net revenue/EBIT growth was at 4/2%, with volume estimated to have fallen by 1% (5% 4-year CAGR) on a high base</li><li>Differentiated and premium offerings continued to perform well</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.

ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolioCigarette net revenue/EBIT growth was at 4/2%, with volume estimated to have fallen by 1% (5% 4-year CAGR) on a high baseDifferentiated and premium offerings continued to perform wellContent 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: ITC, Bajaj Finance, Cholamandalam Investment and Finance Company

<ul><li>Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)</li><li>The margin beat was due to an improved mix and better export realisation</li><li>While BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenance</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 Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)The margin beat was due to an improved mix and better export realisationWhile BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenanceContent 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 Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>As a part of the circular, the RBI has announced an increase in risk weight to 125% from the current 100% for all consumer credit exposure of commercial banks – both existing and new.</li><li>This will include personal loans but exclude housing, vehicle, and education loans as well as loans against gold and gold jewellery.</li><li>The regulator also increased the risk weight for exposure of consumer credit exposure of NBFCs (outstanding as well as new) categorised as retail loans from the current 100% to 125%.</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.

As a part of the circular, the RBI has announced an increase in risk weight to 125% from the current 100% for all consumer credit exposure of commercial banks – both existing and new.This will include personal loans but exclude housing, vehicle, and education loans as well as loans against gold and gold jewellery.The regulator also increased the risk weight for exposure of consumer credit exposure of NBFCs (outstanding as well as new) categorised as retail loans from the current 100% to 125%.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.

BFSI Sector Update - RBI Regulation on Risk Weight

<ul><li>Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY) and new loans booked (+26% YoY)</li><li>NIMs were sequentially softer by 14bps on account of a spike in funding costs, which is likely to further sustain into Q3FY24, reflecting in incremental NIM compression to the tune of 25-30bps</li><li>While our FY24 AUM growth forecast (+28%) is moderately behind management guidance, we believe that NIM compression is likely to be offset by improving operating leverage (Q2FY24: 34%)</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: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY) and new loans booked (+26% YoY)NIMs were sequentially softer by 14bps on account of a spike in funding costs, which is likely to further sustain into Q3FY24, reflecting in incremental NIM compression to the tune of 25-30bpsWhile our FY24 AUM growth forecast (+28%) is moderately behind management guidance, we believe that NIM compression is likely to be offset by improving operating leverage (Q2FY24: 34%)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, ICICI Prudential Life

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)

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 5%/20%...

HDFC Securities

HSIE Results Daily: ITC, Bajaj Finance, Cholamandalam Investment and Finance Company

ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolio

HDFC Securities

HSIE Results Daily: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)

HDFC Securities

BFSI Sector Update - RBI Regulation on Risk Weight

As a part of the circular, the RBI has announced an increase in risk weight to 125% from the current 100% for all consumer credit exposure of...

Axis Direct

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life

Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer...

HDFC Securities

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