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>Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%</li><li>Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segments</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.

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segmentsContent 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: Cost inflation peaked out; margin recovery on the horizon

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. 

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<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

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.

Equity Bottom-Up

<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...

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.

<ul><li>PAT grew 88% YoY to ~INR27.8b (in line) in 2QFY23. This healthy operational performance was driven by robust customer additions, new loan acquisitions, and strong velocity, aided by its omnichannel strategy and the digital ecosystem.</li><li>NII grew 29% YoY to INR55.4b. Other operating income grew 31% YoY, driven by a healthy improvement in fee income and higher treasury and investment income.</li><li>NIM (calculated) improved by ~3bp QoQ to ~13.3%. We expect NIM to remain stable in FY23, but compress by ~30bp in FY24 due to BAF’s limited ability to pass on the increase in borrowing costs against a large fixed-rate loan book.</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.

PAT grew 88% YoY to ~INR27.8b (in line) in 2QFY23. This healthy operational performance was driven by robust customer additions, new loan acquisitions, and strong velocity, aided by its omnichannel strategy and the digital ecosystem.NII grew 29% YoY to INR55.4b. Other operating income grew 31% YoY, driven by a healthy improvement in fee income and higher treasury and investment income.NIM (calculated) improved by ~3bp QoQ to ~13.3%. We expect NIM to remain stable in FY23, but compress by ~30bp in FY24 due to BAF’s limited ability to pass on the increase in borrowing costs against a large fixed-rate loan book.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 - Earnings in Line; Digital Transformation Aiding Momentum

<ul><li>Bajaj Finance (BAF) reported yet another strong quarter, marginally ahead of our expectations, driven by robust AUM growth (consol.) of 31/7% YoY/QoQ, stable NIMs (calc.at 10.5%), normalized credit costs driving healthy earnings growth of 88/7% YoY/QoQ.</li><li>AUM growth was driven by continued traction across products, especially the rural segment (+34% YoY, +4% QoQ) and mortgages (+31% YoY, +8% QoQ).</li><li>The auto financing segment continued to de-grow (-5% YoY, +2% QoQ), however the management remains confident of growth returning in the segment, as BAF exits FY23.</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 (BAF) reported yet another strong quarter, marginally ahead of our expectations, driven by robust AUM growth (consol.) of 31/7% YoY/QoQ, stable NIMs (calc.at 10.5%), normalized credit costs driving healthy earnings growth of 88/7% YoY/QoQ.AUM growth was driven by continued traction across products, especially the rural segment (+34% YoY, +4% QoQ) and mortgages (+31% YoY, +8% QoQ).The auto financing segment continued to de-grow (-5% YoY, +2% QoQ), however the management remains confident of growth returning in the segment, as BAF exits FY23.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 - Robust Quarter, Growth Momentum to Sustain!

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: Cost inflation peaked out; margin recovery on the horizon

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY

HDFC Securities

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

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

Bajaj Finance - Earnings in Line; Digital Transformation Aiding Momentum

This healthy operational performance was driven by robust customer additions, new loan acquisitions, and strong velocity, aided by its omnichannel...

Motilal Oswal

Bajaj Finance - Robust Quarter, Growth Momentum to Sustain!

AUM growth was driven by continued traction across products, especially the rural segment (+34% YoY, +4% QoQ) and mortgages (+31% YoY, +8% QoQ).

Axis Direct

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