External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index options contract (SENSEX) in May 2023</li><li>Impressively, BSE market share in the equity derivatives segment reached 3.4% in August (vs zero in April)</li><li>BSE expiry day market share has reached ~11% without any liquidity enhancement scheme (LES)</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.

BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index options contract (SENSEX) in May 2023Impressively, BSE market share in the equity derivatives segment reached 3.4% in August (vs zero in April)BSE expiry day market share has reached ~11% without any liquidity enhancement scheme (LES)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.

Thematic (Sector/Industry)

<ul><li>LIC Housing Finance: LICHF’s earnings were ahead of our estimates due to sustained healthy NIMs, partially offset by muted loan growth (+5% YoY) and high credit costs (60bps)</li><li>LICHF’s NIMs continued to surprise positively at 3% (-4bps QoQ) due to muted balance sheet growth, however, the lower incremental spreads amidst elevated competitive intensity, moderation in demand and rising cost of funds are likely to normalise margins near steady state during FY25</li><li>Loan growth remains tepid (+5% YoY) across segments due to organisational and tech changes as per management and remains a key concern</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.

LIC Housing Finance: LICHF’s earnings were ahead of our estimates due to sustained healthy NIMs, partially offset by muted loan growth (+5% YoY) and high credit costs (60bps)LICHF’s NIMs continued to surprise positively at 3% (-4bps QoQ) due to muted balance sheet growth, however, the lower incremental spreads amidst elevated competitive intensity, moderation in demand and rising cost of funds are likely to normalise margins near steady state during FY25Loan growth remains tepid (+5% YoY) across segments due to organisational and tech changes as per management and remains a key concernContent 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: LIC Housing Finance, BSE, Century Plyboards India

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expensesContent 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: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

<ul><li>Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)</li><li>The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24E</li><li>MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal level</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.

Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24EMCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal levelContent 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.

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

India

Bombay Stock Exchange Limited provides market for trading in equity, debt instruments, derivatives, and mutual funds. The Company offers services including risk management, clearing, settlement, market data services, and education. Bombay Stock Exchange serves customers in India. ... More

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Bombay Stock Exchange (BSE IN)

BSE: - Derivatives Boost. Upgrade to BUY

BSE has witnessed initial success in the much larger equity derivatives segment, currently dominated by NSE, driven by the launch of a weekly index...

HDFC Securities

HSIE Results Daily: LIC Housing Finance, BSE, Century Plyboards India

LIC Housing Finance: LICHF’s earnings were ahead of our estimates due to sustained healthy NIMs, partially offset by muted loan growth (+5% YoY)...

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal...

HDFC Securities

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