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.

Equity Bottom-Up

<ul><li>CANF reported a muted disbursement growth of 3% QoQ and de-growth of 10% YoY.</li><li>This was primarily owing to a slowdown in certain branches post the employee-related fraud and also the impact of migration to a centralized process.</li><li>AUM grew by 16/3% YoY/QoQ, which was in line with our expectations. </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>

CANF reported a muted disbursement growth of 3% QoQ and de-growth of 10% YoY.This was primarily owing to a slowdown in certain branches post the employee-related fraud and also the impact of migration to a centralized process.AUM grew by 16/3% YoY/QoQ, which was in line with our expectations. 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.

Can Fin Homes Ltd. - Growth to Pick-Up H2FY24 Onwards, Maintain BUY!

<div><div><div><div><ul><li>Disbursements slowed down by ~23% QoQ mainly owing to seasonality.</li><li>However, CANF reported a growth of ~14% YoY. AUM growth was in line with our expectations at ~18%/3% YoY/QoQ.</li><li>Salaried loans continued to dominate the loan mix with a share of ~73%. CANF’s focus will continue to remain on the salaried segment.</li></ul></div></div></div></div><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>

Disbursements slowed down by ~23% QoQ mainly owing to seasonality.However, CANF reported a growth of ~14% YoY. AUM growth was in line with our expectations at ~18%/3% YoY/QoQ.Salaried loans continued to dominate the loan mix with a share of ~73%. CANF’s focus will continue to remain on the salaried segment.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.

Can Fin Homes Ltd - Growth Levers Intact, Maintain BUY!

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Capital Markets

Aadhar Housing Finance Ltd / Equity Capital Markets

<ul>
<li>Branches visited - Ajmer, Bengaluru, Mandya, Mysuru, Jaipur, Solapur, Pimpri and Pune.</li>
<li>Business growth is driven by taking calls that peers are reluctant to take with regards to property and incomes.</li>
<li>Lack of team and increasing competition are primary concerns that also warrant attention. </li>
</ul>


Branches visited - Ajmer, Bengaluru, Mandya, Mysuru, Jaipur, Solapur, Pimpri and Pune.
Business growth is driven by taking calls that peers are reluctant to take with regards to property and incomes.
Lack of team and increasing competition are primary concerns that also warrant attention. 


Aadhar Housing Finance IPO | Takeaways from Branch Visits

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expenses</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>

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimatesEarnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected 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: Indian Oil Corporation, Star Health and Allied Insurance

India

Can Fin Homes Ltd provides housing finance.  The company offers long term housing loans to middle and lower income individuals or corporate bodies for construction and acquiring houses/flats.

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Can Fin Homes (CANF IN)

Can Fin Homes Ltd. - Growth to Pick-Up H2FY24 Onwards, Maintain BUY!

CANF reported a muted disbursement growth of 3% QoQ and de-growth of 10% YoY. This was primarily owing to a slowdown in certain branches post the...

Axis Direct

Can Fin Homes Ltd - Growth Levers Intact, Maintain BUY!

Salaried loans continued to dominate the loan mix with a share of ~73%. CANF’s focus will continue to remain on the salaried segment.

Axis Direct

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Aadhar Housing Finance IPO | Takeaways from Branch Visits

Aadhar's Business growth is fueled by taking on aggressive calls, lack of team, and rising competition are key concerns.

Pranav Bhavsar

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Can Fin Homes Ltd. - Growth to Pick-Up H2FY24 Onwards, Maintain BUY!

CANF reported a muted disbursement growth of 3% QoQ and de-growth of 10% YoY. This was primarily owing to a slowdown in certain branches post the...

Axis Direct

Can Fin Homes Ltd - Growth Levers Intact, Maintain BUY!

Salaried loans continued to dominate the loan mix with a share of ~73%. CANF’s focus will continue to remain on the salaried segment.

Axis Direct

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Aadhar Housing Finance IPO | Takeaways from Branch Visits

​Aadhar's Business growth is fueled by taking on aggressive calls, lack of team, and rising competition are key concerns.

Pranav Bhavsar

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

Aadhar's Business growth is fueled by taking on aggressive calls, lack of team, and rising competition are key concerns.