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!

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>Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)</li><li>Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flat</li><li>Benefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bps</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>

Hindustan Unilever: HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts led to a 3% volume growth (2% four-year CAGR, HSIE 6%)Home care &amp; BPC saw mid-single-digit volume growth while F&amp;R volumes were flatBenefits of GM expansion (+255bps YoY) were largely offset by (1) higher A&amp;P spends (2) capability building (restructuring in HFD portfolio) and (3) an increase in royalty rate which limited EBITDAM expansion to 55bpsContent 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: Hindustan Unilever, Infosys

<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!

<ul><li>CANF reported a ~6% YoY de-growth in disbursements and growth was muted on a sequential basis.</li><li>However, the AUM growth was healthy at 18% YoY, which was in line with the management’s guidance.</li><li>The share of salaried customers stood at 73% (vs. 74% YoY/QoQ). NII grew by 10/4% YoY/QoQ.</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 ~6% YoY de-growth in disbursements and growth was muted on a sequential basis.However, the AUM growth was healthy at 18% YoY, which was in line with the management’s guidance.The share of salaried customers stood at 73% (vs. 74% YoY/QoQ). NII grew by 10/4% YoY/QoQ.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. - Margins To Improve, Eyeing High-Teen Growth!

<div><div><div><div><ul><li>We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.</li><li>On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.</li><li>Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. </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>

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. 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 Q4fy23 Result Preview – yet Another Strong Quarter!

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

HSIE Results Daily: Hindustan Unilever, Infosys

HUL’s revenue growth of 6% YoY was below our expectations (HSIE: 9%), as inventory de-stocking by trade (1-3 days) in anticipation of price cuts...

HDFC Securities

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

Can Fin Homes Ltd. - Margins To Improve, Eyeing High-Teen Growth!

CANF reported a ~6% YoY de-growth in disbursements and growth was muted on a sequential basis. However, the AUM growth was healthy at 18% YoY,...

Axis Direct

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.

Axis Direct

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