External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Computer Age Management Services / Equity Bottom-Up

<ul><li>CAMS reported operating revenue of INR3.6b in 2QFY25, up 33% YoY (6% beat).</li><li>For 1HFY25, it grew 30% YoY to ~INR7b.</li><li>The Non-MF businesses grew 31.9% YoY, led by strong growth in the CAMSPay, KRA, and AIF 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.

CAMS reported operating revenue of INR3.6b in 2QFY25, up 33% YoY (6% beat).For 1HFY25, it grew 30% YoY to ~INR7b.The Non-MF businesses grew 31.9% YoY, led by strong growth in the CAMSPay, KRA, and AIF segments.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.

Cams - Strong Topline Growth Across Segments

<ul><li>The redesign of its transfer agent platform in Google Cloud will enhance the company’s control over the database, improve the ability to provide insights and reduce wastage due to easy availability and fungible additional capacity.</li><li>The cutting-edge capability of Google’s software would also give an added advantage.</li><li>While the revenue trajectory of its MF business remains robust, CAMS has sharpened its focus on non-MF businesses to boost their revenue contribution to 20% by FY27 from 13% in FY24. </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.

The redesign of its transfer agent platform in Google Cloud will enhance the company’s control over the database, improve the ability to provide insights and reduce wastage due to easy availability and fungible additional capacity.The cutting-edge capability of Google’s software would also give an added advantage.While the revenue trajectory of its MF business remains robust, CAMS has sharpened its focus on non-MF businesses to boost their revenue contribution to 20% by FY27 from 13% in FY24. 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.

Cams - Increased Focus on Non-MF Business

<ul><li>Motilal Oswal's research report onCAMS CAMS derives ~12% of its revenue from the non-MF segments, such as AIF/PMS RTA, CAMSPay, Think360, CAMS KRA, and CAMSRep.</li><li>However, these businesses are set to register higher-than-MF segment growth over the next couple of years.</li><li>AIF/PMS RTA: Over the past couple of years, affluent investors have been increasing their allocations to AIF/PMS products.</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.

Motilal Oswal's research report onCAMS CAMS derives ~12% of its revenue from the non-MF segments, such as AIF/PMS RTA, CAMSPay, Think360, CAMS KRA, and CAMSRep.However, these businesses are set to register higher-than-MF segment growth over the next couple of years.AIF/PMS RTA: Over the past couple of years, affluent investors have been increasing their allocations to AIF/PMS products.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.

Cams - Macros in Favor of the Non-MF Business

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>Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%</li><li>Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% 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.

Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% 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 deflation hurts topline but boosts profitability

<ul><li>Aether Industries: We retain our BUY rating on Aether Industries, with a target price of INR 1,180, on the back of (1) capacity expansion-led growth, (2) advanced R&amp;D capabilities, (3) technocratic management, (4) market leading position in most of its products, (5) strong product pipeline, and (6) marquee customer base</li><li>EBITDA/APAT were 24/33% below our estimates, mainly owing to a 23% fall in revenue and higher-than-expected tax outgo.</li><li>Computer Age Management Services: CAMS clocked in-line core revenues at INR2.5bn (+2.4% QoQ) however, the disappointment stemmed from a sharp rise in other opex (+16% QoQ) due to higher marketing spends and regulatory audits, driving sequentially flat core income/PAT to INR0.91bn/0.74bn</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.

Aether Industries: We retain our BUY rating on Aether Industries, with a target price of INR 1,180, on the back of (1) capacity expansion-led growth, (2) advanced R&amp;D capabilities, (3) technocratic management, (4) market leading position in most of its products, (5) strong product pipeline, and (6) marquee customer baseEBITDA/APAT were 24/33% below our estimates, mainly owing to a 23% fall in revenue and higher-than-expected tax outgo.Computer Age Management Services: CAMS clocked in-line core revenues at INR2.5bn (+2.4% QoQ) however, the disappointment stemmed from a sharp rise in other opex (+16% QoQ) due to higher marketing spends and regulatory audits, driving sequentially flat core income/PAT to INR0.91bn/0.74bnContent 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: Aether Industries, Computer Age Management Services

India

Computer Age Management Services Private Limited provides transaction processing and customer care services. The Company offers online transaction, mailback, capital accounting, subscription, sales systems support, and investment services. Computer Age Management Services serves customers in India. 

Computer Age Management Services (CAMS IN)

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Computer Age Management Services (CAMS IN)

Cams - Strong Topline Growth Across Segments

CAMS reported operating revenue of INR3.6b in 2QFY25, up 33% YoY (6% beat). For 1HFY25, it grew 30% YoY to ~INR7b. For 1HFY25, it grew 30% YoY to...

Motilal Oswal

Cams - Increased Focus on Non-MF Business

While the revenue trajectory of its MF business remains robust, CAMS has sharpened its focus on non-MF businesses to boost their revenue...

Motilal Oswal

Cams - Macros in Favor of the Non-MF Business

Motilal Oswal's research report onCAMS CAMS derives ~12% of its revenue from the non-MF segments, such as AIF/PMS RTA, CAMSPay, Think360, CAMS KRA,...

Motilal Oswal

India Equity Strategy: Input cost deflation hurts topline but boosts profitability

Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY

HDFC Securities

HSIE Results Daily: Aether Industries, Computer Age Management Services

We retain our BUY rating on Aether Industries, with a target price of INR 1,180, on the back of (1) capacity expansion-led growth, (2) advanced R&D...

HDFC Securities

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