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

CreditAccess Grameen Ltd / Equity Bottom-Up

<div><div><div><div><ul><li>Company Outlook: Even as competitive intensity in the MFI segment continues to intensify with banks and NBFCs chasing growth aggressively, we believe CAGrameen remains well-placed to tap the large unmet demand which would be supported by its large branch network, deep rural penetration, customised product offerings, and competitive pricing.</li><li>We prefer CAGrameen amongst the microfinanciers owing to the company’s ability to (a) Deliver healthy GLP growth driven by continued growth in the MFI book and improving mix of non-MFI products, (b) Strong NIMs, (c) A Stable cost structure, (d) Moderating credit costs with asset headwinds decisively behind and (e) The company’s potential to deliver strong RoA/RoE of 4.7-4.8%/20-21% over the medium term.</li><li>We maintain our BUY recommendation on the stock and believe that the strong performance delivery potential justifies premium valuations. </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>

Company Outlook: Even as competitive intensity in the MFI segment continues to intensify with banks and NBFCs chasing growth aggressively, we believe CAGrameen remains well-placed to tap the large unmet demand which would be supported by its large branch network, deep rural penetration, customised product offerings, and competitive pricing.We prefer CAGrameen amongst the microfinanciers owing to the company’s ability to (a) Deliver healthy GLP growth driven by continued growth in the MFI book and improving mix of non-MFI products, (b) Strong NIMs, (c) A Stable cost structure, (d) Moderating credit costs with asset headwinds decisively behind and (e) The company’s potential to deliver strong RoA/RoE of 4.7-4.8%/20-21% over the medium term.We maintain our BUY recommendation on the stock and believe that the strong performance delivery potential justifies premium valuations. 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.

CreditAccess Grameen Ltd. - Strong Growth Runway, Premium Valuations Justified!

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 ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capex</li><li>IOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimate</li><li>The beat was largely on account of better-than-expected performance from the refining and petchem segments.</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 ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capexIOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimateThe beat was largely on account of better-than-expected performance from the refining and petchem 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.

HSIE Results Daily: Indian Oil Corporation, CreditAccess Grameen

<ul><li>CAGrameen’s strong disbursement momentum (+24/48% YoY/QoQ) translated into a healthy GLP growth of 27/18% YoY/QoQ.</li><li>Robust GLP growth coupled with strong NIMs of 12.2% (+90/30 bps YoY/QoQ) drove NII growth of 34/15% YoY/QoQ.</li><li>Higher-than-expected non-interest income and lower Opex growth (Q3FY23 other Opex was higher owing to higher expenses towards NCD raise issue, while it normalised in Q4FY23) driving healthy PPOP growth of 36/33% 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>

CAGrameen’s strong disbursement momentum (+24/48% YoY/QoQ) translated into a healthy GLP growth of 27/18% YoY/QoQ.Robust GLP growth coupled with strong NIMs of 12.2% (+90/30 bps YoY/QoQ) drove NII growth of 34/15% YoY/QoQ.Higher-than-expected non-interest income and lower Opex growth (Q3FY23 other Opex was higher owing to higher expenses towards NCD raise issue, while it normalised in Q4FY23) driving healthy PPOP growth of 36/33% YoY/QoQContent 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.

CreditAccess Grameen Ltd. - Robust Quarter;Well-Poised to Deliver RoA of over 4.5%!

<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!

<ul><li>GLP growth to be led by customer additions – The on-ground demand continues to remain strong and should help CAGrameen sustain its growth momentum.</li><li>The management remains confident of clocking GLP growth of 24-25% in FY23E and 20-25% CAGR over the next 4-5 years.</li><li>GLP growth will be primarily driven by new customer additions (eyeing 10-15% CAGR growth) and improving operational efficiency of 500 branches opened in the last 12 months.</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>

GLP growth to be led by customer additions – The on-ground demand continues to remain strong and should help CAGrameen sustain its growth momentum.The management remains confident of clocking GLP growth of 24-25% in FY23E and 20-25% CAGR over the next 4-5 years.GLP growth will be primarily driven by new customer additions (eyeing 10-15% CAGR growth) and improving operational efficiency of 500 branches opened in the last 12 months.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.

CreditAccess Grameen Ltd. - Strong Quarter, Growth Levers In Place!

India

CreditAccess Grameen Limited provides consumer finance services. The Company offers income generation, home improvement, emergency, and family welfare loans, as well as retail finance, insurance, and healthcare programs. CreditAccess Grameen serves clients in India.

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CreditAccess Grameen Ltd (CREDAG IN)

CreditAccess Grameen Ltd. - Strong Growth Runway, Premium Valuations Justified!

We maintain our BUY recommendation on the stock and believe that the strong performance delivery potential justifies premium valuations.

Axis Direct

HSIE Results Daily: Indian Oil Corporation, CreditAccess Grameen

Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins

HDFC Securities

CreditAccess Grameen Ltd. - Robust Quarter;Well-Poised to Deliver RoA of over 4.5%!

CAGrameen’s strong disbursement momentum (+24/48% YoY/QoQ) translated into a healthy GLP growth of 27/18% YoY/QoQ. Robust GLP growth coupled with...

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

CreditAccess Grameen Ltd. - Strong Quarter, Growth Levers In Place!

GLP growth to be led by customer additions – The on-ground demand continues to remain strong and should help CAGrameen sustain its growth momentum.

Axis Direct

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