External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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

Fedbank Financial Services / Equity Bottom-Up

<ul><li>Q2FY25 for Fedbank Financial Services (Fedfina) has been eventful with: 1) a change in top management; 2) RBI circular dated 4 Oct’24 (link) stressing upon carryout lending activities of similar products (except housing finance) under one entity [product overlap (Gold loans &amp; LAP) between Federal Bank and Fedfina]; and 3) its second consecutive quarter of elevated credit cost.</li><li>While some of these are transient, they do pose a risk on near-term profitability, especially given the ongoing stress in the sector.</li><li>So far, Fedfina has remained insulated from system stress in unsecured loans, evident in GNPL of &lt;1% for last eight quarters.</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.

Q2FY25 for Fedbank Financial Services (Fedfina) has been eventful with: 1) a change in top management; 2) RBI circular dated 4 Oct’24 (link) stressing upon carryout lending activities of similar products (except housing finance) under one entity [product overlap (Gold loans &amp; LAP) between Federal Bank and Fedfina]; and 3) its second consecutive quarter of elevated credit cost.While some of these are transient, they do pose a risk on near-term profitability, especially given the ongoing stress in the sector.So far, Fedfina has remained insulated from system stress in unsecured loans, evident in GNPL of &lt;1% for last eight quarters.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.

Fedbank Financial Services - Second Consecutive Quarter of Elevated Credit Cost

<ul><li>ICICI Securities research report onFedbank Financial Services Fedbank Financial services (Fedfina) delivered strong Q4FY24 financial performance as reflected in 14% QoQ AUM growth, with core NII growing 6% QoQ and credit cost moderating to 0.6% vs 0.9% QoQ.</li><li>Change in accounting policy on income recognition of DA portfolio to net basis vs gross basis earlier and lower assigned AUM in Q4FY24 temporarily impacted the top line.</li><li>The same resulted in negative income of INR 180mn (unwinding of DA income recognised in previous quarter) vs INR 165mn DA income in Q3FY24. Outlook As a result, net revenue fell 3% QoQ.</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.

ICICI Securities research report onFedbank Financial Services Fedbank Financial services (Fedfina) delivered strong Q4FY24 financial performance as reflected in 14% QoQ AUM growth, with core NII growing 6% QoQ and credit cost moderating to 0.6% vs 0.9% QoQ.Change in accounting policy on income recognition of DA portfolio to net basis vs gross basis earlier and lower assigned AUM in Q4FY24 temporarily impacted the top line.The same resulted in negative income of INR 180mn (unwinding of DA income recognised in previous quarter) vs INR 165mn DA income in Q3FY24. Outlook As a result, net revenue fell 3% 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.

Fedbank Financial Services - Expect AUM Growth to Remain at 25%

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

Equity Capital Markets

India Shelter Finance / Equity Capital Markets

<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> raised around US$144m from its India 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>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



India Shelter Finance (0570670D IN) raised around US$144m from its India 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.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

<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> is looking to raise US$144m from its India 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>In this note, we will look at past performance, and share our thoughts on valuation.</li>
</ul>



India Shelter Finance (0570670D IN) is looking to raise US$144m from its India 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.
In this note, we will look at past performance, and share our thoughts on valuation.


India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

India

Fedbank Financial Services Limited provides consumer and commercial financial services. The Company offers loans for home, auto, car, gold, and personal purposes, as well as mortgage services. Fedbank Financial Services serves customers in India.

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Fedbank Financial Services (0702066D IN)

Fedbank Financial Services - Second Consecutive Quarter of Elevated Credit Cost

While some of these are transient, they do pose a risk on near-term profitability, especially given the ongoing stress in the sector.

ICICI Securities Limited

Fedbank Financial Services - Expect AUM Growth to Remain at 25%

Change in accounting policy on income recognition of DA portfolio to net basis vs gross basis earlier and lower assigned AUM in Q4FY24 temporarily...

ICICI Securities Limited

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

India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

India Shelter Finance (0570670D IN) raised around US$144m from its India IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

India Shelter Finance IPO - Strong Track Record Could Justify a Premium Valuation

India Shelter Finance (0570670D IN) is looking to raise US$144m from its India IPO. In this note, we will look at past performance, and share our...

Clarence Chu

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