External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

ICICI Lombard General Insurance Company / Equity Bottom-Up

<ul><li>We upgrade ICICI Lombard (ICICIGI) to BUY with a revised TP of INR1,982 (33.4x FY26E EPS) on the back of its new playbook in retail health business and likely easing in competitive intensity from industry-wide EoM compliance, in addition to a sustained dominance in its core businesses (motor and commercial lines).</li><li>We believe this potent combination is likely to reflect in incremental market share gains across preferred lines of business (retail health and motor), better risk selection, and improvement in FY25 COR to 101.7% (FY24:103%).</li><li>EoM norms to ease competitive intensity, upgrade to BUY</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.

We upgrade ICICI Lombard (ICICIGI) to BUY with a revised TP of INR1,982 (33.4x FY26E EPS) on the back of its new playbook in retail health business and likely easing in competitive intensity from industry-wide EoM compliance, in addition to a sustained dominance in its core businesses (motor and commercial lines).We believe this potent combination is likely to reflect in incremental market share gains across preferred lines of business (retail health and motor), better risk selection, and improvement in FY25 COR to 101.7% (FY24:103%).EoM norms to ease competitive intensity, upgrade to BUYContent 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 Lombard General Insurance: Improving Competitive Advantage, Upgrade to BUY

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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.

<ul><li>Sharekhan's research report onICICI Lombard General Insurance Company ICICI Lombard, hosted its Tech Day wherein it showcased its technological capabilities, which is driving the strong business transformation.</li><li>New-age technologies such as Artificial Intelligence/Machine Learning, IoT, Cloud and Data Analytics are adding better cost efficiencies/ engagement with customers, improving business sourcing, and identifying early risk alerts.</li><li>Without incurring substantial additional costs, the business is expected to achieve its core objectives - agility, efficiency, reliability, and security, over the medium to long term.</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.

Sharekhan's research report onICICI Lombard General Insurance Company ICICI Lombard, hosted its Tech Day wherein it showcased its technological capabilities, which is driving the strong business transformation.New-age technologies such as Artificial Intelligence/Machine Learning, IoT, Cloud and Data Analytics are adding better cost efficiencies/ engagement with customers, improving business sourcing, and identifying early risk alerts.Without incurring substantial additional costs, the business is expected to achieve its core objectives - agility, efficiency, reliability, and security, over the medium to long term.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 Lombard General Insurance Company Ltd - Riding the Tech Wave

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set to expire soon.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
In this note, we will talk about the lockup dynamics and possible placement.


Aadhar Housing Finance IPO Lockup -PE Owner Is up 5x, with US$500m Lockup Expiry Soon

Thematic (Sector/Industry)

<ul><li>In our first of the HSIE Scuttlebutt Series (channel checks), we offer a raincheck on the general insurance (GI) sector</li><li>We introduce our proprietary framework, highlighting an impossible trilemma facing insurers as they simultaneously chase mutually exclusive outcomes around underwriting profits, combined ratio (COR), and EOM compliance</li><li>Our scuttlebutt suggests signs of elevated competitive intensity across lines of business, as reflected in aggressive pricing, thereby taking a toll on profitability</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.

In our first of the HSIE Scuttlebutt Series (channel checks), we offer a raincheck on the general insurance (GI) sectorWe introduce our proprietary framework, highlighting an impossible trilemma facing insurers as they simultaneously chase mutually exclusive outcomes around underwriting profits, combined ratio (COR), and EOM complianceOur scuttlebutt suggests signs of elevated competitive intensity across lines of business, as reflected in aggressive pricing, thereby taking a toll on profitabilityContent 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.

General Insurance: Early signs of heightened competitive intensity

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

<ul>
<li>There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).</li>
<li>Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.</li>
</ul>


There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).
Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.


NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

India

ICICI Lombard General Insurance Company Limited operates as an insurance company. The Company offers motor, health, travel, rural, business, third party, personal accident, and home insurance, as well as claim settlements and renewals services. ICICI Lombard General Insurance serves customers in India.

ICICI Lombard General Insurance Company (ICICIGI IN)

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ICICI Lombard General Insurance Company (ICICIGI IN)

ICICI Lombard General Insurance: Improving Competitive Advantage, Upgrade to BUY

We upgrade ICICI Lombard (ICICIGI) to BUY with a revised TP of INR1,982 (33.4x FY26E EPS) on the back of its new playbook in retail health business

HDFC Securities

ICICI Lombard General Insurance Company Ltd - Riding the Tech Wave

Without incurring substantial additional costs, the business is expected to achieve its core objectives - agility, efficiency, reliability, and...

Sharekhan

Aadhar Housing Finance IPO Lockup -PE Owner Is up 5x, with US$500m Lockup Expiry Soon

Aadhar Housing Finance raised around US$360m in its India IPO in May 2024, via selling a mix of primary and secondary shares. Its IPO lockup is set...

Sumeet Singh

General Insurance: Early signs of heightened competitive intensity

As companies increasingly scramble for EOM compliance, this behaviour is especially evident among newer players, and particularly visible in the...

HDFC Securities

NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

There could be 16 constituent changes in December. one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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