External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% above our estimates (+12% YoY); however, better-than-expected loss ratios in the health insurance business were offset by sustained investments into building out the company’s retail health agency network, driving calculated CORs to 105% and APAT to INR4.4bn (+11% YoY)</li><li>We raise our FY24/FY25E earnings estimates by 7/11% to factor in the management guidance of achieving 102-103% CORs over the next couple of years</li><li>Given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and we maintain ADD with a revised TP of INR1,370 (implied Mar-25E P/E of 27x and P/ABV of 4.8x).</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 Lombard: ICICI Lombard (ICICIGI) reported NEP 2% above our estimates (+12% YoY); however, better-than-expected loss ratios in the health insurance business were offset by sustained investments into building out the company’s retail health agency network, driving calculated CORs to 105% and APAT to INR4.4bn (+11% YoY)We raise our FY24/FY25E earnings estimates by 7/11% to factor in the management guidance of achieving 102-103% CORs over the next couple of yearsGiven the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and we maintain ADD with a revised TP of INR1,370 (implied Mar-25E P/E of 27x and P/ABV of 4.8x).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 - ICICI Lombard, Angel One

<ul><li>Q3FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%</li><li>Our coverage universe saw strong YoY growth in auto, lending financials, capital goods, staples and power sectors</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.

Q3FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%Our coverage universe saw strong YoY growth in auto, lending financials, capital goods, staples and power sectorsContent 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: Commodity pressure easing, margin expansion on the cards

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)</li><li>Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growth</li><li>However, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction revenues</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 Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growthHowever, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction revenuesContent 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: ICICI Lombard, Angel One, Mastek

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) printed NEP 9% ahead of estimates (+18% YoY); however, reinvestments into building the retail health agency kept opex ratios elevated (32.7%), dragging calculated CORs to 106% and APAT to INR4.6bn (+3% YoY)</li><li>We expect loss ratios in the health segment to normalise during the rest of FY23, while we also expect loss ratios in motor TP segment to inch up during H2</li><li>We remain wary of the competitive pricing environment in the motor OD segment; however, with a strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone</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 Lombard: ICICI Lombard (ICICIGI) printed NEP 9% ahead of estimates (+18% YoY); however, reinvestments into building the retail health agency kept opex ratios elevated (32.7%), dragging calculated CORs to 106% and APAT to INR4.6bn (+3% YoY)We expect loss ratios in the health segment to normalise during the rest of FY23, while we also expect loss ratios in motor TP segment to inch up during H2We remain wary of the competitive pricing environment in the motor OD segment; however, with a strong demand outlook in the underlying autos segment, we argue that the pessimism is overdoneContent 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: ICICI Lombard, L&T Technology Services, Sonata Software

<ul><li>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</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.

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

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)

HSIE Results Daily - ICICI Lombard, Angel One

ANGELONE printed a 14/21% sequential growth in its top line/APAT, driven by all-time high retail derivative ADTVs and healthy ancillary transaction...

HDFC Securities

India Equity Strategy: Commodity pressure easing, margin expansion on the cards

Aggregate revenue/PAT grew by 19%/6% YoY across the HSIE coverage universe (~208 stocks), their three-year CAGR being 15%/15%

HDFC Securities

HSIE Results Daily: ICICI Lombard, Angel One, Mastek

Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during...

HDFC Securities

HSIE Results Daily: ICICI Lombard, L&T Technology Services, Sonata Software

ICICI Lombard: ICICI Lombard (ICICIGI) printed NEP 9% ahead of estimates (+18% YoY); however, reinvestments into building the retail health agency...

HDFC Securities

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

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