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

<ul><li>ICICI Securities Limited (ISEC) is an integrated and technology-based firm offering a wide range of services</li><li>ISEC manages total assets of Rs 5.6 Tn for clients across different products</li><li>We recommend a BUY rating on the stock with a target price of Rs 856/share, implying an upside of 10% from the CMP.</li></ul><div class="content-highlight"><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></div>

ICICI Securities Limited (ISEC) is an integrated and technology-based firm offering a wide range of servicesISEC manages total assets of Rs 5.6 Tn for clients across different productsWe recommend a BUY rating on the stock with a target price of Rs 856/share, implying an upside of 10% from the CMP.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.

<ul><li>ICICI Securities Ltd. (ISEC) reported a strong set of numbers that were above our estimates across all parameters</li><li>The highlight of the quarter was the momentum on customer sourcing which has sustained on a sequential basis as ISEC added ~676K customers during the quarter</li><li>We maintain a BUY rating on the stock and revise our target price to Rs 990/share (19x FY24E EPS), implying an upside of 21% from CMP.</li></ul><div class="content-highlight"><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></div>

ICICI Securities Ltd. (ISEC) reported a strong set of numbers that were above our estimates across all parametersThe highlight of the quarter was the momentum on customer sourcing which has sustained on a sequential basis as ISEC added ~676K customers during the quarterWe maintain a BUY rating on the stock and revise our target price to Rs 990/share (19x FY24E EPS), implying an upside of 21% from CMP.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: Strong Performance Across Segments Continues, Maintain BUY

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

Motilal Oswal

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.

<p>ISEC witnessed flattish retail broking revenue for the seventh consecutive quarter despite improved traction in client acquisitions. However, this was more than offset by the strong performance in distribution, MTF books and investment banking revenue. Resultantly, ISEC's 3QFY22 revenue at INR9.4b (+52% YoY) was 10% higher than our forecasts.</p><div class="content-highlight"><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></div>

ISEC witnessed flattish retail broking revenue for the seventh consecutive quarter despite improved traction in client acquisitions. However, this was more than offset by the strong performance in distribution, MTF books and investment banking revenue. Resultantly, ISEC's 3QFY22 revenue at INR9.4b (+52% YoY) was 10% higher than our forecasts.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.

Brokerage revenues stay flattish, MTF and distribution income yield positive surprise

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.

Equity Capital Markets

<ul>
<li>Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO.</li>
<li>We have covered various aspects of the deal in our previous notes links to which are below.</li>
<li>In this note, we will talk about the upcoming anchor book lock-up expiry and look at how past IPOs have done around this time period.</li>
</ul>


Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO.
We have covered various aspects of the deal in our previous notes links to which are below.
In this note, we will talk about the upcoming anchor book lock-up expiry and look at how past IPOs have done around this time period.


Paytm (One 97) - Large Anchor Book Expiry, Prior Listings Have Corrected a Few Days Ahead

<ul><li>ISEC is under transition, whereby the company is implementing several strategic initiatives across segments to emerge as a comprehensive financial solutions provider </li><li>The margin norms, the last leg of which was implemented from 1st Sep’21, impacted ISEC’s market share</li><li>We retain our Buy rating on the stock with a one-year TP of INR970 (21x FY23E EPS)</li></ul><div class="content-highlight"><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></div>

ISEC is under transition, whereby the company is implementing several strategic initiatives across segments to emerge as a comprehensive financial solutions provider The margin norms, the last leg of which was implemented from 1st Sep’21, impacted ISEC’s market shareWe retain our Buy rating on the stock with a one-year TP of INR970 (21x FY23E EPS)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: Diversification on the Cards

India

Central Depository Services (India) Limited (CDSL) offers financial services. The Company provides transmission of securities, dematerialisation, processing delivery, account opening, receipt instructions, holding, pledging, educational initiatives, settlements, and depository services to investors. CDSL serves customers in India.

Motilal Oswal Financial Services Limited is a global, diversified financial services group. The Company offers services that include securities, commodities, investment banking and venture capital.

Motilal Oswal Financial Services (MOFS IN)

Tata Investment Corporation Limited invests in land, stocks and debentures.  The Company has been granted a mandate allowing it to takeover the management and control of companies.

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

Crisil Ltd. operates a credit rating agency in India. The Company specializes in the areas of risk identification, classification and assessment, across a broad spectrum of industries.

Capri Global Capital Ltd is an Indian Non-Banking Finance Company (NBFC-NDSI). The Company is focused on the priority sector in the SME lending space; it provides loans for purchase of machinery and equipment, and working capital. In wholesale lending, it offers specialized solutions to Indian corporates to grow their businesses with initial funding, mezzanine financing et cetera.

IIFL Holdings Limited is a financial services company and is engaged, through its subsidiaries, in the businesses of  non-banking finance, housing finance, wealth management, asset management, institutional & retail brokerage and investment banking. The Company is also a distributor of insurance and other financial products.

Bombay Stock Exchange Limited provides market for trading in equity, debt instruments, derivatives, and mutual funds. The Company offers services including risk management, clearing, settlement, market data services, and education. Bombay Stock Exchange serves customers in India. ... More

UTI Asset Management Company Limited operates as an investment management firm. The Company offers asset management, research analysis, portfolio construction, financial planning, and advisory services to group of individual and institutional investors. UTI Asset Management serves clients in India.

Bengal & Assam Company Ltd. is an investment company.  The Company derives its revenues from dividend income it receives from companies in which it holds investments; interest income; and rental income.

China Cinda Asset Management Company Ltd. provides asset management services. The Company invests, disposes, and manages non-performing assets and equity. China Cinda Asset Management also provides consulting, investment, financial, and risk management services to individuals and businesses.

Samsung Securities Co.,Ltd. provides personalized asset management services. The Company provides brokerage, investment trust, underwriting services, and other services. Samsung Securities also provides cyber trading, mutual funds, asset backed securities issuing, municipal bonds trading services.

StoneX Group Inc. is an institutional-grade financial services network that connects companies, organizations, and investors to the global markets ecosystem through digital platforms, end-to-end clearing, and execution services. StoneX Group operates worldwide.

Virtu Financial, Inc. is a technology-enabled market maker and liquidity provider to the global financial markets. The Company posts two-sided quotes in equities, ETFs, commodities, currencies, options, futures, fixed income, and other securities on various exchanges, markets, and liquidity pools around the world.

Guoco Group Limited, through its subsidiaries, develops, invests in, and manages properties as well as provides stock, commodity and bullion broking, insurance, and fund management services.

Artisan Partners Asset Management Inc. provides investment management services. The Company offers investment strategies spanning various market capitalization segments, region, and investing styles. Artisan Partners Asset Management serves customers worldwide.

Artisan Partners Asset Management (APAM US)

Pacific Securities Co., Ltd. provides securities brokerage, custodian, underwriting, trading and investment consulting services.

AnXin Trust Co., Ltd-A is a non-banking financial firm.  The Company's businesses include trust deposit, trust loan, securities trading, financing lease, securities underwriting, and other financial services. Through its subsidiaries, the Company also invests in real estate development.

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives.

HUB24 Limited is a financial services company.  The Company focuses on the delivery of a platform which supports investors.  The platform is a next-generation service with state-of-the-art portfolio management, transaction, and reporting solutions for licensees, financial advisers, accountants, stockbrokers, and institutions.

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

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ICICI Securities Ltd (ISEC IN)

Pick of the Week: ICICI Securities

ICICI Securities Limited (ISEC) is an integrated and technology-based firm offering a wide range of services. ISEC manages total assets of Rs 5.6...

Axis Direct

ICICI Securities: Strong Performance Across Segments Continues, Maintain BUY

ICICI Securities Ltd. (ISEC) reported a strong set of numbers that were above our estimates across all parameters. The highlight of the quarter was...

Axis Direct

Brokerage revenues stay flattish, MTF and distribution income yield positive surprise

ISEC witnessed flattish retail broking revenue for the seventh consecutive quarter despite improved traction in client acquisitions. However, this...

Motilal Oswal

Paytm (One 97) - Large Anchor Book Expiry, Prior Listings Have Corrected a Few Days Ahead

Paytm raised around US$2.2bn in its IPO. In this note, we look at the upcoming anchor book lock-up expiry and how other IPOs have done around that...

Sumeet Singh

ICICI Securities: Diversification on the Cards

ISEC is under transition, whereby the company is implementing several strategic initiatives across segments to emerge as a comprehensive financial...

Motilal Oswal

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