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.

Thematic (Sector/Industry)

<ul><li>ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes and a sharp dip in equity yields</li><li>We are encouraged by the management’s focus on improving its derivatives market share and diversifying revenue streams</li><li>We draw comfort from ISEC’s renewed focus on building digital prowess, albeit, given its high dependence on cash ADTVs (56% of retail broking mix), we reiterate our core thesis on the cyclicality in its revenues</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>

ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes and a sharp dip in equity yieldsWe are encouraged by the management’s focus on improving its derivatives market share and diversifying revenue streamsWe draw comfort from ISEC’s renewed focus on building digital prowess, albeit, given its high dependence on cash ADTVs (56% of retail broking mix), we reiterate our core thesis on the cyclicality in its 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 - CICI Securities, Mastek

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Bringing stability in Revenues – ISEC has sharpened its focus on (1) Wealth management franchise with a thrust on improving share of recurring assets/revenues, (2) Derivatives segment, (3) Insurance with focus on both life insurance and general and health insurance, and (4) adding Personal Loans to the existing Loan disbursements, with the aim to reduce its dependence on the broking business, thereby bringing more stability to the revenues.</li><li>While near-term headwinds on broking income persists, we expect distribution income to support overall revenue growth.</li><li>Focus remains on improving the market share in the Derivatives segment – With its focused efforts towards improving market share in the Derivatives segment, ISEC is witnessing gradual improvement and good traction across operational metrics in the same.</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>

Bringing stability in Revenues – ISEC has sharpened its focus on (1) Wealth management franchise with a thrust on improving share of recurring assets/revenues, (2) Derivatives segment, (3) Insurance with focus on both life insurance and general and health insurance, and (4) adding Personal Loans to the existing Loan disbursements, with the aim to reduce its dependence on the broking business, thereby bringing more stability to the revenues.While near-term headwinds on broking income persists, we expect distribution income to support overall revenue growth.Focus remains on improving the market share in the Derivatives segment – With its focused efforts towards improving market share in the Derivatives segment, ISEC is witnessing gradual improvement and good traction across operational metrics in the same.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 - Focus on Market Share Improvement

<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>The SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of client funds aside from approving optional ASBA for secondary markets</li><li>While the decision on upstreaming of client funds appears to offer a transient relief to standalone brokers (non-bank owned), we expect the SEBI to gradually nudge towards mandatory adoption of ASBA for secondary trades, flushing the excess float out of the broking channel</li><li>The hits to float income notwithstanding, we believe that dominant FinTech discount broking franchises have sufficient levers to offset this negative impact.</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>

The SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of client funds aside from approving optional ASBA for secondary marketsWhile the decision on upstreaming of client funds appears to offer a transient relief to standalone brokers (non-bank owned), we expect the SEBI to gradually nudge towards mandatory adoption of ASBA for secondary trades, flushing the excess float out of the broking channelThe hits to float income notwithstanding, we believe that dominant FinTech discount broking franchises have sufficient levers to offset this negative impact.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.

Broking: Transient relief for non-bank owned brokers

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.

<ul><li>ICICI Securities (ISEC)’s overall revenue declined 7% YoY to INR8.8b in 3QFY23, In-line with our estimate as the weakness in retail brokerage and IB revenue was offset by strong interest rate-linked revenue (MTF and Treasury book).</li><li>ISEC’s retail broking revenue declined 13% YoY to INR3.3b.</li><li>The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.</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>

ICICI Securities (ISEC)’s overall revenue declined 7% YoY to INR8.8b in 3QFY23, In-line with our estimate as the weakness in retail brokerage and IB revenue was offset by strong interest rate-linked revenue (MTF and Treasury book).ISEC’s retail broking revenue declined 13% YoY to INR3.3b.The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.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 (ISEC) - Muted Performance Led by Pressure on MTF NIMs

India

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)

HSIE Results Daily - CICI Securities, Mastek

ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes...

HDFC Securities

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

Broking: Transient relief for non-bank owned brokers

The SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of...

HDFC Securities

ICICI Securities (ISEC) - Muted Performance Led by Pressure on MTF NIMs

The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.

Motilal Oswal

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HSIE Results Daily - CICI Securities, Mastek

ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes...

HDFC Securities

ICICI Securities - Focus on Market Share Improvement

While near-term headwinds on broking income persists, we expect distribution income to support overall revenue growth. Focus remains on improving...

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

Broking: Transient relief for non-bank owned brokers

The SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of...

HDFC Securities

ICICI Securities (ISEC) - Muted Performance Led by Pressure on MTF NIMs

The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.

Motilal Oswal