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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul>
<li>ISEC witnessed a 6% YoY and 7% QoQ decline in revenue from the Retail Broking segment.</li>
<li>We have lowered our FY23/FY24 EPS estimate by 10% each, to factor in weaker-than-expected traction in the Broking segment, a slowdown in the Issuer Services segment, the impact of a run-down in the ESOP funding book, and higher costs.</li>
<li>Revenue from Retail Broking declines; momentum in client addition slows down</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>


ISEC witnessed a 6% YoY and 7% QoQ decline in revenue from the Retail Broking segment.
We have lowered our FY23/FY24 EPS estimate by 10% each, to factor in weaker-than-expected traction in the Broking segment, a slowdown in the Issuer Services segment, the impact of a run-down in the ESOP funding book, and higher costs.
Revenue from Retail Broking declines; momentum in client addition slows down

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: Revenue from Broking Falls, Issuer Services Segment Witnesses Some Pressure

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.

<ul><li>ICICI Securities Ltd. (ISEC) reported numbers stood below our and consensus estimates, mainly owing to lower brokerage income driven by weak market sentiments arising from the geopolitical tensions.</li><li>While the momentum on the client addition has been strong YoY, it has moderated on a sequential basis</li><li>We maintain our BUY recommendation on the stock with a revised target price of Rs 865/share (17x FY24E EPS), implying an upside of 38% from CMP.</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 Ltd. (ISEC) reported numbers stood below our and consensus estimates, mainly owing to lower brokerage income driven by weak market sentiments arising from the geopolitical tensions.While the momentum on the client addition has been strong YoY, it has moderated on a sequential basisWe maintain our BUY recommendation on the stock with a revised target price of Rs 865/share (17x FY24E EPS), implying an upside of 38% 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: Near Term Headwinds Exist; Long Term Story Remains Intact

<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

<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

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)

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