External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Mahindra & Mahindra Fin Services Ltd. / Equity Bottom-Up

<ul><li>PAT stood at Rs. 899 was higher, mainly led by negligible credit costs that fell owing to a reversal of ECL provisions of Rs. 430 crore due to lower LGDs.</li><li>Consequently, stage-3 coverage reduced to 50% versus 59.5% q-o-q. Asset quality has shown slight deterioration.</li><li>With cautious outlook on asset quality given a tough macro environment and PCR guided at 51-54%, credit cost could be slightly higher than guided at ~1.3-1.5% on average assets in FY26E.</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.

PAT stood at Rs. 899 was higher, mainly led by negligible credit costs that fell owing to a reversal of ECL provisions of Rs. 430 crore due to lower LGDs.Consequently, stage-3 coverage reduced to 50% versus 59.5% q-o-q. Asset quality has shown slight deterioration.With cautious outlook on asset quality given a tough macro environment and PCR guided at 51-54%, credit cost could be slightly higher than guided at ~1.3-1.5% on average assets in FY26E.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.

Mahindra & Mahindra Financial Services Ltd - Mixed Bag Q3

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>MMFS delivered a stable quarter in terms of growth, margins, and credit costs.</li><li>Quarterly PAT stood at ~Rs9bn, with the beat primarily driven by minimal credit costs, which resulted from the ECL-model refresh (leading to lower PD and LGD estimates).</li><li>The company continues to expand into new categories beyond vehicle financing, through focus on SME lending, leasing, insurance, payments, mortgages, and cross-sell.</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.

MMFS delivered a stable quarter in terms of growth, margins, and credit costs.Quarterly PAT stood at ~Rs9bn, with the beat primarily driven by minimal credit costs, which resulted from the ECL-model refresh (leading to lower PD and LGD estimates).The company continues to expand into new categories beyond vehicle financing, through focus on SME lending, leasing, insurance, payments, mortgages, and cross-sell.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.

Mahindra Finance - Steady Quarter; ECL Model Changes Drive the Earning Beat

<ul><li>Driven by the surge in credit cost (Q2: Rs7.0bn vs our estimate of Rs5.0bn and Q1: Rs4.5bn), MMFS reported weaker profitability in Q2FY25, with PAT at Rs3.7bn logging significantly below our estimate of Rs5.0bn.</li><li>The rise in credit cost reflects the inherent seasonality in MMFS’s business owing to the agrarian and rural self-employed customer segment.</li><li>Notwithstanding the credit-cost surge in Q2, management appears confident about asset quality and credit-cost normalization in H2 led by recoveries and ECL Model refresh-driven reversal of provisions.</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.

Driven by the surge in credit cost (Q2: Rs7.0bn vs our estimate of Rs5.0bn and Q1: Rs4.5bn), MMFS reported weaker profitability in Q2FY25, with PAT at Rs3.7bn logging significantly below our estimate of Rs5.0bn.The rise in credit cost reflects the inherent seasonality in MMFS’s business owing to the agrarian and rural self-employed customer segment.Notwithstanding the credit-cost surge in Q2, management appears confident about asset quality and credit-cost normalization in H2 led by recoveries and ECL Model refresh-driven reversal of provisions.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.

Mahindra Finance - Credit Cost to Normalize in H2; Reiterate BUY

<ul><li>As the company's Mission 2025 nears its finishing line, it has been a case of ‘glass half full’.</li><li>With Q2FY25 business updates already lowering expectations on growth and the asset quality front, we believe the negativities around growth, asset quality, and profitability are already priced-in with MMFS shares down 17% QTD Q3FY25 (vs NIFTY down ~4% and NIFTY Midcap down 3%).</li><li>Notwithstanding some setbacks caused by the confluence of internal and external factors, we see the management's medium-to-long term strategy to deliver diversified and profitable growth to be gradually progressing on the right track.</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.

As the company's Mission 2025 nears its finishing line, it has been a case of ‘glass half full’.With Q2FY25 business updates already lowering expectations on growth and the asset quality front, we believe the negativities around growth, asset quality, and profitability are already priced-in with MMFS shares down 17% QTD Q3FY25 (vs NIFTY down ~4% and NIFTY Midcap down 3%).Notwithstanding some setbacks caused by the confluence of internal and external factors, we see the management's medium-to-long term strategy to deliver diversified and profitable growth to be gradually progressing on the right track.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.

Mahindra Finance - Inflection Point Around the Corner; Valuation Palatable; Upgrade to BUY

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>HCL Technologies: HCL Tech demonstrated resilient performance across its services (+0.7% QoQ CC) and software businesses (+4.9% YoY CC) amidst a global environment characterised by increasing uncertainty and reduced discretionary spending</li><li>While IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&amp;D revenue registered strong growth of 5.5% QoQ CC, and the software business was impacted by seasonality</li><li>Looking ahead, HCL Tech anticipates a modest growth outlook (2-5% YoY CC) with stable profitability (EBIT 18-19%), acknowledging the potential for further deterioration in the macroeconomic environment that could impact client IT spending</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.

HCL Technologies: HCL Tech demonstrated resilient performance across its services (+0.7% QoQ CC) and software businesses (+4.9% YoY CC) amidst a global environment characterised by increasing uncertainty and reduced discretionary spendingWhile IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&amp;D revenue registered strong growth of 5.5% QoQ CC, and the software business was impacted by seasonalityLooking ahead, HCL Tech anticipates a modest growth outlook (2-5% YoY CC) with stable profitability (EBIT 18-19%), acknowledging the potential for further deterioration in the macroeconomic environment that could impact client IT spendingContent 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: HCL Technologies, Havells India, AU Small Finance Bank...

India

Mahindra & Mahindra Financial Services Limited is a finance company that provides finance to prospective buyers of Mahindra range of utility vehicles and tractors.  The Company extends finance through hire purchase/loan and lease modes.  Mahindra & Mahindra has a network of branches located across India.

Mahindra & Mahindra Fin Services Ltd. (MMFS IN)

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Mahindra & Mahindra Fin Services Ltd. (MMFS IN)

Mahindra & Mahindra Financial Services Ltd - Mixed Bag Q3

PAT stood at Rs. 899 was higher, mainly led by negligible credit costs that fell owing to a reversal of ECL provisions of Rs. 430 crore due to...

Sharekhan

Mahindra Finance - Steady Quarter; ECL Model Changes Drive the Earning Beat

Quarterly PAT stood at ~Rs9bn, with the beat primarily driven by minimal credit costs, which resulted from the ECL-model refresh (leading to lower...

Emkay

Mahindra Finance - Credit Cost to Normalize in H2; Reiterate BUY

Driven by the surge in credit cost (Q2: Rs7.0bn vs our estimate of Rs5.0bn and Q1: Rs4.5bn), MMFS reported weaker profitability in Q2FY25, with PAT...

Emkay

Mahindra Finance - Inflection Point Around the Corner; Valuation Palatable; Upgrade to BUY

With Q2FY25 business updates already lowering expectations on growth and the asset quality front, we believe the negativities around growth, asset...

Emkay

HSIE Results Daily: HCL Technologies, Havells India, AU Small Finance Bank...

While IT services revenue saw a slight sequential decline (-0.3% QoQ CC), the ER&D revenue registered strong growth of 5.5% QoQ CC, and the...

HDFC Securities

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52-week Range

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