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. 

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Equity Bottom-Up

<ul><li>No impact of RBI regulations on gold loan disbursals – With the regulator restricting the cash disbursements over Rs 20,000 for gold financiers, Manappuram has surprisingly seen an increase in demand for online gold loans.</li><li>The company has been a pioneer in the online gold loans and benefits from the first mover advantage, as multiple gold financing NBFC peers do not have adequate and/or appropriate infrastructure to comply with the restrictions.</li><li>Post the restrictions, Manappuram has seen an increase in the customers opting for an online gold loan to ~63% vs 60% earlier. </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.

No impact of RBI regulations on gold loan disbursals – With the regulator restricting the cash disbursements over Rs 20,000 for gold financiers, Manappuram has surprisingly seen an increase in demand for online gold loans.The company has been a pioneer in the online gold loans and benefits from the first mover advantage, as multiple gold financing NBFC peers do not have adequate and/or appropriate infrastructure to comply with the restrictions.Post the restrictions, Manappuram has seen an increase in the customers opting for an online gold loan to ~63% vs 60% earlier. 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.

Manappuram Finance Ltd. - Strengthening Collections to Improve Asset Quality

<ul><li>Manappuram Finance Ltd. (Manappuram) is an NBFC, with a diversified lending portfolio.</li><li>Having started off with gold financing, the company entered into Microfinance (MFI), Vehicle, and Affordable Housing Finance through its subsidiaries.</li><li>The company has a pan-India presence of over 5,000 branches with an employee strength of 45,000+ employees on a consolidated basis.</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.

Manappuram Finance Ltd. (Manappuram) is an NBFC, with a diversified lending portfolio.Having started off with gold financing, the company entered into Microfinance (MFI), Vehicle, and Affordable Housing Finance through its subsidiaries.The company has a pan-India presence of over 5,000 branches with an employee strength of 45,000+ employees on a consolidated basis.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.

Pick of the Week: Manappuram Finance Ltd. - 19 FEB 2024

<ul><li>The company reported robust growth in AUM growth of 27/4% YoY/QoQ, mainly driven by healthy growth in MFI (Up 32% YoY, 6% QoQ), vehicles (Up 70/14% YoY/QoQ) and housing (Up 41/8% YoY/QoQ).</li><li>However, the gold loan book remained flat sequentially.</li><li>Despite an increase in cost of borrowing by 20 bps QoQ to 9.1%, NIM (calc) increased to 13.7% Vs 13.4% QoQ as gold loan yield improved from 21.9% in Q2FY24 to 22.3% Q3FY24. </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.

The company reported robust growth in AUM growth of 27/4% YoY/QoQ, mainly driven by healthy growth in MFI (Up 32% YoY, 6% QoQ), vehicles (Up 70/14% YoY/QoQ) and housing (Up 41/8% YoY/QoQ).However, the gold loan book remained flat sequentially.Despite an increase in cost of borrowing by 20 bps QoQ to 9.1%, NIM (calc) increased to 13.7% Vs 13.4% QoQ as gold loan yield improved from 21.9% in Q2FY24 to 22.3% Q3FY24. 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.

Manappuram Finance - AUM Growth Remains Robust; Uptick in NPA

<ul><li>Gold Loan Business – FY24 is expected to play out better for the gold loan business.</li><li>As the RBI revised its GDP growth estimates upwards from 6.5% to 7% for FY24, it will lead to higher disposable income, thereby resulting in an increase in discretionary spending.</li><li>Further, geopolitics, lower interest rates, and continued buying by central banks would act as tailwinds for the gold loan sector. </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.

Gold Loan Business – FY24 is expected to play out better for the gold loan business.As the RBI revised its GDP growth estimates upwards from 6.5% to 7% for FY24, it will lead to higher disposable income, thereby resulting in an increase in discretionary spending.Further, geopolitics, lower interest rates, and continued buying by central banks would act as tailwinds for the gold loan sector. 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.

Manappuram Finance Ltd. - AUM Growth Momentum to Remain Robust; Maintain BUY!

Thematic (Sector/Industry)

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </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.

The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. 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.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

India

Manappuram Finance Ltd. is a non-banking finance company. The Company offers loans against gold collateral, business loans, vehicle loans, foreign exchange and money transfer services; and sells gold coins.

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Manappuram Finance (MGFL IN)

Manappuram Finance Ltd. - Strengthening Collections to Improve Asset Quality

With the regulator restricting the cash disbursements over Rs 20,000 for gold financiers, Manappuram has surprisingly seen an increase in demand...

Axis Direct

Pick of the Week: Manappuram Finance Ltd. - 19 FEB 2024

The company has a pan-India presence of over 5,000 branches with an employee strength of 45,000+ employees on a consolidated basis.

Axis Direct

Manappuram Finance - AUM Growth Remains Robust; Uptick in NPA

The company reported robust growth in AUM growth of 27/4% YoY/QoQ, mainly driven by healthy growth in MFI (Up 32% YoY, 6% QoQ), vehicles (Up 70/14%...

Axis Direct

Manappuram Finance Ltd. - AUM Growth Momentum to Remain Robust; Maintain BUY!

As the RBI revised its GDP growth estimates upwards from 6.5% to 7% for FY24, it will lead to higher disposable income, thereby resulting in an...

Axis Direct

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

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