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>The growth in the gold loans has been driven by (i) demand recovery post a hiatus post COVID thus improving the pace of customer additions, (ii) increase in ATS and (iii) scope to improve LTV.</li><li>Despite the seasonal slowdown observed in Q2 and Q3 post a strong Q4 and Q1, the management remains confident of delivering strong gold loan growth of 15% in FY25, primarily driven by healthy customer addition.</li><li>While the recent budget announcement on duty cut on gold would not have a direct impact on gold financiers, it is likely to boost retail gold demand. </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 growth in the gold loans has been driven by (i) demand recovery post a hiatus post COVID thus improving the pace of customer additions, (ii) increase in ATS and (iii) scope to improve LTV.Despite the seasonal slowdown observed in Q2 and Q3 post a strong Q4 and Q1, the management remains confident of delivering strong gold loan growth of 15% in FY25, primarily driven by healthy customer addition.While the recent budget announcement on duty cut on gold would not have a direct impact on gold financiers, it is likely to boost retail gold demand. 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. - Gold Loan Growth Momentum to Continue!

<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

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

<ul><li>The systemic credit growth (as of 22nd Mar’24) continued to remain robust, registering a growth of ~20% YoY (~16.3% YoY ex-HDFC).</li><li>Based on the provisional updates released by banks thus far, along with the systemic growth momentum and considering Q4 as a seasonally strong quarter, we expect the banks under our coverage to reflect these trends and register a ~17-18% YoY credit growth (ex-HDFC).</li><li>Credit growth continues to be led by the retail and SME segments, with a gradual pickup in corporate lending. </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 22nd Mar’24) continued to remain robust, registering a growth of ~20% YoY (~16.3% YoY ex-HDFC).Based on the provisional updates released by banks thus far, along with the systemic growth momentum and considering Q4 as a seasonally strong quarter, we expect the banks under our coverage to reflect these trends and register a ~17-18% YoY credit growth (ex-HDFC).Credit growth continues to be led by the retail and SME segments, with a gradual pickup in corporate lending. 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>Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.</li><li>Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.</li><li>Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit growth. </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.

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit 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.

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. - Gold Loan Growth Momentum to Continue!

The growth in the gold loans has been driven by (i) demand recovery post a hiatus post COVID thus improving the pace of customer additions, (ii)...

Axis Direct

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

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

BFSI Q4FY24 - Earnings Preview

The systemic credit growth (as of 22nd Mar’24) continued to remain robust, registering a growth of ~20% YoY (~16.3% YoY ex-HDFC).

Axis Direct

Top Sector Ideas - BFSI

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.

Axis Direct

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