Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>This Insight focuses on lenders operating in consumer finance, including MSME-focused NBFCs. </li>
<li>Companies in focus include <a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>, <a href="https://www.smartkarma.com/entities/poonawalla-fincorp" target="_blank" data-smartkarma-citation="entities:3449:1" rel="noopener">Poonawalla Fincorp (POONAWAL IN),</a><a href="https://www.smartkarma.com/entities/sbfc-finance-limited" target="_blank" data-smartkarma-citation="entities:36713:1" rel="noopener">SBFC Finance Limited (SBFC IN)</a> &amp; <a href="https://www.smartkarma.com/entities/mas-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:26639:1" rel="noopener">MAS Financial Services Ltd (MASFIN IN)</a>. </li>
<li>We also cover high yield lender <a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a>.  </li>
</ul>


This Insight focuses on lenders operating in consumer finance, including MSME-focused NBFCs. 
Companies in focus include Bajaj Finance Ltd (BAF IN), Poonawalla Fincorp (POONAWAL IN),SBFC Finance Limited (SBFC IN) &amp; MAS Financial Services Ltd (MASFIN IN). 
We also cover high yield lender Five Star Business Finance (FIVESTAR IN).  


Narrative and Numbers | Consumer & MSME Finance | FY24

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. 

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.

MAS Financial Services Ltd / Equity Bottom-Up

<ul><li>MAS Financial Services Ltd. (MAS) is a diversified financial services provider focused on low-income groups and economically weaker individuals operating small businesses, as well as SMEs having limited access to formal financing channels.</li><li>The company operates through 189 branches across 12 states and Union territories.</li><li>MAS also carries out its business through a pan-India network of 182 NBFC partners which contribute to ~33% of business sourcing.</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.

MAS Financial Services Ltd. (MAS) is a diversified financial services provider focused on low-income groups and economically weaker individuals operating small businesses, as well as SMEs having limited access to formal financing channels.The company operates through 189 branches across 12 states and Union territories.MAS also carries out its business through a pan-India network of 182 NBFC partners which contribute to ~33% of business sourcing.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: MAS Financial Services Ltd - 27 MAY 2024

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>Motilal Oswal's research report onMAX Financial Services Gross written premium grew 17.3% YoY (in line) in 4QFY24. The renewal premium grew 15% YoY (5% miss).</li><li>In 4QFY24, total APE grew 13% YoY to INR28.7b (14% beat).</li><li>The par products reported an exponential growth of 66% YoY.</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.

Motilal Oswal's research report onMAX Financial Services Gross written premium grew 17.3% YoY (in line) in 4QFY24. The renewal premium grew 15% YoY (5% miss).In 4QFY24, total APE grew 13% YoY to INR28.7b (14% beat).The par products reported an exponential growth of 66% YoY.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.

MAX Financial Services - Steady Performance; VNB Margin Beats Our Estimate

<ul><li>MAS’ disbursements grew by 15/5% Yoy. The share of sourcing from NBFC partners further fell down to 32.9% vs 37.6/34.2% YoY/QoQ.</li><li>AUM grew by 25/5% YoY/QoQ (slightly slower than our expectation of 27/6% YoY/QoQ).</li><li>The MSME segment grew by 18/4% YoY with Microenterprise loans up 13/1% YoY/QoQ and SMEs up 25/8% YoY/QoQ. </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.

MAS’ disbursements grew by 15/5% Yoy. The share of sourcing from NBFC partners further fell down to 32.9% vs 37.6/34.2% YoY/QoQ.AUM grew by 25/5% YoY/QoQ (slightly slower than our expectation of 27/6% YoY/QoQ).The MSME segment grew by 18/4% YoY with Microenterprise loans up 13/1% YoY/QoQ and SMEs up 25/8% YoY/QoQ. 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.

MAS Financial Services - Healthy Quarter; Pushing the Growth Pedal!

<ul><li>Disbursements grew by 23/6% YoY/QoQ driving AUM growth of 27/7% YoY/QoQ with growth visible across segments.</li><li>The wheels portfolio registered a robust growth of 68/13% YoY/QoQ on a lower base, while MSME growth was marginally lower at 18/4% YoY/QoQ (vs. 20/6% YoY/QoQ).</li><li>The share of MSME loans (in standalone AUM) stood at ~81% vs. 87/83% YoY/QoQ. </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.

Disbursements grew by 23/6% YoY/QoQ driving AUM growth of 27/7% YoY/QoQ with growth visible across segments.The wheels portfolio registered a robust growth of 68/13% YoY/QoQ on a lower base, while MSME growth was marginally lower at 18/4% YoY/QoQ (vs. 20/6% YoY/QoQ).The share of MSME loans (in standalone AUM) stood at ~81% vs. 87/83% YoY/QoQ. 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.

MAS Financial Services Ltd. - Healthy Quarter; Pushing for Next Leg of Growth!

India

MAS Financial Services Limited provides retail financial services. The Company offers loans and other financial services for homes, two wheeler vehicles, industrial machinery, properties, agricultural use, commercial vehicles, and insurance products. MAS Financial Services offers its services to small and medium enterprises in India.

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MAS Financial Services Ltd (MASFIN IN)

Narrative and Numbers | Consumer & MSME Finance | FY24

Insight on lenders in consumer finance, including Bajaj Finance, Poonawalla Fincorp, SBFC Finance, MAS Financial Services, and Five Star Business...

Pranav Bhavsar

Pick of the Week: MAS Financial Services Ltd - 27 MAY 2024

MAS also carries out its business through a pan-India network of 182 NBFC partners which contribute to ~33% of business sourcing.

Axis Direct

MAX Financial Services - Steady Performance; VNB Margin Beats Our Estimate

Motilal Oswal's research report onMAX Financial Services Gross written premium grew 17.3% YoY (in line) in 4QFY24. The renewal premium grew 15% YoY...

Motilal Oswal

MAS Financial Services - Healthy Quarter; Pushing the Growth Pedal!

MAS’ disbursements grew by 15/5% Yoy. The share of sourcing from NBFC partners further fell down to 32.9% vs 37.6/34.2% YoY/QoQ.

Axis Direct

MAS Financial Services Ltd. - Healthy Quarter; Pushing for Next Leg of Growth!

The wheels portfolio registered a robust growth of 68/13% YoY/QoQ on a lower base, while MSME growth was marginally lower at 18/4% YoY/QoQ (vs. 20...

Axis Direct

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Narrative and Numbers | Consumer & MSME Finance | FY24

​Insight on lenders in consumer finance, including Bajaj Finance, Poonawalla Fincorp, SBFC Finance, MAS Financial Services, and Five Star Business...

Pranav Bhavsar

Pick of the Week: MAS Financial Services Ltd - 27 MAY 2024

MAS also carries out its business through a pan-India network of 182 NBFC partners which contribute to ~33% of business sourcing.

Axis Direct

MAX Financial Services - Steady Performance; VNB Margin Beats Our Estimate

Motilal Oswal's research report onMAX Financial Services Gross written premium grew 17.3% YoY (in line) in 4QFY24. The renewal premium grew 15% YoY...

Motilal Oswal

MAS Financial Services - Healthy Quarter; Pushing the Growth Pedal!

MAS’ disbursements grew by 15/5% Yoy. The share of sourcing from NBFC partners further fell down to 32.9% vs 37.6/34.2% YoY/QoQ.

Axis Direct

MAS Financial Services Ltd. - Healthy Quarter; Pushing for Next Leg of Growth!

The wheels portfolio registered a robust growth of 68/13% YoY/QoQ on a lower base, while MSME growth was marginally lower at 18/4% YoY/QoQ (vs. 20...

Axis Direct

Insight on lenders in consumer finance, including Bajaj Finance, Poonawalla Fincorp, SBFC Finance, MAS Financial Services, and Five Star Business...