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

MAS Financial Services Ltd / Equity Bottom-Up

<ul><li>AUM growth was robust at 27/7% YoY/QoQ(ahead of our expectation of 25/6% YoY/QoQ) with growth visible across segments.</li><li>The wheels portfolio registered a robust growth of 59/16% YoY/QoQ on a lower base, while MSME growth was equally strong at 20/6% YoY/QoQ.</li><li>The share of MSME loans stood at ~83% vs. 88/84% 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.

AUM growth was robust at 27/7% YoY/QoQ(ahead of our expectation of 25/6% YoY/QoQ) with growth visible across segments.The wheels portfolio registered a robust growth of 59/16% YoY/QoQ on a lower base, while MSME growth was equally strong at 20/6% YoY/QoQ.The share of MSME loans stood at ~83% vs. 88/84% 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. - Strong Quarter; Growth Visibility Strong!

Thematic (Sector/Industry)

<ul><li>Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.</li><li>Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).</li><li>ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.</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.

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.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.

Axis Research Scorecard Report for Oct 2023

<ul><li>Disbursements grew by 8% YoY, while de-grew by 6% QoQ. AUM Growth was healthy, largely in line with expectations at 26/4% YoY/QoQ.</li><li>AUM growth was broad-based. Micro/SME loans grew by 16/26% YoY. In Q1FY24, the loans sourced from NBFC partners stood at 37.2% vs 45.3/37.6% YoY/QoQ.</li><li>NII grew by 25/5% 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 8% YoY, while de-grew by 6% QoQ. AUM Growth was healthy, largely in line with expectations at 26/4% YoY/QoQ.AUM growth was broad-based. Micro/SME loans grew by 16/26% YoY. In Q1FY24, the loans sourced from NBFC partners stood at 37.2% vs 45.3/37.6% YoY/QoQ.NII grew by 25/5% 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. - Growth Momentum Healthy, Asset Quality Stable!

<ul><li>MAS maintained its disbursements growth momentum which helped aid a robust AUM growth of 30/6% YoY.</li><li>The share of direct sourcing improved further to ~62% vs 52/61% YoY/QoQ.</li><li>NII grew by 30% YoY but de-grew marginally by 2% QoQ on account of margin pressures as CoF inched up sharply. </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 maintained its disbursements growth momentum which helped aid a robust AUM growth of 30/6% YoY.The share of direct sourcing improved further to ~62% vs 52/61% YoY/QoQ.NII grew by 30% YoY but de-grew marginally by 2% QoQ on account of margin pressures as CoF inched up sharply. 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. - Pushing For Growth; Maintain BUY!

<ul><li>MAS reported a healthy AUM growth of 32/7% YoY, driven by a healthy disbursement growth of 39% YoY/flattish QoQ.</li><li>The share of direct sourcing improved further to ~61% vs. 60% QoQ.</li><li>NII growth of 50/15% was aided by improving margins (calc.) (+64/39bps YoY/QoQ) and broad-based AUM 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.

MAS reported a healthy AUM growth of 32/7% YoY, driven by a healthy disbursement growth of 39% YoY/flattish QoQ.The share of direct sourcing improved further to ~61% vs. 60% QoQ.NII growth of 50/15% was aided by improving margins (calc.) (+64/39bps YoY/QoQ) and broad-based AUM 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.

MAS Financial Services Ltd. - Focus on Risk-Calibrated Growth, Maintain BUY!

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)

MAS Financial Services Ltd. - Strong Quarter; Growth Visibility Strong!

The wheels portfolio registered a robust growth of 59/16% YoY/QoQ on a lower base, while MSME growth was equally strong at 20/6% YoY/QoQ.

Axis Direct

Axis Research Scorecard Report for Oct 2023

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23. Calls that successfully achieved their target were Nestle India (~10%),...

Axis Direct

MAS Financial Services Ltd. - Growth Momentum Healthy, Asset Quality Stable!

Disbursements grew by 8% YoY, while de-grew by 6% QoQ. AUM Growth was healthy, largely in line with expectations at 26/4% YoY/QoQ.

Axis Direct

MAS Financial Services Ltd. - Pushing For Growth; Maintain BUY!

MAS maintained its disbursements growth momentum which helped aid a robust AUM growth of 30/6% YoY. The share of direct sourcing improved further...

Axis Direct

MAS Financial Services Ltd. - Focus on Risk-Calibrated Growth, Maintain BUY!

MAS reported a healthy AUM growth of 32/7% YoY, driven by a healthy disbursement growth of 39% YoY/flattish QoQ. The share of direct sourcing...

Axis Direct

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