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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Thematic (Sector/Industry)

<div><div><div><div><ul><li>We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.</li><li>On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.</li><li>Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. </li></ul></div></div></div></div><p><em>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.</em></p>

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit 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.

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

Equity Bottom-Up

MAS Financial Services Ltd / Equity Bottom-Up

<ul><li>MAS financial Services’ (MAS) focus remains on maintaining margins at ~7% despite the increasing interest rates.</li><li>Yield expansion is a function of the opportunities available to lend and the resultant product mix along with repricing opportunities available (the company has passed on a part of the rate hikes given that the quantum of a rate hike has been large) and is undertaken in a risk-adjusted manner.</li><li>Thus, the management remains confident in MAS’ ability to maintain margins despite CoF inching up and settling at 9.25-9.5% over the medium term.</li></ul><p><em>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.</em></p>

MAS financial Services’ (MAS) focus remains on maintaining margins at ~7% despite the increasing interest rates.Yield expansion is a function of the opportunities available to lend and the resultant product mix along with repricing opportunities available (the company has passed on a part of the rate hikes given that the quantum of a rate hike has been large) and is undertaken in a risk-adjusted manner.Thus, the management remains confident in MAS’ ability to maintain margins despite CoF inching up and settling at 9.25-9.5% over the medium term.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 Visibility Strong

<ul><li>MAS Financial Services Ltd. (MAS) reported yet another strong quarter.</li><li>While operational performance was marginally ahead of our expectations (despite higher-than-expected provisions), earnings were broadly in-line with our expectations.</li><li>The disbursement growth momentum was sustained with a growth rate of 53/5% YoY/QoQ.</li></ul><p><em>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.</em></p>

MAS Financial Services Ltd. (MAS) reported yet another strong quarter.While operational performance was marginally ahead of our expectations (despite higher-than-expected provisions), earnings were broadly in-line with our expectations.The disbursement growth momentum was sustained with a growth rate of 53/5% 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 - Robust Performance in H1FY23; Momentum to Sustain!

<div><div><div><div><ul><li>We met with Mr Ankit Jain (CFO) and Mr. Dhvanil Gandhi (Business Development Manager) from the management team of MAS Financial Services Ltd.  (MAS) to understand the company’s business strategy and growth prospects over the medium term.</li><li>While the focus during the testing times of COVID remained primarily on maintaining asset quality, maintaining balance sheet strength and adequate liquidity, post-COVID, the management has tweaked its strategy slightly. </li></ul></div></div></div></div><ul><li>It continues to remain confident of clocking robust growth over the medium term. This cements our confidence in the long-term prospects of MAS, wherein we believe the company is well-placed to deliver superior growth and return ratios along with stable asset quality.</li></ul><p><em>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.</em></p>

We met with Mr Ankit Jain (CFO) and Mr. Dhvanil Gandhi (Business Development Manager) from the management team of MAS Financial Services Ltd.  (MAS) to understand the company’s business strategy and growth prospects over the medium term.While the focus during the testing times of COVID remained primarily on maintaining asset quality, maintaining balance sheet strength and adequate liquidity, post-COVID, the management has tweaked its strategy slightly. It continues to remain confident of clocking robust growth over the medium term. This cements our confidence in the long-term prospects of MAS, wherein we believe the company is well-placed to deliver superior growth and return ratios along with stable asset quality.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 - Raring to Go!

<ul><li>MAS Financial Services Ltd. (MAS) results were in line with our estimates. Disbursement growth remained healthy at 55% YoY translating into an AUM growth of 14% YoY</li><li>AUM growth was driven by SME Loans (+48% YoY) and CV loans (+48% YoY), while the Micro-enterprise loans remained muted and de-grew by 5% YoY</li><li>We maintain a BUY rating on the stock with a revised target price of Rs 765/share (2.5x H1FY24E BV), implying an upside of 35% from the CMP.</li></ul><div class="content-highlight"><em>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.</em></div>

MAS Financial Services Ltd. (MAS) results were in line with our estimates. Disbursement growth remained healthy at 55% YoY translating into an AUM growth of 14% YoYAUM growth was driven by SME Loans (+48% YoY) and CV loans (+48% YoY), while the Micro-enterprise loans remained muted and de-grew by 5% YoYWe maintain a BUY rating on the stock with a revised target price of Rs 765/share (2.5x H1FY24E BV), implying an upside of 35% from the CMP.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 Finance Services: Out of the Woods, Normalized Performance From FY23E Onwards

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)

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.

Axis Direct

MAS Financial Services Ltd. - Growth Visibility Strong

Yield expansion is a function of the opportunities available to lend and the resultant product mix along with repricing opportunities available

Axis Direct

MAS Financial Services Ltd - Robust Performance in H1FY23; Momentum to Sustain!

While operational performance was marginally ahead of our expectations (despite higher-than-expected provisions), earnings were broadly in-line...

Axis Direct

MAS Financial Services Ltd - Raring to Go!

The management has indicated that the disbursement and growth momentum has sustained in Q2FY23 and is likely to continue in absence of any...

Axis Direct

MAS Finance Services: Out of the Woods, Normalized Performance From FY23E Onwards

We maintain a BUY rating on the stock with a revised target price of Rs 765/share (2.5x H1FY24E BV), implying an upside of 35% from the CMP.

Axis Direct

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