External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of continued funding cost tailwinds resulting in sequentially stronger NIMs even as loans shrank 2.8% QoQ. Annualised slippages were up at 2.8% (FY21: 2.4%) as collections were affected during Apr-May21 on account of the second wave (as witnessed by peers), with most of the stress emerging from secured retail portfolio. KMB maintained its stock of COVID provisions and the loan loss coverage at ~65%.</p><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>

HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of continued funding cost tailwinds resulting in sequentially stronger NIMs even as loans shrank 2.8% QoQ. Annualised slippages were up at 2.8% (FY21: 2.4%) as collections were affected during Apr-May21 on account of the second wave (as witnessed by peers), with most of the stress emerging from secured retail portfolio. KMB maintained its stock of COVID provisions and the loan loss coverage at ~65%.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.

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank and More

Multi Commodity Exchange India / Equity Bottom-Up

<p>NSE and BSE volumes were soft in April-21 but picked up strongly in May and June-21. BSE maintained its cash/derivative market share in 1QFY22, which stood at 7.1/6.5% -20/+20bps QoQ. StAR MF and INX continue to register strong growth. BSE is expected to report 2.5% QoQ growth in revenue and an EBITDA margin of 29% (-127 bps QoQ). We increase our core target multiple to 15x vs 10x earlier, which is still at a ~50% discount to peers. Our target price of INR 1,075 is based on 15x core June-23 PAT + net cash + CDSL stake.</p><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>

NSE and BSE volumes were soft in April-21 but picked up strongly in May and June-21. BSE maintained its cash/derivative market share in 1QFY22, which stood at 7.1/6.5% -20/+20bps QoQ. StAR MF and INX continue to register strong growth. BSE is expected to report 2.5% QoQ growth in revenue and an EBITDA margin of 29% (-127 bps QoQ). We increase our core target multiple to 15x vs 10x earlier, which is still at a ~50% discount to peers. Our target price of INR 1,075 is based on 15x core June-23 PAT + net cash + CDSL stake.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.

Exchanges, Staffing and Internet (1QFY22E Results Preview): Mixed bag

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>4QFY21 saw further normalization in bullion volumes, largely driven by 11%/15% sequential decline in gold/silver volumes. This was partially offset by a 56% sequential increase in crude volumes on the reversal of the higher margin requirements imposed earlier. Overall ADT dipped 3% QoQ, leading to 4% sequential decline in revenue. The impact on volumes during the quarter was the result of the second phase of implementation of new margin rules (50% of peak margin requirement) from 1st March.</p><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>

4QFY21 saw further normalization in bullion volumes, largely driven by 11%/15% sequential decline in gold/silver volumes. This was partially offset by a 56% sequential increase in crude volumes on the reversal of the higher margin requirements imposed earlier. Overall ADT dipped 3% QoQ, leading to 4% sequential decline in revenue. The impact on volumes during the quarter was the result of the second phase of implementation of new margin rules (50% of peak margin requirement) from 1st March.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.

Near-term blip; long-term opportunities intact

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>ADTO in commodity futures on the exchange declined 13% to Rs 31823 crore in Q4FY21, due to increase in regulatory requirement of upfront margin partially offset by higher gold priced compared to last year. Markets share in commodity futures space has remained strong at 96.04% in FY21. Number of unique customers increased from 51.5 lakh in Q3FY21 to 60.2 lakh in Q4FY21 while authorised person count was at 52777. Decline in ADTO (13% YoY) was partially offset by healthy realisation keeping moderation in operational revenue at ~8% YoY to Rs 97 crore.</p><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>

ADTO in commodity futures on the exchange declined 13% to Rs 31823 crore in Q4FY21, due to increase in regulatory requirement of upfront margin partially offset by higher gold priced compared to last year. Markets share in commodity futures space has remained strong at 96.04% in FY21. Number of unique customers increased from 51.5 lakh in Q3FY21 to 60.2 lakh in Q4FY21 while authorised person count was at 52777. Decline in ADTO (13% YoY) was partially offset by healthy realisation keeping moderation in operational revenue at ~8% YoY to Rs 97 crore.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.

Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<p><strong><em>*Mainland Chinese Stock Exchange Powerhouse:</em></strong> According to Reuters, mainland China is contemplating the establishment of a new stock exchange to attract overseas-listed firms (including Hong Kong) which will bolster Shanghai’s status as a global financial center; and  </p><p><strong><em>*Here Comes The Pain Trade: </em></strong>If mainland China is successful this time around (and we think that they will be), it is probably pretty fair to say that the HKEX/mainland China growth story will have come to an abrupt end. In terms of where we are with valuation, HKEX’s P/E has exploded in the face of weaker volumes on the expectation of future US ADR listings. The increase in the stamp duty to cover Hong Kong’s tax shortfall only adds to the misery that HKEX may encounter.</p>

*Mainland Chinese Stock Exchange Powerhouse: According to Reuters, mainland China is contemplating the establishment of a new stock exchange to attract overseas-listed firms (including Hong Kong) which will bolster Shanghai’s status as a global financial center; and  *Here Comes The Pain Trade: If mainland China is successful this time around (and we think that they will be), it is probably pretty fair to say that the HKEX/mainland China growth story will have come to an abrupt end. In terms of where we are with valuation, HKEX’s P/E has exploded in the face of weaker volumes on the expectation of future US ADR listings. The increase in the stamp duty to cover Hong Kong’s tax shortfall only adds to the misery that HKEX may encounter.

Hong Kong Exchanges & Clearing – Building The HKEX Coffin

India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

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Multi Commodity Exchange India (MCX IN)

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank and More

HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of...

HDFC Securities

Exchanges, Staffing and Internet (1QFY22E Results Preview): Mixed bag

NSE and BSE volumes were soft in April-21 but picked up strongly in May and June-21. BSE maintained its cash/derivative market share in 1QFY22,...

HDFC Securities

Near-term blip; long-term opportunities intact

4QFY21 saw further normalization in bullion volumes, largely driven by 11%/15% sequential decline in gold/silver volumes. This was partially offset...

Motilal Oswal