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

Motilal Oswal

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Multi Commodity Exchange India / Equity Bottom-Up

<div><ul><li>Strong operational performance, an exceptional item impacts PAT -<span style="font-size: var(--content-font-size);">Overall futures ADT improved by 4% QoQ and options ADT jumped by 70%, which resulted in a 19% rise in revenue ahead of our estimate.</span></li><li><span style="font-size: var(--content-font-size);">H</span><span style="font-size: var(--content-font-size);">ealthy volume growth driven by Crude Oil - </span><span style="font-size: var(--content-font-size);">Total volumes grew 29% YoY and 21% QoQ to INR26t in 4QFY22.</span></li></ul></div><div><ul><li>Key takeaways from the management commentary - <span style="font-size: var(--content-font-size);">MCX is awaiting approval from the regulators (Sebi and CERC) to launch Electricity derivatives.</span></li></ul></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>

Strong operational performance, an exceptional item impacts PAT -Overall futures ADT improved by 4% QoQ and options ADT jumped by 70%, which resulted in a 19% rise in revenue ahead of our estimate.Healthy volume growth driven by Crude Oil - Total volumes grew 29% YoY and 21% QoQ to INR26t in 4QFY22.Key takeaways from the management commentary - MCX is awaiting approval from the regulators (Sebi and CERC) to launch Electricity derivatives.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<p>Maintain BUY with a TP of INR 2,150, based on 35x Mar-24E core EPS Exchanges: MCX futures ADTV continued to decline in Q3FY22 (-6.6% QoQ to INR 238bn) due to seasonality and volume decline of 2/12/5% in bullion/energy/metals. Impact of futures decline will be offset by higher index/options volumes (+26/41% QoQ). Revenue is expected to increase 4% QoQ, aided by options revenue (charging from Q3 and realisation is 1/3rd of futures) and margin will expand 51bps QoQ to 41.1%.</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>

Maintain BUY with a TP of INR 2,150, based on 35x Mar-24E core EPS Exchanges: MCX futures ADTV continued to decline in Q3FY22 (-6.6% QoQ to INR 238bn) due to seasonality and volume decline of 2/12/5% in bullion/energy/metals. Impact of futures decline will be offset by higher index/options volumes (+26/41% QoQ). Revenue is expected to increase 4% QoQ, aided by options revenue (charging from Q3 and realisation is 1/3rd of futures) and margin will expand 51bps QoQ to 41.1%.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 (Q3FY22E Results Preview): Momentum continues

<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

<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

<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

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)

4QFY22 Results Update - MCX

Overall futures ADT improved by 4% QoQ and options ADT jumped by 70%, which resulted in a 19% rise in revenue ahead of our estimate.

Motilal Oswal

Exchanges, Staffing and Internet (Q3FY22E Results Preview): Momentum continues

Maintain BUY with a TP of INR 2,150, based on 35x Mar-24E core EPS Exchanges: MCX futures ADTV continued to decline in Q3FY22 (-6.6% QoQ to INR...

HDFC Securities

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

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