External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps), partially offset by elevated opex (~5% of AUM)</li><li>Core AUM growth (ex-IPO financing) remained strong at 26% YoY despite marginal softness in new customer additions (-2% YoY) and new loans disbursed (+15% YoY)</li><li>With Phase-I of the digital transformation underway and Phase-II in the works (expected in FY23), BAF articulated a further build-out of its omnichannel strategy (web-based platform, in addition to its apps)</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>

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps), partially offset by elevated opex (~5% of AUM)Core AUM growth (ex-IPO financing) remained strong at 26% YoY despite marginal softness in new customer additions (-2% YoY) and new loans disbursed (+15% YoY)With Phase-I of the digital transformation underway and Phase-II in the works (expected in FY23), BAF articulated a further build-out of its omnichannel strategy (web-based platform, in addition to its apps)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: Bajaj Finance, AU Small Finance Bank, Nippon Life India Asset Management

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Nippon Life India Asset Management / Equity Bottom-Up

<div><div><div><div><ul><li>Market share up 22bps in FY22: Overall MF QAAUM increased by 23.9% YoY and 1% QoQ. Growth (YoY) in QAAUM was led by the equity segment on the back of buoyant capital markets over the last one year.</li></ul><div><div><div><ul><li>Maintaining leadership in B-30: B-30 sourcing continues to be strong for NAM at 17.2% compared to 16.6% for the industry.</li></ul><div><div><div><div><ul><li>New product launches; ramping up international business: The company has highlighted about a number of new product launches in the coming quarters, which include funds focused on international equities as well as domestic themes in the equity &amp; debt segments.</li></ul></div></div></div></div></div></div></div></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>

Market share up 22bps in FY22: Overall MF QAAUM increased by 23.9% YoY and 1% QoQ. Growth (YoY) in QAAUM was led by the equity segment on the back of buoyant capital markets over the last one year.Maintaining leadership in B-30: B-30 sourcing continues to be strong for NAM at 17.2% compared to 16.6% for the industry.New product launches; ramping up international business: The company has highlighted about a number of new product launches in the coming quarters, which include funds focused on international equities as well as domestic themes in the equity &amp; debt segments.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.

Nippon Life India Asset Management Ltd - Weakness in Yields Due to Competition and Adverse Mix

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.</li>
<li>In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.</li>
</ul>


Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.
In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.


Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>NAM Q3FY22 earnings performance was moderate with revenues lagging AUM growth due to pressure on equity yields</li><li>Yields came under pressure due to portfolio churn, increased competition, and TER regulations</li><li>On sustained cost controls and improved outlook, we maintain our BUY rating with a target price of Rs 440 (30x FY23E EPS)</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>

NAM Q3FY22 earnings performance was moderate with revenues lagging AUM growth due to pressure on equity yieldsYields came under pressure due to portfolio churn, increased competition, and TER regulationsOn sustained cost controls and improved outlook, we maintain our BUY rating with a target price of Rs 440 (30x FY23E EPS)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.

Nippon Life India AMC: Moderate Performance; Maintain BUY

<p>We maintain our BUY rating with a target price of Rs 485 (32x FY23E EPS).</p><p>Nippon Life India AMC (NAM) reported good earnings performance in Q2FY22 led by higher MF AUM growth, up 33% YoY and 11% QoQ. Yields came under pressure due to portfolio churn, increased competition, and TER regulations. Other Income was up 53% YoY/45% QoQ. Opex was higher on account of business normalisation and NFO-related expenses. Employee expenses increased partly due to ESOP expenses. AAUM growth, led by equity and debt portfolios, was higher than the industry, leading to market share gains. PAT came in at Rs 214 Cr (up 47% YoY and 17% QoQ).</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>

We maintain our BUY rating with a target price of Rs 485 (32x FY23E EPS).Nippon Life India AMC (NAM) reported good earnings performance in Q2FY22 led by higher MF AUM growth, up 33% YoY and 11% QoQ. Yields came under pressure due to portfolio churn, increased competition, and TER regulations. Other Income was up 53% YoY/45% QoQ. Opex was higher on account of business normalisation and NFO-related expenses. Employee expenses increased partly due to ESOP expenses. AAUM growth, led by equity and debt portfolios, was higher than the industry, leading to market share gains. PAT came in at Rs 214 Cr (up 47% YoY and 17% 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.

Nippon Life India AMC: Encouraging Performance; Maintain BUY

India

Nippon Life India Asset Management Limited operates as an investment management firm. The Company offers portfolio management, financial planning, mutual fund investment, and advisory services to individuals, institutions, trusts, and private funds. Nippon Life India Asset Management serves customers in India.

Nippon Life India Asset Management (NAM IN)

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Nippon Life India Asset Management (NAM IN)

HSIE Results Daily: Bajaj Finance, AU Small Finance Bank, Nippon Life India Asset Management

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps),...

HDFC Securities

Nippon Life India Asset Management Ltd - Weakness in Yields Due to Competition and Adverse Mix

Nippon AMC reported weak 4QFY22 revenue as yields continued to be under pressure due to adverse AUM mix (qoq) and heightened competition.

Nirmal Bang

Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

Government of India is now said to be looking to raise around US$6-7bn via selling a stake in LIC in its upcoming India IPO. In this deal, we talk...

Sumeet Singh

Nippon Life India AMC: Moderate Performance; Maintain BUY

NAM Q3FY22 earnings performance was moderate with revenues lagging AUM growth due to pressure on equity yields. Yields came under pressure due to...

Axis Direct

Nippon Life India AMC: Encouraging Performance; Maintain BUY

We maintain our BUY rating with a target price of Rs 485 (32x FY23E EPS). Nippon Life India AMC (NAM) reported good earnings performance in Q2FY22...

Axis Direct

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