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

SBI Cards & Payment Services / Equity Bottom-Up

<ul><li>SBI Cards (SBICARD)’s PAT was 8% below estimate at INR5.9b due to lower revenue from operations and higher provisions.</li><li>NII inched up 4.4% QoQ. Margin was broadly stable at 10.9%.</li><li>The share of revolver mix was stable at 24%, while EMI mix inched up to 38% (vs. 37% in 4QFY24). </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.

SBI Cards (SBICARD)’s PAT was 8% below estimate at INR5.9b due to lower revenue from operations and higher provisions.NII inched up 4.4% QoQ. Margin was broadly stable at 10.9%.The share of revolver mix was stable at 24%, while EMI mix inched up to 38% (vs. 37% in 4QFY24). 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.

SBI Cards - Asset Quality Woes Continue; Credit Cost Rises Further

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>SBIC’s new card issuances reported a slight slowdown, with gross card addition at ~10.3 Lc cards (-25/-6% YoY/QoQ), owing to tightening of filters, resulting in card closures.</li><li>Thus, CIF growth was slower, though in line with our expectations at 13/2% YoY/QoQ. SBIC lost market share in terms of CIF by ~110/30bps YoY/QoQ.</li><li>Spends growth was slower as corporate spends derailed owing to regulatory changes. Thus, SBIC lost ~40/50bps YoY/QoQ in spends market share. </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.

SBIC’s new card issuances reported a slight slowdown, with gross card addition at ~10.3 Lc cards (-25/-6% YoY/QoQ), owing to tightening of filters, resulting in card closures.Thus, CIF growth was slower, though in line with our expectations at 13/2% YoY/QoQ. SBIC lost market share in terms of CIF by ~110/30bps YoY/QoQ.Spends growth was slower as corporate spends derailed owing to regulatory changes. Thus, SBIC lost ~40/50bps YoY/QoQ in spends market share. 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.

SBI Cards and Payment Services Ltd. - Earnings Surprise Led by Lower Opex

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.

<ul><li>SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spending</li><li>However, the company continues to grapple with elevated credit costs (7.6% of receivables), which is unlikely to normalise in FY25, as per management</li><li>NIMs continued to drift lower at 10.9% (Q3FY24: 11.3%), however, FY25 NIMs are likely to stabilise given a steady mix of receivables (revolve + instalment loans at 61%)</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.

SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spendingHowever, the company continues to grapple with elevated credit costs (7.6% of receivables), which is unlikely to normalise in FY25, as per managementNIMs continued to drift lower at 10.9% (Q3FY24: 11.3%), however, FY25 NIMs are likely to stabilise given a steady mix of receivables (revolve + instalment loans at 61%)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.

SBI Cards and Payment Services: Recovery Pushed Back Further. Maintain ADD

SBI Cards and Payment Services - Recovery Pushed Back Further. Maintain ADD

<ul><li>SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)</li><li>The overall receivables mix remained stable with the mix of revolve + instalment loans at 61% (identical on a YoY basis)</li><li>Issuances witnessed a sharp de-growth (-33% YoY) on a high base, although attrition trended lower, driving strong CIF growth (+16% YoY)</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.

SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)The overall receivables mix remained stable with the mix of revolve + instalment loans at 61% (identical on a YoY basis)Issuances witnessed a sharp de-growth (-33% YoY) on a high base, although attrition trended lower, driving strong CIF growth (+16% YoY)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.

SBI Cards and Payment Services: Gravy Train Derailed, Downgrade to ADD

India

SBI Cards and Payment Services Private Limited provides credit card services. The Company offers payment products and services in the form of corporate and credit cards with incentive and rewards programs. SBI Cards and Payment Services serves customers in India.

SBI Cards & Payment Services (SBICARD IN)

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SBI Cards & Payment Services (SBICARD IN)

SBI Cards - Asset Quality Woes Continue; Credit Cost Rises Further

SBI Cards (SBICARD)’s PAT was 8% below estimate at INR5.9b due to lower revenue from operations and higher provisions. NII inched up 4.4% QoQ....

Motilal Oswal

SBI Cards and Payment Services Ltd. - Earnings Surprise Led by Lower Opex

SBIC’s new card issuances reported a slight slowdown, with gross card addition at ~10.3 Lc cards (-25/-6% YoY/QoQ), owing to tightening of filters,...

Axis Direct

SBI Cards and Payment Services: Recovery Pushed Back Further. Maintain ADD

SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spending

HDFC Securities

SBI Cards and Payment Services - Recovery Pushed Back Further. Maintain ADD

SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spending

HDFC Securities

SBI Cards and Payment Services: Gravy Train Derailed, Downgrade to ADD

SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)

HDFC Securities

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