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. 

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.

Thematic (Sector/Industry)

<ul><li>Festivals are times that bring life to a state of enthusiasm, creating mind space and good vibes among all of us and making the overall environment conducive for the demand generation, especially for the consumer products in the economy.</li><li>After witnessing two muted years which were impacted due to intermittent Covid-19 disruptions, the spirit of celebration is finally back to its pre-Covid levels.</li><li>This year, the excitement seems to have reinvigorated and economic activities are picking up momentum, thanks to the large-scale vaccination drive undertaken by the government of India (which crossed the remarkable milestone of 213 Cr by 4th Sep’22).</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>

Festivals are times that bring life to a state of enthusiasm, creating mind space and good vibes among all of us and making the overall environment conducive for the demand generation, especially for the consumer products in the economy.After witnessing two muted years which were impacted due to intermittent Covid-19 disruptions, the spirit of celebration is finally back to its pre-Covid levels.This year, the excitement seems to have reinvigorated and economic activities are picking up momentum, thanks to the large-scale vaccination drive undertaken by the government of India (which crossed the remarkable milestone of 213 Cr by 4th Sep’22).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.

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. </li>
<li>There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. </li>
<li>These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.</li>
</ul>


After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. 
There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. 
These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.


S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

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

Motilal Oswal

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

<div><ul><li>Margin contracts 80bp QoQ as Revolver mix moderates to 25% - <span style="font-size: var(--content-font-size);">SBICARD reported a mixed quarter, with a miss in NII/PPOP, while net earnings delivered a significant beat, aided by a sharp decline in provisions. </span></li><li><span style="font-size: var(--content-font-size);">Robust growth in spends; RBI-RE book declines to below 1%  - </span><span style="font-size: var(--content-font-size);">SBICARD reported a PAT of INR5.8b (+231% YoY/+51% QoQ), led by lower credit costs, as provisions declined to INR3.9b (-37% QoQ) on improving asset quality and reversal of management overlay provisions of INR760m.</span></li><li><span style="font-size: var(--content-font-size);">Highlights from the management commentary - The recent RBI Master Circular on Credit Cards is an important regulation and is applicable from 1st Jul’22. However, SBICARD is well covered on most aspects.</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>

Margin contracts 80bp QoQ as Revolver mix moderates to 25% - SBICARD reported a mixed quarter, with a miss in NII/PPOP, while net earnings delivered a significant beat, aided by a sharp decline in provisions. Robust growth in spends; RBI-RE book declines to below 1%  - SBICARD reported a PAT of INR5.8b (+231% YoY/+51% QoQ), led by lower credit costs, as provisions declined to INR3.9b (-37% QoQ) on improving asset quality and reversal of management overlay provisions of INR760m.Highlights from the management commentary - The recent RBI Master Circular on Credit Cards is an important regulation and is applicable from 1st Jul’22. However, SBICARD is well covered on most aspects.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.

4QFY22 Results Update - SBI Cards and Payment Services

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.

<div><div><div><ul><li>Earnings profile continues to improve: SBI Cards reported strong PPOP growth (+34% YoY) on the back of strong fee income (+28% YoY) and improving cost efficiency.</li></ul><div><div><div><ul><li>Releveraging of balance sheet slower than expected: The share of revolve in the loan mix reduced further to 25% (Q4FY21: 28%), driving NIMs lower.</li></ul><div><div><div><ul><li>Reversion to steady state to drive high return ratios: SBI Cards delivered RoA/RoE of 7/30% in Q4FY22 despite muted NII due to lower credit costs.</li></ul></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>

Earnings profile continues to improve: SBI Cards reported strong PPOP growth (+34% YoY) on the back of strong fee income (+28% YoY) and improving cost efficiency.Releveraging of balance sheet slower than expected: The share of revolve in the loan mix reduced further to 25% (Q4FY21: 28%), driving NIMs lower.Reversion to steady state to drive high return ratios: SBI Cards delivered RoA/RoE of 7/30% in Q4FY22 despite muted NII due to lower credit costs.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 - Releveraging of Portfolio Remains WIP

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 looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.</li>
<li>We have looked at various aspects of the deal in our earlier notes. In this note, we compare it's anchor book results with recent listings.</li>
</ul>


Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
This is less than half of its initial plans in terms of fundraising target and comes at less than half of its initial valuation target.
We have looked at various aspects of the deal in our earlier notes. In this note, we compare it's anchor book results with recent listings.


Life Insurance Corporation of India IPO - Anchor Book Results Weren’t Great

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)

Festival Demand picks: September 2022

After witnessing two muted years which were impacted due to intermittent Covid-19 disruptions, the spirit of celebration is finally back to its pre...

Axis Direct

S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

S&P BSE Index changes for June 2022 were announced last week. No changes for SENSEX. 7 Adds/Deletes for BSE 100 including some negative and...

Janaghan Jeyakumar, CFA

4QFY22 Results Update - SBI Cards and Payment Services

SBICARD reported a mixed quarter, with a miss in NII/PPOP, while net earnings delivered a significant beat, aided by a sharp decline in provisions.

Motilal Oswal

SBI Cards and Payment Services - Releveraging of Portfolio Remains WIP

SBI Cards reported earnings 17% above our estimates due to lower-than- expected provisioning (3.3% net credit costs) as the stress pool continued...

HDFC Securities

Life Insurance Corporation of India IPO - Anchor Book Results Weren’t Great

Government of India (GoI) is looking to raise around US$2.7bn via selling a 3.5% stake in Life Insurance Corporation of India (LIC) in its upcoming...

Sumeet Singh

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52-week Range

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