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

SBI Cards & Payment Services / Equity Bottom-Up

<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

<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

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.

Thematic (Sector/Industry)

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </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.

The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. 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.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

<ul><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.</li><li>A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).</li><li>You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. </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.

Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. 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.

Key Highlights of the Month – Fundamental

<ul><li>India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on select categories of consumer credit</li><li>Our discussions with experts suggest that the RBI’s note of caution is largely centred on small-ticket personal loans (STPL) (ticket size</li><li>The RBI’s risk-weight measures are likely to increase the hurdle rate for banks and NBFCs towards unsecured consumer loans, resulting in a material growth deceleration</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.

India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on select categories of consumer creditOur discussions with experts suggest that the RBI’s note of caution is largely centred on small-ticket personal loans (STPL) (ticket sizeThe RBI’s risk-weight measures are likely to increase the hurdle rate for banks and NBFCs towards unsecured consumer loans, resulting in a material growth decelerationContent 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.

Leveraged Financials: Emerging Long-Tail Risks in Unsecured Credit

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 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

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

Key Highlights of the Month – Fundamental

We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50...

Axis Direct

Leveraged Financials: Emerging Long-Tail Risks in Unsecured Credit

India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

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