External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Notwithstanding Covid-induced disruptions and rising competitive intensity from alternate payment/credit products, India's CC-base doubled to 74mn in Mar-22 from 37mn in Mar-18, and now stands at a high 79mn (active base).</li><li>Cumulative-spends (7MFY23) growth is at 58% YoY (albeit on a low base), indicating strong underlying growth currents.</li><li>We expect overall industry CIF CAGR of 17% and spends to post a near pre-Covid CAGR of 32% in FY22-25E (33% CAGR in FY15-19).</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.

Notwithstanding Covid-induced disruptions and rising competitive intensity from alternate payment/credit products, India's CC-base doubled to 74mn in Mar-22 from 37mn in Mar-18, and now stands at a high 79mn (active base).Cumulative-spends (7MFY23) growth is at 58% YoY (albeit on a low base), indicating strong underlying growth currents.We expect overall industry CIF CAGR of 17% and spends to post a near pre-Covid CAGR of 32% in FY22-25E (33% CAGR in FY15-19).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 - Growth with Resilient Profitability Amid Disruptions

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.

Thematic (Sector/Industry)

<ul><li>NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand</li><li>PAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availability</li><li>Accordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQ</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.

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demandPAF also improved for both coal/gas in Q2 to 93.7/92.8%, vs 85.4/81.6% YoY, led by better fuel availabilityAccordingly, under-recovery also declined to INR2.0bn for Q2FY23 vs INR5.0bn QoQContent 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: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

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>In Q2FY23, SBI Cards &amp; Payment Services Ltd.’s (SBIC) operational performance was broadly in-line with our expectations.</li><li>However, higher-than-expected provisions resulted in a miss on PAT (~11% lower than estimates).</li><li>The growth momentum on spends remained strong with spends growing by 43/4% YoY/QoQ (~4% higher than our estimates), despite lower travel &amp; entertainment spends (-5% QoQ, seasonality impact) as retail spends growth continued to remain robust at 45/12% YoY/QoQ.</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.

In Q2FY23, SBI Cards &amp; Payment Services Ltd.’s (SBIC) operational performance was broadly in-line with our expectations.However, higher-than-expected provisions resulted in a miss on PAT (~11% lower than estimates).The growth momentum on spends remained strong with spends growing by 43/4% YoY/QoQ (~4% higher than our estimates), despite lower travel &amp; entertainment spends (-5% QoQ, seasonality impact) as retail spends growth continued to remain robust at 45/12% YoY/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.

SBI Cards & Payment Services Ltd. - Pressure on Margins to Persist

<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>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.

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.

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.

<div><ul><li>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. </li><li>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.</li><li>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.</li></ul></div>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.

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

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 - Growth with Resilient Profitability Amid Disruptions

We expect overall industry CIF CAGR of 17% and spends to post a near pre-Covid CAGR of 32% in FY22-25E (33% CAGR in FY15-19).

Emkay

HSIE Results Daily: NTPC, Indian Oil Corporation, SBI Cards and Payment Services

NTPC: Generation/sales of the unit increased significantly by 10.4/12.2% YoY to 85.5/80.2bn units in Q2FY23, led by strong power demand

HDFC Securities

SBI Cards & Payment Services Ltd. - Pressure on Margins to Persist

In Q2FY23, SBI Cards & Payment Services Ltd.’s (SBIC) operational performance was broadly in-line with our expectations. However, higher-than...

Axis Direct

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

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

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