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.

Thematic (Sector/Industry)

<ul><li>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 8,670 (16x Mar-25E consolidated EBITDA)</li><li>We continue to like the company for its robust growth and margin outlook and balance sheet management</li><li>UTCEM delivered strong 14/23% YoY/QoQ volume growth, led by healthy demand and a gain in market share</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>

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 8,670 (16x Mar-25E consolidated EBITDA)We continue to like the company for its robust growth and margin outlook and balance sheet managementUTCEM delivered strong 14/23% YoY/QoQ volume growth, led by healthy demand and a gain in market shareContent 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 - UltraTech Cement, SBI Cards and Payment Services

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

Emkay

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

Shriram City Union Finance / Equity Bottom-Up

<div><div><div><div><ul><li>SCUF Q4 result highlights: Disbursements grew by 15% yoy but declined 1% qoq due to a high base in the seasonally strong Q3.</li></ul><div><div><div><ul><li>SHFL Q4 result highlights: SHFL continues to invest in its rapidly growing business in order to make a mark in the booming affordable housing space, the full effects of which will be visible from FY23.</li></ul><div><div><div><ul><li>Change to estimates: In the case of SCUF, we factor in increased disbursements in the gold loan portfolio.</li></ul></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>

SCUF Q4 result highlights: Disbursements grew by 15% yoy but declined 1% qoq due to a high base in the seasonally strong Q3.SHFL Q4 result highlights: SHFL continues to invest in its rapidly growing business in order to make a mark in the booming affordable housing space, the full effects of which will be visible from FY23.Change to estimates: In the case of SCUF, we factor in increased disbursements in the gold loan portfolio.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.

Shriram City Union Finance -  Upgrading Estimates on Strong Growth Outlook

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.

<p>PAT in line; minor improvement in Stage 3 SCUF posted a PAT of INR2.82b (up 10% YoY and 36% QoQ, in line) in 2QFY22. PPOP was largely in line at INR5.8b (up 3% YoY and 2% QoQ). NII/credit costs stood in line ~INR9b/~INR2b. 2QFY22 was characterized by a sequentially strong growth of ~40% in disbursements and ~5bp QoQ improvement in GS3. Access to liquidity has considerably improved for SCUF and it has now reverted back to its pre-ILFS quarterly disbursement run-rate of INR65-70b....</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>

PAT in line; minor improvement in Stage 3 SCUF posted a PAT of INR2.82b (up 10% YoY and 36% QoQ, in line) in 2QFY22. PPOP was largely in line at INR5.8b (up 3% YoY and 2% QoQ). NII/credit costs stood in line ~INR9b/~INR2b. 2QFY22 was characterized by a sequentially strong growth of ~40% in disbursements and ~5bp QoQ improvement in GS3. Access to liquidity has considerably improved for SCUF and it has now reverted back to its pre-ILFS quarterly disbursement run-rate of INR65-70b....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.

Consolidation phase over; getting back to its growth ways

India

Shriram City Union Finance Ltd. provides consumer loans.

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Shriram City Union Finance (SCUF IN)

HSIE Results Daily - UltraTech Cement, SBI Cards and Payment Services

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 8,670 (16x Mar-25E consolidated EBITDA)

HDFC Securities

Shriram City Union Finance - Upgrading Estimates on Strong Growth Outlook

Coming off the festive season demand in Q3, two-wheeler disbursements declined qoq, while gold loan disbursements increased 15% qoq.

Emkay

Consolidation phase over; getting back to its growth ways

PAT in line; minor improvement in Stage 3 SCUF posted a PAT of INR2.82b (up 10% YoY and 36% QoQ, in line) in 2QFY22. PPOP was largely in line at...

Motilal Oswal

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