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. 

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Equity Bottom-Up

<ul><li><span style="font-size: var(--content-font-size);">Q4 results highlights: Disbursement growth of 13% yoy resulted in 8.4% yoy growth in portfolio AUM, driven by strong yoy growth in M&amp;LCVs (20%), PVs (6%) and HCVs (8%).</span></li></ul><div><div><div><ul><li>NIMs improved by 61bps qoq/89bps yoy due to the re-pricing of LT-debt and interest write- backs.</li></ul><div><div><div><div><ul><li>Excess liquidity, cash &amp; bank balances and investments constituted ~16 % of total assets.</li></ul></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>

Q4 results highlights: Disbursement growth of 13% yoy resulted in 8.4% yoy growth in portfolio AUM, driven by strong yoy growth in M&amp;LCVs (20%), PVs (6%) and HCVs (8%).NIMs improved by 61bps qoq/89bps yoy due to the re-pricing of LT-debt and interest write- backs.Excess liquidity, cash &amp; bank balances and investments constituted ~16 % of total assets.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 Transport Finance - Consistent Operational Performance

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>AUM up 8% YoY; 12% growth guided for FY23: AUM was up 8.4% YoY, with used vehicles loan rising by 13% YoY and new vehicles loans declining by 26% YoY</li></ul><div><div><div><div><ul><li>Stress book down 160bps QoQ: GNPA improved by 133bps QoQ due to higher write-offs.</li></ul><div><div><div><div><ul><li>Operating performance improves: Interest yield at 17.1% (+68bps YoY and +55bps QoQ) was higher than our expectation due to interest write-backs (impact +37bps).</li></ul></div></div></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>

AUM up 8% YoY; 12% growth guided for FY23: AUM was up 8.4% YoY, with used vehicles loan rising by 13% YoY and new vehicles loans declining by 26% YoYStress book down 160bps QoQ: GNPA improved by 133bps QoQ due to higher write-offs.Operating performance improves: Interest yield at 17.1% (+68bps YoY and +55bps QoQ) was higher than our expectation due to interest write-backs (impact +37bps).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 Transport - NIM Improves; Growth Moderates

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

Sun Pharmaceutical Industries / Equity Bottom-Up

<p>HSIE Results Daily Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage and margin expansion to 28.7% (+495bps YoY, +404bps QoQ). Its specialty business surprised positively despite the generic impact of Absorica (USD148mn, +6% QoQ, +90% YoY). The consistent traction seen in the past three quarters gives us comfort on the companys ability to execute its specialty pipeline and break even by FY23. Further scale-up in the specialty business will improve profit growth visibility and support rerating, in our view.</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>

HSIE Results Daily Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage and margin expansion to 28.7% (+495bps YoY, +404bps QoQ). Its specialty business surprised positively despite the generic impact of Absorica (USD148mn, +6% QoQ, +90% YoY). The consistent traction seen in the past three quarters gives us comfort on the companys ability to execute its specialty pipeline and break even by FY23. Further scale-up in the specialty business will improve profit growth visibility and support rerating, in our view.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.

HSIE Results Daily: Sun Pharma, Shriram Transport Finance, JK Lakshmi Cement

India

Shriram Finance Limited provides consumer finance services. The Company offers automobile, commercial vehicle, business, and gold loan services. Shriram Finance serves customers in India.

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Shriram Finance (SHFL IN)

Shriram Transport Finance - Consistent Operational Performance

Shriram Transport posted Q4 earnings of Rs10.9bn, 32% above our estimate of Rs8.2bn and 19% above consensus. Operating income came in 6% above our...

Emkay

Shriram Transport - NIM Improves; Growth Moderates

Shriram Transport Finance Corporation (SHTF) reported NII/PPOP/PAT ahead of our and consensus estimates. Net profit of Rs10.9bn was up 44% YoY and...

Nirmal Bang

HSIE Results Daily: Sun Pharma, Shriram Transport Finance, JK Lakshmi Cement

Sun Pharma: Suns Q1 revenue/EBITDA grew by 28%/55% YoY, led by robust growth across markets and restricted spends driving sharp operating leverage...

HDFC Securities

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