External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income</li><li>AUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)</li><li>While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)</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.

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other incomeAUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)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: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

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.

Equity Bottom-Up

<ul><li>The company reported strong disbursement growth of 35/7% YoY/QoQ, translating into healthy growth in the advances of 25/8% YoY/QoQ.</li><li>Concurrently, NII grew by 17/9% YoY/QoQ. Other income reported strong growth of 33%/38% YoY/QoQ, largely driven by the fee income (up 10% YoY) and dividend income (up 47% YoY).</li><li>Opex increased by 19/8% YoY/QoQ, primarily driven by an uptick in other expenses which grew by 21/17% YoY/QoQ. The C-I ratio improved to 31.2% from 34.1% in Q1FY24.</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 company reported strong disbursement growth of 35/7% YoY/QoQ, translating into healthy growth in the advances of 25/8% YoY/QoQ.Concurrently, NII grew by 17/9% YoY/QoQ. Other income reported strong growth of 33%/38% YoY/QoQ, largely driven by the fee income (up 10% YoY) and dividend income (up 47% YoY).Opex increased by 19/8% YoY/QoQ, primarily driven by an uptick in other expenses which grew by 21/17% YoY/QoQ. The C-I ratio improved to 31.2% from 34.1% in Q1FY24.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.

Sundaram Finance - Strong Disbursements Supported by Asset Quality Improvement.

<ul><li>Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.</li><li>Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.</li><li>Management commentary on growth momentum sustaining is reassuring.</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.

Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.Management commentary on growth momentum sustaining is reassuring.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.

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

<ul><li>Disbursements reported robust growth of 58% YoY, translating into healthy growth in the advances of 17/3% YoY/QoQ.</li><li>Concurrently, NII grew by 5% YoY but de-grew by 2% QoQ. Other income reported strong growth of 44.6%/61.3% YoY/QoQ.</li><li>With employee expenses remaining muted, Opex grew marginally by 3% YoY whereas declined by 2% QoQ. The CI ratio improved to 31.4% vs. 35.6% in Q3FY23.</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.

Disbursements reported robust growth of 58% YoY, translating into healthy growth in the advances of 17/3% YoY/QoQ.Concurrently, NII grew by 5% YoY but de-grew by 2% QoQ. Other income reported strong growth of 44.6%/61.3% YoY/QoQ.With employee expenses remaining muted, Opex grew marginally by 3% YoY whereas declined by 2% QoQ. The CI ratio improved to 31.4% vs. 35.6% in Q3FY23.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.

Sundaram Finance - Robust Growth in AUM; Maintain BUY

<ul><li>Mahindra &amp; Mahindra: M&amp;M Q4 adjusted PAT at INR 19.3bn came in above our estimate of INR 16.2bn due to higher-than-expected revenue and lower tax rate, even as its operational performance was in line with our estimates</li><li>M&amp;M’s performance highlights for FY23 are: (1) No1 in SUVs revenue market share at 19.1% (+370bps YoY) (2) market leader in LCVs (&lt;3.5T) with 520bps improvement to 45.5% (3) FES market share up 120bps YoY to 41.2% (4) market leader in EV 3Ws with 67.6% share</li><li>Also, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back, including improvement in auto margins, EPS CAGR, RoE at 18% (stands at 19.9% for FY23), calibrated asset allocation, etc</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.

Mahindra &amp; Mahindra: M&amp;M Q4 adjusted PAT at INR 19.3bn came in above our estimate of INR 16.2bn due to higher-than-expected revenue and lower tax rate, even as its operational performance was in line with our estimatesM&amp;M’s performance highlights for FY23 are: (1) No1 in SUVs revenue market share at 19.1% (+370bps YoY) (2) market leader in LCVs (&lt;3.5T) with 520bps improvement to 45.5% (3) FES market share up 120bps YoY to 41.2% (4) market leader in EV 3Ws with 67.6% shareAlso, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back, including improvement in auto margins, EPS CAGR, RoE at 18% (stands at 19.9% for FY23), calibrated asset allocation, etcContent 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: Mahindra & Mahindra, Infoedge, Sundaram Finance

India

Sundaram Finance Ltd., together with its subsidiaries, provides various financial products and services in India. The Company offers savings products, car and commercial vehicle finance, insurance products, home loans and logistics services. Sundaram is based in Chennai, India.

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Sundaram Finance (SUF IN)

HSIE Results Daily: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income

HDFC Securities

Sundaram Finance - Strong Disbursements Supported by Asset Quality Improvement.

The company reported strong disbursement growth of 35/7% YoY/QoQ, translating into healthy growth in the advances of 25/8% YoY/QoQ.

Axis Direct

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments .Owing to seasonal weakness, disbursements for most...

Axis Direct

Sundaram Finance - Robust Growth in AUM; Maintain BUY

With employee expenses remaining muted, Opex grew marginally by 3% YoY whereas declined by 2% QoQ. The CI ratio improved to 31.4% vs. 35.6% in Q3FY23.

Axis Direct

HSIE Results Daily: Mahindra & Mahindra, Infoedge, Sundaram Finance

M&M Q4 adjusted PAT at INR 19.3bn came in above our estimate of INR 16.2bn due to higher-than-expected revenue and lower tax rate

HDFC Securities

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