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

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul><li>Ujjivan SFB reported 24% PAT miss at Rs2.3bn, mainly due to lower other income and higher provisions, as stress in MFI accelerates.</li><li>Bank’s AUM growth moderated to 14% YoY/1% QoQ (net credit growth at 20% YoY), as it continued with its cautious growth strategy in MFI as initiated in 1Q.</li><li>However, the bank remains focused on accelerating secured loan growth with its share now at 35% from 31% in Q1; it hopes to achieve 40% by Mar-25. This should weigh on margins, while LLP should remain elevated with hopes of some asset quality normalization by 4Q.</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.

Ujjivan SFB reported 24% PAT miss at Rs2.3bn, mainly due to lower other income and higher provisions, as stress in MFI accelerates.Bank’s AUM growth moderated to 14% YoY/1% QoQ (net credit growth at 20% YoY), as it continued with its cautious growth strategy in MFI as initiated in 1Q.However, the bank remains focused on accelerating secured loan growth with its share now at 35% from 31% in Q1; it hopes to achieve 40% by Mar-25. This should weigh on margins, while LLP should remain elevated with hopes of some asset quality normalization by 4Q.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.

Ujjivan Small Finance Bank - Higher MFI Stress Dents Earning

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>Microfinance stress persists; likely to settle down by Q4: UJSFB has continued to face challenges in Q2FY25 in the microfinance portfolio, particularly group loans (GL).</li><li>On the contrary, the Individual loans (IL) portfolio quality has held up well, with GNPA &lt;2% and the management expects similar performance to continue.</li><li>To control the stress in the GL portfolio, UJSFB has devised a prudent lending approach and restricted disbursements to New-to-credit (NTC) customers and stopped new customer acquisition in branches where stress levels are elevated. </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.

Microfinance stress persists; likely to settle down by Q4: UJSFB has continued to face challenges in Q2FY25 in the microfinance portfolio, particularly group loans (GL).On the contrary, the Individual loans (IL) portfolio quality has held up well, with GNPA &lt;2% and the management expects similar performance to continue.To control the stress in the GL portfolio, UJSFB has devised a prudent lending approach and restricted disbursements to New-to-credit (NTC) customers and stopped new customer acquisition in branches where stress levels are elevated. 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.

Ujjivan Small Finance - Asset Quality Concerns Persist; FY25 Growth Momentum to Derail!

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.

<ul><li>Ujjivan Small Finance Bank (UJJIVAN) hosted its Analyst Meet and cut its loan growth and credit cost guidance, primarily from the emerging headwinds in select pockets of its core MFI business (70% of loan book)</li><li>The bank continues to look to diversify its loan book by increasing its secured mix, largely through affordable housing and scale-up of new business such as 2W, micro-LAP, and gold loans</li><li>UJJIVAN revised its FY25 loan growth guidance to 20% (from earlier range of 20-25%), and its credit cost estimates upwards to ~1.7% (from earlier guidance of ~1.4%)</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.

Ujjivan Small Finance Bank (UJJIVAN) hosted its Analyst Meet and cut its loan growth and credit cost guidance, primarily from the emerging headwinds in select pockets of its core MFI business (70% of loan book)The bank continues to look to diversify its loan book by increasing its secured mix, largely through affordable housing and scale-up of new business such as 2W, micro-LAP, and gold loansUJJIVAN revised its FY25 loan growth guidance to 20% (from earlier range of 20-25%), and its credit cost estimates upwards to ~1.7% (from earlier guidance of ~1.4%)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.

Ujjivan Small Finance Bank: Profit Warning in Core MFI Business. Maintain BUY

<ul><li>Secured Businesses to steer healthy credit growth – UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.</li><li>Hereon, growth will be driven by the non-MFI segments with continued momentum in the Affordable Housing and FIG segment and pick-up in the MSME segment as the bank aims at improving the share of secured businesses to 40% over the next couple of years vs ~30% currently.</li><li>In the MFI portfolio, Individual loans will be a key growth driver largely aided by graduating group loan customers.</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.

Secured Businesses to steer healthy credit growth – UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.Hereon, growth will be driven by the non-MFI segments with continued momentum in the Affordable Housing and FIG segment and pick-up in the MSME segment as the bank aims at improving the share of secured businesses to 40% over the next couple of years vs ~30% currently.In the MFI portfolio, Individual loans will be a key growth driver largely aided by graduating group loan customers.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.

Ujjivan Small Finance Bank - Growth Not A Challenge

<ul><li>Disbursements grew by 15% YoY and de-grew by 3% QoQ, with flat growth in MFI and a 5% degrowth in the non-MFI segments.</li><li>Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.</li><li>The share of MFI loans stood at 71% vs 72% 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.

Disbursements grew by 15% YoY and de-grew by 3% QoQ, with flat growth in MFI and a 5% degrowth in the non-MFI segments.Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.The share of MFI loans stood at 71% vs 72% 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.

Ujjivan Small Finance Bank Ltd. - Growth Outlook Strong, Maintain BUY!

India

Ujjivan Small Finance Bank Limited operates as a bank. The Company offers various types of financial services such as saving account, deposits, loans, and insurance solutions. Ujjivan Small Finance Bank serves customers in India.

Ujjivan Small Finance Bank  (UJJIVANS IN)

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Ujjivan Small Finance Bank (UJJIVANS IN)

Ujjivan Small Finance Bank - Higher MFI Stress Dents Earning

Ujjivan SFB reported 24% PAT miss at Rs2.3bn, mainly due to lower other income and higher provisions, as stress in MFI accelerates.

Emkay

Ujjivan Small Finance - Asset Quality Concerns Persist; FY25 Growth Momentum to Derail!

Microfinance stress persists; likely to settle down by Q4: UJSFB has continued to face challenges in Q2FY25 in the microfinance portfolio,...

Axis Direct

Ujjivan Small Finance Bank: Profit Warning in Core MFI Business. Maintain BUY

Ujjivan Small Finance Bank (UJJIVAN) hosted its Analyst Meet and cut its loan growth and credit cost guidance, primarily from the emerging...

HDFC Securities

Ujjivan Small Finance Bank - Growth Not A Challenge

UJSFB’s management expects credit growth to range between 20-25% in FY25E, with strong growth momentum visible across most segments.

Axis Direct

Ujjivan Small Finance Bank Ltd. - Growth Outlook Strong, Maintain BUY!

Advances growth of 27/4% YoY/QoQ was driven by non-MFI loans (+24/7% YoY/QoQ), while MFI loans grew by 28/3% YoY/QoQ.The share of MFI loans stood...

Axis Direct

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