External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul><li>FY23 has been a year of recovery for UJSFB from 2 major setbacks – (a) An abrupt management change along with (b) Asset quality challenges due to the impact of the pandemic on the core customer base.</li><li>However, the recovery has been remarkable, with the new management in place successfully implementing the ‘100-day plan’ bringing in stability and enabling the bank not only to regain its growth momentum but also simultaneously improving its asset quality meaningfully.</li><li>With the pandemic-related headwinds decisively behind, the bank expects to sustain the business growth momentum and harbours ambitions to build a Mass Market Bank.</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.

FY23 has been a year of recovery for UJSFB from 2 major setbacks – (a) An abrupt management change along with (b) Asset quality challenges due to the impact of the pandemic on the core customer base.However, the recovery has been remarkable, with the new management in place successfully implementing the ‘100-day plan’ bringing in stability and enabling the bank not only to regain its growth momentum but also simultaneously improving its asset quality meaningfully.With the pandemic-related headwinds decisively behind, the bank expects to sustain the business growth momentum and harbours ambitions to build a Mass Market Bank.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. - Building a Mass Market Bank!

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>Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)</li><li>The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)</li><li>The mix in Q4 was led by economy emulsions and waterproofing</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.

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%)The decorative business clocked 16/13% volume/value growth (15/12% volume/value growth YoY in Q4FY23)The mix in Q4 was led by economy emulsions and waterproofingContent 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: Asian Paints, Godrej Consumers, Eicher Motors

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

<ul><li>Disbursement growth (+23/24% YoY/QoQ) across products remained healthy.</li><li>Strong Advances growth of 33/10% YoY/QoQ was primarily driven by MFI loans (+41/1% YoY/QoQ), while non-MFI loans grew by 16/4% YoY/QoQ.</li><li>NII growth was strong by 36/6% YoY led by strong advances growth, even as margins contracted by ~85/30bps YoY/QoQ and stood at 9.1%.</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.

Disbursement growth (+23/24% YoY/QoQ) across products remained healthy.Strong Advances growth of 33/10% YoY/QoQ was primarily driven by MFI loans (+41/1% YoY/QoQ), while non-MFI loans grew by 16/4% YoY/QoQ.NII growth was strong by 36/6% YoY led by strong advances growth, even as margins contracted by ~85/30bps YoY/QoQ and stood at 9.1%.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. - Strong Quarter, Growth Visibility Strong!

<ul><li>Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreads</li><li>As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchises</li><li>While we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.</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.

Given the RBI's recent pause in the policy rate cycle, we believe that the banking system, although largely resilient to the fallout from global banks, is faced with a combination of demand deceleration (lower growth), higher funding costs (lagged deposit re-pricing) and softer incremental spreadsAs banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations, especially of mid-sized, high-growth franchisesWhile we hold our below-consensus growth forecasts, we are now equally conservative on incremental spreads across our coverage universe.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.

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

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 Ltd. - Building a Mass Market Bank!

With the pandemic-related headwinds decisively behind, the bank expects to sustain the business growth momentum and harbours ambitions to build a...

Axis Direct

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

HSIE Results Daily: Asian Paints, Godrej Consumers, Eicher Motors, Aditya Birla Capital

Asian Paints: Asian Paints’ top line grew 11.3% YoY (four-year CAGR: 15%), marginally short of expectations (var: -1.6%). The decorative business...

HDFC Securities

Ujjivan Small Finance Bank Ltd. - Strong Quarter, Growth Visibility Strong!

NII growth was strong by 36/6% YoY led by strong advances growth, even as margins contracted by ~85/30bps YoY/QoQ and stood at 9.1%.

Axis Direct

Leveraged Financials: ‘Pause and Effect’ - interesting trade-offs ahead

As banks and NBFCs navigate the growth-margin trade-off, we argue that the combination of lower growth and lower spreads is not priced into valuations

HDFC Securities

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