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>A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediaries</li><li>However, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resets</li><li>With the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-off</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>

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediariesHowever, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resetsWith the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-offContent 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: The final stages of “easy money”

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

Ujjivan Small Finance Bank  / Equity Bottom-Up

<div><div><div><div><ul><li>We interacted with the team at Ujjivan Small Finance Bank (UJSFB) to understand the business strategy and growth prospects over the medium term as the business stabilizes after facing multiple challenges in the form of top-level management rejig and asset quality concerns owing to COVID related disruption.</li><li>Our key takeaways from the discussion have been that the bank’s growth appetite remains strong as demand across segments remains buoyant, led by the MFI segment and steady improvement in asset quality continues.</li><li>In the past decade, the microfinance industry has faced 2 black-swan events in the form of – (a) Demonetization and (b) COVID-19.</li></ul></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>

We interacted with the team at Ujjivan Small Finance Bank (UJSFB) to understand the business strategy and growth prospects over the medium term as the business stabilizes after facing multiple challenges in the form of top-level management rejig and asset quality concerns owing to COVID related disruption.Our key takeaways from the discussion have been that the bank’s growth appetite remains strong as demand across segments remains buoyant, led by the MFI segment and steady improvement in asset quality continues.In the past decade, the microfinance industry has faced 2 black-swan events in the form of – (a) Demonetization and (b) COVID-19.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 - Ready to Embark on a Growth Journey!

<ul><li>Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)</li><li>Decorative business clocked 37/59% volume/value growth YoY in Q1FY23 (FY19-22 volume/value CAGR: 20/0% resp)</li><li>Adjacencies continue to perform well</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>

Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)Decorative business clocked 37/59% volume/value growth YoY in Q1FY23 (FY19-22 volume/value CAGR: 20/0% resp)Adjacencies continue to perform wellContent 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, Larsen & Toubro, Aether Industries...

<ul><li>Ujjivan Small Finance Bank’s (UJSFB) Q3FY22 performance was ahead of our expectations with a sharp improvement in asset quality and a bounceback in business momentum</li><li>GNPA declined to 9.8% as of Dec’21 vs 11.8% in Sept’21 as the bank wrote off loans worth Rs 152 Cr during the quarter</li><li>The management has indicated that despite the rise in COVID-19 cases, business momentum has not witnessed any major disruption</li></ul><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>

Ujjivan Small Finance Bank’s (UJSFB) Q3FY22 performance was ahead of our expectations with a sharp improvement in asset quality and a bounceback in business momentumGNPA declined to 9.8% as of Dec’21 vs 11.8% in Sept’21 as the bank wrote off loans worth Rs 152 Cr during the quarterThe management has indicated that despite the rise in COVID-19 cases, business momentum has not witnessed any major disruptionContent 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: Asset Quality Improves QoQ; Business Momentum Remains Strong

<ul>
<li>We maintain our HOLD rating given the delay in the ROE normalization, higher restructured pool with concerns of elevated slippages</li>
<li>We introduce FY24E estimates and value UJSFB at 1.4x H1FY24E ABV to arrive at a target price of Rs 20/share, implying a downside of 5% from CMP</li>
<li>UJSFB’s Q2FY22 performance was disappointing in terms of asset quality as GNPA inched up to 11.8% (vs 9.8% QoQ) </li>
</ul>
<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>


We maintain our HOLD rating given the delay in the ROE normalization, higher restructured pool with concerns of elevated slippages
We introduce FY24E estimates and value UJSFB at 1.4x H1FY24E ABV to arrive at a target price of Rs 20/share, implying a downside of 5% from CMP
UJSFB’s Q2FY22 performance was disappointing in terms of asset quality as GNPA inched up to 11.8% (vs 9.8% 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: Asset Quality Stress Persist, Business Momentum Regaining Strength

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)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Ujjivan Small Finance Bank (UJJIVANS IN)

Leveraged Financials: The final stages of “easy money”

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial...

HDFC Securities

Ujjivan Small Finance Bank - Ready to Embark on a Growth Journey!

Our key takeaways from the discussion have been that the bank’s growth appetite remains strong as demand across segments remains buoyant

Axis Direct

HSIE Results Daily: Asian Paints, Larsen & Toubro, Aether Industries...

Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)

HDFC Securities

Ujjivan Small Finance Bank: Asset Quality Improves QoQ; Business Momentum Remains Strong

The management has indicated that despite the rise in COVID-19 cases, business momentum has not witnessed any major disruption and monthly...

Axis Direct

Ujjivan Small Finance Bank: Asset Quality Stress Persist, Business Momentum Regaining Strength

We maintain our HOLD rating given the delay in the ROE normalization, higher restructured pool with concerns of elevated slippages especially from...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)