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>Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)</li><li>The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HI</li><li>Personal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)</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>

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HIPersonal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)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: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

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

<ul><li>Ujjivan Small Finance Bank (UJSFB) reported a stellar set of numbers in Q2FY23, an all- around beat, led by strong credit growth, robust operating performance, and provision write- back aiding earnings growth.</li><li>Improvement was visible across asset quality metrics.</li><li>GNPA reduced by 674/145bps to 5.1%, aided by moderation in slippages and strong recoveries/upgrades. </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>

Ujjivan Small Finance Bank (UJSFB) reported a stellar set of numbers in Q2FY23, an all- around beat, led by strong credit growth, robust operating performance, and provision write- back aiding earnings growth.Improvement was visible across asset quality metrics.GNPA reduced by 674/145bps to 5.1%, aided by moderation in slippages and strong recoveries/upgrades. 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 - Stellar Quarter; Growth Outlook Encouraging!

<div><ul><li>Portfolio diversification towards secured book: UJSFB reported a robust growth of 44/8% YoY/QoQ in the Q2FY23 provisional update with growth driven by the MFI segment (+51% YoY, +9% QoQ).</li><li><p>Asset Quality improvement underway: UJSFB has been witnessing a significant improvement in asset quality over the past few quarters, mainly aided by the write-offs.</p></li><li><p><span style="font-size: var(--content-font-size);">Levers for RoA expansion in place: UJSFB’s portfolio shift towards the secured products along with a shift in the borrower profile, is likely to put pressure on yields and margins.</span></p></li></ul></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>

Portfolio diversification towards secured book: UJSFB reported a robust growth of 44/8% YoY/QoQ in the Q2FY23 provisional update with growth driven by the MFI segment (+51% YoY, +9% QoQ).Asset Quality improvement underway: UJSFB has been witnessing a significant improvement in asset quality over the past few quarters, mainly aided by the write-offs.Levers for RoA expansion in place: UJSFB’s portfolio shift towards the secured products along with a shift in the borrower profile, is likely to put pressure on yields and margins.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.

Pick of the Week - Ujjivan Small Finance Bank Ltd.

<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”

<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!

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)

HSIE Results Daily: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)

HDFC Securities

Ujjivan Small Finance Bank - Stellar Quarter; Growth Outlook Encouraging!

Ujjivan Small Finance Bank (UJSFB) reported a stellar set of numbers in Q2FY23, an all- around beat, led by strong credit growth, robust operating...

Axis Direct

Pick of the Week - Ujjivan Small Finance Bank Ltd.

Ujjivan SFB (UJSFB) transitioned from an NBFC (Ujjivan Financial Services Ltd.) in Feb’17 and has a diversified portfolio spread across...

Axis Direct

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

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