External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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)

India Financials / Thematic (Sector/Industry)

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)</li><li>Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growth</li><li>However, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction revenues</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>

ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growthHowever, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction revenuesContent 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.

ICICI Lombard General Insurance Company (ICICIGI IN)

HSIE Results Daily: ICICI Lombard, Angel One, Mastek