External broker reports(aggregated public sources), Axis Direct

Axis Direct

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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

<ul><li>Mannapuram witnessed a sharp rebound in the gold loan business in Q2FY22 with a yield tradeoff on high ticket size loans</li><li>With tweaks in its business model, the company has been able to bring back growth in its gold loan book</li><li>However, on attractive valuations and improved growth prospects, we revise our rating from HOLD to BUY with a target price of Rs 230 (1.5x FY24E ABV).</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>

Mannapuram witnessed a sharp rebound in the gold loan business in Q2FY22 with a yield tradeoff on high ticket size loansWith tweaks in its business model, the company has been able to bring back growth in its gold loan bookHowever, on attractive valuations and improved growth prospects, we revise our rating from HOLD to BUY with a target price of Rs 230 (1.5x FY24E ABV).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.

Manappuram Finance: Gold Loan Growth Picks Up Albeit With Pressure on Margins