External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Clearing corporations (CCs) play a crucial role in the exchange ecosystem</li><li>They are entirely owned by exchanges and perform essential functions such as clearing, settlement and risk management</li><li>The revenue from clearing corporations has registered a strong 2Y CAGR of 71% and constitutes ~8/15% of the exchange’s consolidated revenue and profits</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.

Clearing corporations (CCs) play a crucial role in the exchange ecosystemThey are entirely owned by exchanges and perform essential functions such as clearing, settlement and risk managementThe revenue from clearing corporations has registered a strong 2Y CAGR of 71% and constitutes ~8/15% of the exchange’s consolidated revenue and profitsContent 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.

Exchanges: Clearing Corporations’ Regulations—no Major Impact

<ul><li>Cholamandalam Investment and Finance Company: Chola’s Q1FY25 earnings were marginally lower than our estimates with strong AUM growth (+35% YoY) and improving opex intensity (3.1% of AUM), offset by higher credit costs (155bps)</li><li>Disbursement growth remained steady (+22% YoY), driven by LAP and CSEL segments, with subdued disbursals in vehicle finance (+13% YoY)</li><li>Credit costs were elevated, stemming from vehicle finance and the CSEL segments, with normalisation in LAP and HL portfolios</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.

Cholamandalam Investment and Finance Company: Chola’s Q1FY25 earnings were marginally lower than our estimates with strong AUM growth (+35% YoY) and improving opex intensity (3.1% of AUM), offset by higher credit costs (155bps)Disbursement growth remained steady (+22% YoY), driven by LAP and CSEL segments, with subdued disbursals in vehicle finance (+13% YoY)Credit costs were elevated, stemming from vehicle finance and the CSEL segments, with normalisation in LAP and HL portfoliosContent 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: Cholamandalam Investment and Finance Company, Colgate Palmolive

HSIE Results Daily: Cholamandalam Investment and Finance Company

<ul><li>MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)</li><li>The profitability will improve as the cost structure has normalised post the transition</li><li>We expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% QoQ</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.

MCX: MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume (+52% QoQ)The profitability will improve as the cost structure has normalised post the transitionWe expect MCX to post an EBITDA/PAT of INR 1.48/1.12bn, up +45/27% QoQContent 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.

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

Equity Bottom-Up

Multi Commodity Exchange India / Equity Bottom-Up

<ul><li>MCX options volume is scaling new highs and the futures volume is catching up</li><li>Post the tech transition in Oct-2023, the options volume is up 60% and the futures volume is at a multi-quarter high</li><li>We believe MCX will be the least impacted by the ongoing regulatory risk as (1) it has near-zero exposure to weekly options, (2) crude, which is ~80% of options volume, is monthly expiry and gold has bimonthly expiry, (3) the number of retail options traders on MCX platform is ~17/23% of NSE/BSE, and (4) growth in options premium ADTV (~106% YoY in FY24) is led by the rise in the options traders (+81% YoY) while the exposure per option traders per day is only INR 23K up 14% YoY</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.

MCX options volume is scaling new highs and the futures volume is catching upPost the tech transition in Oct-2023, the options volume is up 60% and the futures volume is at a multi-quarter highWe believe MCX will be the least impacted by the ongoing regulatory risk as (1) it has near-zero exposure to weekly options, (2) crude, which is ~80% of options volume, is monthly expiry and gold has bimonthly expiry, (3) the number of retail options traders on MCX platform is ~17/23% of NSE/BSE, and (4) growth in options premium ADTV (~106% YoY in FY24) is led by the rise in the options traders (+81% YoY) while the exposure per option traders per day is only INR 23K up 14% YoYContent 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.

India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

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Multi Commodity Exchange India (MCX IN)

Exchanges: Clearing Corporations’ Regulations—no Major Impact

We have a BUY on MCX and increase our target price to INR 5,000 (vs INR 4,700 earlier) and maintain our REDUCE rating on BSE.

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company, Colgate Palmolive

Chola’s Q1FY25 earnings were marginally lower than our estimates with strong AUM growth (+35% YoY) and improving opex intensity (3.1% of AUM),...

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company

Chola’s Q1FY25 earnings were marginally lower than our estimates with strong AUM growth (+35% YoY) and improving opex intensity (3.1% of AUM),...

HDFC Securities

Exchanges, Staffing and Internet (Q1FY25E Results Preview): On Growth Trajectory

MCX is expected to report strong revenue growth of +26/56% QoQ/YoY, led by growth in options revenue (+21% QoQ) and a sharp surge in futures volume...

HDFC Securities

MCX: On a Strong Footing. Maintain Buy

We believe MCX will be the least impacted by the ongoing regulatory risk as (1) it has near-zero exposure to weekly options, (2) crude, which is...

HDFC Securities

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