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>The RBI kept repo rates unchanged but more importantly pivoted its stance from “withdrawal of accommodation” to “neutral”, signalling an openness to rate cuts over the coming months</li><li>Although system-wide liquidity has organically improved since our most recent publication on the liquidity conundrum, deposit growth is likely to remain a function of growth in the broader money supply (M3) and inflation targets</li><li>More importantly, in line with its ‘satark’ motto, the RBI has categorically highlighted the unscrupulous practices of NBFC/HFCs to pursue growth and profitability at the cost of compliance and fair practices, with an unusually stern directive to such regulated entities to proactively mend their ways.</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.

The RBI kept repo rates unchanged but more importantly pivoted its stance from “withdrawal of accommodation” to “neutral”, signalling an openness to rate cuts over the coming monthsAlthough system-wide liquidity has organically improved since our most recent publication on the liquidity conundrum, deposit growth is likely to remain a function of growth in the broader money supply (M3) and inflation targetsMore importantly, in line with its ‘satark’ motto, the RBI has categorically highlighted the unscrupulous practices of NBFC/HFCs to pursue growth and profitability at the cost of compliance and fair practices, with an unusually stern directive to such regulated entities to proactively mend their ways.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.

Leveraged Financials: ‘Satark’ NBFCs, RBI Pivots to a Stern Warning

<ul><li>Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)</li><li>Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)</li><li>While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25</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.

Bajaj Finance: Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM compression, offsetting strong AUM growth (+31% YoY)Loan growth continued to remain robust across segments except rural B2C (asset quality challenges) and urban sales finance (regulatory embargo)While the management had indicated an uptick in credit costs during FY25, the sharp spike has been a negative surprise, although we expect some normalisation during H2FY25Content 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: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

Mahindra & Mahindra Fin Services Ltd. / Equity Bottom-Up

<ul><li>Emkay Global Financial's research report onMahindra Finance MMFS reported a satisfactory performance in Q4FY24, against the backdrop of the already disclosed large-scale fraud at Company’s Aizawl branch comprising of ~2.9K loan accounts and ~Rs1.36bn worth of loans.</li><li>However, overall FY24 performance led to Management lowering the targets it had set for FY25, from 2.5% RoA to ~2.2% RoA, and cutting FY25 Business Assets growth guidance to ~1.85x that in FY22 from ~2x.</li><li>With borrowing costs remaining elevated in FY25 and OpEx too holding up, on account of investments in branches, human resources and technology, we estimate MMFS delivering standalone RoA of ~2% in FY25-27E.</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.

Emkay Global Financial's research report onMahindra Finance MMFS reported a satisfactory performance in Q4FY24, against the backdrop of the already disclosed large-scale fraud at Company’s Aizawl branch comprising of ~2.9K loan accounts and ~Rs1.36bn worth of loans.However, overall FY24 performance led to Management lowering the targets it had set for FY25, from 2.5% RoA to ~2.2% RoA, and cutting FY25 Business Assets growth guidance to ~1.85x that in FY22 from ~2x.With borrowing costs remaining elevated in FY25 and OpEx too holding up, on account of investments in branches, human resources and technology, we estimate MMFS delivering standalone RoA of ~2% in FY25-27E.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.

Mahindra Finance - Satisfactory Performance

<ul><li>Emkay Global Financial's research report onMahindra Finance On 22-Apr-2024, MMFS informed the exchanges that it has detected a fraud in one of its branches in the Northeast that involved forged KYC documents for retail vehicle loan disbursements, thus leading to embezzlement of Company’s funds.</li><li>The company estimates that the impact of this fraud is unlikely to exceed Rs1.5bn, which is relatively manageable at ~6% of FY24 PBT; however, this incident, yet again, brings the sanctity of Company’s processes under a cloud.</li><li>The event will affect investor confidence in MMFS at least for now.</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.

Emkay Global Financial's research report onMahindra Finance On 22-Apr-2024, MMFS informed the exchanges that it has detected a fraud in one of its branches in the Northeast that involved forged KYC documents for retail vehicle loan disbursements, thus leading to embezzlement of Company’s funds.The company estimates that the impact of this fraud is unlikely to exceed Rs1.5bn, which is relatively manageable at ~6% of FY24 PBT; however, this incident, yet again, brings the sanctity of Company’s processes under a cloud.The event will affect investor confidence in MMFS at least for now.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.

Mahindra Finance - Sizable Fraud Detected in Branch in the Northeast

India

Mahindra & Mahindra Financial Services Limited is a finance company that provides finance to prospective buyers of Mahindra range of utility vehicles and tractors.  The Company extends finance through hire purchase/loan and lease modes.  Mahindra & Mahindra has a network of branches located across India.

Mahindra & Mahindra Fin Services Ltd. (MMFS IN)

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Mahindra & Mahindra Fin Services Ltd. (MMFS IN)

Leveraged Financials: ‘Satark’ NBFCs, RBI Pivots to a Stern Warning

We continue to reiterate our preference towards large banks (top pick: SBIN, ICICIBC) over NBFCs (Top pick: BAF) in the current environment.

HDFC Securities

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life, Supreme Industries

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

HSIE Results Daily: Bajaj Finance, Torrent Pharma, ICICI Prudential Life

Bajaj Finance (BAF) earnings were below our estimates on account of elevated provisioning (2.1%, adjusted for management overlay), and NIM...

HDFC Securities

Mahindra Finance - Satisfactory Performance

Emkay Global Financial's research report onMahindra Finance MMFS reported a satisfactory performance in Q4FY24, against the backdrop of the already...

Emkay

Mahindra Finance - Sizable Fraud Detected in Branch in the Northeast

The company estimates that the impact of this fraud is unlikely to exceed Rs1.5bn, which is relatively manageable at ~6% of FY24 PBT

Emkay

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