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>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>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.

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.

HSIE Results Daily: ICICI Lombard, Angel One, Mastek

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>ANGELONE's PAT surged 18% QoQ and 59% YoY to INR2.1b (11% beat) in 2QFY23.</li><li>The profitability was driven by a 3% beat in operating revenue, which rose 8% QoQ and 52% YoY to INR4.6b.</li><li>The key contributor to the outperformance was the 10% beat in net interest income.</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.

ANGELONE's PAT surged 18% QoQ and 59% YoY to INR2.1b (11% beat) in 2QFY23.The profitability was driven by a 3% beat in operating revenue, which rose 8% QoQ and 52% YoY to INR4.6b.The key contributor to the outperformance was the 10% beat in net interest income.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.

ANGEL One - OPEX Savings Drive 11% Earnings Beat

<ul><li>Avenue Supermarts: Higher bill sizes + lower footfalls aid FMCG profitability/productivity but are a sign of more targeted shopping with little room for discovery-based purchases (courtesy inflationary pressures), which in turn make a dent on the more profitable GM &amp; apparel sales (constituted &lt;25% vs a typical run-rate of 28%).</li><li>L&amp;T Infotech: L&amp;T Infotech’s (LTI) revenue and margin came in line in Q2FY23.</li><li>ICICI Prudential Life: ICICI Prudential Life (IPRU) reported a weak APE growth (+1.7% 3-year CAGR, in line with estimates); however, VNB margins, at 31%, surprised (200bps ahead of estimates), translating into 21% YoY VNB growth.</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.

Avenue Supermarts: Higher bill sizes + lower footfalls aid FMCG profitability/productivity but are a sign of more targeted shopping with little room for discovery-based purchases (courtesy inflationary pressures), which in turn make a dent on the more profitable GM &amp; apparel sales (constituted &lt;25% vs a typical run-rate of 28%).L&amp;T Infotech: L&amp;T Infotech’s (LTI) revenue and margin came in line in Q2FY23.ICICI Prudential Life: ICICI Prudential Life (IPRU) reported a weak APE growth (+1.7% 3-year CAGR, in line with estimates); however, VNB margins, at 31%, surprised (200bps ahead of estimates), translating into 21% YoY VNB growth.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: Avenue Supermarts, L&T Infotech, ICICI Prudential Life, Angel One

<ul><li>ANGELONE printed a strong 8.5% sequential growth in its top line, driven by all-time high retail derivatives ADTVs coupled with healthy ancillary transaction revenues (+19% QoQ)</li><li>Staff costs are expected to remain elevated on the back of the management’s continued focus on scaling up and investing in additional tech talent</li><li>We are encouraged by ANGELONE’s intent to align marketing dollars with the pace of customer adds (make marketing spend variable), thereby protecting margins; we continue to monitor these expenses in a soft customer add environment</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.

ANGELONE printed a strong 8.5% sequential growth in its top line, driven by all-time high retail derivatives ADTVs coupled with healthy ancillary transaction revenues (+19% QoQ)Staff costs are expected to remain elevated on the back of the management’s continued focus on scaling up and investing in additional tech talentWe are encouraged by ANGELONE’s intent to align marketing dollars with the pace of customer adds (make marketing spend variable), thereby protecting margins; we continue to monitor these expenses in a soft customer add environmentContent 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.

Angel One (2QFY23 Results Review): All-time high volumes drive strong earnings

<ul><li>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</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.

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

India

Angel Broking Limited provides securities brokerage services. The Company offers e-broking, insurance, portfolio management, mutual funds, commodities trading, investment advisory, wealth management, IPO, and depository services. Angel Broking serves customers in India.

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Angel One (ANGELONE IN)

HSIE Results Daily: ICICI Lombard, Angel One, Mastek

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...

HDFC Securities

ANGEL One - OPEX Savings Drive 11% Earnings Beat

ANGELONE's PAT surged 18% QoQ and 59% YoY to INR2.1b (11% beat) in 2QFY23.The profitability was driven by a 3% beat in operating revenue, which...

Motilal Oswal

HSIE Results Daily: Avenue Supermarts, L&T Infotech, ICICI Prudential Life, Angel One

Higher bill sizes + lower footfalls aid FMCG profitability/productivity but are a sign of more targeted shopping with little room for discovery...

HDFC Securities

Angel One (2QFY23 Results Review): All-time high volumes drive strong earnings

ANGELONE printed a strong 8.5% sequential growth in its top line, driven by all-time high retail derivatives ADTVs coupled with healthy ancillary...

HDFC Securities

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

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