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.

Equity Bottom-Up

<p>Brokers - growth expected to moderate: Despite healthy consolidation seen in index levels in Q3FY22, cash ADTVs (ex-prop) were sequentially flat whereas growth in derivatives ADTVs (ex-prop) continued unabated at 22% (estimated). A buoyant market for primary issuances resulted in an impressive pace of new investor additions at 7mn in the first 2 months of Q3 (H1FY22: 15mn). Despite flattish volume in the cash segment, delivery volume has increased; this, coupled with healthy derivates volume, is expected to boost broking revenues.</p><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>

Brokers - growth expected to moderate: Despite healthy consolidation seen in index levels in Q3FY22, cash ADTVs (ex-prop) were sequentially flat whereas growth in derivatives ADTVs (ex-prop) continued unabated at 22% (estimated). A buoyant market for primary issuances resulted in an impressive pace of new investor additions at 7mn in the first 2 months of Q3 (H1FY22: 15mn). Despite flattish volume in the cash segment, delivery volume has increased; this, coupled with healthy derivates volume, is expected to boost broking revenues.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.

Non-leveraged financials (Q3FY22 Results Preview): Strong earnings traction across most segments

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

<p><a href="https://www.smartkarma.com/entities/angel-broking-ltd" target="_blank" data-smartkarma-citation="entities:33510:1" rel="noopener">Angel Broking (ANGELBRK IN)</a>'s stock has risen &gt;4x over the last four months on the back of strong growth in the digital broking industry in India. However, we think the stupendous growth of &gt;17x in Angel's active client base over the past couple of years may not sustain. While the shift to digital and discount broking is inevitable, the recent growth seems to be temporary and will likely reverse led by high customer churn. Cyclicality and heightened competition in the sector will further adversely impact the fundamentals and lead to de-rating of the stock once the euphoria in the sector subsides. The market is also pricing in high optimism around Angel's potential to be a fintech platform. We again differ here based on our insights into Angel's customer base, competitive scenario and nascent track record of Angel in the quasi-passive quant-based asset management and wealth management space.  </p>

Angel Broking (ANGELBRK IN)'s stock has risen &gt;4x over the last four months on the back of strong growth in the digital broking industry in India. However, we think the stupendous growth of &gt;17x in Angel's active client base over the past couple of years may not sustain. While the shift to digital and discount broking is inevitable, the recent growth seems to be temporary and will likely reverse led by high customer churn. Cyclicality and heightened competition in the sector will further adversely impact the fundamentals and lead to de-rating of the stock once the euphoria in the sector subsides. The market is also pricing in high optimism around Angel's potential to be a fintech platform. We again differ here based on our insights into Angel's customer base, competitive scenario and nascent track record of Angel in the quasi-passive quant-based asset management and wealth management space.  

Angel Broking: Riding the Digital Broking Wave in India, But It May Slip

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Angel One (ANGELONE IN)

Non-leveraged financials (Q3FY22 Results Preview): Strong earnings traction across most segments

Brokers - growth expected to moderate: Despite healthy consolidation seen in index levels in Q3FY22, cash ADTVs (ex-prop) were sequentially flat...

HDFC Securities

Angel Broking: Riding the Digital Broking Wave in India, But It May Slip

Angel's stock has risen 4x in the last four months on the back of rise in digital broking in India. However, aggressive customer acquisition...

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)