External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>ANGELONE printed 15% growth in topline sequentially on a strong base (15% Q3), resulting in an 11% beat, led by better-than-estimated customer activity (higher average revenue-generating orders per customer) and stronger ancillary transactional revenue</li><li>We are comforted by ARGO’s indicators of stabilisation, which include higher quality customer adds and improved activation levels</li><li>Given the flat-fee model, ANGELONE is one of the best plays on the secular growth story in Indian capital markets and our highest-conviction BUY.</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 15% growth in topline sequentially on a strong base (15% Q3), resulting in an 11% beat, led by better-than-estimated customer activity (higher average revenue-generating orders per customer) and stronger ancillary transactional revenueWe are comforted by ARGO’s indicators of stabilisation, which include higher quality customer adds and improved activation levelsGiven the flat-fee model, ANGELONE is one of the best plays on the secular growth story in Indian capital markets and our highest-conviction BUY.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 (4QFY22 Results Review): Rising and Shining; Maintain BUY

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.<div class="content-highlight">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.</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

<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.

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 One is an Indian technology-led financial services company that operates as a digital-first retail brokerage. It provides a comprehensive suite of investment and trading products across equity, commodity, and currency segments, along with depository services, margin trading, and mutual fund distribution. The company was founded in 1996 and is headquartered in Mumbai, India.

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Angel One (ANGELONE IN)

Angel One (4QFY22 Results Review): Rising and Shining; Maintain BUY

ANGELONE printed 15% growth in topline sequentially on a strong base (15% Q3), resulting in an 11% beat, led by better-than-estimated customer...

HDFC Securities

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

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

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