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

Motilal Oswal

External broker reports(aggregated public sources)

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>Angel One reported total income of INR9.9b, up 19% YoY/down 18% QoQ and largely in line with our estimate.</li><li>The sequential decline was owing to the impact of F&amp;O regulations and True-to-Label regulations on other income.</li><li>For 9MFY25, total income grew 45% YoY to INR33b.</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.

Angel One reported total income of INR9.9b, up 19% YoY/down 18% QoQ and largely in line with our estimate.The sequential decline was owing to the impact of F&amp;O regulations and True-to-Label regulations on other income.For 9MFY25, total income grew 45% YoY to INR33b.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 - In-Line Revenue; High C/I Ratio Leads to PAT Miss

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>ANGELONE reported lower-than-expected net revenue as the pricing levers (countermeasures) exercised by the company failed to negate the revenue drag from adverse regulatory developments</li><li>Net revenue/PAT fell 18%/34% QoQ, whereas the net broking revenue fell 9%, in line with our estimates</li><li>During the quarter, pricing intervention measures contributed a mere INR0.2bn, even as the management hinted at further near-term potential measures to counter the drag</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 reported lower-than-expected net revenue as the pricing levers (countermeasures) exercised by the company failed to negate the revenue drag from adverse regulatory developmentsNet revenue/PAT fell 18%/34% QoQ, whereas the net broking revenue fell 9%, in line with our estimatesDuring the quarter, pricing intervention measures contributed a mere INR0.2bn, even as the management hinted at further near-term potential measures to counter the dragContent 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: Countermeasures fail to offset revenue drag. Maintain BUY

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls</li>
<li>Top Large Cap Bullish Ideas include <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management Co Ltd (HDFCAMC IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>.</li>
<li>
<a href="https://www.smartkarma.com/entities/d-b-corp-ltd" target="_blank" data-smartkarma-citation="entities:6044:1" rel="noopener">D.B. Corp Ltd (DBCL IN)</a>, <a href="https://www.smartkarma.com/entities/indiamart-intermesh-limited" target="_blank" data-smartkarma-citation="entities:27733:1" rel="noopener">IndiaMart (INMART IN)</a> &amp; <a href="https://www.smartkarma.com/entities/gopal-snacks-ltd" target="_blank" data-smartkarma-citation="entities:40960:1" rel="noopener">Gopal Snacks (GOPAL IN)</a> are names that we have a bearish view on. </li>
</ul>


Over the next couple of weeks, we will focus on highlighting key earnings and what catches our attention in the conference calls
Top Large Cap Bullish Ideas include HDFC Asset Management Co Ltd (HDFCAMC IN), Bajaj Auto Ltd (BJAUT IN) &amp; Pvr Inox (PVRINOX IN).

D.B. Corp Ltd (DBCL IN), IndiaMart (INMART IN) &amp; Gopal Snacks (GOPAL IN) are names that we have a bearish view on. 


Namaste India 🙏 | Earnings Editions Are Back

<ul><li>Over the past 3 months, ANGELONE has faced several regulatory measures to clamp down on the ever-rising exuberance in derivatives (F&amp;O) markets</li><li>Of the measures introduced, the three most material ones have taken effect during the current quarter (Q3FY25) - this includes the introduction of the “True to Label” framework, limiting the weekly expiry per exchange, and revisioning in BSDA threshold limits</li><li>While these measures are likely to pose a cumulative quarterly revenue loss of INR4.0bn (on the Q2FY25 revenue base), our waterfall analysis suggests that ANGELONE’s countermeasures (pricing interventions) are likely to recoup almost the entire lost revenues by Q4FY25</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.

Over the past 3 months, ANGELONE has faced several regulatory measures to clamp down on the ever-rising exuberance in derivatives (F&amp;O) marketsOf the measures introduced, the three most material ones have taken effect during the current quarter (Q3FY25) - this includes the introduction of the “True to Label” framework, limiting the weekly expiry per exchange, and revisioning in BSDA threshold limitsWhile these measures are likely to pose a cumulative quarterly revenue loss of INR4.0bn (on the Q2FY25 revenue base), our waterfall analysis suggests that ANGELONE’s countermeasures (pricing interventions) are likely to recoup almost the entire lost revenues by Q4FY25Content 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: The More Things Change… Upgrade to BUY

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>JM Financial has decadal experience of being the powerhouse of financial services giant. </li>
<li>The company has been a bad capital allocator for the years and hence could not participate in the mega bull run.  </li>
<li>What makes it interesting is a company is changing its strategy of capital allocation while cherry on the cake is attractive valuations and promoter buying.</li>
</ul>


JM Financial has decadal experience of being the powerhouse of financial services giant. 
The company has been a bad capital allocator for the years and hence could not participate in the mega bull run.  
What makes it interesting is a company is changing its strategy of capital allocation while cherry on the cake is attractive valuations and promoter buying.


JM Financial: An Undervalued Gem Poised for Breakout Growth

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 - In-Line Revenue; High C/I Ratio Leads to PAT Miss

The sequential decline was owing to the impact of F&O regulations and True-to-Label regulations on other income. For 9MFY25, total income grew 45%...

Motilal Oswal

Angel One: Countermeasures fail to offset revenue drag. Maintain BUY

During the quarter, pricing intervention measures contributed a mere INR0.2bn, even as the management hinted at further near-term potential...

HDFC Securities

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

Angel One: The More Things Change… Upgrade to BUY

Over the past 3 months, ANGELONE has faced several regulatory measures to clamp down on the ever-rising exuberance in derivatives (F&O) markets

HDFC Securities

JM Financial: An Undervalued Gem Poised for Breakout Growth

JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Angel One - In-Line Revenue; High C/I Ratio Leads to PAT Miss

The sequential decline was owing to the impact of F&O regulations and True-to-Label regulations on other income. For 9MFY25, total income grew 45%...

Motilal Oswal

Angel One: Countermeasures fail to offset revenue drag. Maintain BUY

During the quarter, pricing intervention measures contributed a mere INR0.2bn, even as the management hinted at further near-term potential...

HDFC Securities

Namaste India 🙏 | Earnings Editions Are Back

Focus on key earnings and conference calls. Top Large Cap Bullish Ideas: HDFC Asset Management, Bajaj Auto, Pvr Inox. Bearish view on D.B. Corp,...

Pranav Bhavsar

Angel One: The More Things Change… Upgrade to BUY

Over the past 3 months, ANGELONE has faced several regulatory measures to clamp down on the ever-rising exuberance in derivatives (F&O) markets

HDFC Securities

JM Financial: An Undervalued Gem Poised for Breakout Growth

​JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...

Sudarshan Bhandari

JM Financial, a financial services giant, is changing its capital allocation strategy after stressed years potentially leading to better returns...