External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>ICICI Bank: ICICI Bank’s (ICICIBC) earnings beat estimates, largely driven by lower-than-expected credit costs and strong margin performance, partly offset by softer loan growth</li><li>Loan growth (+13% YoY) was impacted by slower traction in retail loans offset by continued momentum in business banking</li><li>Deposit growth (~14% YoY) was healthy, as end-period CASA ratio improved to 41.8% (+135bps QoQ), driven by strong seasonality in current account balances (+22% QoQ)</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 Bank: ICICI Bank’s (ICICIBC) earnings beat estimates, largely driven by lower-than-expected credit costs and strong margin performance, partly offset by softer loan growthLoan growth (+13% YoY) was impacted by slower traction in retail loans offset by continued momentum in business bankingDeposit growth (~14% YoY) was healthy, as end-period CASA ratio improved to 41.8% (+135bps QoQ), driven by strong seasonality in current account balances (+22% QoQ)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: ICICI Bank, Angel One

<ul><li>Asian Paints: APNT’s revenue declined 2.3% YoY in Q1 to INR 89.7bn (HSIE: INR 91.5bn)</li><li>Decorative clocked 7/-3% volume/value growth in Q1 and industrial business grew 5.8% YoY in Q1</li><li>Distemper, Neo Bharat (new product) and premium waterproofing performed well while economy emulsions struggled</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.

Asian Paints: APNT’s revenue declined 2.3% YoY in Q1 to INR 89.7bn (HSIE: INR 91.5bn)Decorative clocked 7/-3% volume/value growth in Q1 and industrial business grew 5.8% YoY in Q1Distemper, Neo Bharat (new product) and premium waterproofing performed well while economy emulsions struggledContent 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: Asian Paints, Angel One

<ul><li>Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%</li><li>Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY</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.

Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoYContent 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.

India Equity Strategy: Input cost deflation hurts topline but boosts profitability

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% above our estimates (+12% YoY); however, better-than-expected loss ratios in the health insurance business were offset by sustained investments into building out the company’s retail health agency network, driving calculated CORs to 105% and APAT to INR4.4bn (+11% YoY)</li><li>We raise our FY24/FY25E earnings estimates by 7/11% to factor in the management guidance of achieving 102-103% CORs over the next couple of years</li><li>Given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and we maintain ADD with a revised TP of INR1,370 (implied Mar-25E P/E of 27x and P/ABV of 4.8x).</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% above our estimates (+12% YoY); however, better-than-expected loss ratios in the health insurance business were offset by sustained investments into building out the company’s retail health agency network, driving calculated CORs to 105% and APAT to INR4.4bn (+11% YoY)We raise our FY24/FY25E earnings estimates by 7/11% to factor in the management guidance of achieving 102-103% CORs over the next couple of yearsGiven the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and we maintain ADD with a revised TP of INR1,370 (implied Mar-25E P/E of 27x and P/ABV of 4.8x).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 - ICICI Lombard, Angel One

<ul><li>The SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of client funds aside from approving optional ASBA for secondary markets</li><li>While the decision on upstreaming of client funds appears to offer a transient relief to standalone brokers (non-bank owned), we expect the SEBI to gradually nudge towards mandatory adoption of ASBA for secondary trades, flushing the excess float out of the broking channel</li><li>The hits to float income notwithstanding, we believe that dominant FinTech discount broking franchises have sufficient levers to offset this negative impact.</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 SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of client funds aside from approving optional ASBA for secondary marketsWhile the decision on upstreaming of client funds appears to offer a transient relief to standalone brokers (non-bank owned), we expect the SEBI to gradually nudge towards mandatory adoption of ASBA for secondary trades, flushing the excess float out of the broking channelThe hits to float income notwithstanding, we believe that dominant FinTech discount broking franchises have sufficient levers to offset this negative impact.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.

Broking: Transient relief for non-bank owned brokers

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)

HSIE Results Daily: ICICI Bank, Angel One

ICICI Bank: ICICI Bank’s (ICICIBC) earnings beat estimates, largely driven by lower-than-expected credit costs and strong margin performance,...

HDFC Securities

HSIE Results Daily: Asian Paints, Angel One

Asian Paints: APNT’s revenue declined 2.3% YoY in Q1 to INR 89.7bn (HSIE: INR 91.5bn). Decorative clocked 7/-3% volume/value growth in Q1 and...

HDFC Securities

India Equity Strategy: Input cost deflation hurts topline but boosts profitability

Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY

HDFC Securities

HSIE Results Daily - ICICI Lombard, Angel One

ANGELONE printed a 14/21% sequential growth in its top line/APAT, driven by all-time high retail derivative ADTVs and healthy ancillary transaction...

HDFC Securities

Broking: Transient relief for non-bank owned brokers

The SEBI, in its Board meeting, dated 29th March 2023, delivered a softer-than-anticipated verdict on the proposed implementation of upstreaming of...

HDFC Securities

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