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>Tata Elxsi: Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1.</li><li>L&amp;T Technology Services: L&amp;T Technology Services (LTTS IN) posted revenue ahead of estimates and an in-line operating performance, while maintaining its FY23E revenue guidance (14.5-16.5% CC) and margin (18%+ EBITM).</li><li>Angel One: ANGELONE printed a sequentially flat top-line on a strong base (Q4: 15),  led by a healthy NII (+11% QoQ), offset by lower ancillary transactional revenues.</li></ul><p><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></p>

Tata Elxsi: Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1.L&amp;T Technology Services: L&amp;T Technology Services (LTTS IN) posted revenue ahead of estimates and an in-line operating performance, while maintaining its FY23E revenue guidance (14.5-16.5% CC) and margin (18%+ EBITM).Angel One: ANGELONE printed a sequentially flat top-line on a strong base (Q4: 15),  led by a healthy NII (+11% QoQ), offset by lower ancillary transactional 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.

HSIE Results Daily: Tata Elxsi, L&T Technology Services, Angel One

Equity Bottom-Up

<div><div><div><ul><li>Negative surprise on opex: Net broking revenue was sequentially flat at INR3.22bn, albeit on a strong base (Q4FY22: +19% QoQ). </li></ul><div><div><div><ul><li>It was driven by strong derivatives volumes in the industry, partially offset by a 40bps dip in retail derivative market share at 20.8% and a 15% drop in cash volumes.</li><li>A sharp decline in average revenue-generating orders (ARGO) per customer, at 18.4 (-16% QoQ), clocked in below estimates despite slower adds, indicates softer activation rates.</li></ul></div></div></div></div></div></div><p><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></p>

Negative surprise on opex: Net broking revenue was sequentially flat at INR3.22bn, albeit on a strong base (Q4FY22: +19% QoQ). It was driven by strong derivatives volumes in the industry, partially offset by a 40bps dip in retail derivative market share at 20.8% and a 15% drop in cash volumes.A sharp decline in average revenue-generating orders (ARGO) per customer, at 18.4 (-16% QoQ), clocked in below estimates despite slower adds, indicates softer activation rates.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.

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.

<div><div><div><div><ul><li>Angel’s gross client acquisition run rate saw a marginal decline to 0.44m in Apr’22 from 0.48m in Mar’22.</li></ul><div><div><div><div><ul><li>Total client base stood at 9.64m as of Apr’22 (+5% MoM and 118% YoY).</li></ul><div><div><div><div><ul><li>Average funding book saw strong 10% MoM growth to ~INR17.2b.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Angel’s gross client acquisition run rate saw a marginal decline to 0.44m in Apr’22 from 0.48m in Mar’22.Total client base stood at 9.64m as of Apr’22 (+5% MoM and 118% YoY).Average funding book saw strong 10% MoM growth to ~INR17.2b.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 - Order Per Day Remains Flattish | Customer Acquisition Run Rate Slows Down Marginally

<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><p><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></p>

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

<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

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: Tata Elxsi, L&T Technology Services, Angel One

Tata Elxsi (TELX IN) posted in-line revenue and slightly better margin performance in Q1; L&T Technology Services (LTTS IN) posted revenue ahead of...

HDFC Securities

Angel One - Elevated Opex Dents Margins

ANGELONE printed a sequentially flat top-line on a strong base (Q4: 15), led by a healthy NII (+11% QoQ), offset by lower ancillary transactional...

HDFC Securities

Angel One - Order Per Day Remains Flattish | Customer Acquisition Run Rate Slows Down Marginally

Angel’s gross client acquisition run rate saw a marginal decline to 0.44m in Apr’22 from 0.48m in Mar’22. However, the addition is better than our...

Motilal Oswal

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

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