External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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

Aptus Value Housing Finance India / Equity Bottom-Up

Aptus Value Housing Finance India (APTUS IN)

<ul><li>Strong growth runway: Aptus’ strong presence in the under-penetrated Tier II/III/IV cities offers the company a strong growth runaway while maintaining strong asset quality and profitability.</li><li>Thus, the management remains confident of delivering a strong AUM growth of 30% CAGR over at least the next 3 years.</li><li>The company has addressed the staff-related issues in the key state of Tamil Nadu (TN) and expects the growth momentum to accelerate going into H2FY25. </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>

Strong growth runway: Aptus’ strong presence in the under-penetrated Tier II/III/IV cities offers the company a strong growth runaway while maintaining strong asset quality and profitability.Thus, the management remains confident of delivering a strong AUM growth of 30% CAGR over at least the next 3 years.The company has addressed the staff-related issues in the key state of Tamil Nadu (TN) and expects the growth momentum to accelerate going into H2FY25. 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.

Aptus Value Housing Finance Ltd. - Strong Growth Delivery to Continue; Maintain BUY!

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bajaj Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$830m in its upcoming India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
We have looked at the company’s past performance and undertaken a peer comparison in our earlier notes. In this note we talk about valuations.


Bajaj Housing Finance Pre-IPO - Thoughts on Valuation

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

Aadhar Housing Finance / Equity Bottom-Up

<ul>
<li>This Insight focuses on lenders operating in the affordable housing space.</li>
<li>Companies in focus are <a href="https://www.smartkarma.com/entities/aavas-financiers-ltd" target="_blank" data-smartkarma-citation="entities:27422:1" rel="noopener">Aavas Financiers Ltd (AAVAS IN)</a>;  <a href="https://www.smartkarma.com/entities/home-first-finance-company-india" target="_blank" data-smartkarma-citation="entities:28865:1" rel="noopener">Home First Finance (HOMEFIRS IN)</a> &amp; <a href="https://www.smartkarma.com/entities/aptus-value-housing-finance-india" target="_blank" data-smartkarma-citation="entities:33502:1" rel="noopener">Aptus Value Housing Finance India (APTUS IN)</a>. </li>
<li>Recent IPOs of <a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance Ltd (1218027D IN) </a>&amp; <a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN) </a> are also covered. </li>
</ul>


This Insight focuses on lenders operating in the affordable housing space.
Companies in focus are Aavas Financiers Ltd (AAVAS IN);  Home First Finance (HOMEFIRS IN) &amp; Aptus Value Housing Finance India (APTUS IN). 
Recent IPOs of Aadhar Housing Finance Ltd (1218027D IN) &amp; India Shelter Finance (0570670D IN)  are also covered. 


Narrative and Numbers | Affordable Housing Finance | FY24

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

Asirvad Micro Finance Limited / Equity Capital Markets

Asirvad Micro Finance Limited (1053198D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asirvad-micro-finance-limited" target="_blank" data-smartkarma-citation="entities:40211:1" rel="noopener">Asirvad Micro Finance Limited (1053198D IN)</a> is looking to raise around US$183m in its upcoming India IPO.</li>
<li>Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO.
Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.
In this note, we talk about the company’s historical performance.


Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-housing-finance" target="_blank" data-smartkarma-citation="entities:43675:1" rel="noopener">Bajaj Housing Finance (BHF IN)</a> is looking to raise around US$830m in its upcoming India IPO.</li>
<li>BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.</li>
<li>We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.</li>
</ul>



Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO.
BHF is a non-deposit taking housing finance company engaged in mortgage lending since FY18. Its mortgage products include home loans, loans against property, lease rental discounting and developer financing.
We have looked at the company’s past performance in our earlier notes. In this note we will undertake a peer comparison.


Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

India

Aptus Value Housing Finance India Limited is a specialized retail housing finance company that provides long-term housing loans and small business loans. It focuses on self-employed, low, and middle-income customer segments in Tier 2, 3, and 4 cities, who are often underserved by traditional banking institutions. The company's core products include loans for home construction, purchase, renovation, and extension, as well as loans against property for business needs. Headquartered in Chennai, Tamil Nadu, India, the company was founded in 2009.

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Aptus Value Housing Finance India (APTUS IN)

Aptus Value Housing Finance Ltd. - Strong Growth Delivery to Continue; Maintain BUY!

Aptus’ strong presence in the under-penetrated Tier II/III/IV cities offers the company a strong growth runaway while maintaining strong asset...

Axis Direct

Bajaj Housing Finance Pre-IPO - Thoughts on Valuation

The deal is now live, with anchor books set to open at the end of the week and the remaining books to open over the coming week.

Sumeet Singh

Narrative and Numbers | Affordable Housing Finance | FY24

Insight on lenders in the affordable housing sector, including Aavas Financiers, Home First Finance, Aptus Value Housing Finance, Aadhar Housing...

Pranav Bhavsar

Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. In this note, we talk about the company’s...

Ethan Aw

Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Aptus Value Housing Finance Ltd. - Strong Growth Delivery to Continue; Maintain BUY!

Aptus’ strong presence in the under-penetrated Tier II/III/IV cities offers the company a strong growth runaway while maintaining strong asset...

Axis Direct

Bajaj Housing Finance Pre-IPO - Thoughts on Valuation

The deal is now live, with anchor books set to open at the end of the week and the remaining books to open over the coming week.

Sumeet Singh

Narrative and Numbers | Affordable Housing Finance | FY24

​Insight on lenders in the affordable housing sector, including Aavas Financiers, Home First Finance, Aptus Value Housing Finance, Aadhar Housing...

Pranav Bhavsar

Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. In this note, we talk about the company’s...

Ethan Aw

Bajaj Housing Finance Pre-IPO - Peer Comparison - Bigger and Faster

Bajaj Housing Finance (BHF IN) is looking to raise around US$830m in its upcoming India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

Insight on lenders in the affordable housing sector, including Aavas Financiers, Home First Finance, Aptus Value Housing Finance, Aadhar Housing...