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.

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) credit growth was marginally below our estimates, delivering an 11% YoY (vs our expectation of ~12% YoY) growth as banks exit FY25, thereby mirroring systemic growth.</li><li>Slower credit growth (vs expectations) was primarily visible amongst the larger private banks, while most mid-sized banks delivered steady in-line growth.</li><li>The headwinds on credit growth were owing to the continuous and conscious slowdown in the unsecured segments amidst persistent asset quality challenges, particularly microfinance and credit cards and banks’ efforts to align deposit growth with credit growth to maintain balanced LDR.</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.

Banks (incl. SFBs) credit growth was marginally below our estimates, delivering an 11% YoY (vs our expectation of ~12% YoY) growth as banks exit FY25, thereby mirroring systemic growth.Slower credit growth (vs expectations) was primarily visible amongst the larger private banks, while most mid-sized banks delivered steady in-line growth.The headwinds on credit growth were owing to the continuous and conscious slowdown in the unsecured segments amidst persistent asset quality challenges, particularly microfinance and credit cards and banks’ efforts to align deposit growth with credit growth to maintain balanced LDR.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.

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

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>ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas production</li><li>In Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)</li><li>AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segments</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.

ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas productionIn Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most segmentsContent 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: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

<ul><li>Sonata Software: Sonata posted a good quarter with revenue growth of 1.5% QoQ CC and a margin decline of ~50bps QoQ, which were in line with our estimates</li><li>The revenue growth was led by BFSI (retail banking) and TMT verticals (Microsoft sell-to and Fabric)</li><li>We expect IITS to be back on the growth trajectory based on healthy deal wins and a strong book-to-bill of 1.23 (TCV of USD 104mn)</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.

Sonata Software: Sonata posted a good quarter with revenue growth of 1.5% QoQ CC and a margin decline of ~50bps QoQ, which were in line with our estimatesThe revenue growth was led by BFSI (retail banking) and TMT verticals (Microsoft sell-to and Fabric)We expect IITS to be back on the growth trajectory based on healthy deal wins and a strong book-to-bill of 1.23 (TCV of USD 104mn)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: Sonata Software, Aptus Value Housing Finance India

Equity Bottom-Up

Aptus Value Housing Finance India / Equity Bottom-Up

<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>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.

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!

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </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 systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. 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.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

India

Aptus Value Housing Finance India Limited provides financial services. The Company offers housing and non-housing finance loans, as well as insurance services. Aptus Value Housing Finance India serves customers in India.

Aptus Value Housing Finance India (APTUS IN)

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Aptus Value Housing Finance India (APTUS IN)

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI)”

Banks (incl. SFBs) credit growth was marginally below our estimates, delivering an 11% YoY (vs our expectation of ~12% YoY) growth as banks exit...

Axis Direct

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price...

HDFC Securities

HSIE Results Daily: Sonata Software, Aptus Value Housing Finance India

Sonata Software: Sonata posted a good quarter with revenue growth of 1.5% QoQ CC and a margin decline of ~50bps QoQ, which were in line with our...

HDFC Securities

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

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

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