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. 

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Equity Bottom-Up

Aptus Value Housing Finance India / Equity Bottom-Up

Aptus Value Housing Finance India (APTUS IN)

<ul><li>NIMs to benefit in the rate cut cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed rate.</li><li>The impact of the repricing of ~20% floating rate book on NIMs is expected to be marginal.</li><li>In its borrowing mix, ~56% of the loans are floating rate borrowings, of which ~30% are linked to the repo rate and would reprice downwards, and the management expects the benefit on CoF to be visible in Q1FY26. </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.

NIMs to benefit in the rate cut cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed rate.The impact of the repricing of ~20% floating rate book on NIMs is expected to be marginal.In its borrowing mix, ~56% of the loans are floating rate borrowings, of which ~30% are linked to the repo rate and would reprice downwards, and the management expects the benefit on CoF to be visible in Q1FY26. 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 India Ltd. - Strong Growth Delivery to Continue

<ul><li>Geographic footprint expansion and improving branch productivity to drive growth: Aptus’ strategy to penetrate deeper in existing geographies and improve its geographic footprint, offers the company a strong growth runway.</li><li>The management indicated that the company will continue to add 35-40 branches each year over the medium term, primarily in the newer states (10 branches each) in Maharashtra (MH), Odisha (OD) and deepen its presence in existing markets of Karnataka (KA) and Telangana (TL).</li><li>Additionally, in the core state of Tamil Nadu (TN), with the concerns around employee attrition easing, the company will look at resuming growth, eyeing an exit AUM growth rate of 15% in FY25 and adding ~6 branches in FY26. </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.

Geographic footprint expansion and improving branch productivity to drive growth: Aptus’ strategy to penetrate deeper in existing geographies and improve its geographic footprint, offers the company a strong growth runway.The management indicated that the company will continue to add 35-40 branches each year over the medium term, primarily in the newer states (10 branches each) in Maharashtra (MH), Odisha (OD) and deepen its presence in existing markets of Karnataka (KA) and Telangana (TL).Additionally, in the core state of Tamil Nadu (TN), with the concerns around employee attrition easing, the company will look at resuming growth, eyeing an exit AUM growth rate of 15% in FY25 and adding ~6 branches in FY26. 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!a

<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>Disbursements de-grew sharply by 30% QoQ and grew by 6% YoY.</li><li>Slower disbursement growth was primarily owing to migration to the new LoS in Apr’24 (degrowth of 77% YoY).</li><li>Growth momentum returned to normalcy from May/Jun’24, with disbursements growing at ~35% 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.

Disbursements de-grew sharply by 30% QoQ and grew by 6% YoY.Slower disbursement growth was primarily owing to migration to the new LoS in Apr’24 (degrowth of 77% YoY).Growth momentum returned to normalcy from May/Jun’24, with disbursements growing at ~35% YoY. 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. - Inline Quarter

<ul><li>Operational Performance: Disbursements picked up momentum and registered a strong growth of 45/26% YoY/QoQ.</li><li>AUM growth of 29/4% YoY/QoQ was driven by Home loans (+25/6% YoY/QoQ) and Small Business Loans (+101/14% YoY/QoQ).</li><li>Financial Performance: NII grew by 18/5% YoY/QoQ. Yields improved by 14bps QoQ, while CoF inched up by 9bps. Spreads expanded by 5bps 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.

Operational Performance: Disbursements picked up momentum and registered a strong growth of 45/26% YoY/QoQ.AUM growth of 29/4% YoY/QoQ was driven by Home loans (+25/6% YoY/QoQ) and Small Business Loans (+101/14% YoY/QoQ).Financial Performance: NII grew by 18/5% YoY/QoQ. Yields improved by 14bps QoQ, while CoF inched up by 9bps. Spreads expanded by 5bps 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.

Aptus Value Housing Finance Ltd. - Inline Quarter; Growth Visibility Remains Strong!

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 India Ltd. - Strong Growth Delivery to Continue

NIMs to benefit in the rate cut cycle: Aptus remains a key beneficiary in the rate cut cycle, with ~80% of the loan portfolio being fixed rate.

Axis Direct

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

Aptus’ strategy to penetrate deeper in existing geographies and improve its geographic footprint, offers the company a strong growth runway.

Axis Direct

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

Aptus Value Housing Finance Ltd. - Inline Quarter

Disbursements de-grew sharply by 30% QoQ and grew by 6% YoY. Slower disbursement growth was primarily owing to migration to the new LoS in Apr’24...

Axis Direct

Aptus Value Housing Finance Ltd. - Inline Quarter; Growth Visibility Remains Strong!

Financial Performance: NII grew by 18/5% YoY/QoQ. Yields improved by 14bps QoQ, while CoF inched up by 9bps. Spreads expanded by 5bps QoQ.

Axis Direct

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