Dealing, Product Financing and Custody Services, Tickrs

Tickrs

Dealing, Product Financing and Custody Services

Tickrs Financial Singapore Pte Ltd (TFS) obtained Capital Markets Services (CMS) License from the Monetary Authority of Singapore (MAS) in 2022. Product offering include stock trading services across 10 global markets, futures trading, fixed income and wealth management products offering.

Equity Bottom-Up

<ul><li>(1) Record Earnings Confirm Structural Earnings Power FY2025 was not a one-off.</li><li>The 135% profit surge reflects structural forces: a growing pledge book, expanding retail footprint, and deepening operational synergies across the integrated platform.</li><li>Net margin expanded nearly 400 basis points to 9.7%, driven by operating leverage — revenue growth of 41% substantially outpaced employee cost growth of 25%, though other operating expenses rose 50% (partly due to Niessing Group integration, higher marketing expenditures, and the derivative financial instruments fair value change).</li></ul>

(1) Record Earnings Confirm Structural Earnings Power FY2025 was not a one-off.The 135% profit surge reflects structural forces: a growing pledge book, expanding retail footprint, and deepening operational synergies across the integrated platform.Net margin expanded nearly 400 basis points to 9.7%, driven by operating leverage — revenue growth of 41% substantially outpaced employee cost growth of 25%, though other operating expenses rose 50% (partly due to Niessing Group integration, higher marketing expenditures, and the derivative financial instruments fair value change).

Aspial Lifestyle Update : Gold Rush: Record Earnings Confirm the Re-rating

<ul><li>Our bullish stance on Aspial LS rests on five interlocking strengths: (1) Integrated Platform with Structural Resilience Aspial LS operates a rare two-in-one model: premium jewellery retail (Lee Hwa/Goldheart) paired with asset-backed pawnbroking (Maxi-Cash).</li><li>This integration creates multiple competitive advantages: Countercyclical earnings: Pawnbroking thrives during economic stress (higher pledge volumes, stable fee income), while retail jewelry sales surge during expansions.</li><li>The company benefits regardless of macro conditions.</li></ul>

Our bullish stance on Aspial LS rests on five interlocking strengths: (1) Integrated Platform with Structural Resilience Aspial LS operates a rare two-in-one model: premium jewellery retail (Lee Hwa/Goldheart) paired with asset-backed pawnbroking (Maxi-Cash).This integration creates multiple competitive advantages: Countercyclical earnings: Pawnbroking thrives during economic stress (higher pledge volumes, stable fee income), while retail jewelry sales surge during expansions.The company benefits regardless of macro conditions.

Aspial Lifestyle Initiation : Gold, Glamour & Growth

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>SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)</li><li>Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the base</li><li>Our high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)</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.

SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the baseOur high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)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: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

<ul><li>Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)</li><li>DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)</li><li>The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunities</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.

Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunitiesContent 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: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

Singapore

Aspial Lifestyle is a Singapore-based investment holding company primarily engaged in pawnbroking, money lending, and the retail and trading of jewellery and branded merchandise. The company offers jewellery under brands such as Lee Hwa Jewellery, Goldheart Jewelry, and Niessing, and provides pawnbroking services through Maxi-Cash and Dr. Pajak. It also has interests in secured lending and property rental. The company was incorporated in 2008 and is headquartered in Singapore.

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Aspial Lifestyle (ASPL SP)

Aspial Lifestyle Update : Gold Rush: Record Earnings Confirm the Re-rating

(1) Record Earnings Confirm Structural Earnings Power FY2025 was not a one-off. The 135% profit surge reflects structural forces: a growing pledge...

Tickrs

Aspial Lifestyle Initiation : Gold, Glamour & Growth

Our bullish stance on Aspial LS rests on five interlocking strengths: (1) Integrated Platform with Structural Resilience Aspial LS operates a rare...

Tickrs

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in...

HDFC Securities

HSIE Results Daily: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next...

HDFC Securities

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