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

AU Small Finance Bank Limited / Equity Bottom-Up

<ul><li>NIMs to Move in an Upward Trajectory: AUSFB’s NIM surprised positively, expanding by 5 bps in contrast to our expectations of margin contraction.</li><li>NIM expansion was driven by a sharp decline of 25 bps in CoF, lower slippages resulting in lower interest reversals, and utilisation of excess liquidity.</li><li>The management has guided for margin expansion to continue over the upcoming quarters, supported by continued deposit repricing, assuming no further rate cuts. </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 Move in an Upward Trajectory: AUSFB’s NIM surprised positively, expanding by 5 bps in contrast to our expectations of margin contraction.NIM expansion was driven by a sharp decline of 25 bps in CoF, lower slippages resulting in lower interest reversals, and utilisation of excess liquidity.The management has guided for margin expansion to continue over the upcoming quarters, supported by continued deposit repricing, assuming no further rate cuts. 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.

AU Small Finance Bank Ltd. - NIMs Surprise Positively; Asset Quality Outlook Turns Favourable!

<ul><li>Asset Quality pressures to ease in H2FY26; Credit costs guidance revised upwards: AUSFB’s overall credit costs tapered QoQ to stand at 1.94% (vs 2.42% QoQ); however, the credit costs in the unsecured portfolios continue to remain elevated.</li><li>Additionally, apart from the lower collection efficiency (CE) in the MFI book, owing to the more stringent MFIN guardrails, the management has flagged concerns in the mortgage book in the southern states (eFincare book, stress likely owing to the transition).</li><li>The bank has taken appropriate steps to strengthen the collections and expects a pull-back in H2FY26. </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.

Asset Quality pressures to ease in H2FY26; Credit costs guidance revised upwards: AUSFB’s overall credit costs tapered QoQ to stand at 1.94% (vs 2.42% QoQ); however, the credit costs in the unsecured portfolios continue to remain elevated.Additionally, apart from the lower collection efficiency (CE) in the MFI book, owing to the more stringent MFIN guardrails, the management has flagged concerns in the mortgage book in the southern states (eFincare book, stress likely owing to the transition).The bank has taken appropriate steps to strengthen the collections and expects a pull-back in H2FY26. 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.

AU Small Finance Bank Ltd. - Stress to Ease from H2FY26 Onwards

<ul><li>Credit costs pressure to ease from H2FY26: AUSFB’s credit costs stood at 1.3% (on total assets), primarily owing to elevated stress in the unsecured portfolios, mainly MFI and Credit cards.</li><li>However, the bank has seen an improvement in collection efficiency (CE) in the MFI portfolio and expects the trend to continue into FY26.</li><li>However, near-term headwinds owing to the implementation of the MFIN guardrails 2.0 could keep credit costs higher in H1FY26, while gradually trending downwards from H2FY26. </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.

Credit costs pressure to ease from H2FY26: AUSFB’s credit costs stood at 1.3% (on total assets), primarily owing to elevated stress in the unsecured portfolios, mainly MFI and Credit cards.However, the bank has seen an improvement in collection efficiency (CE) in the MFI portfolio and expects the trend to continue into FY26.However, near-term headwinds owing to the implementation of the MFIN guardrails 2.0 could keep credit costs higher in H1FY26, while gradually trending downwards from H2FY26. 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.

AU Small Finance Bank Ltd. - Credit Cost Pressure to Ease from H2FY26 Driving RoA Improvement!

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Aditya Birla Capital Ltd / Index Rebalance

<ul>
<li>There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).</li>
<li>The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.</li>
</ul>


There could be 19 constituent changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 64.2% and that will result in a round-trip trade of INR 163bn (US$1.8bn).
The adds have outperformed the deletes in the short-term. With the index based on momentum, there could be further gains over the next couple of weeks.


NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

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.

<ul><li>AU Small Finance Bank (AUBANK) reported 3QFY25 PAT of INR5.3b (8% beat), led by controlled opex, though provisioning expenses were high.</li><li>NII grew 2.4% QoQ to INR20.2b (in line), while NIMs declined by 23bp QoQ on higher proportion of investments book, adverse loan mix and higher CoF.</li><li>PPoP grew 6.5% QoQ to INR12.1b (8% beat) as opex was 8% lower vs.</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.

AU Small Finance Bank (AUBANK) reported 3QFY25 PAT of INR5.3b (8% beat), led by controlled opex, though provisioning expenses were high.NII grew 2.4% QoQ to INR20.2b (in line), while NIMs declined by 23bp QoQ on higher proportion of investments book, adverse loan mix and higher CoF.PPoP grew 6.5% QoQ to INR12.1b (8% beat) as opex was 8% lower vs.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.

AU Small Finance Bank - Cost Control Drives Earnings Beat; Asset Quality Deteriorates Slightly

India

AU Small Finance Bank Limited operates as a commercial bank. The Bank offers financial products and services such as savings and current accounts, term deposits, debit cards, insurance, government banking, retail loans, and microfinance lending. AU Small Finance Bank serves customers in India.

AU Small Finance Bank Limited (AUBANK IN)

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AU Small Finance Bank Limited (AUBANK IN)

AU Small Finance Bank Ltd. - NIMs Surprise Positively; Asset Quality Outlook Turns Favourable!

NIMs to Move in an Upward Trajectory: AUSFB’s NIM surprised positively, expanding by 5 bps in contrast to our expectations of margin contraction.

Axis Direct

AU Small Finance Bank Ltd. - Stress to Ease from H2FY26 Onwards

Asset Quality pressures to ease in H2FY26; Credit costs guidance revised upwards: AUSFB’s overall credit costs tapered QoQ to stand at 1.94% (vs...

Axis Direct

AU Small Finance Bank Ltd. - Credit Cost Pressure to Ease from H2FY26 Driving RoA Improvement!

Credit costs pressure to ease from H2FY26: AUSFB’s credit costs stood at 1.3% (on total assets), primarily owing to elevated stress in the...

Axis Direct

NIFTY200 Momentum30 Index Rebalance Preview: 64% One-Way Turnover & US$1.8bn Trade

We forecast 19 changes for the index in Dec. One-way turnover is estimated at 64.2% resulting in a round-trip trade of INR 163bn (US$1.8bn). The...

Brian Freitas

AU Small Finance Bank - Cost Control Drives Earnings Beat; Asset Quality Deteriorates Slightly

AU Small Finance Bank (AUBANK) reported 3QFY25 PAT of INR5.3b (8% beat), led by controlled opex, though provisioning expenses were high.

Motilal Oswal

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