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

<ul><li>AU Small Finance Bank (AUSFB) is a retail-focused small finance bank offering a diverse range of products including Vehicle Finance, SME, Home Loans, and Business Banking, among others.</li><li>Its target market comprises low and middle-income individuals and businesses with limited or no access to formal banking and finance channels.</li><li>As of Dec’23, the bank operates through 1,049 touch points across India.</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 (AUSFB) is a retail-focused small finance bank offering a diverse range of products including Vehicle Finance, SME, Home Loans, and Business Banking, among others.Its target market comprises low and middle-income individuals and businesses with limited or no access to formal banking and finance channels.As of Dec’23, the bank operates through 1,049 touch points across India.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.

Pick of the Week: AU Small Finance Bank Ltd. - 15 APR 2024

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Sharekhan's research report onAU Small Finance Bank Most importantly, the management was confident on the asset quality trends across its business verticals and laid down the road map for the merged entity over the next three years.</li><li>Credit cost across business verticals are converging to pre-COVID levels.</li><li>In the credit cards business, the effect of recalibration in underwriting is visible in early delinquency data for newer origination RoA/RoE to improve gradually over the next 3 years for the merged entity.</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.

Sharekhan's research report onAU Small Finance Bank Most importantly, the management was confident on the asset quality trends across its business verticals and laid down the road map for the merged entity over the next three years.Credit cost across business verticals are converging to pre-COVID levels.In the credit cards business, the effect of recalibration in underwriting is visible in early delinquency data for newer origination RoA/RoE to improve gradually over the next 3 years for the merged entity.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 - All Eyes on Integration in near Term

<ul><li>We attended the Analyst Meet hosted by AU Small Finance Bank (AUSFB) to discuss the roadmap for the bank upto FY27E, post the merger and as it completes a decade as a bank.</li><li>The management team also discussed the near-term challenges for the bank and the impact of the merger with Fincare SFB (Fincare).</li><li>AUSFB will look to maintain its growth momentum in terms of deposits, growing the deposit franchise by 23-25% CAGR by FY27E, with a focus on individual and retail deposits.</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.

We attended the Analyst Meet hosted by AU Small Finance Bank (AUSFB) to discuss the roadmap for the bank upto FY27E, post the merger and as it completes a decade as a bank.The management team also discussed the near-term challenges for the bank and the impact of the merger with Fincare SFB (Fincare).AUSFB will look to maintain its growth momentum in terms of deposits, growing the deposit franchise by 23-25% CAGR by FY27E, with a focus on individual and retail deposits.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. - Multiple RoA Expansion Levers Identified

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>Motilal Oswal's research report onAU Small Finance Bank AUBANK has historically delivered healthy RoAs; however, this has seen compression over FY24, primarily due to a decline in margins and an uptick in credit costs.</li><li>The merger with Fincare SFB will enable AUBANK to achieve sustainable growth, while stronger return ratios for Fincare will boost profitability in the coming years, particularly as operating leverage improves.</li><li>Post-merger, the AUBANK will also gain presence in high-yielding MFI and Gold loan segments, while its positioning in SBL and the Housing vertical will be strengthened.</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.

Motilal Oswal's research report onAU Small Finance Bank AUBANK has historically delivered healthy RoAs; however, this has seen compression over FY24, primarily due to a decline in margins and an uptick in credit costs.The merger with Fincare SFB will enable AUBANK to achieve sustainable growth, while stronger return ratios for Fincare will boost profitability in the coming years, particularly as operating leverage improves.Post-merger, the AUBANK will also gain presence in high-yielding MFI and Gold loan segments, while its positioning in SBL and the Housing vertical will be strengthened.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 - Building Strong Foundation for Sustainable Growth

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

<ul>
<li>Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</li>
<li>This edition focuses on earnings commentary from Financials highlighting the commentary on costs, growth, and elections. </li>
<li>Earnings review includes <a href="https://www.smartkarma.com/entities/au-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:24196:1" rel="noopener">AU Small Finance Bank Limited (AUBANK 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>, <a href="https://www.smartkarma.com/entities/iifl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20197:1" rel="noopener">IIFL Holdings (IIFL IN)</a>, <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a>. </li>
</ul>


Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.
This edition focuses on earnings commentary from Financials highlighting the commentary on costs, growth, and elections. 
Earnings review includes AU Small Finance Bank Limited (AUBANK IN), Home First Finance (HOMEFIRS IN), IIFL Holdings (IIFL IN), Shriram Finance (SHFL IN). 


[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

India

AU Small Finance Bank Limited is an Indian scheduled commercial small finance bank. It offers a diverse range of products including savings accounts, current accounts, fixed deposits, loans (vehicle, MSME, housing, personal, gold, agriculture), debit and credit cards, and insurance. The company was founded in 1996 and is headquartered in Jaipur, Rajasthan, India.

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AU Small Finance Bank (AUBANK IN)

Pick of the Week: AU Small Finance Bank Ltd. - 15 APR 2024

AU Small Finance Bank (AUSFB) is a retail-focused small finance bank offering a diverse range of products including Vehicle Finance, SME, Home...

Axis Direct

AU Small Finance Bank - All Eyes on Integration in near Term

Sharekhan's research report onAU Small Finance Bank Most importantly, the management was confident on the asset quality trends across its business...

Sharekhan

AU Small Finance Bank Ltd. - Multiple RoA Expansion Levers Identified

We attended the Analyst Meet hosted by AU Small Finance Bank (AUSFB) to discuss the roadmap for the bank upto FY27E, post the merger and as it...

Axis Direct

AU Small Finance Bank - Building Strong Foundation for Sustainable Growth

Motilal Oswal's research report onAU Small Finance Bank AUBANK has historically delivered healthy RoAs; however, this has seen compression over FY24

Motilal Oswal

[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pick of the Week: AU Small Finance Bank Ltd. - 15 APR 2024

AU Small Finance Bank (AUSFB) is a retail-focused small finance bank offering a diverse range of products including Vehicle Finance, SME, Home...

Axis Direct

AU Small Finance Bank - All Eyes on Integration in near Term

Sharekhan's research report onAU Small Finance Bank Most importantly, the management was confident on the asset quality trends across its business...

Sharekhan

AU Small Finance Bank Ltd. - Multiple RoA Expansion Levers Identified

We attended the Analyst Meet hosted by AU Small Finance Bank (AUSFB) to discuss the roadmap for the bank upto FY27E, post the merger and as it...

Axis Direct

AU Small Finance Bank - Building Strong Foundation for Sustainable Growth

Motilal Oswal's research report onAU Small Finance Bank AUBANK has historically delivered healthy RoAs; however, this has seen compression over FY24

Motilal Oswal

[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

​This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...

Pranav Bhavsar

This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...