External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>SBI Life Insurance: SBILIFE’s adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of ULIP in the APE mix at 61% (9MFY23: 56%)</li><li>We build in 16% YoY growth in APE for FY24 (below guidance) on account of slower growth in the retail business</li><li>Our high conviction BUY remains anchored on the three powerful and sustainable moats: (a) exclusive access to parent SBI’s massive distribution network (penetration at ~2%), (b) least impacted by IRDAI draft exposure on surrender values on savings product, and (c) the lowest opex ratio among peers (9MFY24: 9.9%)</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 adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of ULIP in the APE mix at 61% (9MFY23: 56%)We build in 16% YoY growth in APE for FY24 (below guidance) on account of slower growth in the retail businessOur high conviction BUY remains anchored on the three powerful and sustainable moats: (a) exclusive access to parent SBI’s massive distribution network (penetration at ~2%), (b) least impacted by IRDAI draft exposure on surrender values on savings product, and (c) the lowest opex ratio among peers (9MFY24: 9.9%)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, Shriram Finance, AU Small Finance Bank

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Advances growth was slower at 20/4% YoY/QoQ, owing to slower growth in the core segment (~60% Mix) of wheels (5/-2% YoY/QoQ), MBL (+6/3% YoY/QoQ).</li><li>However, growth in home Loans (+44/5% YoY/QoQ), Business Banking (+56/11% YoY/QoQ) remained healthy.</li><li>NII grew by 15/6% YoY, highe than our expectations owing to lower than expected NIM compression. </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.

Advances growth was slower at 20/4% YoY/QoQ, owing to slower growth in the core segment (~60% Mix) of wheels (5/-2% YoY/QoQ), MBL (+6/3% YoY/QoQ).However, growth in home Loans (+44/5% YoY/QoQ), Business Banking (+56/11% YoY/QoQ) remained healthy.NII grew by 15/6% YoY, highe than our expectations owing to lower than expected NIM compression. 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. - Elevated Opex and Credit Costs to Keep RoA at 1.6-1.7%!

<ul><li>India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on select categories of consumer credit</li><li>Our discussions with experts suggest that the RBI’s note of caution is largely centred on small-ticket personal loans (STPL) (ticket size</li><li>The RBI’s risk-weight measures are likely to increase the hurdle rate for banks and NBFCs towards unsecured consumer loans, resulting in a material growth deceleration</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.

India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on select categories of consumer creditOur discussions with experts suggest that the RBI’s note of caution is largely centred on small-ticket personal loans (STPL) (ticket sizeThe RBI’s risk-weight measures are likely to increase the hurdle rate for banks and NBFCs towards unsecured consumer loans, resulting in a material growth decelerationContent 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.

Leveraged Financials: Emerging Long-Tail Risks in Unsecured Credit

<ul><li>Post the announcement of the merger, a point of discussion has been AUSFB’s intent to enter the microfinance (MFI) segment, a business it has been averse to in the past and its decision to acquire a Small Finance Bank (SFB), rather than a microfinancier.</li><li>We attended the analyst meet hosted by AU Small Finance Bank (AUSFB) to discuss the strategic motives and address the key concerns around the merger with Fincare Small Finance Bank (Fincare). We list a few of our key takeaways from the meeting.</li><li>Pan-India player with a diversified portfolio: A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio, given Fincare’s dominant presence in South and East 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.

Post the announcement of the merger, a point of discussion has been AUSFB’s intent to enter the microfinance (MFI) segment, a business it has been averse to in the past and its decision to acquire a Small Finance Bank (SFB), rather than a microfinancier.We attended the analyst meet hosted by AU Small Finance Bank (AUSFB) to discuss the strategic motives and address the key concerns around the merger with Fincare Small Finance Bank (Fincare). We list a few of our key takeaways from the meeting.Pan-India player with a diversified portfolio: A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio, given Fincare’s dominant presence in South and East 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.

AU Small Finance Bank Ltd. - Merger Synergies to Play-Out over Medium Term!

<ul><li>Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.</li><li>Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).</li><li>ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.</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.

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23.Calls that successfully achieved their target were Nestle India (~10%), Aptus Value Housing Finance (10%), and Equitas Small Finance Bank (10%).ICICI Bank LtdAxis Alpha reported an astounding monthly strike rate of 80% in Oct’23.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.

Axis Research Scorecard Report for Oct 2023

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)

HSIE Results Daily: SBI Life Insurance, Shriram Finance, AU Small Finance Bank

SBILIFE’s adjusted VNB was flat YoY at INR40.4bn, as the VNB margin clocked in at 28.1% (softer 153bps YoY) on the back of a 500bps higher share of...

HDFC Securities

AU Small Finance Bank Ltd. - Elevated Opex and Credit Costs to Keep RoA at 1.6-1.7%!

Advances growth was slower at 20/4% YoY/QoQ, owing to slower growth in the core segment (~60% Mix) of wheels (5/-2% YoY/QoQ), MBL (+6/3% YoY/QoQ).

Axis Direct

Leveraged Financials: Emerging Long-Tail Risks in Unsecured Credit

India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on...

HDFC Securities

AU Small Finance Bank Ltd. - Merger Synergies to Play-Out over Medium Term!

A key positive from the merger with Fincare is that it will allow AUSFB to become a pan-India player with a diversified portfolio

Axis Direct

Axis Research Scorecard Report for Oct 2023

Our POW calls delivered an excellent Monthly strike rate of 84% in Oct’23. Calls that successfully achieved their target were Nestle India (~10%),...

Axis Direct

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