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>Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)</li><li>The margin beat was due to an improved mix and better export realisation</li><li>While BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenance</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.

Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)The margin beat was due to an improved mix and better export realisationWhile BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenanceContent 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: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

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.

<ul><li>As a part of the circular, the RBI has announced an increase in risk weight to 125% from the current 100% for all consumer credit exposure of commercial banks – both existing and new.</li><li>This will include personal loans but exclude housing, vehicle, and education loans as well as loans against gold and gold jewellery.</li><li>The regulator also increased the risk weight for exposure of consumer credit exposure of NBFCs (outstanding as well as new) categorised as retail loans from the current 100% to 125%.</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.

As a part of the circular, the RBI has announced an increase in risk weight to 125% from the current 100% for all consumer credit exposure of commercial banks – both existing and new.This will include personal loans but exclude housing, vehicle, and education loans as well as loans against gold and gold jewellery.The regulator also increased the risk weight for exposure of consumer credit exposure of NBFCs (outstanding as well as new) categorised as retail loans from the current 100% to 125%.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.

BFSI Sector Update - RBI Regulation on Risk Weight

<ul><li>Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY) and new loans booked (+26% YoY)</li><li>NIMs were sequentially softer by 14bps on account of a spike in funding costs, which is likely to further sustain into Q3FY24, reflecting in incremental NIM compression to the tune of 25-30bps</li><li>While our FY24 AUM growth forecast (+28%) is moderately behind management guidance, we believe that NIM compression is likely to be offset by improving operating leverage (Q2FY24: 34%)</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.

Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY) and new loans booked (+26% YoY)NIMs were sequentially softer by 14bps on account of a spike in funding costs, which is likely to further sustain into Q3FY24, reflecting in incremental NIM compression to the tune of 25-30bpsWhile our FY24 AUM growth forecast (+28%) is moderately behind management guidance, we believe that NIM compression is likely to be offset by improving operating leverage (Q2FY24: 34%)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: Bajaj Finance, ICICI Prudential Life

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, L&T Technology Services

<ul><li>Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.</li><li>Domestic 2W sales grew by 13% MoM (up 2% YoY, excluding HMSI) as OEMs filled the channel inventory ahead of the festive season.</li><li>2W exports showed early signs of strength (needs monitoring) with industry (excl HMSI) growing 4%/1% on a YoY/QoQ basis. </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.

Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.Domestic 2W sales grew by 13% MoM (up 2% YoY, excluding HMSI) as OEMs filled the channel inventory ahead of the festive season.2W exports showed early signs of strength (needs monitoring) with industry (excl HMSI) growing 4%/1% on a YoY/QoQ basis. 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

Bajaj Finance is an Indian deposit-taking non-banking financial company (NBFC) that offers a diversified portfolio of financial products and services. These include consumer loans, SME and commercial lending, rural lending, fixed deposits, and various investment and insurance products. The company is headquartered in Pune, India, and was founded on March 25, 1987.

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Bajaj Finance (BAF IN)

HSIE Results Daily: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)

HDFC Securities

BFSI Sector Update - RBI Regulation on Risk Weight

As a part of the circular, the RBI has announced an increase in risk weight to 125% from the current 100% for all consumer credit exposure of...

Axis Direct

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life

Bajaj Finance: Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer...

HDFC Securities

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, L&T Technology Services

Bajaj Finance (BAF) delivered a strong set of numbers on the back of higher-than-expected growth in AUM (+33% YoY), customer additions (+37% YoY)...

HDFC Securities

Auto Monthly Volume Sep 2023

Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.

Axis Direct

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