External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Bajaj Finance, a strong NBFC with digital footprints made a strong comeback with AUM growth reaching ~28-30% YoY.</li><li>Harnessing its large franchise base digitally offers huge opportunity. Housing forms 32% of the book.</li><li>Bajaj Finance maintained strong operating metrics over various credit and rate cycles leading to &gt;18% RoE and &gt; 4% RoA leading to 2x.</li></ul><p><em>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.</em></p>

Bajaj Finance, a strong NBFC with digital footprints made a strong comeback with AUM growth reaching ~28-30% YoY.Harnessing its large franchise base digitally offers huge opportunity. Housing forms 32% of the book.Bajaj Finance maintained strong operating metrics over various credit and rate cycles leading to &gt;18% RoE and &gt; 4% RoA leading to 2x.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 - Sustainable Growth in AUM, PAT; Valuation Justified...

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>PAT grew 88% YoY to ~INR27.8b (in line) in 2QFY23. This healthy operational performance was driven by robust customer additions, new loan acquisitions, and strong velocity, aided by its omnichannel strategy and the digital ecosystem.</li><li>NII grew 29% YoY to INR55.4b. Other operating income grew 31% YoY, driven by a healthy improvement in fee income and higher treasury and investment income.</li><li>NIM (calculated) improved by ~3bp QoQ to ~13.3%. We expect NIM to remain stable in FY23, but compress by ~30bp in FY24 due to BAF’s limited ability to pass on the increase in borrowing costs against a large fixed-rate loan book.</li></ul><p><em>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.</em></p>

PAT grew 88% YoY to ~INR27.8b (in line) in 2QFY23. This healthy operational performance was driven by robust customer additions, new loan acquisitions, and strong velocity, aided by its omnichannel strategy and the digital ecosystem.NII grew 29% YoY to INR55.4b. Other operating income grew 31% YoY, driven by a healthy improvement in fee income and higher treasury and investment income.NIM (calculated) improved by ~3bp QoQ to ~13.3%. We expect NIM to remain stable in FY23, but compress by ~30bp in FY24 due to BAF’s limited ability to pass on the increase in borrowing costs against a large fixed-rate loan book.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 - Earnings in Line; Digital Transformation Aiding Momentum

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>Bajaj Finance (BAF) reported yet another strong quarter, marginally ahead of our expectations, driven by robust AUM growth (consol.) of 31/7% YoY/QoQ, stable NIMs (calc.at 10.5%), normalized credit costs driving healthy earnings growth of 88/7% YoY/QoQ.</li><li>AUM growth was driven by continued traction across products, especially the rural segment (+34% YoY, +4% QoQ) and mortgages (+31% YoY, +8% QoQ).</li><li>The auto financing segment continued to de-grow (-5% YoY, +2% QoQ), however the management remains confident of growth returning in the segment, as BAF exits FY23.</li></ul><p><em>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.</em></p>

Bajaj Finance (BAF) reported yet another strong quarter, marginally ahead of our expectations, driven by robust AUM growth (consol.) of 31/7% YoY/QoQ, stable NIMs (calc.at 10.5%), normalized credit costs driving healthy earnings growth of 88/7% YoY/QoQ.AUM growth was driven by continued traction across products, especially the rural segment (+34% YoY, +4% QoQ) and mortgages (+31% YoY, +8% QoQ).The auto financing segment continued to de-grow (-5% YoY, +2% QoQ), however the management remains confident of growth returning in the segment, as BAF exits FY23.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 - Robust Quarter, Growth Momentum to Sustain!

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps), partially offset by elevated opex (~5% of AUM)</li><li>Core AUM growth (ex-IPO financing) remained strong at 26% YoY despite marginal softness in new customer additions (-2% YoY) and new loans disbursed (+15% YoY)</li><li>With Phase-I of the digital transformation underway and Phase-II in the works (expected in FY23), BAF articulated a further build-out of its omnichannel strategy (web-based platform, in addition to its apps)</li></ul><p><em>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.</em></p>

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps), partially offset by elevated opex (~5% of AUM)Core AUM growth (ex-IPO financing) remained strong at 26% YoY despite marginal softness in new customer additions (-2% YoY) and new loans disbursed (+15% YoY)With Phase-I of the digital transformation underway and Phase-II in the works (expected in FY23), BAF articulated a further build-out of its omnichannel strategy (web-based platform, in addition to its apps)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, AU Small Finance Bank, Nippon Life India Asset Management

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>AUM growth likely to remain strong: Overall AUM increased by 29.1% YoY.</li><li><div><div><p>Customer acquisition will be supported by omnichannel strategy: Total customer franchise stood at 57.6mn, up 18% YoY.</p></div></div></li></ul></div></div></div></div><div><div><div><div><ul><li>Margins lower due to drop in yields: NII growth was 25% YoY for 4QFY22 and 29% for FY22.</li></ul></div></div></div></div><p><em>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.</em></p>

AUM growth likely to remain strong: Overall AUM increased by 29.1% YoY.Customer acquisition will be supported by omnichannel strategy: Total customer franchise stood at 57.6mn, up 18% YoY.Margins lower due to drop in yields: NII growth was 25% YoY for 4QFY22 and 29% for FY22.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 Ltd - Operationally Strong; Web Platform Completes Omnichannel Strategy

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)

Bajaj Finance - Sustainable Growth in AUM, PAT; Valuation Justified...

Bajaj Finance, a strong NBFC with digital footprints made a strong comeback with AUM growth reaching ~28-30% YoY. Harnessing its large franchise...

ICICI Securities Limited

Bajaj Finance - Earnings in Line; Digital Transformation Aiding Momentum

This healthy operational performance was driven by robust customer additions, new loan acquisitions, and strong velocity, aided by its omnichannel...

Motilal Oswal

Bajaj Finance - Robust Quarter, Growth Momentum to Sustain!

AUM growth was driven by continued traction across products, especially the rural segment (+34% YoY, +4% QoQ) and mortgages (+31% YoY, +8% QoQ).

Axis Direct

HSIE Results Daily: Bajaj Finance, AU Small Finance Bank, Nippon Life India Asset Management

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps),...

HDFC Securities

Bajaj Finance Ltd - Operationally Strong; Web Platform Completes Omnichannel Strategy

Bajaj Finance reported another strong quarter of profitable growth. Net profit was in line with expectations, increasing by ~80% YoY.

Nirmal Bang

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