External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolio</li><li>Cigarette net revenue/EBIT growth was at 4/2%, with volume estimated to have fallen by 1% (5% 4-year CAGR) on a high base</li><li>Differentiated and premium offerings continued to perform well</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.

ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolioCigarette net revenue/EBIT growth was at 4/2%, with volume estimated to have fallen by 1% (5% 4-year CAGR) on a high baseDifferentiated and premium offerings continued to perform wellContent 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: ITC, Bajaj Finance, Cholamandalam Investment and Finance Company

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

<ul><li>Healthy operating metrics: BAF added 3.85 Mn customers (+24/8% YoY/QoQ) during the qtr. vs 3.1/3.6 Mn customer YoY/QoQ, taking the total customer base to 80.4 Mn customers (+22/5% YoY/QoQ).</li><li>The company booked ~9.9 Mn loans during the qtr (+26/15% YoY/QoQ).</li><li>The management had guided to add 13-14 Mn customers in FY24 thereby exiting with a customer base of 82.5-83 Mn customers.</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.

Healthy operating metrics: BAF added 3.85 Mn customers (+24/8% YoY/QoQ) during the qtr. vs 3.1/3.6 Mn customer YoY/QoQ, taking the total customer base to 80.4 Mn customers (+22/5% YoY/QoQ).The company booked ~9.9 Mn loans during the qtr (+26/15% YoY/QoQ).The management had guided to add 13-14 Mn customers in FY24 thereby exiting with a customer base of 82.5-83 Mn customers.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. - Calibrated Growth Approach to Maximize Return Ratios, Maintain BUY

<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

<ul><li>Despite the rising scale and complexity of its operations, Bajaj Finance (BAF) has continued to deliver a healthy ~26% AUM CAGR from FY22-FY24E</li><li>This growth is largely attributed to a rebound in the acquisition engine through an omni-channel strategy, enhanced cross-sell of loans and other products, and the addition of new verticals</li><li>Despite the RBI-imposed embargo on Insta EMI cards and e-commerce loans (~4-5% of disbursements) and higher risk weights, we expect BAF to deliver on key metrics although the near-term growth is likely to taper off moderately.</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.

Despite the rising scale and complexity of its operations, Bajaj Finance (BAF) has continued to deliver a healthy ~26% AUM CAGR from FY22-FY24EThis growth is largely attributed to a rebound in the acquisition engine through an omni-channel strategy, enhanced cross-sell of loans and other products, and the addition of new verticalsDespite the RBI-imposed embargo on Insta EMI cards and e-commerce loans (~4-5% of disbursements) and higher risk weights, we expect BAF to deliver on key metrics although the near-term growth is likely to taper off moderately.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: Value Emerging, Upgrade to BUY

<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

India

Bajaj Finance Limited is a financial services company that operates branches in India, which provide an assortment of financial services.

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Bajaj Finance Ltd (BAF IN)

HSIE Results Daily: ITC, Bajaj Finance, Cholamandalam Investment and Finance Company

ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolio

HDFC Securities

Bajaj Finance Ltd. - Calibrated Growth Approach to Maximize Return Ratios, Maintain BUY

BAF added 3.85 Mn customers (+24/8% YoY/QoQ) during the qtr. vs 3.1/3.6 Mn customer YoY/QoQ, taking the total customer base to 80.4 Mn customers...

Axis Direct

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

Bajaj Finance: Value Emerging, Upgrade to BUY

Despite the rising scale and complexity of its operations, Bajaj Finance (BAF) has continued to deliver a healthy ~26% AUM CAGR from FY22-FY24E

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

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