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. 

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>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>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, 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>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.

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>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 (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!

Thematic (Sector/Industry)

<ul><li>Covid-19 Update: Moderation seen in the caseload across the world – The rise in Covid-19 cases across the world moderated in Sep’22 vis-à-vis previous months, providing much-needed relief from the anticipated COVID 4.0.</li><li>The large-scale vaccination drive undertaken by the Government of India picked up further pace in Sep’22 and crossed a remarkable milestone of 218 Cr (as of 28th Sep’22).</li><li>Average daily doses have moderated to 18.3 Lc/day in Sep’22 from 57 Lc/day in Nov’21 as COVID 3.0 retreated and the majority of the population is already vaccinated.</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.

Covid-19 Update: Moderation seen in the caseload across the world – The rise in Covid-19 cases across the world moderated in Sep’22 vis-à-vis previous months, providing much-needed relief from the anticipated COVID 4.0.The large-scale vaccination drive undertaken by the Government of India picked up further pace in Sep’22 and crossed a remarkable milestone of 218 Cr (as of 28th Sep’22).Average daily doses have moderated to 18.3 Lc/day in Sep’22 from 57 Lc/day in Nov’21 as COVID 3.0 retreated and the majority of the population is already vaccinated.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 Multi-Asset Strategy - Stay Focused on Asset Allocation

<ul><li>Axis Top Picks basket delivered flattish returns (+0.2%) in a highly volatile Sep’22 which reported a rather mixed performance across sectors and style indices.</li><li>While the NIFTY 50 index declined by over 4% during the month, our Top Picks basket outperformed the index by a superior margin, showcasing its resilience one more time.</li><li>Moreover, since its inception in May'20, Our Top Picks basket has delivered an impressive return of 143%, which stands significantly higher than the 84% return reported by NIFTY 50 over the same period.</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.

Axis Top Picks basket delivered flattish returns (+0.2%) in a highly volatile Sep’22 which reported a rather mixed performance across sectors and style indices.While the NIFTY 50 index declined by over 4% during the month, our Top Picks basket outperformed the index by a superior margin, showcasing its resilience one more time.Moreover, since its inception in May'20, Our Top Picks basket has delivered an impressive return of 143%, which stands significantly higher than the 84% return reported by NIFTY 50 over the same period.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 Top Picks - Oct 2022 - Earnings Commentary & Festival Demand to Drive the Market

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)

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

Axis Multi-Asset Strategy - Stay Focused on Asset Allocation

The rise in Covid-19 cases across the world moderated in Sep’22 vis-à-vis previous months, providing much-needed relief from the anticipated COVID...

Axis Direct

Axis Top Picks - Oct 2022 - Earnings Commentary & Festival Demand to Drive the Market

Axis Top Picks basket delivered flattish returns (+0.2%) in a highly volatile Sep’22 which reported a rather mixed performance across sectors and...

Axis Direct

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