Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF)</a> reported a decent Q2FY24. AUM growth came in at 33% YoY. Profitability was also strong with ROA and ROE at 5%+ and 24%+, respectively.</li>
<li>While, the overall outlook remains robust, BAF may see some NIM pressure due to rising cost of funds. However, majority of this is likely to be offset by operating leverage.</li>
<li>BAF's initiative to enter into new segments like microfinance and new car financing is progressing well. New car financing expansion is already ahead of plan with presence in 85 locations.</li>
</ul>



Bajaj Finance Ltd (BAF) reported a decent Q2FY24. AUM growth came in at 33% YoY. Profitability was also strong with ROA and ROE at 5%+ and 24%+, respectively.
While, the overall outlook remains robust, BAF may see some NIM pressure due to rising cost of funds. However, majority of this is likely to be offset by operating leverage.
BAF's initiative to enter into new segments like microfinance and new car financing is progressing well. New car financing expansion is already ahead of plan with presence in 85 locations.


Bajaj Finance: NIM Under Marginal Pressure But Overall Outlook Remains Strong

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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>The Reserve Bank of India (RBI) has directed Bajaj Finance Ltd. (BAF) to stop sanction and disbursal of loans under its two lending products – ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.</li><li>This action has been initiated owing to the non-adherence of BAF to the extant provisions of digital lending guidelines of the RBI, particularly the non-issuance of Key Fact Statements (KFS) to the borrowers under these two lending products and the deficiencies in the KFS issued in respect of other digital loans sanctioned by the company.</li><li>The RBI shall review these restrictions only upon the rectification of these grievances to the regulator’s satisfaction.</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>

The Reserve Bank of India (RBI) has directed Bajaj Finance Ltd. (BAF) to stop sanction and disbursal of loans under its two lending products – ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.This action has been initiated owing to the non-adherence of BAF to the extant provisions of digital lending guidelines of the RBI, particularly the non-issuance of Key Fact Statements (KFS) to the borrowers under these two lending products and the deficiencies in the KFS issued in respect of other digital loans sanctioned by the company.The RBI shall review these restrictions only upon the rectification of these grievances to the regulator’s satisfaction.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 - RBI Restricts Disbursal of Loans Under Two Digital Lending Products

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bajaj Finance Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a> , one of India’s largest NBFCs, aims to raise around US$1bn via a QIP.</li>
<li>Bajaj Finance is an NBFC offering auto, consumer and home loans, along with other products as well.</li>
<li>In this note, we run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Bajaj Finance Ltd (BAF IN) , one of India’s largest NBFCs, aims to raise around US$1bn via a QIP.
Bajaj Finance is an NBFC offering auto, consumer and home loans, along with other products as well.
In this note, we run the deal through our ECM framework and talk about the deal dynamics.


Bajaj Finance QIP - Very Well Flagged US$1bn Raising, past Deals Have Done Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bajaj-finance-ltd" target="_blank" data-smartkarma-citation="entities:8950:1" rel="noopener">Bajaj Finance Ltd (BAF IN)</a>, one of India’s largest NBFCs, aims to raise up to US$1bn via a QIP.</li>
<li>Bajaj Finance is an NBFC offering auto, consumer and home loans, along with other products as well.</li>
<li>In this note, we talk about the deal dynamics and recent updates.</li>
</ul>



Bajaj Finance Ltd (BAF IN), one of India’s largest NBFCs, aims to raise up to US$1bn via a QIP.
Bajaj Finance is an NBFC offering auto, consumer and home loans, along with other products as well.
In this note, we talk about the deal dynamics and recent updates.


Bajaj Finance US$1bn QIP Early Look -Doesn’t Really Need the Raise, All past Deals Have Done Well

<ul>
<li>Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.</li>
<li>It is a branchless digital bank that only started operations in 2017. As of Sep 21, it had a loan book of US$21bn, deposit base of US$24bn and 17.4m customers.</li>
<li>Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea.</li>
</ul>


Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.
It is a branchless digital bank that only started operations in 2017. As of Sep 21, it had a loan book of US$21bn, deposit base of US$24bn and 17.4m customers.
Even though Kakao started operations only in July 2017, by 2020 it had already garnered more than 1% market share of overall loans and deposits in South Korea.


2022 High Conviction - Kakao Bank - A Long Way to Go

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: NIM Under Marginal Pressure But Overall Outlook Remains Strong

BAF continues to grow at a rapid pace despite its large base. Expansion across new products and enhancing digital penetration lends it a robust...

Ankit Agrawal, CFA

Bajaj Finance Ltd - RBI Restricts Disbursal of Loans Under Two Digital Lending Products

(BAF) to stop sanction and disbursal of loans under its two lending products – ‘eCOM’ and ‘Insta EMI Card’, with immediate effect.

Axis Direct

Bajaj Finance QIP - Very Well Flagged US$1bn Raising, past Deals Have Done Well

Bajaj Finance Ltd (BAF IN) , one of India’s largest NBFCs, aims to raise around US$1bn via a QIP. In this note, we talk about the deal dynamics.

Sumeet Singh

Bajaj Finance US$1bn QIP Early Look -Doesn’t Really Need the Raise, All past Deals Have Done Well

Bajaj Finance QIP is now live with the company looking to raise around US$1bn from investors. The deal is a very well flagged one.

Sumeet Singh

2022 High Conviction - Kakao Bank - A Long Way to Go

Kakao Bank (KB) is South Korea’s largest digital bank. It's a subsidiary of Kakao, which holds a 27.3% stake post listing.

Sumeet Singh

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