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.

Thematic (Sector/Industry)

<ul><li>Banks (incl. SFBs) under our coverage reported an in-line performance, delivering a credit growth at ~12% YoY, mirroring systemic growth.</li><li>This was owing to the continuous and conscious slowdown visible in the unsecured segments, particularly microfinance, credit cards and personal loans, as asset quality concerns continued to haunt.</li><li>Credit growth was primarily driven by Retail and SME portfolios, while banks continued to remain aloof in pursuing corporate growth given pricing pressures. </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.

Banks (incl. SFBs) under our coverage reported an in-line performance, delivering a credit growth at ~12% YoY, mirroring systemic growth.This was owing to the continuous and conscious slowdown visible in the unsecured segments, particularly microfinance, credit cards and personal loans, as asset quality concerns continued to haunt.Credit growth was primarily driven by Retail and SME portfolios, while banks continued to remain aloof in pursuing corporate growth given pricing pressures. 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.

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI) ”

<ul><li>The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption, 4) Some uptick in rural consumption, 5) Rising bond yields and 6) Currency tailwinds.</li><li>H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown especially in the urban area, extended monsoon, and inflation.</li><li>Collectively these factors have contributed to the slowdown in the corporate earnings during H1FY25. </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.

The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption, 4) Some uptick in rural consumption, 5) Rising bond yields and 6) Currency tailwinds.H1FY25 was challenging in terms of an overall reduction in government spending, credit tightening in unsecured lending, consumption slowdown especially in the urban area, extended monsoon, and inflation.Collectively these factors have contributed to the slowdown in the corporate earnings during H1FY25. 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.

<ul><li>The systemic credit growth (as of 13th December, 2024) has tapered to ~11.5% vs 15-16% in the recent past.</li><li>This is primarily driven by a significant slowdown in the unsecured loans alongside banks, mainly private banks intending to bring down their LDRs to a balanced level.</li><li>Amidst concerns around asset quality in certain segments (majorly unsecured lending), weaker-than-expected macro data and constraints around LDR (for certain banks), banks have been cautious towards chasing aggressive growth. .</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.

The systemic credit growth (as of 13th December, 2024) has tapered to ~11.5% vs 15-16% in the recent past.This is primarily driven by a significant slowdown in the unsecured loans alongside banks, mainly private banks intending to bring down their LDRs to a balanced level.Amidst concerns around asset quality in certain segments (majorly unsecured lending), weaker-than-expected macro data and constraints around LDR (for certain banks), banks have been cautious towards chasing aggressive growth. .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.

Q3FY25 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

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.

Equity Bottom-Up

<ul><li>Bajaj Finance (BAF) has decided to exit the co-branded credit card distribution business.</li><li>RBL Bank (RBK) announced that the bank and BAF have mutually agreed to terminate their co-branded credit card partnership.</li><li>This would also imply that BAF will potentially terminate its co-branded card partnership with DBS Bank (DBS).</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) has decided to exit the co-branded credit card distribution business.RBL Bank (RBK) announced that the bank and BAF have mutually agreed to terminate their co-branded credit card partnership.This would also imply that BAF will potentially terminate its co-branded card partnership with DBS Bank (DBS).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 - Exits Co-Branded Credit Card Distribution; Minimal Impact on Earnings

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

ICICI Securities Limited

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.

<ul><li>Bajaj Finance (BAF) ended its eight-year-long co-branded credit card partnership with RBL, as per exchange filing (Link).</li><li>We believe the possible factors behind the end of this partnership include: 1) BAF’s decision to exit the cobranded credit card business given the role of the originator being restricted to only marketing and distribution, without customer ownership.</li><li>2) BAF’s strategy to diversify its fee income pool by reducing over-reliance on credit card fees.</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) ended its eight-year-long co-branded credit card partnership with RBL, as per exchange filing (Link).We believe the possible factors behind the end of this partnership include: 1) BAF’s decision to exit the cobranded credit card business given the role of the originator being restricted to only marketing and distribution, without customer ownership.2) BAF’s strategy to diversify its fee income pool by reducing over-reliance on credit card fees.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 - RBL Co-Branded Credit Card Alliance Ceases: Negligible Earnings Impact

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)

Top Conviction Ideas - “Banks, Financial Services and Insurance (BFSI) ”

Banks (incl. SFBs) under our coverage reported an in-line performance, delivering a credit growth at ~12% YoY, mirroring systemic growth.

Axis Direct

Q3FY25 - Consolidated Earnings Preview

The Q3FY25 earnings season was marked by a) Festival demand, 2) Sequential improvement in government spending, 3) Moderation in Urban consumption

Axis Direct

Q3FY25 Earnings Preview - Banks, Financial Services and Insurance (BFSI)

We expect banks under our coverage to deliver ~12% YoY credit growth in Q3FY25, in-line with industry growth. We would expect the systemic growth...

Axis Direct

Bajaj Finance - Exits Co-Branded Credit Card Distribution; Minimal Impact on Earnings

RBL Bank (RBK) announced that the bank and BAF have mutually agreed to terminate their co-branded credit card partnership.

Motilal Oswal

Bajaj Finance - RBL Co-Branded Credit Card Alliance Ceases: Negligible Earnings Impact

We retain BUY with a TP of INR 8,500, valuing the standalone business at 4.7x FY26E BVPS while assigning INR 1,450/share towards housing subs.

ICICI Securities Limited

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