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. 

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Equity Bottom-Up

<ul><li>IT Migration Disrupts Near-Term Execution; FY27 Guidance Retained: In Q2, CANF’s disbursements were materially impacted by the phased implementation of the new IT platform across branches, even as underlying housing loan demand remained resilient across geographies.</li><li>The migration resulted in disbursements at affected branches declining by ~70- 75% during the month of implementation, before recovering to 80-90% of their earlier levels in the following month.</li><li>This impact was pronounced over Aug-Sep’26, wherein the majority of CANF’s branches migrated to the new system. </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.

IT Migration Disrupts Near-Term Execution; FY27 Guidance Retained: In Q2, CANF’s disbursements were materially impacted by the phased implementation of the new IT platform across branches, even as underlying housing loan demand remained resilient across geographies.The migration resulted in disbursements at affected branches declining by ~70- 75% during the month of implementation, before recovering to 80-90% of their earlier levels in the following month.This impact was pronounced over Aug-Sep’26, wherein the majority of CANF’s branches migrated to the new system. 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.

Can Fin Homes Ltd - In-Line Quarter; H2 Recovery Key to Delivering Growth Guidance

<ul><li>Broad-Based Growth Across Geographies; Disbursement Momentum to Improve: CANF’s disbursement growth was broad-based across all 6 zones, including the historically slowergrowing Karnataka (KA) and Telangana (TL) markets, which posted positive growth, thus reflecting healthy demand across geographies.</li><li>Growth was aided by incremental contribution from branches opened after Mar’23 as these units mature, as well as a positive contribution from the sales team.</li><li>Within the disbursement mix, the SENP disbursements grew faster (+44% YoY) than salaried (+21% YoY), while non-housing loans (non-HL; +32% YoY) outpaced the core HL disbursements (+28% YoY). </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.

Broad-Based Growth Across Geographies; Disbursement Momentum to Improve: CANF’s disbursement growth was broad-based across all 6 zones, including the historically slowergrowing Karnataka (KA) and Telangana (TL) markets, which posted positive growth, thus reflecting healthy demand across geographies.Growth was aided by incremental contribution from branches opened after Mar’23 as these units mature, as well as a positive contribution from the sales team.Within the disbursement mix, the SENP disbursements grew faster (+44% YoY) than salaried (+21% YoY), while non-housing loans (non-HL; +32% YoY) outpaced the core HL disbursements (+28% YoY). 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.

Can Fin Homes Ltd - In-Line Quarter; Rundown Pressure Keeps AUM Growth in Check

Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

<ul>
<li>Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. </li>
<li>We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.</li>
<li>14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.</li>
</ul>


Since inception on February 27, our equal-weighted Indian Mid-Cap basket has appreciated 29.4%, sharply outperforming the BSE Mid-Cap Index (18.6%). We revisit our basket and apply the relevant screens again. 
We screen on minimum 10% EPS CAGR over next two years, maximum PEG of 1.3x, consensus rating of buy/overweight and upward revision in consensus EPS estimate over past 6 months.
14 stocks come up in our new India Mid-Caps basket - fewer than the 20 that we had earlier. Four stocks are common with the previous basket.


Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

<ul><li>Key States Stage a Recovery; Momentum to Improve: CANF’s key states – Karnataka (KA) and Telangana (TL) have turned the corner and resumed their positive growth journey from Q4 onwards, post facing initial headwinds, and the momentum is expected to sustain.</li><li>KA reported a 7% disbursement growth in FY26, supported by improving e-Khata-related processes, with urban markets stabilising (barring some rural delays) and the monthly disbursement run-rate improving to Rs 290 Cr vs Rs 250 Cr earlier.</li><li>Similarly, TL, though having staged a slower recovery, has also normalised with a &gt;Rs 100 Cr/month disbursement run-rate in Q3/Q4, and is expected to return to its growth trajectory in FY27. </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.

Key States Stage a Recovery; Momentum to Improve: CANF’s key states – Karnataka (KA) and Telangana (TL) have turned the corner and resumed their positive growth journey from Q4 onwards, post facing initial headwinds, and the momentum is expected to sustain.KA reported a 7% disbursement growth in FY26, supported by improving e-Khata-related processes, with urban markets stabilising (barring some rural delays) and the monthly disbursement run-rate improving to Rs 290 Cr vs Rs 250 Cr earlier.Similarly, TL, though having staged a slower recovery, has also normalised with a &gt;Rs 100 Cr/month disbursement run-rate in Q3/Q4, and is expected to return to its growth trajectory in FY27. 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.

Can Fin Homes Ltd - Good Quarter; Growth to Strengthen Further from FY27 Onwards!

<ul><li>Key States Stage a Recovery; Momentum to Improve: CANF’s key states – Karnataka (KA) and Telangana (TL) have witnessed a healthy recovery, with KA reported a positive disbursement growth on YTD basis (+3% YoY), having recorded a ~Rs 250 Cr/month disbursement growth in Q3 (total disbursement of Rs 740 Cr in Q3) and the momentum has sustained going into Q4.</li><li>Though TL continues to lag the growth recovery, signs of improvement are visible with disbursements now clocking a monthly run rate of Rs 100 Cr, and growing at ~30% YoY in Q3, thereby instilling confidence of ending FY26 with a flattish growth.</li><li>Moving forward, the management expects KA disbursement growth to remain healthy and the state to contribute meaningfully in FY27. </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.

Key States Stage a Recovery; Momentum to Improve: CANF’s key states – Karnataka (KA) and Telangana (TL) have witnessed a healthy recovery, with KA reported a positive disbursement growth on YTD basis (+3% YoY), having recorded a ~Rs 250 Cr/month disbursement growth in Q3 (total disbursement of Rs 740 Cr in Q3) and the momentum has sustained going into Q4.Though TL continues to lag the growth recovery, signs of improvement are visible with disbursements now clocking a monthly run rate of Rs 100 Cr, and growing at ~30% YoY in Q3, thereby instilling confidence of ending FY26 with a flattish growth.Moving forward, the management expects KA disbursement growth to remain healthy and the state to contribute meaningfully in FY27. 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.

Can Fin Homes Ltd - Good Quarter; Growth to Strengthen from FY27 Onwards!

India

Can Fin Homes is a housing finance company promoted by Canara Bank, focusing primarily on individual housing loans for middle-aged first-time homebuyers in the affordable and middle-income sectors. The company provides housing loans for construction, purchase, and renovation, as well as non-housing loans like mortgage and top-up loans. Headquartered in Bengaluru, Karnataka, India, the company was founded in 1987.

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Can Fin Homes (CANF IN)

Can Fin Homes Ltd - In-Line Quarter; H2 Recovery Key to Delivering Growth Guidance

The migration resulted in disbursements at affected branches declining by ~70- 75% during the month of implementation, before recovering to 80-90%...

Axis Direct

Can Fin Homes Ltd - In-Line Quarter; Rundown Pressure Keeps AUM Growth in Check

Growth was aided by incremental contribution from branches opened after Mar’23 as these units mature, as well as a positive contribution from the...

Axis Direct

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

Can Fin Homes Ltd - Good Quarter; Growth to Strengthen Further from FY27 Onwards!

CANF’s key states – Karnataka (KA) and Telangana (TL) have turned the corner and resumed their positive growth journey from Q4 onwards...

Axis Direct

Can Fin Homes Ltd - Good Quarter; Growth to Strengthen from FY27 Onwards!

CANF’s key states – Karnataka (KA) and Telangana (TL) have witnessed a healthy recovery, with KA reported a positive disbursement growth on YTD basis

Axis Direct

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Can Fin Homes Ltd - In-Line Quarter; H2 Recovery Key to Delivering Growth Guidance

The migration resulted in disbursements at affected branches declining by ~70- 75% during the month of implementation, before recovering to 80-90%...

Axis Direct

Can Fin Homes Ltd - In-Line Quarter; Rundown Pressure Keeps AUM Growth in Check

Growth was aided by incremental contribution from branches opened after Mar’23 as these units mature, as well as a positive contribution from the...

Axis Direct

Asian Equities: Revisiting Indian Mid-Caps After Sharp Outperformance – A New Quant Screen

​Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...

Manishi Raychaudhuri

Can Fin Homes Ltd - Good Quarter; Growth to Strengthen Further from FY27 Onwards!

CANF’s key states – Karnataka (KA) and Telangana (TL) have turned the corner and resumed their positive growth journey from Q4 onwards...

Axis Direct

Can Fin Homes Ltd - Good Quarter; Growth to Strengthen from FY27 Onwards!

CANF’s key states – Karnataka (KA) and Telangana (TL) have witnessed a healthy recovery, with KA reported a positive disbursement growth on YTD basis

Axis Direct

Our Indian Mid-Cap basket (up 29.4% since Feb 27 inception) beat the BSE Mid-Cap Index (up 18.6%) sharply. We revisit the basket with the earlier...