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.

Equity Bottom-Up

<ul><li>Operational Performance: CANF’s disbursement growth was weak and de-grew by 6/30% YoY/QoQ.</li><li>AUM growth was slowest in 12 quarters, registering a growth of ~9/2% YoY/QoQ (vs our expectation of 11% YoY growth).</li><li>The share of salaried to self-employed customers stood steady at 72:28, flat QoQ.</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.

Operational Performance: CANF’s disbursement growth was weak and de-grew by 6/30% YoY/QoQ.AUM growth was slowest in 12 quarters, registering a growth of ~9/2% YoY/QoQ (vs our expectation of 11% YoY growth).The share of salaried to self-employed customers stood steady at 72:28, flat QoQ.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. - Growth Recovery in Sight, Maintain BUY!

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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 company is confident of recouping growth as most of the internal systems and processes have been streamlined.</li><li>It is guiding for loan growth of 15% in FY25 and 18-20% from FY26 onward driven by pick up in disbursements growth led by branch expansion and productivity underwriting higher ticket-size home loans as demand is tepid in ticket size lower than Rs. 20 lakh and</li><li>c) Partnering with builders where projects are approved project financial (APF) by other large lenders so that it can source small-project loans.</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 company is confident of recouping growth as most of the internal systems and processes have been streamlined.It is guiding for loan growth of 15% in FY25 and 18-20% from FY26 onward driven by pick up in disbursements growth led by branch expansion and productivity underwriting higher ticket-size home loans as demand is tepid in ticket size lower than Rs. 20 lakh andc) Partnering with builders where projects are approved project financial (APF) by other large lenders so that it can source small-project loans.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 - Strong RoE to Sustain, Growth to Pick Up

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/india-shelter-finance" target="_blank" data-smartkarma-citation="entities:40025:1" rel="noopener">India Shelter Finance (0570670D IN)</a> listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO</li>
<li>India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.</li>
<li>Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.</li>
</ul>



India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their stakes in the IPO
India Shelter Finance (ISF) is a retail-focused HFC targeting the self-employed customer with a focus on first time home loan takers in the low and middle income group.
Coming up for six-month lockup expiry on 18th Jun 2024 are the firm's pre-IPO shareholders and a portion of the promoters’ stakes.


India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Capital Markets

Aadhar Housing Finance / Equity Capital Markets

<ul>
<li>Branches visited - Ajmer, Bengaluru, Mandya, Mysuru, Jaipur, Solapur, Pimpri and Pune.</li>
<li>Business growth is driven by taking calls that peers are reluctant to take with regards to property and incomes.</li>
<li>Lack of team and increasing competition are primary concerns that also warrant attention. </li>
</ul>


Branches visited - Ajmer, Bengaluru, Mandya, Mysuru, Jaipur, Solapur, Pimpri and Pune.
Business growth is driven by taking calls that peers are reluctant to take with regards to property and incomes.
Lack of team and increasing competition are primary concerns that also warrant attention. 


Aadhar Housing Finance IPO | Takeaways from Branch Visits

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>Motilal Oswal's research report onCan Fin Homes CANF’s 4QFY24 PAT grew 26% YoY to ~INR2.1b (in line) and NII grew 25% YoY to INR3.3b (in line).</li><li>FY24 PAT rose 21% YoY to INR7.5b and the company reported FY24 RoA/RoE of 2.2%/18.8%.</li><li>Opex grew 39% YoY to INR 720m (39% above MOFSLe).</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.

Motilal Oswal's research report onCan Fin Homes CANF’s 4QFY24 PAT grew 26% YoY to ~INR2.1b (in line) and NII grew 25% YoY to INR3.3b (in line).FY24 PAT rose 21% YoY to INR7.5b and the company reported FY24 RoA/RoE of 2.2%/18.8%.Opex grew 39% YoY to INR 720m (39% above MOFSLe).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 - In Line Earnings; Disbursements Muted but Picking up Pace

India

Can Fin Homes Ltd provides housing finance.  The company offers long term housing loans to middle and lower income individuals or corporate bodies for construction and acquiring houses/flats.

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Can Fin Homes (CANF IN)

Can Fin Homes Ltd. - Growth Recovery in Sight, Maintain BUY!

CANF’s disbursement growth was weak and de-grew by 6/30% YoY/QoQ. AUM growth was slowest in 12 quarters, registering a growth of ~9/2% YoY/QoQ (vs...

Axis Direct

Can Fin Homes Ltd - Strong RoE to Sustain, Growth to Pick Up

The company is confident of recouping growth as most of the internal systems and processes have been streamlined. It is guiding for loan growth of...

Sharekhan

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Aadhar Housing Finance IPO | Takeaways from Branch Visits

Aadhar's Business growth is fueled by taking on aggressive calls, lack of team, and rising competition are key concerns.

Pranav Bhavsar

Can Fin Homes - In Line Earnings; Disbursements Muted but Picking up Pace

Motilal Oswal's research report onCan Fin Homes CANF’s 4QFY24 PAT grew 26% YoY to ~INR2.1b (in line) and NII grew 25% YoY to INR3.3b (in line).

Motilal Oswal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Can Fin Homes Ltd. - Growth Recovery in Sight, Maintain BUY!

CANF’s disbursement growth was weak and de-grew by 6/30% YoY/QoQ. AUM growth was slowest in 12 quarters, registering a growth of ~9/2% YoY/QoQ (vs...

Axis Direct

Can Fin Homes Ltd - Strong RoE to Sustain, Growth to Pick Up

The company is confident of recouping growth as most of the internal systems and processes have been streamlined. It is guiding for loan growth of...

Sharekhan

India Shelter Finance US$240m Lock-Up Expiry - Multi-Bagger Gains Are Ripe for the Taking

India Shelter Finance (0570670D IN) listed in India on 20th Dec 2023 after raising US$144m. The pre-IPO investors had trimmed a portion of their...

Clarence Chu

Aadhar Housing Finance IPO | Takeaways from Branch Visits

​Aadhar's Business growth is fueled by taking on aggressive calls, lack of team, and rising competition are key concerns.

Pranav Bhavsar

Can Fin Homes - In Line Earnings; Disbursements Muted but Picking up Pace

Motilal Oswal's research report onCan Fin Homes CANF’s 4QFY24 PAT grew 26% YoY to ~INR2.1b (in line) and NII grew 25% YoY to INR3.3b (in line).

Motilal Oswal

Aadhar's Business growth is fueled by taking on aggressive calls, lack of team, and rising competition are key concerns.