External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expenses</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimatesEarnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expensesContent 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.

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

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.

Equity Bottom-Up

<ul><li>CANF’s disbursement de-grew by ~9% YoY but grew by ~23% QoQ. AUM growth was slowest in 11 quarters, registering a growth of ~11/3% YoY/QoQ.</li><li>Slower operating performance was on the back of process revamping and upgrades. The share of salaried customers remained steady at ~72%.</li><li>CANF will focus on pursuing growth in the SE&amp;P segment while maintaining a mix of Salaried and SE&amp;P at 70:30.</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.

CANF’s disbursement de-grew by ~9% YoY but grew by ~23% QoQ. AUM growth was slowest in 11 quarters, registering a growth of ~11/3% YoY/QoQ.Slower operating performance was on the back of process revamping and upgrades. The share of salaried customers remained steady at ~72%.CANF will focus on pursuing growth in the SE&amp;P segment while maintaining a mix of Salaried and SE&amp;P at 70:30.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 Slower than Expected!

<ul><li>CANF’s disbursements de-grew by 23/7% YoY/QoQ. AUM growth was marginally lower than expected at 13/2% YoY/QoQ. T</li><li>he share of salaried borrowers was steady at 72%.</li><li>NII grew by 31/4% YoY. Yields improved by 8bps QoQ, owing to the last tranch of loan repricing, while CoF remained largely steady.</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.

CANF’s disbursements de-grew by 23/7% YoY/QoQ. AUM growth was marginally lower than expected at 13/2% YoY/QoQ. The share of salaried borrowers was steady at 72%.NII grew by 31/4% YoY. Yields improved by 8bps QoQ, owing to the last tranch of loan repricing, while CoF remained largely steady.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 - Mixed Bag Quarter; Eyeing 2x AUM Over Medium Term!

<ul><li>Tata Elxsi: Tata Elxsi (TELX) delivered an in-line quarter both on revenue and margin</li><li>While the growth print was resilient despite the Q3 seasonality/furlough impact, the growth deceleration has been steep in TELX’s EPD business (from 35%/24% growth in FY22/23 to 9% YoY in 9MFY24)</li><li>TELX has lost market share in the transportation vertical (39% of revenue) to peers on account of a lower mix of OEM customers vs Tier-1s, increased captive intensity by Tier-1s and delays in program ramp-up</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.

Tata Elxsi: Tata Elxsi (TELX) delivered an in-line quarter both on revenue and marginWhile the growth print was resilient despite the Q3 seasonality/furlough impact, the growth deceleration has been steep in TELX’s EPD business (from 35%/24% growth in FY22/23 to 9% YoY in 9MFY24)TELX has lost market share in the transportation vertical (39% of revenue) to peers on account of a lower mix of OEM customers vs Tier-1s, increased captive intensity by Tier-1s and delays in program ramp-upContent 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.

HSIE Results Daily: Tata Elxsi, Oberoi Realty, JK Cement, Route Mobile, Can Fin Homes

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.

Equity Capital Markets

India Shelter Finance / Equity Capital Markets

<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> raised around US$144m from its India 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>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



India Shelter Finance (0570670D IN) raised around US$144m from its India 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.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

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)

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

Can Fin Homes Ltd. - Growth Recovery Slower than Expected!

CANF’s disbursement de-grew by ~9% YoY but grew by ~23% QoQ. AUM growth was slowest in 11 quarters, registering a growth of ~11/3% YoY/QoQ.

Axis Direct

Can Fin Homes Ltd - Mixed Bag Quarter; Eyeing 2x AUM Over Medium Term!

CANF’s disbursements de-grew by 23/7% YoY/QoQ. AUM growth was marginally lower than expected at 13/2% YoY/QoQ. The share of salaried borrowers was...

Axis Direct

HSIE Results Daily: Tata Elxsi, Oberoi Realty, JK Cement, Route Mobile, Can Fin Homes

While the growth print was resilient despite the Q3 seasonality/furlough impact, the growth deceleration has been steep in TELX’s EPD business...

HDFC Securities

India Shelter Finance IPO Trading - Subscription Pulled by Strong Insti Demand

India Shelter Finance (0570670D IN) raised around US$144m from its India IPO. In this note, we will talk about the demand and trading dynamics.

Clarence Chu

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