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>Mahindra &amp; Mahindra Financial Services: MMFS reported yet another quarter of earnings de-growth (-10% YoY) due to higher-than-expected provisions (140bps), driven by elevated write-offs (260bps) and a one-off incidence of fraud (54bps)</li><li>Loan growth remained healthy (+24% YoY), driven by the PVs and used vehicles segment</li><li>MMFS continues to under-deliver on its Mission 2025, as the management revisited its guidance on most parameters, especially NIMs, opex efficiency and RoAs</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.

Mahindra &amp; Mahindra Financial Services: MMFS reported yet another quarter of earnings de-growth (-10% YoY) due to higher-than-expected provisions (140bps), driven by elevated write-offs (260bps) and a one-off incidence of fraud (54bps)Loan growth remained healthy (+24% YoY), driven by the PVs and used vehicles segmentMMFS continues to under-deliver on its Mission 2025, as the management revisited its guidance on most parameters, especially NIMs, opex efficiency and RoAsContent 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: Mahindra & Mahindra Financial Services, CDSL

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Indian household savings seeing a significant transition from traditional assets to financial assets</li>
<li>More than transition, there is a transformative trend ahead for financialization of savings paving way for Indian Households a decadal opportunity of wealth creation</li>
<li>What happened in US could happen in India over the next few decades - Significant wealth creation opportunity</li>
</ul>


Indian household savings seeing a significant transition from traditional assets to financial assets
More than transition, there is a transformative trend ahead for financialization of savings paving way for Indian Households a decadal opportunity of wealth creation
What happened in US could happen in India over the next few decades - Significant wealth creation opportunity


From Savings to Wealth Creation: The Financialization of Indian Households

Equity Bottom-Up

Central Depository Services / Equity Bottom-Up

<ul><li>CDSL growth is expected to resume led by a recovery in market-linked revenue (transaction, IPO, and KYC) and a strong annuity stream (annual issuer charges and e-CAS)</li><li>Incremental revenue from compulsory Demat of new insurance policies (effective April 2024) and unlisted companies (Private Ltd) will provide a growth push in FY25E</li><li>The BO account addition is the core building block of the depository business and continued strong additions will support 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.

CDSL growth is expected to resume led by a recovery in market-linked revenue (transaction, IPO, and KYC) and a strong annuity stream (annual issuer charges and e-CAS)Incremental revenue from compulsory Demat of new insurance policies (effective April 2024) and unlisted companies (Private Ltd) will provide a growth push in FY25EThe BO account addition is the core building block of the depository business and continued strong additions will support growthContent 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.

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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/hd-hyundai-marine-solution-co" target="_blank" data-smartkarma-citation="entities:41002:1" rel="noopener">HD Hyundai Marine Solution (443060 KS)</a> and <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom</a> were in the market trying to raise over US$500m each.</li>
<li>Placements flow continued unabated this week as well, India, Taiwan and South Korea seeing large blocks.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, HD Hyundai Marine Solution (443060 KS) and Bharti Hexacom were in the market trying to raise over US$500m each.
Placements flow continued unabated this week as well, India, Taiwan and South Korea seeing large blocks.


ECM Weekly (1st Apr 2024) - Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda

<ul><li>Nestle India: Nestle posted a resilient operating performance with EBITDA growing by 14% (HSIE: +10%) due to a 370bps GM expansion to 58.6% (the highest in the last 20 quarters)</li><li>Domestic revenue grew by 9% YoY (HSIE 12%) on the back of pricing and mix growth (around low to mid-single-digit volume growth)</li><li>Coffee prices remain volatile while healthy milk flush in winter is expected to keep milk prices stable</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.

Nestle India: Nestle posted a resilient operating performance with EBITDA growing by 14% (HSIE: +10%) due to a 370bps GM expansion to 58.6% (the highest in the last 20 quarters)Domestic revenue grew by 9% YoY (HSIE 12%) on the back of pricing and mix growth (around low to mid-single-digit volume growth)Coffee prices remain volatile while healthy milk flush in winter is expected to keep milk prices stableContent 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: Nestle India, Trent, Britannia Industries, Endurance Technologies

India

Central Depository Services (India) Limited (CDSL) offers financial services. The Company provides transmission of securities, dematerialisation, processing delivery, account opening, receipt instructions, holding, pledging, educational initiatives, settlements, and depository services to investors. CDSL serves customers in India.

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Central Depository Services (CDSL IN)

HSIE Results Daily: Mahindra & Mahindra Financial Services, CDSL

Mahindra & Mahindra Financial Services: MMFS reported yet another quarter of earnings de-growth (-10% YoY) due to higher-than-expected provisions...

HDFC Securities

From Savings to Wealth Creation: The Financialization of Indian Households

Equities as % household assets have rose from 2% to 5% as of 2023 and is expected to gone to 10% by 2030 paving a significant opportunity for...

Sudarshan Bhandari

CDSL: Restoring Growth. Maintain BUY

CDSL growth is expected to resume led by a recovery in market-linked revenue (transaction, IPO, and KYC) and a strong annuity stream (annual issuer...

HDFC Securities

ECM Weekly (1st Apr 2024) - Shinhan, GlobalWafers, Mankind, Hyundai Marine, Bharti Hexacom, ChaPanda

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

HSIE Results Daily: Nestle India, Trent, Britannia Industries, Endurance Technologies

Nestle India: Nestle posted a resilient operating performance with EBITDA growing by 14% (HSIE: +10%) due to a 370bps GM expansion to 58.6% (the...

HDFC Securities

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