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>India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on select categories of consumer credit</li><li>Our discussions with experts suggest that the RBI’s note of caution is largely centred on small-ticket personal loans (STPL) (ticket size</li><li>The RBI’s risk-weight measures are likely to increase the hurdle rate for banks and NBFCs towards unsecured consumer loans, resulting in a material growth deceleration</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.

India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on select categories of consumer creditOur discussions with experts suggest that the RBI’s note of caution is largely centred on small-ticket personal loans (STPL) (ticket sizeThe RBI’s risk-weight measures are likely to increase the hurdle rate for banks and NBFCs towards unsecured consumer loans, resulting in a material growth decelerationContent 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.

Leveraged Financials: Emerging Long-Tail Risks in Unsecured Credit

<ul><li>Cholamandalam Investment and Finance Company: Chola reported another impressive quarter on the back of strong loan growth and healthy profitability</li><li>While the overall commentary remained positive, the company signalled a cautious stance towards its FinTech partnerships in new businesses incrementally, having experienced a spike in credit costs from this pool</li><li>Chola remains a prolific franchise with medium-term RoEs of ~20%+ and strong growth prospects; however, the incremental upside on the stock is capped</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.

Cholamandalam Investment and Finance Company: Chola reported another impressive quarter on the back of strong loan growth and healthy profitabilityWhile the overall commentary remained positive, the company signalled a cautious stance towards its FinTech partnerships in new businesses incrementally, having experienced a spike in credit costs from this poolChola remains a prolific franchise with medium-term RoEs of ~20%+ and strong growth prospects; however, the incremental upside on the stock is cappedContent 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: Cholamandalam Investment and Finance Company

<ul><li>Titan: Titan’s top-line growth remains healthy. Revenue grew 26% YoY to INR 119bn</li><li>Ex-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growth</li><li>The key take from the Q1 print was the preference for market share gain over margins</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.

Titan: Titan’s top-line growth remains healthy. Revenue grew 26% YoY to INR 119bnEx-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growthThe key take from the Q1 print was the preference for market share gain over marginsContent 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: Titan, Ambuja Cement, Cholamandalam Investment and Finance Company

<ul><li>Rural India’s economic recovery post the COVID-19 pandemic has been a much debated topic over the past year, and rightfully so</li><li>Accounting for ~45% of the country’s GVA, the rural economic recovery bodes well for corporate revenues and the Indian economy as a whole</li><li>Our report is a bottom-up analysis of the Indian rural economy by looking at state-specific rural characteristics and performances</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.

Rural India’s economic recovery post the COVID-19 pandemic has been a much debated topic over the past year, and rightfully soAccounting for ~45% of the country’s GVA, the rural economic recovery bodes well for corporate revenues and the Indian economy as a wholeOur report is a bottom-up analysis of the Indian rural economy by looking at state-specific rural characteristics and performancesContent 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.

Rural India - State-Wise Divergences Evident in Recovery Phase

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.

<ul><li>Q1FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Sequential improvement in high-frequency indicators, 3) Cool-off in key commodity prices, 4) Easing inflation expectations, and 5) Growth challenges in export-oriented demand.</li></ul><div><ul><li>Moreover, domestic-facing sectors are enjoying economic recovery as well.</li><li>Considering these factors collectively, the Q1FY24 earnings season is likely to deliver positive surprises on the margins front. </li></ul></div>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.

Q1FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Sequential improvement in high-frequency indicators, 3) Cool-off in key commodity prices, 4) Easing inflation expectations, and 5) Growth challenges in export-oriented demand.Moreover, domestic-facing sectors are enjoying economic recovery as well.Considering these factors collectively, the Q1FY24 earnings season is likely to deliver positive surprises on the margins front. 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.

India

Cholamandalam Investment and Finance Company Limited (Chola) is a non-banking financial company and investment service provider. It offers a comprehensive range of financial services including vehicle finance, home loans, loan against property, SME loans, and wealth management. The company is headquartered in Chennai, India, and was founded in 1978.

Cholamandalam Investment and Finance (CIFC IN)

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Cholamandalam Investment and Finance (CIFC IN)

Leveraged Financials: Emerging Long-Tail Risks in Unsecured Credit

India’s heterogenous unsecured retail credit market (US$160bn, 3-year CAGR at ~23%) has been in the headlines ever since the RBI clamped down on...

HDFC Securities

HSIE Results Daily: Cholamandalam Investment and Finance Company

Cholamandalam Investment and Finance Company: Chola reported another impressive quarter on the back of strong loan growth and healthy profitability

HDFC Securities

HSIE Results Daily: Titan, Ambuja Cement, Cholamandalam Investment and Finance Company

Ex-bullion sales grew 22% YoY to INR97.5bn (in-line) as both buyers’ growth (+14% YoY) and ticket sizes (+6% YoY) aided growth

HDFC Securities

Rural India - State-Wise Divergences Evident in Recovery Phase

Rural India’s economic recovery post the COVID-19 pandemic has been a much debated topic over the past year, and rightfully so

HDFC Securities

Q1FY24 Consolidated Preview

Considering these factors collectively, the Q1FY24 earnings season is likely to deliver positive surprises on the margins front.

Axis Direct

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