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

Cholamandalam Investment and Finance / Equity Bottom-Up

<ul><li>Strong growth in Disbursement at 27/4% YoY translated into healthy advances growth of 40/8% YoY/QoQ.</li><li>Growth in advances was majorly driven by the used vehicle book (Up 30/6% YoY/QoQ), LAP book (Up 34/9% YoY/QoQ), and housing book (Up 66/12% YoY/QoQ).</li><li>NIM was stable QoQ at 7.4%. However, it declined by 20bps YoY. Robust AUM growth and stable margins sequentially aided healthy growth in NII at 36/8% YoY/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.

Strong growth in Disbursement at 27/4% YoY translated into healthy advances growth of 40/8% YoY/QoQ.Growth in advances was majorly driven by the used vehicle book (Up 30/6% YoY/QoQ), LAP book (Up 34/9% YoY/QoQ), and housing book (Up 66/12% YoY/QoQ).NIM was stable QoQ at 7.4%. However, it declined by 20bps YoY. Robust AUM growth and stable margins sequentially aided healthy growth in NII at 36/8% YoY/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.

Cholamandalam Invst. & Finance Co.Ltd. - Robust Growth in AUM Sustained

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Chola’s exposure to unsecured retail credit through FinTech partnerships is low (~1.8% of AUM as of Sep-23) and poses limited downside risk on account of the underlying customer profile and partnership dynamics</li><li>Chola’s core businesses (vehicle, LAP and home loans) have delivered steady outcomes on growth as well as profitability parameters</li><li>With an increasingly diversified portfolio, we expect Chola to deliver steady loan growth (&gt;20%) and profitability (RoE of &gt;20%) in the medium-term, with the recent equity raise to support loan 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.

Chola’s exposure to unsecured retail credit through FinTech partnerships is low (~1.8% of AUM as of Sep-23) and poses limited downside risk on account of the underlying customer profile and partnership dynamicsChola’s core businesses (vehicle, LAP and home loans) have delivered steady outcomes on growth as well as profitability parametersWith an increasingly diversified portfolio, we expect Chola to deliver steady loan growth (&gt;20%) and profitability (RoE of &gt;20%) in the medium-term, with the recent equity raise to support loan 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.

Cholamandalam Investment & Finance Company: Strong Franchise but Diminishing Margin of Safety.

<ul><li>Strong growth in Disbursement at 47/8% YoY translated into healthy advances growth of 42/8% YoY/QoQ.</li><li>NIM reported at 7.4%, an increase of 10bps sequentially. However, it declined by 20bps YoY.</li><li>Robust AUM growth and increase in margins sequentially aided healthy growth in NII at 35/9% YoY/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.

Strong growth in Disbursement at 47/8% YoY translated into healthy advances growth of 42/8% YoY/QoQ.NIM reported at 7.4%, an increase of 10bps sequentially. However, it declined by 20bps YoY.Robust AUM growth and increase in margins sequentially aided healthy growth in NII at 35/9% YoY/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.

Cholamandalam Invst. & Finance Company Ltd - Strong Disbursement Growth with Healthy Margins

<ul><li>Despite Q1 being a seasonally weak quarter, CIFC reported a healthy disbursement growth of 50% YoY led by robust growth across segments, however declined by 4.8% QoQ.</li><li>AUM continued to report strong growth of 40/8% YoY/QoQ, with VF/Home Loans/LAP/New Businesses growing at 28/60/29/286% YoY respectively.</li><li>Margins reported a contraction of 70/50 bps YoY/QoQ due to spike in cost of funds.</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.

Despite Q1 being a seasonally weak quarter, CIFC reported a healthy disbursement growth of 50% YoY led by robust growth across segments, however declined by 4.8% QoQ.AUM continued to report strong growth of 40/8% YoY/QoQ, with VF/Home Loans/LAP/New Businesses growing at 28/60/29/286% YoY respectively.Margins reported a contraction of 70/50 bps YoY/QoQ due to spike in cost of funds.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 Invst. & Finance Company Ltd. - Growth Visibility Healthy; Maintain BUY!

Thematic (Sector/Industry)

<ul><li>ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolio</li><li>Cigarette net revenue/EBIT growth was at 4/2%, with volume estimated to have fallen by 1% (5% 4-year CAGR) on a high base</li><li>Differentiated and premium offerings continued to perform well</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.

ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolioCigarette net revenue/EBIT growth was at 4/2%, with volume estimated to have fallen by 1% (5% 4-year CAGR) on a high baseDifferentiated and premium offerings continued to perform wellContent 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: ITC, Bajaj Finance, Cholamandalam Investment and Finance Company

India

Cholamandalam Investment and Finance Company Limited operates as a financial services provider. The Company offers vehicle finance, home equity loans, investment advisory, stock broking, and other financial services to customers.

Cholamandalam Investment and Finance (CIFC IN)

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Cholamandalam Investment and Finance (CIFC IN)

Cholamandalam Invst. & Finance Co.Ltd. - Robust Growth in AUM Sustained

NIM was stable QoQ at 7.4%. However, it declined by 20bps YoY. Robust AUM growth and stable margins sequentially aided healthy growth in NII at 36...

Axis Direct

Cholamandalam Investment & Finance Company: Strong Franchise but Diminishing Margin of Safety.

Chola’s core businesses (vehicle, LAP and home loans) have delivered steady outcomes on growth as well as profitability parameters

HDFC Securities

Cholamandalam Invst. & Finance Company Ltd - Strong Disbursement Growth with Healthy Margins

Strong growth in Disbursement at 47/8% YoY translated into healthy advances growth of 42/8% YoY/QoQ. NIM reported at 7.4%, an increase of 10bps...

Axis Direct

Cholamandalam Invst. & Finance Company Ltd. - Growth Visibility Healthy; Maintain BUY!

Despite Q1 being a seasonally weak quarter, CIFC reported a healthy disbursement growth of 50% YoY led by robust growth across segments, however...

Axis Direct

HSIE Results Daily: ITC, Bajaj Finance, Cholamandalam Investment and Finance Company

ITC: ITC reported a weak operating print due to a soft cigarette performance along with sustained weakness seen in the agri and paper portfolio

HDFC Securities

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