External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

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<ul><li>Mahindra &amp; Mahindra: M&amp;M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher-than-expected other income, even as its operational performance was in line with our estimates</li><li>M&amp;M’s performance highlights for YTDFY23 are: (1) steady market share revival in the UV segment every quarter on the back of its new launches (2) 90bps market share improvement in tractors to 41.4%, without compromising on margins (3) revival in market share in &lt;3.5T segment (4) continued leadership in e-3Ws with 65% market share in Q3</li><li>Also, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back (including EPS CAGR, improvement in auto margins, RoE at 18%, calibrated asset allocation etc.) and management has indicated that it is now time to raise its targets from here on</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: M&amp;M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher-than-expected other income, even as its operational performance was in line with our estimatesM&amp;M’s performance highlights for YTDFY23 are: (1) steady market share revival in the UV segment every quarter on the back of its new launches (2) 90bps market share improvement in tractors to 41.4%, without compromising on margins (3) revival in market share in &lt;3.5T segment (4) continued leadership in e-3Ws with 65% market share in Q3Also, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back (including EPS CAGR, improvement in auto margins, RoE at 18%, calibrated asset allocation etc.) and management has indicated that it is now time to raise its targets from here onContent 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, Infoedge, City Union Bank, NOCIL

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>The credit growth momentum has continued to remain robust as is visible from the near decadal high systemic growth of ~17% YoY, driven by the continued traction in the Retail and SME segments.</li><li>On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well.</li><li>Corporate loans are showing gradual recovery, albeit on a weaker base.</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 credit growth momentum has continued to remain robust as is visible from the near decadal high systemic growth of ~17% YoY, driven by the continued traction in the Retail and SME segments.On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well.Corporate loans are showing gradual recovery, albeit on a weaker base.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.

BFSI Q3FY23 Result Preview – Earnings Growth to Remain Strong!

<ul><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industries</li><li>EBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA margin</li><li>Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)</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.

SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industriesEBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA marginConsolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)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.

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

<ul><li>A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediaries</li><li>However, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resets</li><li>With the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-off</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.

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial intermediariesHowever, lenders (banks and NBFCs) are likely to have navigated Q2FY23 relatively comfortably, through a combination of real-time transmission and shorter resetsWith the RBI keeping a hawk's eye view on the reset frequency, we believe that lenders are witnessing the final stages of "easy money" as they begin exercising discretion on incremental EBLR transmission in order to better navigate the growth-asset quality trade-offContent 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: The final stages of “easy money”

<ul><li>The systemic credit growth continues to remain robust and at a multi-year high, supported by continued growth in the Retail and SME segment.</li><li>Corporate loans show gradual signs of revival. With the festive season beginning slightly early, a small part of the credit growth from festive demand (which is expected to be healthy) will be reflected in Q2FY23.</li><li>Even as credit growth continues to gather pace, deposit growth continues to lag on a systemic level and discussion around deposit accretion to support the robust credit growth will remain in focus.</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 systemic credit growth continues to remain robust and at a multi-year high, supported by continued growth in the Retail and SME segment.Corporate loans show gradual signs of revival. With the festive season beginning slightly early, a small part of the credit growth from festive demand (which is expected to be healthy) will be reflected in Q2FY23.Even as credit growth continues to gather pace, deposit growth continues to lag on a systemic level and discussion around deposit accretion to support the robust credit growth will remain in focus.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.

BFSI Q2fy23 Result Preview – yet Another Strong Quarter!

India

City Union Bank Limited is an Indian private sector bank that offers a comprehensive range of banking and financial services, including personal, corporate, and NRI banking, as well as digital services and loans. The bank serves a diverse clientele, focusing on the MSME sector, retail traders, and agriculturalists. Headquartered in Kumbakonam, Tamil Nadu, India, the bank was founded on October 31, 1904.

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City Union Bank (CUBK IN)

HSIE Results Daily: Mahindra & Mahindra, Infoedge, City Union Bank, NOCIL

M&M Q3 adjusted PAT at INR 20bn came in above our estimate of INR 18.7bn, primarily due to higher-than-expected other income, even as its...

HDFC Securities

BFSI Q3FY23 Result Preview – Earnings Growth to Remain Strong!

On a segmental basis, Home loans, Auto loans and Credit card outstanding continue to grow well. Corporate loans are showing gradual recovery,...

Axis Direct

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)

HDFC Securities

Leveraged Financials: The final stages of “easy money”

A combination of structural and cyclical factors have resulted in shrinking liquidity buffers and rising cost of funding across financial...

HDFC Securities

BFSI Q2fy23 Result Preview – yet Another Strong Quarter!

The systemic credit growth continues to remain robust and at a multi-year high, supported by continued growth in the Retail and SME segment.

Axis Direct

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