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. 

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Equity Bottom-Up

<ul><li>CAGrameen added ~3.4 Lc borrowers, with ~40% coming from states other than the Top.</li><li>The diversification strategy is on track with the share of Top-3 states reducing to 55% from 58% YoY.</li><li>Disbursements grew by 14/4% YoY/QoQ, translating into robust GLP growth of 36/3% YoY/QoQ.</li></ul><p><em>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.</em></p>

CAGrameen added ~3.4 Lc borrowers, with ~40% coming from states other than the Top.The diversification strategy is on track with the share of Top-3 states reducing to 55% from 58% YoY.Disbursements grew by 14/4% YoY/QoQ, translating into robust GLP growth of 36/3% 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.

CreditAccess Grameen Ltd - Yet Another Robust Quarter; Strong Performance to Continue!

<ul><li>CAGrameen added ~3.3 Lc borrowers in Q1FY24, with ~47% coming from other than Top-3 states.</li><li>Disbursements de-grew by ~33% QoQ owing to seasonality, while YoY growth was strong at 122%.</li><li>GLP growth was in line with our expectations of 40%/4% YoY/QoQ.</li></ul><p><em>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.</em></p>

CAGrameen added ~3.3 Lc borrowers in Q1FY24, with ~47% coming from other than Top-3 states.Disbursements de-grew by ~33% QoQ owing to seasonality, while YoY growth was strong at 122%.GLP growth was in line with our expectations of 40%/4% 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.

CreditAccess Grameen Ltd. - Stellar Quarter; Strong Performance to Continue!

<div><div><div><div><ul><li>Company Outlook: Even as competitive intensity in the MFI segment continues to intensify with banks and NBFCs chasing growth aggressively, we believe CAGrameen remains well-placed to tap the large unmet demand which would be supported by its large branch network, deep rural penetration, customised product offerings, and competitive pricing.</li><li>We prefer CAGrameen amongst the microfinanciers owing to the company’s ability to (a) Deliver healthy GLP growth driven by continued growth in the MFI book and improving mix of non-MFI products, (b) Strong NIMs, (c) A Stable cost structure, (d) Moderating credit costs with asset headwinds decisively behind and (e) The company’s potential to deliver strong RoA/RoE of 4.7-4.8%/20-21% over the medium term.</li><li>We maintain our BUY recommendation on the stock and believe that the strong performance delivery potential justifies premium valuations. </li></ul></div></div></div></div><p><em>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.</em></p>

Company Outlook: Even as competitive intensity in the MFI segment continues to intensify with banks and NBFCs chasing growth aggressively, we believe CAGrameen remains well-placed to tap the large unmet demand which would be supported by its large branch network, deep rural penetration, customised product offerings, and competitive pricing.We prefer CAGrameen amongst the microfinanciers owing to the company’s ability to (a) Deliver healthy GLP growth driven by continued growth in the MFI book and improving mix of non-MFI products, (b) Strong NIMs, (c) A Stable cost structure, (d) Moderating credit costs with asset headwinds decisively behind and (e) The company’s potential to deliver strong RoA/RoE of 4.7-4.8%/20-21% over the medium term.We maintain our BUY recommendation on the stock and believe that the strong performance delivery potential justifies premium valuations. 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.

CreditAccess Grameen Ltd. - Strong Growth Runway, Premium Valuations Justified!

<ul><li>CAGrameen’s strong disbursement momentum (+24/48% YoY/QoQ) translated into a healthy GLP growth of 27/18% YoY/QoQ.</li><li>Robust GLP growth coupled with strong NIMs of 12.2% (+90/30 bps YoY/QoQ) drove NII growth of 34/15% YoY/QoQ.</li><li>Higher-than-expected non-interest income and lower Opex growth (Q3FY23 other Opex was higher owing to higher expenses towards NCD raise issue, while it normalised in Q4FY23) driving healthy PPOP growth of 36/33% YoY/QoQ</li></ul><p><em>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.</em></p>

CAGrameen’s strong disbursement momentum (+24/48% YoY/QoQ) translated into a healthy GLP growth of 27/18% YoY/QoQ.Robust GLP growth coupled with strong NIMs of 12.2% (+90/30 bps YoY/QoQ) drove NII growth of 34/15% YoY/QoQ.Higher-than-expected non-interest income and lower Opex growth (Q3FY23 other Opex was higher owing to higher expenses towards NCD raise issue, while it normalised in Q4FY23) driving healthy PPOP growth of 36/33% YoY/QoQContent 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.

CreditAccess Grameen Ltd. - Robust Quarter;Well-Poised to Deliver RoA of over 4.5%!

<ul><li>GLP growth to be led by customer additions – The on-ground demand continues to remain strong and should help CAGrameen sustain its growth momentum.</li><li>The management remains confident of clocking GLP growth of 24-25% in FY23E and 20-25% CAGR over the next 4-5 years.</li><li>GLP growth will be primarily driven by new customer additions (eyeing 10-15% CAGR growth) and improving operational efficiency of 500 branches opened in the last 12 months.</li></ul><p><em>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.</em></p>

GLP growth to be led by customer additions – The on-ground demand continues to remain strong and should help CAGrameen sustain its growth momentum.The management remains confident of clocking GLP growth of 24-25% in FY23E and 20-25% CAGR over the next 4-5 years.GLP growth will be primarily driven by new customer additions (eyeing 10-15% CAGR growth) and improving operational efficiency of 500 branches opened in the last 12 months.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.

CreditAccess Grameen Ltd. - Strong Quarter, Growth Levers In Place!

India

CreditAccess Grameen is a leading Indian microfinance institution that provides micro-loans to women customers, predominantly in rural areas across India. The company offers a diverse range of financial products including income generation loans, family welfare loans, home improvement loans, and emergency loans. It is headquartered in Bengaluru, India, and was founded in 1999.

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CreditAccess Grameen (CREDAG IN)

CreditAccess Grameen Ltd - Yet Another Robust Quarter; Strong Performance to Continue!

CAGrameen added ~3.4 Lc borrowers, with ~40% coming from states other than the Top. The diversification strategy is on track with the share of Top...

Axis Direct

CreditAccess Grameen Ltd. - Stellar Quarter; Strong Performance to Continue!

CAGrameen added ~3.3 Lc borrowers in Q1FY24, with ~47% coming from other than Top-3 states. Disbursements de-grew by ~33% QoQ owing to seasonality,...

Axis Direct

CreditAccess Grameen Ltd. - Strong Growth Runway, Premium Valuations Justified!

We maintain our BUY recommendation on the stock and believe that the strong performance delivery potential justifies premium valuations.

Axis Direct

CreditAccess Grameen Ltd. - Robust Quarter;Well-Poised to Deliver RoA of over 4.5%!

CAGrameen’s strong disbursement momentum (+24/48% YoY/QoQ) translated into a healthy GLP growth of 27/18% YoY/QoQ. Robust GLP growth coupled with...

Axis Direct

CreditAccess Grameen Ltd. - Strong Quarter, Growth Levers In Place!

GLP growth to be led by customer additions – The on-ground demand continues to remain strong and should help CAGrameen sustain its growth momentum.

Axis Direct

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