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

<ul><li>CreditAccessGrameen Ltd. (CAG) reported numbers that were ahead of our expectations with improved performance on the operational as well as asset quality front</li><li>On the operational front, Disbursements during the quarter stood at Rs 4,720 Cr (+3% YoY, +21% QoQ)</li><li>We maintain our BUY recommendation on the stock and value CAG at 2.5x H1FY24E BV to arrive at a target price of Rs 825/share, implying an upside of 13% from CMP.</li></ul><div class="content-highlight"><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></div>

CreditAccessGrameen Ltd. (CAG) reported numbers that were ahead of our expectations with improved performance on the operational as well as asset quality frontOn the operational front, Disbursements during the quarter stood at Rs 4,720 Cr (+3% YoY, +21% QoQ)We maintain our BUY recommendation on the stock and value CAG at 2.5x H1FY24E BV to arrive at a target price of Rs 825/share, implying an upside of 13% from CMP.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: Gearing to Resume Business as Usual from FY23E Onwards!

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

<p>CA Grameen’s journey from being a project under T Muniswamappa Trust (TMT) in 1999, an NGO in South Bangalore, to becoming the largest NBFC-MFI in India as on Sep’21 with consolidated AUM of Rs133bn and borrower base of 3.75mn is testimony of its resilient business model. It has been successfully navigating many challenging events like AP crisis, demonetisation and two covid waves.</p><div class="content-highlight"><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></div>

CA Grameen’s journey from being a project under T Muniswamappa Trust (TMT) in 1999, an NGO in South Bangalore, to becoming the largest NBFC-MFI in India as on Sep’21 with consolidated AUM of Rs133bn and borrower base of 3.75mn is testimony of its resilient business model. It has been successfully navigating many challenging events like AP crisis, demonetisation and two covid waves.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.

Vision 2025: Aims at business diversification; to become more agile, predictable and sustainable

<p>We recommend a BUY on the stock and value CAG at 2.3x H1FY24E BV to arrive at a target price of Rs 715/share, implying an upside of 37% from CMP.</p><div class="content-highlight"><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></div>

We recommend a BUY on the stock and value CAG at 2.3x H1FY24E BV to arrive at a target price of Rs 715/share, implying an upside of 37% from CMP.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.

<ul><li>We maintain our BUY recommendation on the stock and value CAG at 2.4x H1FY24E BV to arrive at a target price of Rs 755/share, implying an upside of 26% from CMP.</li><li>We believe that our target multiple reflects the superior return profile (~16% ROE by FY24E), large growth opportunity in the rural markets and the inherent risks in the MFI business.</li><li>CreditAccess Grameen Ltd. (CAG) reported numbers that were broadly in line with expectations</li></ul><div class="content-highlight"><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></div>

We maintain our BUY recommendation on the stock and value CAG at 2.4x H1FY24E BV to arrive at a target price of Rs 755/share, implying an upside of 26% from CMP.We believe that our target multiple reflects the superior return profile (~16% ROE by FY24E), large growth opportunity in the rural markets and the inherent risks in the MFI business.CreditAccess Grameen Ltd. (CAG) reported numbers that were broadly in line with expectationsContent 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: Inching Back Towards Normalcy

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: Gearing to Resume Business as Usual from FY23E Onwards!

We maintain our BUY recommendation on the stock and value CAG at 2.5x H1FY24E BV to arrive at a target price of Rs 825/share, implying an upside of...

Axis Direct

Vision 2025: Aims at business diversification; to become more agile, predictable and sustainable

CA Grameen’s journey from being a project under T Muniswamappa Trust (TMT) in 1999, an NGO in South Bangalore, to becoming the largest NBFC-MFI in...

ICICI Securities Limited

Vision 2025: Aims at business diversification; to become more agile, predictable and sustainable

CA Grameen’s journey from being a project under T Muniswamappa Trust (TMT) in 1999, an NGO in South Bangalore, to becoming the largest NBFC-MFI in...

ICICI Securities Limited

Axis Annual Analysis:CreditAcc. Gram.

We recommend a BUY on the stock and value CAG at 2.3x H1FY24E BV to arrive at a target price of Rs 715/share, implying an upside of 37% from CMP.

Axis Direct

CreditAccess Grameen: Inching Back Towards Normalcy

We maintain our BUY recommendation on the stock and value CAG at 2.4x H1FY24E BV to arrive at a target price of Rs 755/share, implying an upside of...

Axis Direct

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