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>ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette business</li><li>Cigarette revenue growth was a marginal beat at 29% YoY (HSIE 27%, 7% three-year CAGR)</li><li>Cigarette volume growth was at ~26% (2% three-year CAGR)</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 delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette businessCigarette revenue growth was a marginal beat at 29% YoY (HSIE 27%, 7% three-year CAGR)Cigarette volume growth was at ~26% (2% three-year CAGR)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: ITC, NTPC, Ashok Leyland, The Ramco Cements, Alkyl Amines

HSIE Results Daily: ITC, NTPC, Ashok Leyland, The Ramco Cements

Equity Bottom-Up

<ul><li>CreditAccess Grameen (CREDAG) has emerged as the largest NBFC-MFI (~6% market share) on the back of its strong parentage, conservative underwriting, and a calibrated approach to building scale (partly inorganic) with inherently strong cross-cycle profitability (~3.6% RoA) and growth outcomes (&gt;30% AUM CAGR)</li><li>With the RBI hinting at its discomfort with super-normal margins enjoyed by NBFC-MFIs, we argue that peak growth and profitability for the MFI sector are behind on the back of rising competitive intensity and increasing consumer leverage</li><li>In this backdrop, CREDAG’s current valuation (3.6x Mar-25 ABVPS), post a near-doubling in the stock price during CY23, offers limited margin of safety.</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.

CreditAccess Grameen (CREDAG) has emerged as the largest NBFC-MFI (~6% market share) on the back of its strong parentage, conservative underwriting, and a calibrated approach to building scale (partly inorganic) with inherently strong cross-cycle profitability (~3.6% RoA) and growth outcomes (&gt;30% AUM CAGR)With the RBI hinting at its discomfort with super-normal margins enjoyed by NBFC-MFIs, we argue that peak growth and profitability for the MFI sector are behind on the back of rising competitive intensity and increasing consumer leverageIn this backdrop, CREDAG’s current valuation (3.6x Mar-25 ABVPS), post a near-doubling in the stock price during CY23, offers limited margin of safety.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: Priced for Peak Profitability, Downgrade to ADD

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>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>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.

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>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.

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!

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)

HSIE Results Daily: ITC, NTPC, Ashok Leyland, The Ramco Cements, Alkyl Amines

ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette business

HDFC Securities

HSIE Results Daily: ITC, NTPC, Ashok Leyland, The Ramco Cements

ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette business

HDFC Securities

CreditAccess Grameen: Priced for Peak Profitability, Downgrade to ADD

In this backdrop, CREDAG’s current valuation (3.6x Mar-25 ABVPS), post a near-doubling in the stock price during CY23, offers limited margin of...

HDFC Securities

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

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