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

<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!

<div><div><div><div><ul><li>CreditAccess Grameen (CA Grameen) is a rural-focused Microfinancier that caters mainly to women borrowers who lack access to the formal banking sector.</li><li>The company is predominantly present in Karnataka, Maharashtra, and Tamil Nadu which cumulatively contribute ~77% of the company’s Gross Loan Portfolio (GLP) and ~70% of its total borrower base.</li><li><span style="font-size: var(--content-font-size);">Customer-centric business model with a presence predominantly in rural areas</span></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>

CreditAccess Grameen (CA Grameen) is a rural-focused Microfinancier that caters mainly to women borrowers who lack access to the formal banking sector.The company is predominantly present in Karnataka, Maharashtra, and Tamil Nadu which cumulatively contribute ~77% of the company’s Gross Loan Portfolio (GLP) and ~70% of its total borrower base.Customer-centric business model with a presence predominantly in rural areasContent 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.

Pick of the Week - CreditAccess Grameen Ltd.

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.

<div>
<div>
<div>
<ul>
<li>Tech Mahindra: With in-line revenue growth of +5.3% QoQ CC (organic ~2.2%), healthy net new deal wins (FY22 +48% YoY) lending growth visibility, and valuation reverting to its historical average, we maintain ADD on Tech Mahindra (TECHM).</li>
</ul>
<div>
<div>
<div>
<ul>
<li>Eicher Motors: Royal Enfield posted better-than-expected margin in Q4 (up 310bps QoQ), led by improved volumes and better mix.</li>
</ul>
<div>
<div>
<div>
<ul>
<li>Emami: Emami posted a slight beat on revenue and in-line EBITDA growth.</li>
</ul>
</div>
</div>
</div>
</div>
</div>
</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>





Tech Mahindra: With in-line revenue growth of +5.3% QoQ CC (organic ~2.2%), healthy net new deal wins (FY22 +48% YoY) lending growth visibility, and valuation reverting to its historical average, we maintain ADD on Tech Mahindra (TECHM).





Eicher Motors: Royal Enfield posted better-than-expected margin in Q4 (up 310bps QoQ), led by improved volumes and better mix.





Emami: Emami posted a slight beat on revenue and in-line EBITDA growth.










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: Tech Mahindra, Eicher Motors, Emami, CreditAccess Grameen, Brigade Enterprises

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.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

CreditAccess Grameen (CREDAG IN)

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

Pick of the Week - CreditAccess Grameen Ltd.

CreditAccess Grameen (CA Grameen) is a rural-focused Microfinancier that caters mainly to women borrowers who lack access to the formal banking...

Axis Direct

HSIE Results Daily: Tech Mahindra, Eicher Motors, Emami, CreditAccess Grameen, Brigade Enterprises

Tech Mahindra: With in-line revenue growth of +5.3% QoQ CC (organic ~2.2%), healthy net new deal wins (FY22 +48% YoY) lending growth visibility

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)