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

CreditAccess Grameen Ltd / Equity Bottom-Up

<ul><li>Operational Performance: CAGrameen added ~4.4 Lc borrowers during Q4FY24, taking the total customer base to 4.9 Mn customers (+15/5% YoY/QoQ).</li><li>The share of Top-3 states in the GLP has reduced to 72.5% in Q4FY24 vs 74.3/73.3% YoY/QoQ.</li><li>Disbursement growth was strong at 12/51% YoY/QoQ, translating into robust GLP growth of 27/14% 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.

Operational Performance: CAGrameen added ~4.4 Lc borrowers during Q4FY24, taking the total customer base to 4.9 Mn customers (+15/5% YoY/QoQ).The share of Top-3 states in the GLP has reduced to 72.5% in Q4FY24 vs 74.3/73.3% YoY/QoQ.Disbursement growth was strong at 12/51% YoY/QoQ, translating into robust GLP growth of 27/14% 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. - Strong Quarter

Thematic (Sector/Industry)

<ul><li>Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.</li><li>Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.</li><li>Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit growth. </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.

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.Comments around RBI asking banks to maintain CD Ratio around ~75% dominated the discussion during the quarter.Most banks have highlighted that deposit accretion would remain a key lever to maintain the pace of credit 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.

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.

<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

<ul><li>As we conclude the final page of 2023, we extend our heartfelt wishes for a 'Happy New Year' to all our valued patrons.</li><li>With great enthusiasm, we welcome 2024, anticipating a year filled with prosperity, peace, and happiness for you and your family.</li><li>We are proud to share that our Axis Top Picks basket delivered impressive returns of 38% in the last one year, beating the benchmark Nifty 50 index (20% return over the same period) by a wide margin.</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.

As we conclude the final page of 2023, we extend our heartfelt wishes for a 'Happy New Year' to all our valued patrons.With great enthusiasm, we welcome 2024, anticipating a year filled with prosperity, peace, and happiness for you and your family.We are proud to share that our Axis Top Picks basket delivered impressive returns of 38% in the last one year, beating the benchmark Nifty 50 index (20% return over the same period) by a wide margin.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>Pick of the Week (PoW): Our POW calls delivered an astounding monthly strike rate of 88% in Nov’23.</li><li>Calls that successfully achieved their target were Coforge (11%), JK Lakshmi Cement (10%), Automotive Axles (10%), Cyient (10%), and Minda Corporation (10%).</li><li>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 31% in the last one year (till 1st Dec’23), notably beating the benchmark Nifty 50 index which grew by only 8% over the same period. </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.

Pick of the Week (PoW): Our POW calls delivered an astounding monthly strike rate of 88% in Nov’23.Calls that successfully achieved their target were Coforge (11%), JK Lakshmi Cement (10%), Automotive Axles (10%), Cyient (10%), and Minda Corporation (10%).Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 31% in the last one year (till 1st Dec’23), notably beating the benchmark Nifty 50 index which grew by only 8% over the same period. 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.

Axis Research Scorecard Report for Nov 2023

India

CreditAccess Grameen Limited provides consumer finance services. The Company offers income generation, home improvement, emergency, and family welfare loans, as well as retail finance, insurance, and healthcare programs. CreditAccess Grameen serves clients in India.

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CreditAccess Grameen Ltd (CREDAG IN)

CreditAccess Grameen Ltd. - Strong Quarter

Operational Performance: CAGrameen added ~4.4 Lc borrowers during Q4FY24, taking the total customer base to 4.9 Mn customers (+15/5% YoY/QoQ).

Axis Direct

Top Sector Ideas - BFSI

Banks under our coverage continued to report healthy credit growth, largely led by the retail/SME segment, with some pick-up in corporate lending.

Axis Direct

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

Axis Top Picks - Jan 2024

We are proud to share that our Axis Top Picks basket delivered impressive returns of 38% in the last one year, beating the benchmark Nifty 50 index...

Axis Direct

Axis Research Scorecard Report for Nov 2023

We are proud to share that our Axis Top Picks basket delivered impressive returns of 31% in the last one year (till 1st Dec’23), notably beating...

Axis Direct

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