External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Bajaj Finance: Bajaj Finance (BAF) delivered a strong operating performance, with steady NIMs in a rising interest rate and strong AUM growth (+27% YoY) environment</li><li>The healthy AUM growth comes despite elevated competitive intensity in select segments such as home loans, B2B finance, etc</li><li>Asset quality improved further, with GS-II/GS-III at 1.3%/1.1% (FY22: 2%/1.6%) and normalised credit costs.</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.

Bajaj Finance: Bajaj Finance (BAF) delivered a strong operating performance, with steady NIMs in a rising interest rate and strong AUM growth (+27% YoY) environmentThe healthy AUM growth comes despite elevated competitive intensity in select segments such as home loans, B2B finance, etcAsset quality improved further, with GS-II/GS-III at 1.3%/1.1% (FY22: 2%/1.6%) and normalised credit costs.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>Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments</li><li>Another 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demand</li><li>We believe developers would not take price hikes now and support recovery</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.

Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down paymentsAnother 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demandWe believe developers would not take price hikes now and support recoveryContent 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.

Real Estate (Q3FY23 Results Preview): Resilient Performance

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL) with a target price of INR 82 is premised on (1) recovery in domestic demand for petroleum products, (2) improvement in refining margins for FY23/24, and (3) gradual improvement in marketing margins over FY23-24 vis-à-vis FY22 levels. </li><li>During the quarter, it launched 0.7msf, with 7.6msf in pipeline for FY23 (6msf launched in FY22)</li><li>In value terms, for Q2/Q3/Q4FY22, launches worth INR 20/25/20-25bn are in the pipeline</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.

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL) with a target price of INR 82 is premised on (1) recovery in domestic demand for petroleum products, (2) improvement in refining margins for FY23/24, and (3) gradual improvement in marketing margins over FY23-24 vis-à-vis FY22 levels. During the quarter, it launched 0.7msf, with 7.6msf in pipeline for FY23 (6msf launched in FY22)In value terms, for Q2/Q3/Q4FY22, launches worth INR 20/25/20-25bn are in the pipelineContent 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: Indian Oil Corporation, DLF, DCB Bank

Equity Bottom-Up

<ul><li>DLF in FY23 recorded its highest-ever annual presales of INR 150.6bn (+107% YoY), beating its annual guidance of INR 80bn</li><li>This was mainly due to strong demand for its luxury project—The Arbour—which recorded presales of more than INR 80bn</li><li>For FY24, it expects to achieve INR 120-130bn in presales, backed by 11.2msf of launches with a sale potential of INR 197bn</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.

DLF in FY23 recorded its highest-ever annual presales of INR 150.6bn (+107% YoY), beating its annual guidance of INR 80bnThis was mainly due to strong demand for its luxury project—The Arbour—which recorded presales of more than INR 80bnFor FY24, it expects to achieve INR 120-130bn in presales, backed by 11.2msf of launches with a sale potential of INR 197bnContent 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.

DLF: A transformational year. Maintain BUY

DLF Ltd -  A Transformational Year. Maintain BUY

India

DLF Limited is an Indian commercial real estate development company that develops residential, commercial, and retail properties, including luxury residential complexes, office spaces, and shopping malls. The company operates across various locations in India, with a significant presence in Gurugram, Delhi, Hyderabad, Noida, and Chennai. DLF Limited was founded by Chaudhary Raghvendra Singh in 1946 and is headquartered in Gurugram, Haryana, India.

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DLF (DLFU IN)

HSIE Results Daily: Bajaj Finance, DLF

Bajaj Finance: Bajaj Finance (BAF) delivered a strong operating performance, with steady NIMs in a rising interest rate and strong AUM growth (+27%...

HDFC Securities

Real Estate (Q3FY23 Results Preview): Resilient Performance

Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments. Another 50bps...

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, DLF, DCB Bank

During Q1FY23, DLF booked robust presales of INR 20.4bn (+101/-25% YoY/QoQ) and maintained FY23 presales guidance of INR 80bn.

HDFC Securities

DLF: A transformational year. Maintain BUY

DLF in FY23 recorded its highest-ever annual presales of INR 150.6bn (+107% YoY), beating its annual guidance of INR 80bn

HDFC Securities

DLF Ltd - A Transformational Year. Maintain BUY

DLF in FY23 recorded its highest-ever annual presales of INR 150.6bn (+107% YoY), beating its annual guidance of INR 80bn. This was mainly due to...

HDFC Securities

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