Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indusind-bank-ltd" target="_blank" data-smartkarma-citation="entities:1558:1" rel="noopener">Indusind Bank (IIB IN)</a> 's shares saw a sharp fall of 7% on Monday.</li>
<li>The fact that RBI shortened the tenure of MD &amp; CEO to two years baffled the market. </li>
<li>Shortening of tenures by the RBI have been seen earlier also for BFSIs. The move does not explicitly indicate any fundamental deficiency, hence investors should not be too worried.</li>
</ul>



Indusind Bank (IIB IN) 's shares saw a sharp fall of 7% on Monday.
The fact that RBI shortened the tenure of MD &amp; CEO to two years baffled the market. 
Shortening of tenures by the RBI have been seen earlier also for BFSIs. The move does not explicitly indicate any fundamental deficiency, hence investors should not be too worried.


IndusInd Bank- RBI's Decision May Not Be a Red Flag

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

Equitas Small Finance Bank  / Equity Bottom-Up

<ul><li>Demand across products remains healthy – The management has indicated that the demand across products remains healthy and is likely to sustain with Small Business Loans (SBL), Affordable Housing (AFH), Microfinance (MF) and Commercial Vehicles (CV) being the key growth drivers. Thus, supported by credit demand tailwinds, the management expects to clock an advances growth of 25%+ in FY23.</li><li>We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growth.</li><li>We expect EQSFB’s advances to register a healthy growth of 27% CAGR over FY23-25E.</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.

Demand across products remains healthy – The management has indicated that the demand across products remains healthy and is likely to sustain with Small Business Loans (SBL), Affordable Housing (AFH), Microfinance (MF) and Commercial Vehicles (CV) being the key growth drivers. Thus, supported by credit demand tailwinds, the management expects to clock an advances growth of 25%+ in FY23.We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growth.We expect EQSFB’s advances to register a healthy growth of 27% CAGR over FY23-25E.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.

Equitas Small Finance Bank Ltd - Strong Quarter; Ripe For Re-Rating!

<ul><li>The management has indicated that the demand across products remains healthy and is likely to sustain with Small Business Loans (SBL), Affordable Housing (AFH), Microfinance (MF) and Commercial Vehicles (CV) being the key growth drivers.</li><li>Thus, supported by credit demand tailwinds, the management expects to clock an advances growth of 25%+ in FY23.</li><li>We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable 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.

The management has indicated that the demand across products remains healthy and is likely to sustain with Small Business Loans (SBL), Affordable Housing (AFH), Microfinance (MF) and Commercial Vehicles (CV) being the key growth drivers.Thus, supported by credit demand tailwinds, the management expects to clock an advances growth of 25%+ in FY23.We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growthContent 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.

Equitas Small Finance Bank Ltd. - Strong Quarter; Ripe For Re-Rating!

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Fusion Micro Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fusion-micro-finance-ltd" target="_blank" data-smartkarma-citation="entities:36450:1" rel="noopener">Fusion Micro Finance Ltd (1053199D IN)</a> raised approximately US$134m in its India IPO.  </li>
<li>Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Fusion Micro Finance Ltd (1053199D IN) raised approximately US$134m in its India IPO.  
Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Fusion Micro Finance IPO Trading - Weak Demand Seems Justified

<ul><li>Equitas Small Finance Bank’s (EQSFB) Q2FY23 performance was a mixed bag with NII broadly in line with our expectations.</li><li>Elevated employee costs resulted in a miss on PPOP and PAT despite lower-than-expected earnings.</li><li>Disbursements stood at Rs 3,845 Cr (+22% YoY, +19% QoQ) aiding the bank’s loan growth revival.</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.

Equitas Small Finance Bank’s (EQSFB) Q2FY23 performance was a mixed bag with NII broadly in line with our expectations.Elevated employee costs resulted in a miss on PPOP and PAT despite lower-than-expected earnings.Disbursements stood at Rs 3,845 Cr (+22% YoY, +19% QoQ) aiding the bank’s loan growth revival.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.

Equitas Small Finance Bank Ltd - A Mixed Bag Performance, Maintain BUY!

India

Equitas Small Finance Bank Limited operates as a bank. The Bank offers savings accounts, fixed deposits, loans, debit and credit cards, investment, insurance, online services, and other related activities. Equitas Small Finance Bank serves clients in India.

Equitas Small Finance Bank  (EQUITASB IN)

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

Equitas Small Finance Bank (EQUITASB IN)

IndusInd Bank- RBI's Decision May Not Be a Red Flag

Shortening of tenures by the RBI have been common for BFSIs. The move does not explicitly indicate any fundamental deficiency which is why...

Nitin Mangal

Equitas Small Finance Bank Ltd - Strong Quarter; Ripe For Re-Rating!

We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growth.

Axis Direct

Equitas Small Finance Bank Ltd. - Strong Quarter; Ripe For Re-Rating!

We believe EQSFB’s addressable market remains fairly large, offering the bank ample opportunities to ensure sustainable growth

Axis Direct

Fusion Micro Finance IPO Trading - Weak Demand Seems Justified

Fusion Micro Finance Ltd (1053199D IN) raised approximately US$134m in its India IPO. In this note, we talk about the demand for the deal and the...

Ethan Aw

Equitas Small Finance Bank Ltd - A Mixed Bag Performance, Maintain BUY!

Elevated employee costs resulted in a miss on PPOP and PAT despite lower-than-expected earnings. Disbursements stood at Rs 3,845 Cr (+22% YoY, +19%...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)