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><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>

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><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>

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

<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><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>

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!

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Will change in MD &amp; CEO impact reverse merger or application for universal bank license?</li></ul><div><div><div><div><ul><li>Strong management team to drive growth and profitability: Mr. Murali Vaidyanathan, Head of Liabilities and Mr Rohit Phadke, Head of Assets have been promoted to Executive Director’s position (subject to RBI and shareholders’ approval).</li></ul><div><div><div><div><ul><li>Valuation: We have a BUY rating on Equitas Small Finance Bank with a target price (TP) of Rs84.</li></ul></div></div></div></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>

Will change in MD &amp; CEO impact reverse merger or application for universal bank license?Strong management team to drive growth and profitability: Mr. Murali Vaidyanathan, Head of Liabilities and Mr Rohit Phadke, Head of Assets have been promoted to Executive Director’s position (subject to RBI and shareholders’ approval).Valuation: We have a BUY rating on Equitas Small Finance Bank with a target price (TP) of Rs84.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 - MD & CEO Resignation to Be an Overhang near Term

India

Equitas Small Finance Bank Ltd. is a Chennai-based banking institution that evolved from a microfinance company into a full-service small finance bank. It focuses on serving individuals and small businesses often underserved by traditional banking channels, offering products like microfinance, small business loans, vehicle finance, and housing finance. The bank was founded in 2007, and its banking operations commenced in 2016.

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)

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

Equitas Small Finance Bank - MD & CEO Resignation to Be an Overhang near Term

Mr P N Vasudevan, MD & CEO of Equitas Small Finance Bank (Equitas SFB) has intimated (link) to leave the bank in due course to pursue social goals.

Nirmal Bang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)