External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Equitas SFB (EQUITASB) reported 2QFY25 PAT of ~INR129m (-93.5% YoY; 93% miss on MOFSLe) as the bank made additional provision of INR1.46b toward the MFI segment (INR1b toward SMA 1&amp;2 advances and INR456m toward an additional NPA provision).</li><li>NII grew 4.8% YoY to INR8.02b (3% miss).</li><li>Margins moderated 28bp QoQ to 7.69%.</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 SFB (EQUITASB) reported 2QFY25 PAT of ~INR129m (-93.5% YoY; 93% miss on MOFSLe) as the bank made additional provision of INR1.46b toward the MFI segment (INR1b toward SMA 1&amp;2 advances and INR456m toward an additional NPA provision).NII grew 4.8% YoY to INR8.02b (3% miss).Margins moderated 28bp QoQ to 7.69%.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 - PPoP in Line; Provisioning Surge Drives Big Earnings Miss

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>MFI pain far from over; Recovery likely by Q1FY26: EQSFB’s SMA flow and fresh stress accretion in the MFI portfolio continue to remain elevated.</li><li>However, the management has indicated that the X-bucket Collection efficiency in Oct’24 has stabilised and expects similar trends to continue over the next 2 quarters.</li><li>However, the slippages and asset quality (AQ) stress in the MFI portfolio will continue to remain elevated in H2FY25, thereby keeping MFI credit costs elevated. </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.

MFI pain far from over; Recovery likely by Q1FY26: EQSFB’s SMA flow and fresh stress accretion in the MFI portfolio continue to remain elevated.However, the management has indicated that the X-bucket Collection efficiency in Oct’24 has stabilised and expects similar trends to continue over the next 2 quarters.However, the slippages and asset quality (AQ) stress in the MFI portfolio will continue to remain elevated in H2FY25, thereby keeping MFI credit costs elevated. 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. - Asset Quality Outlook Unencouraging, HOLD Stays!

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

Belstar Microfinance Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belstar-microfinance-ltd" target="_blank" data-smartkarma-citation="entities:43409:1" rel="noopener">Belstar Microfinance Ltd (3624918Z IN)</a> is looking to raise around US$156m in its upcoming India IPO.</li>
<li>Belstar Microfinance is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belstar Microfinance Ltd (3624918Z IN) is looking to raise around US$156m in its upcoming India IPO.
Belstar Microfinance is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans. 
In this note, we talk about the company’s historical performance.


Belstar Microfinance Pre-IPO - Accelerating Profitability Growth With A Diversified Network

<ul><li>Equitas Small Finance Bank (EQUITASB) has demonstrated a strong business growth trajectory with a 26% CAGR in its loan book and 38% CAGR in deposits from FY22-FY24.</li><li>This growth has improved the bank's CD ratio from 102% in FY22 to 86% currently, and increased the retail deposit mix to 69%.</li><li>The ongoing stress in the MFI segment has impacted profitability, but MFI business exposure has reduced to ~17% from 19% in FY22.</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 (EQUITASB) has demonstrated a strong business growth trajectory with a 26% CAGR in its loan book and 38% CAGR in deposits from FY22-FY24.This growth has improved the bank's CD ratio from 102% in FY22 to 86% currently, and increased the retail deposit mix to 69%.The ongoing stress in the MFI segment has impacted profitability, but MFI business exposure has reduced to ~17% from 19% in FY22.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 - Factoring in Near-Term Pain!

Ethan Aw

Asirvad Micro Finance Limited / Equity Capital Markets

Asirvad Micro Finance Limited (1053198D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/asirvad-micro-finance-limited" target="_blank" data-smartkarma-citation="entities:40211:1" rel="noopener">Asirvad Micro Finance Limited (1053198D IN)</a> is looking to raise around US$183m in its upcoming India IPO.</li>
<li>Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO.
Asirvad Micro Finance Limited (Asirvad) is a non-banking finance company (NBFC), and a microfinance institution (MFI) offering small loans to low-income women in India.
In this note, we talk about the company’s historical performance.


Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

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.

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Equitas Small Finance Bank (EQUITASB IN)

Equitas Small Finance - PPoP in Line; Provisioning Surge Drives Big Earnings Miss

Equitas SFB (EQUITASB) reported 2QFY25 PAT of ~INR129m (-93.5% YoY; 93% miss on MOFSLe) as the bank made additional provision of INR1.46b toward...

Motilal Oswal

Equitas Small Finance Bank Ltd. - Asset Quality Outlook Unencouraging, HOLD Stays!

MFI pain far from over; Recovery likely by Q1FY26: EQSFB’s SMA flow and fresh stress accretion in the MFI portfolio continue to remain elevated.

Axis Direct

Belstar Microfinance Pre-IPO - Accelerating Profitability Growth With A Diversified Network

Belstar Microfinance Limited is looking to raise around US$156m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

Equitas Small Finance Bank - Factoring in Near-Term Pain!

Equitas Small Finance Bank (EQUITASB) has demonstrated a strong business growth trajectory with a 26% CAGR in its loan book and 38% CAGR in...

Motilal Oswal

Asirvad Micro Finance Pre-IPO - Accelerating Profitability Growth but with a Litany of Legal Cases

Asirvad Micro Finance Limited (1053198D IN) is looking to raise around US$183m in its upcoming India IPO. In this note, we talk about the company’s...

Ethan Aw

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