External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated credit costs from the unsecured book</li><li>Loan growth came in at 15% YoY / 3.6% QoQ with healthy growth across secured businesses</li><li>Margins remained stable at 4.9%, despite strong growth, supported by a full-quarter impact of 50bps rate cut in select SA buckets, and stronger traction in CA (+5% QoQ) and TD sweeps (+31% YoY)</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.

Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated credit costs from the unsecured bookLoan growth came in at 15% YoY / 3.6% QoQ with healthy growth across secured businessesMargins remained stable at 4.9%, despite strong growth, supported by a full-quarter impact of 50bps rate cut in select SA buckets, and stronger traction in CA (+5% QoQ) and TD sweeps (+31% YoY)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.

HSIE Results Daily: Kotak Mahindra Bank, SBI Life Insurance, Indian Hotels

Equity Bottom-Up

ICICI Lombard General Insurance Company / Equity Bottom-Up

<ul><li>ICICI Lombard (ICICIGI) reported strong growth in NEP/PAT at 16%/20% YoY, although combined ratio (COR) deteriorated to 104.5% due to the catastrophic claims during Q2FY25</li><li>ICICIGI further strengthened its competitive position, clocking market share gains across all major lines of business to 9.4% (H1FY24: 8.7%)</li><li>COR was 187bps higher on the back of the NATCAT event (INR 0.94bn) during the quarter</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.

ICICI Lombard (ICICIGI) reported strong growth in NEP/PAT at 16%/20% YoY, although combined ratio (COR) deteriorated to 104.5% due to the catastrophic claims during Q2FY25ICICIGI further strengthened its competitive position, clocking market share gains across all major lines of business to 9.4% (H1FY24: 8.7%)COR was 187bps higher on the back of the NATCAT event (INR 0.94bn) during the quarterContent 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.

ICICI Lombard General Insurance: Investment Income Offsets CAT Impact, Maintain BUY

<ul><li>In our first of the HSIE Scuttlebutt Series (channel checks), we offer a raincheck on the general insurance (GI) sector</li><li>We introduce our proprietary framework, highlighting an impossible trilemma facing insurers as they simultaneously chase mutually exclusive outcomes around underwriting profits, combined ratio (COR), and EOM compliance</li><li>Our scuttlebutt suggests signs of elevated competitive intensity across lines of business, as reflected in aggressive pricing, thereby taking a toll on profitability</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.

In our first of the HSIE Scuttlebutt Series (channel checks), we offer a raincheck on the general insurance (GI) sectorWe introduce our proprietary framework, highlighting an impossible trilemma facing insurers as they simultaneously chase mutually exclusive outcomes around underwriting profits, combined ratio (COR), and EOM complianceOur scuttlebutt suggests signs of elevated competitive intensity across lines of business, as reflected in aggressive pricing, thereby taking a toll on profitabilityContent 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.

General Insurance: Early signs of heightened competitive intensity

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

Motilal Oswal

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.

<ul><li>ICICIGI’s GDP grew 11% YoY in 2QFY25 to INR69b (3% miss). NEP grew 17% YoY to INR50b (3% ahead of our estimates).</li><li>Claims ratio was largely in line with our estimate at 71.4% (vs. 70.7% in 2QFY24).</li><li>On a sequential basis, the commission ratio increased ~50bp to 17.5% in 2QFY25 from 15% in 1QFY25 (our est. 17%). </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.

ICICIGI’s GDP grew 11% YoY in 2QFY25 to INR69b (3% miss). NEP grew 17% YoY to INR50b (3% ahead of our estimates).Claims ratio was largely in line with our estimate at 71.4% (vs. 70.7% in 2QFY24).On a sequential basis, the commission ratio increased ~50bp to 17.5% in 2QFY25 from 15% in 1QFY25 (our est. 17%). 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.

ICICI Lombard - Combined Ratio Higher than Estimates by ~200bp

<ul><li>ICICI Lombard (ICICIGI) has experienced improved market share across segments on a YTD basis, most notably in the Motor OD, Motor TP, and Health segments by 179/83/85bp.</li><li>While motor sales have been slow in the recent past, the momentum is expected to be strong in the festive season.</li><li>Further, as highlighted in our earlier note, value growth will continue to be strong.</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.

ICICI Lombard (ICICIGI) has experienced improved market share across segments on a YTD basis, most notably in the Motor OD, Motor TP, and Health segments by 179/83/85bp.While motor sales have been slow in the recent past, the momentum is expected to be strong in the festive season.Further, as highlighted in our earlier note, value growth will continue to be strong.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.

ICICI Lombard - Market Share Accretion to Continue Across Core Segments

India

ICICI Lombard General Insurance Company Limited operates as an insurance company. The Company offers motor, health, travel, rural, business, third party, personal accident, and home insurance, as well as claim settlements and renewals services. ICICI Lombard General Insurance serves customers in India.

ICICI Lombard General Insurance Company (ICICIGI IN)

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ICICI Lombard General Insurance Company (ICICIGI IN)

HSIE Results Daily: Kotak Mahindra Bank, SBI Life Insurance, Indian Hotels

(KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated...

HDFC Securities

ICICI Lombard General Insurance: Investment Income Offsets CAT Impact, Maintain BUY

ICICI Lombard (ICICIGI) reported strong growth in NEP/PAT at 16%/20% YoY, although combined ratio (COR) deteriorated to 104.5% due to the...

HDFC Securities

General Insurance: Early signs of heightened competitive intensity

As companies increasingly scramble for EOM compliance, this behaviour is especially evident among newer players, and particularly visible in the...

HDFC Securities

ICICI Lombard - Combined Ratio Higher than Estimates by ~200bp

ICICIGI’s GDP grew 11% YoY in 2QFY25 to INR69b (3% miss). NEP grew 17% YoY to INR50b (3% ahead of our estimates). Claims ratio was largely in line...

Motilal Oswal

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52-week Range

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HSIE Results Daily: Kotak Mahindra Bank, SBI Life Insurance, Indian Hotels

(KMB) earnings were marginally above our estimates, with healthy growth on both sides of the balance sheet and stable margins, offset by elevated...

HDFC Securities

ICICI Lombard General Insurance: Investment Income Offsets CAT Impact, Maintain BUY

ICICI Lombard (ICICIGI) reported strong growth in NEP/PAT at 16%/20% YoY, although combined ratio (COR) deteriorated to 104.5% due to the...

HDFC Securities

General Insurance: Early signs of heightened competitive intensity

As companies increasingly scramble for EOM compliance, this behaviour is especially evident among newer players, and particularly visible in the...

HDFC Securities

ICICI Lombard - Combined Ratio Higher than Estimates by ~200bp

ICICIGI’s GDP grew 11% YoY in 2QFY25 to INR69b (3% miss). NEP grew 17% YoY to INR50b (3% ahead of our estimates). Claims ratio was largely in line...

Motilal Oswal

ICICI Lombard - Market Share Accretion to Continue Across Core Segments

ICICI Lombard (ICICIGI) has experienced improved market share across segments on a YTD basis, most notably in the Motor OD, Motor TP, and Health...

Motilal Oswal