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

ICICI Prudential Life Insurance / Equity Bottom-Up

<ul><li>IPRU Life reported NBP of INR49.3b in 2QFY25, up 13.1% YoY.</li><li>For 1HFY25, NBP grew 17.4% YoY to INR86.98b.</li><li>New business APE grew 21.4% YoY to INR25b (in line) in 2Q.</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.

IPRU Life reported NBP of INR49.3b in 2QFY25, up 13.1% YoY.For 1HFY25, NBP grew 17.4% YoY to INR86.98b.New business APE grew 21.4% YoY to INR25b (in line) in 2Q.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 Prudential Life Insurance - Miss on PAT/VNB; Margins Decline 460bp YoY to 23.4%

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by elevated credit costs (2.1% annualised)</li><li>Asset quality witnessed deterioration across most segments, with higher forward flow rates during Q2FY25 as well</li><li>The management has increased its FY25 credit cost guidance by 20-30bps, although incremental focus has shifted towards asset quality</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) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by elevated credit costs (2.1% annualised)Asset quality witnessed deterioration across most segments, with higher forward flow rates during Q2FY25 as wellThe management has increased its FY25 credit cost guidance by 20-30bps, although incremental focus has shifted towards asset qualityContent 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: Bajaj Finance, ICICI Prudential Life, Persistent Systems, Supreme Industries

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).</li>
<li>Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.</li>
</ul>


There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).
Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.


NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

<ul><li>As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category construct</li><li>While we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.</li><li>Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction BUY.</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.

As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category constructWhile we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction BUY.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.

Life Insurance: Changing the Rules of the Game

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Higher APE growth from agency/direct channel is leading to market share gains and driving strong APE growth (higher than industry) for the third consecutive quarter albeit on a low base.</li><li>Management expects to continue to grow APE ahead of the industry, as it has made considerable efforts to improve its multi-channel and multi-product approach to optimise growth.</li><li>A lower share of non-par reduces the impact of revised surrender penalty guidelines on VNB margins.</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.

Higher APE growth from agency/direct channel is leading to market share gains and driving strong APE growth (higher than industry) for the third consecutive quarter albeit on a low base.Management expects to continue to grow APE ahead of the industry, as it has made considerable efforts to improve its multi-channel and multi-product approach to optimise growth.A lower share of non-par reduces the impact of revised surrender penalty guidelines on VNB margins.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 Prudential Life Insurance Company Ltd - Eyeing Sustained Healthy Growth

India

ICICI Prudential Life Insurance Company Limited of India provides life insurance services. The Company offers claim processing, electronic insurance accounts, and other services. ICICI Prudential Life Insurance conducts its business in India.

ICICI Prudential Life Insurance (IPRU IN)

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ICICI Prudential Life Insurance (IPRU IN)

ICICI Prudential Life Insurance - Miss on PAT/VNB; Margins Decline 460bp YoY to 23.4%

IPRU Life reported NBP of INR49.3b in 2QFY25, up 13.1% YoY. For 1HFY25, NBP grew 17.4% YoY to INR86.98b. New business APE grew 21.4% YoY to INR25b...

Motilal Oswal

HSIE Results Daily: Bajaj Finance, ICICI Prudential Life, Persistent Systems, Supreme Industries

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with steady loan growth (+29% YoY) and improving operating efficiency offset by...

HDFC Securities

NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

There could be 16 constituent changes in December. one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn...

Brian Freitas

Life Insurance: Changing the Rules of the Game

Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the...

HDFC Securities

ICICI Prudential Life Insurance Company Ltd - Eyeing Sustained Healthy Growth

Higher APE growth from agency/direct channel is leading to market share gains and driving strong APE growth (higher than industry) for the third...

Sharekhan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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