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

<ul><li>ICICI Securities’ (ISEC) Q2FY23 performance was marginally ahead of our estimates, driven by better-than-expected broking income.</li><li>The broking industry witnessed sustained growth momentum in derivative volumes (+25% QoQ), though cash volumes remained flat QoQ (the silver lining being the halt in the sequential de-growth witnessed for 5 consecutive quarters).</li><li>ISEC registered flat growth in broking and allied revenues, highlighting the company’s efforts to reduce the share of cyclical components.</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 Securities’ (ISEC) Q2FY23 performance was marginally ahead of our estimates, driven by better-than-expected broking income.The broking industry witnessed sustained growth momentum in derivative volumes (+25% QoQ), though cash volumes remained flat QoQ (the silver lining being the halt in the sequential de-growth witnessed for 5 consecutive quarters).ISEC registered flat growth in broking and allied revenues, highlighting the company’s efforts to reduce the share of cyclical components.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 Securities Ltd - Near-Term Headwinds Persist

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> is looking to raise about US$250m in its upcoming 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>In this note, we talk about the not-so-positive aspects of the deal. </li>
</ul>



Fusion Micro Finance Ltd (1053199D IN) is looking to raise about US$250m in its upcoming 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.
In this note, we talk about the not-so-positive aspects of the deal. 


Fusion Micro Finance Pre-IPO - The Negatives - Much Less Inspiring as a Business

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Five-Star Business Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five-Star Business Finance (0958461D IN)</a>  is looking to raise around US$300m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.</li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we talk about the not so positive aspects of the deal.</li>
</ul>



Five-Star Business Finance (0958461D IN)  is looking to raise around US$300m in its upcoming India IPO. The deal will be run by ICICI Securities, Edelweiss, Kotak, and Nomura.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we talk about the not so positive aspects of the deal.


Five-Star Business Pre-IPO - The Negatives - NPLs Low but Delayed Payments Aren't

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>ISEC witnessed a 6% YoY and 7% QoQ decline in revenue from the Retail Broking segment.</li>
<li>We have lowered our FY23/FY24 EPS estimate by 10% each, to factor in weaker-than-expected traction in the Broking segment, a slowdown in the Issuer Services segment, the impact of a run-down in the ESOP funding book, and higher costs.</li>
<li>Revenue from Retail Broking declines; momentum in client addition slows down</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.


ISEC witnessed a 6% YoY and 7% QoQ decline in revenue from the Retail Broking segment.
We have lowered our FY23/FY24 EPS estimate by 10% each, to factor in weaker-than-expected traction in the Broking segment, a slowdown in the Issuer Services segment, the impact of a run-down in the ESOP funding book, and higher costs.
Revenue from Retail Broking declines; momentum in client addition slows down

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 Securities: Revenue from Broking Falls, Issuer Services Segment Witnesses Some Pressure

<ul><li>ICICI Securities Ltd. (ISEC) reported numbers stood below our and consensus estimates, mainly owing to lower brokerage income driven by weak market sentiments arising from the geopolitical tensions.</li><li>While the momentum on the client addition has been strong YoY, it has moderated on a sequential basis</li><li>We maintain our BUY recommendation on the stock with a revised target price of Rs 865/share (17x FY24E EPS), implying an upside of 38% from CMP.</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 Securities Ltd. (ISEC) reported numbers stood below our and consensus estimates, mainly owing to lower brokerage income driven by weak market sentiments arising from the geopolitical tensions.While the momentum on the client addition has been strong YoY, it has moderated on a sequential basisWe maintain our BUY recommendation on the stock with a revised target price of Rs 865/share (17x FY24E EPS), implying an upside of 38% from CMP.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 Securities: Near Term Headwinds Exist; Long Term Story Remains Intact

India

ICICI Securities is an Indian financial services company offering investment banking, retail and institutional broking, wealth management, and distribution of financial products. It provides investment and trading solutions across various asset classes, including equities, derivatives, mutual funds, and fixed income products. The company was founded in 1995 and is headquartered in Mumbai, India.

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ICICI Securities (ISEC IN)

ICICI Securities Ltd - Near-Term Headwinds Persist

ICICI Securities’ (ISEC) Q2FY23 performance was marginally ahead of our estimates, driven by better-than-expected broking income.

Axis Direct

Fusion Micro Finance Pre-IPO - The Negatives - Much Less Inspiring as a Business

Fusion Micro Finance Ltd (1053199D IN) is looking to raise about US$250m in its upcoming India IPO. In this note, we talk about the not-so-positive...

Ethan Aw

Five-Star Business Pre-IPO - The Negatives - NPLs Low but Delayed Payments Aren't

Five-Star Business Finance (0958461D IN) is looking to raise around US$300m in its upcoming India IPO. In this note, we talk about the not-so...

Sumeet Singh

ICICI Securities: Revenue from Broking Falls, Issuer Services Segment Witnesses Some Pressure

ISEC witnessed a 6% YoY and 7% QoQ decline in revenue from the Retail Broking segment. For the eighth consecutive quarter, revenue has been in the...

Motilal Oswal

ICICI Securities: Near Term Headwinds Exist; Long Term Story Remains Intact

We maintain our BUY recommendation on the stock with a revised target price of Rs 865/share (17x FY24E EPS), implying an upside of 38% from...

Axis Direct

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