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 Limited (ISEC) is an integrated and technology-based firm offering a wide range of services</li><li>ISEC manages total assets of Rs 5.6 Tn for clients across different products</li><li>We recommend a BUY rating on the stock with a target price of Rs 856/share, implying an upside of 10% from the CMP.</li></ul><div class="content-highlight"><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></div>

ICICI Securities Limited (ISEC) is an integrated and technology-based firm offering a wide range of servicesISEC manages total assets of Rs 5.6 Tn for clients across different productsWe recommend a BUY rating on the stock with a target price of Rs 856/share, implying an upside of 10% from the 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.

<ul><li>ICICI Securities Ltd. (ISEC) reported a strong set of numbers that were above our estimates across all parameters</li><li>The highlight of the quarter was the momentum on customer sourcing which has sustained on a sequential basis as ISEC added ~676K customers during the quarter</li><li>We maintain a BUY rating on the stock and revise our target price to Rs 990/share (19x FY24E EPS), implying an upside of 21% from CMP.</li></ul><div class="content-highlight"><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></div>

ICICI Securities Ltd. (ISEC) reported a strong set of numbers that were above our estimates across all parametersThe highlight of the quarter was the momentum on customer sourcing which has sustained on a sequential basis as ISEC added ~676K customers during the quarterWe maintain a BUY rating on the stock and revise our target price to Rs 990/share (19x FY24E EPS), implying an upside of 21% 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: Strong Performance Across Segments Continues, Maintain BUY

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.

<p>ISEC witnessed flattish retail broking revenue for the seventh consecutive quarter despite improved traction in client acquisitions. However, this was more than offset by the strong performance in distribution, MTF books and investment banking revenue. Resultantly, ISEC's 3QFY22 revenue at INR9.4b (+52% YoY) was 10% higher than our forecasts.</p><div class="content-highlight"><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></div>

ISEC witnessed flattish retail broking revenue for the seventh consecutive quarter despite improved traction in client acquisitions. However, this was more than offset by the strong performance in distribution, MTF books and investment banking revenue. Resultantly, ISEC's 3QFY22 revenue at INR9.4b (+52% YoY) was 10% higher than our forecasts.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.

Brokerage revenues stay flattish, MTF and distribution income yield positive surprise

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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>Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO.</li>
<li>We have covered various aspects of the deal in our previous notes links to which are below.</li>
<li>In this note, we will talk about the upcoming anchor book lock-up expiry and look at how past IPOs have done around this time period.</li>
</ul>


Paytm raised around US$2.2bn via selling a mix of primary and secondary shares in its IPO.
We have covered various aspects of the deal in our previous notes links to which are below.
In this note, we will talk about the upcoming anchor book lock-up expiry and look at how past IPOs have done around this time period.


Paytm (One 97) - Large Anchor Book Expiry, Prior Listings Have Corrected a Few Days Ahead

<ul><li>ISEC is under transition, whereby the company is implementing several strategic initiatives across segments to emerge as a comprehensive financial solutions provider </li><li>The margin norms, the last leg of which was implemented from 1st Sep’21, impacted ISEC’s market share</li><li>We retain our Buy rating on the stock with a one-year TP of INR970 (21x FY23E EPS)</li></ul><div class="content-highlight"><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></div>

ISEC is under transition, whereby the company is implementing several strategic initiatives across segments to emerge as a comprehensive financial solutions provider The margin norms, the last leg of which was implemented from 1st Sep’21, impacted ISEC’s market shareWe retain our Buy rating on the stock with a one-year TP of INR970 (21x FY23E EPS)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: Diversification on the Cards

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)

Pick of the Week: ICICI Securities

ICICI Securities Limited (ISEC) is an integrated and technology-based firm offering a wide range of services. ISEC manages total assets of Rs 5.6...

Axis Direct

ICICI Securities: Strong Performance Across Segments Continues, Maintain BUY

ICICI Securities Ltd. (ISEC) reported a strong set of numbers that were above our estimates across all parameters. The highlight of the quarter was...

Axis Direct

Brokerage revenues stay flattish, MTF and distribution income yield positive surprise

ISEC witnessed flattish retail broking revenue for the seventh consecutive quarter despite improved traction in client acquisitions. However, this...

Motilal Oswal

Paytm (One 97) - Large Anchor Book Expiry, Prior Listings Have Corrected a Few Days Ahead

Paytm raised around US$2.2bn in its IPO. In this note, we look at the upcoming anchor book lock-up expiry and how other IPOs have done around that...

Sumeet Singh

ICICI Securities: Diversification on the Cards

ISEC is under transition, whereby the company is implementing several strategic initiatives across segments to emerge as a comprehensive financial...

Motilal Oswal

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