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>In Q1FY24, ISEC has been able to either improve or maintain its market share across segments.</li><li>Its market share in the cash segment improved to 12.2% vs. 9.7/11% YoY/QoQ.</li><li>Similarly, market share in the commodity segment improved to 7.2% vs. 4.4%/6.1% YoY/QoQ.</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 Q1FY24, ISEC has been able to either improve or maintain its market share across segments.Its market share in the cash segment improved to 12.2% vs. 9.7/11% YoY/QoQ.Similarly, market share in the commodity segment improved to 7.2% vs. 4.4%/6.1% YoY/QoQ.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. - Progressing Well in Focus Segments!

<ul><li>Bringing stability in Revenues – ISEC has sharpened its focus on (1) Wealth management franchise with a thrust on improving share of recurring assets/revenues, (2) Derivatives segment, (3) Insurance with focus on both life insurance and general and health insurance, and (4) adding Personal Loans to the existing Loan disbursements, with the aim to reduce its dependence on the broking business, thereby bringing more stability to the revenues.</li><li>While near-term headwinds on broking income persists, we expect distribution income to support overall revenue growth.</li><li>Focus remains on improving the market share in the Derivatives segment – With its focused efforts towards improving market share in the Derivatives segment, ISEC is witnessing gradual improvement and good traction across operational metrics in the same.</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.

Bringing stability in Revenues – ISEC has sharpened its focus on (1) Wealth management franchise with a thrust on improving share of recurring assets/revenues, (2) Derivatives segment, (3) Insurance with focus on both life insurance and general and health insurance, and (4) adding Personal Loans to the existing Loan disbursements, with the aim to reduce its dependence on the broking business, thereby bringing more stability to the revenues.While near-term headwinds on broking income persists, we expect distribution income to support overall revenue growth.Focus remains on improving the market share in the Derivatives segment – With its focused efforts towards improving market share in the Derivatives segment, ISEC is witnessing gradual improvement and good traction across operational metrics in the same.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 - Focus on Market Share Improvement

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>ICICI Securities (ISEC)’s overall revenue declined 7% YoY to INR8.8b in 3QFY23, In-line with our estimate as the weakness in retail brokerage and IB revenue was offset by strong interest rate-linked revenue (MTF and Treasury book).</li><li>ISEC’s retail broking revenue declined 13% YoY to INR3.3b.</li><li>The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.</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)’s overall revenue declined 7% YoY to INR8.8b in 3QFY23, In-line with our estimate as the weakness in retail brokerage and IB revenue was offset by strong interest rate-linked revenue (MTF and Treasury book).ISEC’s retail broking revenue declined 13% YoY to INR3.3b.The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.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) - Muted Performance Led by Pressure on MTF NIMs

<ul><li>Focus on quality customer acquisition – ICICI Securities (ISEC) will focus on acquiring quality customers with the potential to generate higher revenues along with exhibiting higher persistency.</li><li>Though the pace of customer acquisition could slowdown in the near term, we believe the focus on quality customers would support ISEC’s revenue growth over the medium term. (Contd.)</li><li>Reduction of revenue cyclicity – ISEC has sharpened its focus on the (1) wealth management franchise, (2) derivatives, (3) insurance and (4) loan disbursements with the aim to reduce its dependence on the broking business, especially the cash market and capital market segments, thereby reducing the cyclicity in its revenues.</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.

Focus on quality customer acquisition – ICICI Securities (ISEC) will focus on acquiring quality customers with the potential to generate higher revenues along with exhibiting higher persistency.Though the pace of customer acquisition could slowdown in the near term, we believe the focus on quality customers would support ISEC’s revenue growth over the medium term. (Contd.)Reduction of revenue cyclicity – ISEC has sharpened its focus on the (1) wealth management franchise, (2) derivatives, (3) insurance and (4) loan disbursements with the aim to reduce its dependence on the broking business, especially the cash market and capital market segments, thereby reducing the cyclicity in its revenues.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 - Soft Quarter; Broking Business Headwinds to Persist!

<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

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. - Progressing Well in Focus Segments!

In Q1FY24, ISEC has been able to either improve or maintain its market share across segments. Its market share in the cash segment improved to...

Axis Direct

ICICI Securities (ISEC) - Muted Performance Led by Pressure on MTF NIMs

The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.

Motilal Oswal

ICICI Securities - Soft Quarter; Broking Business Headwinds to Persist!

ICICI Securities (ISEC) will focus on acquiring quality customers with the potential to generate higher revenues along with exhibiting higher...

Axis Direct

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

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ICICI Securities Ltd. - Progressing Well in Focus Segments!

In Q1FY24, ISEC has been able to either improve or maintain its market share across segments. Its market share in the cash segment improved to...

Axis Direct

ICICI Securities - Focus on Market Share Improvement

While near-term headwinds on broking income persists, we expect distribution income to support overall revenue growth. Focus remains on improving...

Axis Direct

ICICI Securities (ISEC) - Muted Performance Led by Pressure on MTF NIMs

The fall would have been steeper had it not been for an 18% YoY growth in interest income and 35% YoY jump in Prime Fees.

Motilal Oswal

ICICI Securities - Soft Quarter; Broking Business Headwinds to Persist!

ICICI Securities (ISEC) will focus on acquiring quality customers with the potential to generate higher revenues along with exhibiting higher...

Axis Direct

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