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>Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)</li><li>Three-year revenue and volume CAGRs stand at 11% and 3.5%</li><li>Home care remained the showstopper, revenue/EBIT grew by 32/23% 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.

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%)Three-year revenue and volume CAGRs stand at 11% and 3.5%Home care remained the showstopper, revenue/EBIT grew by 32/23% YoYContent 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 - Hindustan Unilever, Asian Paints

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>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

<ul><li>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</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.

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

<ul><li>Havells India: Havells delivered a strong topline performance, led by broad-based growth across all categories, with a beat on our RAC and Switchgear estimates</li><li>Revenue grew by 16% on three-year CAGR (15% ex-Lloyd) while Lloyd business sustained 18% three-year revenue CAGR</li><li>All segments including Switchgear saw close to mid-teen three-year revenue CAGR</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.

Havells India: Havells delivered a strong topline performance, led by broad-based growth across all categories, with a beat on our RAC and Switchgear estimatesRevenue grew by 16% on three-year CAGR (15% ex-Lloyd) while Lloyd business sustained 18% three-year revenue CAGRAll segments including Switchgear saw close to mid-teen three-year revenue CAGRContent 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: Havells India, JSW Energy, Kajaria Ceramics, ICICI Securities

India

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. ICICI Securities serves customers in India.

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ICICI Securities Ltd (ISEC IN)

HSIE Results Daily - Hindustan Unilever, Asian Paints

Hindustan Unilever: HUL reported marginally better revenue growth at 16% (HSIE 14%), with volume growth of 5% (HSIE 5%). Three-year revenue and...

HDFC Securities

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

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

HSIE Results Daily: Havells India, JSW Energy, Kajaria Ceramics, ICICI Securities

Havells India: Havells delivered a strong topline performance, led by broad-based growth across all categories, with a beat on our RAC and...

HDFC Securities

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