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

<ul><li>IIFL Finance (IIFL)’s 3QFY25 PAT declined ~85% YoY to INR817m.</li><li>NII declined 22% YoY and ~8% QoQ to ~INR12.4b (~7% miss).</li><li>Other income stood at ~INR1.1b (PY: INR1.1b).</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.

IIFL Finance (IIFL)’s 3QFY25 PAT declined ~85% YoY to INR817m.NII declined 22% YoY and ~8% QoQ to ~INR12.4b (~7% miss).Other income stood at ~INR1.1b (PY: INR1.1b).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.

IIFL Finance - Earnings Miss; Asset Quality Weakness in Unsecured and Micro-LAP

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

Event-Driven

Housing and Urban Development Corporation / Event-Driven

Housing and Urban Development Corporation (HUDCO IN)

Housing and Urban Development Corporation

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.</li>
<li>The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.</li>
<li>Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.
The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.
Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.


AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

<ul><li>IIFL Finance (IIFL) hosted a conference call on 5th Mar’24 to clarify the issues raised by the RBI regarding the company’s gold loan business (RBI press release), the corrective actions taken by the management, and the way forward for the company.</li><li>IIFL also shared the contribution of the gold loan business to its profitability, the fixed cost of gold loan branches and the sequence of events that culminated in this RBI ban.</li><li>It is difficult to predict how long it could take to work with the regulator and get this ban reviewed and revoked.</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.

IIFL Finance (IIFL) hosted a conference call on 5th Mar’24 to clarify the issues raised by the RBI regarding the company’s gold loan business (RBI press release), the corrective actions taken by the management, and the way forward for the company.IIFL also shared the contribution of the gold loan business to its profitability, the fixed cost of gold loan branches and the sequence of events that culminated in this RBI ban.It is difficult to predict how long it could take to work with the regulator and get this ban reviewed and revoked.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.

IIFL Finance - RBI Ban on Gold Lending to Dampen Growth and Profitability

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>India's Credit Landscape has changed and is facing structural and regulatory challenges.</li>
<li>The Indian regulator (RBI), particularly in its oversight of underwriting practices and the behavior of Non-Banking Financial Companies (NBFCs), is commendably proactive, positioning it ahead of the curve.</li>
<li>We expect more such steps in other parts of the credit funnel. The recent crack down along with the stock underperformance is here to stay and possibility intensify. </li>
</ul>


India's Credit Landscape has changed and is facing structural and regulatory challenges.
The Indian regulator (RBI), particularly in its oversight of underwriting practices and the behavior of Non-Banking Financial Companies (NBFCs), is commendably proactive, positioning it ahead of the curve.
We expect more such steps in other parts of the credit funnel. The recent crack down along with the stock underperformance is here to stay and possibility intensify. 


Trouble in Paradise | India Credit Landscape & Wrath of the Regulator

<ul>
<li>Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</li>
<li>This edition focuses on earnings commentary from Financials highlighting the commentary on costs, growth, and elections. </li>
<li>Earnings review includes <a href="https://www.smartkarma.com/entities/au-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:24196:1" rel="noopener">AU Small Finance Bank Limited (AUBANK IN), </a><a href="https://www.smartkarma.com/entities/home-first-finance-company-india" target="_blank" data-smartkarma-citation="entities:28865:1" rel="noopener">Home First Finance (HOMEFIRS IN)</a>, <a href="https://www.smartkarma.com/entities/iifl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20197:1" rel="noopener">IIFL Holdings (IIFL IN)</a>, <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a>. </li>
</ul>


Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.
This edition focuses on earnings commentary from Financials highlighting the commentary on costs, growth, and elections. 
Earnings review includes AU Small Finance Bank Limited (AUBANK IN), Home First Finance (HOMEFIRS IN), IIFL Holdings (IIFL IN), Shriram Finance (SHFL IN). 


[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

India

IIFL Finance Limited is an Indian diversified financial services company providing a comprehensive range of secured and unsecured lending products, including home loans, gold loans, business loans, and microfinance. The company serves retail, SME, and corporate clients across India. It was founded in 1995 and is headquartered in Mumbai, India.

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IIFL Finance (IIFL IN)

IIFL Finance - Earnings Miss; Asset Quality Weakness in Unsecured and Micro-LAP

IIFL Finance (IIFL)’s 3QFY25 PAT declined ~85% YoY to INR817m. NII declined 22% YoY and ~8% QoQ to ~INR12.4b (~7% miss). Other income stood at...

Motilal Oswal

AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new adds...

Brian Freitas

IIFL Finance - RBI Ban on Gold Lending to Dampen Growth and Profitability

IIFL Finance (IIFL) hosted a conference call on 5th Mar’24 to clarify the issues raised by the RBI regarding the company’s gold loan business (RBI...

Motilal Oswal

Trouble in Paradise | India Credit Landscape & Wrath of the Regulator

India's credit landscape is evolving with regulatory challenges, but the RBI's proactive oversight of NBFCs sets it ahead of the curve, with more...

Pranav Bhavsar

[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IIFL Finance - Earnings Miss; Asset Quality Weakness in Unsecured and Micro-LAP

IIFL Finance (IIFL)’s 3QFY25 PAT declined ~85% YoY to INR817m. NII declined 22% YoY and ~8% QoQ to ~INR12.4b (~7% miss). Other income stood at...

Motilal Oswal

AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new adds...

Brian Freitas

IIFL Finance - RBI Ban on Gold Lending to Dampen Growth and Profitability

IIFL Finance (IIFL) hosted a conference call on 5th Mar’24 to clarify the issues raised by the RBI regarding the company’s gold loan business (RBI...

Motilal Oswal

Trouble in Paradise | India Credit Landscape & Wrath of the Regulator

​India's credit landscape is evolving with regulatory challenges, but the RBI's proactive oversight of NBFCs sets it ahead of the curve, with more...

Pranav Bhavsar

[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

​This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...

Pranav Bhavsar

India's credit landscape is evolving with regulatory challenges, but the RBI's proactive oversight of NBFCs sets it ahead of the curve, with more...

This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...