External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>IndusInd Bank (IIB) reported a sharp 42% earnings miss in 2Q with PAT/RoA at Rs13.3bn/1%, mainly due to slower credit growth (13% YoY), lower fees (partly due to lower penal fees), and higher LLP.</li><li>Higher provisions in 2Q were primarily due to elevated MFI stress across players and partly to shore-up contingent provision buffer (Rs5.3bn in 2Q, though little later than guided) to Rs15.3bn/0.4% of loans.</li><li>Gross slippages were higher at 2.1% (vs 1.8% in 1Q) largely due to stress in MFI and some slip-up in CE, Card, and TW, leading to 9bps QoQ uptick in GNPA ratio to 2%.</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.

IndusInd Bank (IIB) reported a sharp 42% earnings miss in 2Q with PAT/RoA at Rs13.3bn/1%, mainly due to slower credit growth (13% YoY), lower fees (partly due to lower penal fees), and higher LLP.Higher provisions in 2Q were primarily due to elevated MFI stress across players and partly to shore-up contingent provision buffer (Rs5.3bn in 2Q, though little later than guided) to Rs15.3bn/0.4% of loans.Gross slippages were higher at 2.1% (vs 1.8% in 1Q) largely due to stress in MFI and some slip-up in CE, Card, and TW, leading to 9bps QoQ uptick in GNPA ratio to 2%.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.

IndusInd Bank - Some Stress and Some Prudency Suppress Earnings

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimates</li><li>Higher investments in digital, brand building and R&amp;D led to higher other expenses YoY and higher depreciation</li><li>Q2 was a subdued quarter, in line with expectations</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.

TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimatesHigher investments in digital, brand building and R&amp;D led to higher other expenses YoY and higher depreciationQ2 was a subdued quarter, in line with expectationsContent 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: TVS Motor, IndusInd Bank, Dixon Technologies, Petronet LNG, Metro Brands

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

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-March and/or end-June.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 11 stocks with passive inflows from global trackers while 6 could see passive outflows in November.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-September in October. There are companies with significant float changes from end-March and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 11 stocks with passive inflows from global trackers while 6 could see passive outflows in November.


India: Potential Free Float Changes & Passive Flows in November

Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>Headline CPI inflation stayed near 3.6%YoY for the second consecutive month in Aug'24, and core inflation remained benign at 3.4%YoY. A 25bp rate cut remains certain at the Oct'24 MPC.</li>
<li>Although Sep-Oct'24 inflation is likely to average 5%YoY (because of base effects), the strong monsoon should deliver a bountiful kharif harvest, bringing headline inflation back down to 4%YoY in Jan-Mar'25. </li>
<li>We expect the policy rate to decline by 25bp at each of the next four MPC meetings, to 5.5% by Apr'25. Rate sensitive sectors like banks, property, auto-companies will benefit. </li>
</ul>


Headline CPI inflation stayed near 3.6%YoY for the second consecutive month in Aug'24, and core inflation remained benign at 3.4%YoY. A 25bp rate cut remains certain at the Oct'24 MPC.
Although Sep-Oct'24 inflation is likely to average 5%YoY (because of base effects), the strong monsoon should deliver a bountiful kharif harvest, bringing headline inflation back down to 4%YoY in Jan-Mar'25. 
We expect the policy rate to decline by 25bp at each of the next four MPC meetings, to 5.5% by Apr'25. Rate sensitive sectors like banks, property, auto-companies will benefit. 


India: CPI Inflation Below Target for 2nd Month Signals Rapid Rate Cuts Ahead

<ul><li>The aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 7%/0% YoY and -2%/-8% QoQ across the HSIE coverage (~229 stocks)</li><li>Overall earnings were adversely skewed by the weak performance of OMCs, hence ex-OMCs, revenue/PAT grew by 9%/13% YoY and -2%/-5% 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.

The aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 7%/0% YoY and -2%/-8% QoQ across the HSIE coverage (~229 stocks)Overall earnings were adversely skewed by the weak performance of OMCs, hence ex-OMCs, revenue/PAT grew by 9%/13% YoY and -2%/-5% 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.

Quarterly Flipbook: Earnings growth moderates, demand pick-up holds the key

India

IndusInd Bank Limited is a Mumbai-based Indian new generation bank established in 1994. The Bank provides a range of banking and financial services including  wholesale banking, credit monitoring, risk management, tele-banking, investment banking and commercial lending. IndusInd Bank operates branches throughout India as well as an office in Dubai and London.

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Indusind Bank (IIB IN)

IndusInd Bank - Some Stress and Some Prudency Suppress Earnings

IndusInd Bank (IIB) reported a sharp 42% earnings miss in 2Q with PAT/RoA at Rs13.3bn/1%, mainly due to slower credit growth (13% YoY), lower fees...

Emkay

HSIE Results Daily: TVS Motor, IndusInd Bank, Dixon Technologies, Petronet LNG, Metro Brands

TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimates. Higher investments in digital, brand...

HDFC Securities

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 4...

Brian Freitas

India: CPI Inflation Below Target for 2nd Month Signals Rapid Rate Cuts Ahead

With headline and core inflation at 3.6% and 3.4%YoY respectively, a rate cut is certain in Oct'24. Bountiful harvest to keep inflation benign,...

Prasenjit K. Basu

Quarterly Flipbook: Earnings growth moderates, demand pick-up holds the key

The aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companies

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

IndusInd Bank - Some Stress and Some Prudency Suppress Earnings

IndusInd Bank (IIB) reported a sharp 42% earnings miss in 2Q with PAT/RoA at Rs13.3bn/1%, mainly due to slower credit growth (13% YoY), lower fees...

Emkay

HSIE Results Daily: TVS Motor, IndusInd Bank, Dixon Technologies, Petronet LNG, Metro Brands

TVS Motor: TVS Motors’ Q2 PAT at INR 6.6bn (+24% YoY/+12% QoQ) was marginally lower than our estimates. Higher investments in digital, brand...

HDFC Securities

India: Potential Free Float Changes & Passive Flows in November

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 4...

Brian Freitas

India: CPI Inflation Below Target for 2nd Month Signals Rapid Rate Cuts Ahead

​With headline and core inflation at 3.6% and 3.4%YoY respectively, a rate cut is certain in Oct'24. Bountiful harvest to keep inflation benign,...

Prasenjit K. Basu

Quarterly Flipbook: Earnings growth moderates, demand pick-up holds the key

The aggregate performance of the Q1FY25 earnings season was largely on expected lines, with wide divergences across sectors and companies

HDFC Securities

With headline and core inflation at 3.6% and 3.4%YoY respectively, a rate cut is certain in Oct'24. Bountiful harvest to keep inflation benign,...