External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Tata Motors: JLR Q2 margins declined 140bps QoQ to 14.9% due to adverse mix, higher VME + FME and this was despite higher capitalization rate</li><li>India PV and CV margins improved over 100bps QoQ, largely due to improved volumes and soft input costs</li><li>While FY24 is an operationally strong year for JLR, we expect it to face multiple headwinds from FY25, which include: 1) demand uncertainty in key regions, 2) normalization of mix, 3) rise in VME + FME as it moves from “demand pull” to “sales push mode”, 4) need to raise capex at a time when margins may not be supportive</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.

Tata Motors: JLR Q2 margins declined 140bps QoQ to 14.9% due to adverse mix, higher VME + FME and this was despite higher capitalization rateIndia PV and CV margins improved over 100bps QoQ, largely due to improved volumes and soft input costsWhile FY24 is an operationally strong year for JLR, we expect it to face multiple headwinds from FY25, which include: 1) demand uncertainty in key regions, 2) normalization of mix, 3) rise in VME + FME as it moves from “demand pull” to “sales push mode”, 4) need to raise capex at a time when margins may not be supportiveContent 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: Tata Motors, Britannia Industries, Dabur, Hero Motocorp

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain constructive on global equities as long as the MSCI ACWI (ACWI-US) holds above major support at $90.50-91.50.</li>
<li>We continue to monitor for whether ACWI-US and EEM-US break supports at $90.50-91.50 and $37, or if broken indexes (EURO STOXX 50, MSCI ACWI ex-US, EAFE) can reclaim supports.</li>
<li>Neither has happened yet, so we remain in wait-and-see mode. We are downgrading non-US small-caps to market weight. Non-US Value remains leadership -- remain overweight/buys in Financials and Communications</li>
</ul>


We remain constructive on global equities as long as the MSCI ACWI (ACWI-US) holds above major support at $90.50-91.50.
We continue to monitor for whether ACWI-US and EEM-US break supports at $90.50-91.50 and $37, or if broken indexes (EURO STOXX 50, MSCI ACWI ex-US, EAFE) can reclaim supports.
Neither has happened yet, so we remain in wait-and-see mode. We are downgrading non-US small-caps to market weight. Non-US Value remains leadership -- remain overweight/buys in Financials and Communications


MSCI ACWI, MSCI EM Still Above Supports; Buys in Global Value - Financials and Communications

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


-------------
Regulatory Disclosure: 
Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

Research Analyst Contact Details:
Address: A-412, Shilp Aaron, Sindhu Bhavan Road, Ahmedabad, Gujarat - 380059
Email: services@yellowstoneequity.com
Mobile: +91-7575817289

Compliance/Grievance Officer:
Name: Ankit Agrawal
Email: services@yellowstoneequity.com
Mobile: +91-7575817289
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Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lic-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:15667:1" rel="noopener">LIC Housing Finance (LICHF IN)</a> posted a strong Q1FY24, despite an adverse one-off reversible impact. Q1FY24 PAT came in at INR 1319cr vs INR 1191cr QoQ and INR 927cr YoY.  </li>
<li>With the interest rates stabilizing, housing demand has been improving. LICHF's asset quality has been also improving, adjusted for one-off technical glitch related deterioration.  </li>
<li>At around 6x P/E based on our projected FY24E PAT, LICHF is available quite cheap and has potential to more than double from the current levels. </li>
</ul>



LIC Housing Finance (LICHF IN) posted a strong Q1FY24, despite an adverse one-off reversible impact. Q1FY24 PAT came in at INR 1319cr vs INR 1191cr QoQ and INR 927cr YoY.  
With the interest rates stabilizing, housing demand has been improving. LICHF's asset quality has been also improving, adjusted for one-off technical glitch related deterioration.  
At around 6x P/E based on our projected FY24E PAT, LICHF is available quite cheap and has potential to more than double from the current levels. 


<ul><li>State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costs</li><li>However, loan growth moderated (+1% QoQ) in addition to a 37bps QoQ decline in domestic NIMs (3.47%) and lower other income</li><li>Gross slippages flared up to 1% annualised, primarily from the retail segment, but were offset by recoveries/w-offs that resulted in a flattish GNPA (2.8%)</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.

State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costsHowever, loan growth moderated (+1% QoQ) in addition to a 37bps QoQ decline in domestic NIMs (3.47%) and lower other incomeGross slippages flared up to 1% annualised, primarily from the retail segment, but were offset by recoveries/w-offs that resulted in a flattish GNPA (2.8%)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.

HSIE Results Daily: State Bank of India, Mahindra & Mahindra, Kansai Nerolac

<ul>
<li>LICHF reported a strong Q4FY23 with a PAT of INR 1180cr. This takes the FY23 PAT to INR 2891cr, well above our estimate of INR 2700cr.</li>
<li>Asset quality worsened as Stage 2 assets increased to 5.25% vs 3.92%. However, this is temporary due to one-off interest rate hike related technical issues in EMI payments.</li>
<li>LICHF has guided for a strong FY24, led by margin expansion and AUM growth. As credit costs remain benign, profitability should jump significantly.</li>
</ul>


LICHF reported a strong Q4FY23 with a PAT of INR 1180cr. This takes the FY23 PAT to INR 2891cr, well above our estimate of INR 2700cr.
Asset quality worsened as Stage 2 assets increased to 5.25% vs 3.92%. However, this is temporary due to one-off interest rate hike related technical issues in EMI payments.
LICHF has guided for a strong FY24, led by margin expansion and AUM growth. As credit costs remain benign, profitability should jump significantly.


LICHF: Q4FY23 Earnings Better than Expected; Asset Quality Worsened Optically But Nothing Worrisome

India

LIC Housing Finance Limited provides housing finance services to individuals for purchase, construction, repair and renovation of new or existing flats and houses. The Company also provides finance on existing property for business, personal needs and gives loans to professionals for purchase, construction of clinics, nursing homes, diagnostic centers, and office space throughout India.

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LIC Housing Finance (LICHF IN)

HSIE Results Daily: Tata Motors, Britannia Industries, Dabur, Hero Motocorp

Tata Motors: JLR Q2 margins declined 140bps QoQ to 14.9% due to adverse mix, higher VME + FME and this was despite higher capitalization rate

HDFC Securities

MSCI ACWI, MSCI EM Still Above Supports; Buys in Global Value - Financials and Communications

MSCI $ACWI, MSCI EM $EEM Still Above Supports at $90.50-$91.50 and $37, though being tested today. Meanwhile, broken indexes (EURO $STOXX 50,...

Vermilion Research

LICHF: On Track for a Record FY24 PAT

LICHF is on track to post a record PAT of INR 4100cr+ in FY24. At the current market cap, it is available at a P/E of around 6x, suggesting that it...

Ankit Agrawal, CFA

HSIE Results Daily: State Bank of India, Mahindra & Mahindra, Kansai Nerolac

State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costs

HDFC Securities

LICHF: Q4FY23 Earnings Better than Expected; Asset Quality Worsened Optically But Nothing Worrisome

An investment in LICHF has potential to triple over the next couple of years. FY24E PAT is likely to be INR 4100cr+, suggesting that at the current...

Ankit Agrawal, CFA

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