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>LICHF’s 3QFY25 PAT grew ~23% YoY to ~INR14.3b (~12% beat).</li><li>NII declined ~5% YoY to ~INR20b (in line).</li><li>Opex was high and grew ~36% YoY to INR3.6b (~11% higher than MOFSLe) and the cost-to-income ratio rose ~2pp YoY to ~17% (PY: ~12% and PQ: ~15%).</li></ul><p><em>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.</em></p>

LICHF’s 3QFY25 PAT grew ~23% YoY to ~INR14.3b (~12% beat).NII declined ~5% YoY to ~INR20b (in line).Opex was high and grew ~36% YoY to INR3.6b (~11% higher than MOFSLe) and the cost-to-income ratio rose ~2pp YoY to ~17% (PY: ~12% and PQ: ~15%).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.

LIC Housing Finance - Disbursements Weak but Asset Quality Continues to Improve

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

HDB Financial Services Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the not-so-positive aspects of the deal.


HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hdb-financial-services-ltd" target="_blank" data-smartkarma-citation="entities:44072:1" rel="noopener">HDB Financial Services</a> (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.</li>
<li>HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO.
HDBFS is a leading retail-focused non-banking financial company (NBFC) in India, in terms of total gross loan book size, according to the CRISIL Report.
In this note, we talk about the positive aspects of the deal.


HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

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
-------------

<ul>
<li>Optically speaking LICHF's Q2FY25 results may not look as strong given modest PAT growth of 12% YoY, however, there was substantial improvement in asset quality and credit cost.</li>
<li>Annualized credit cost has stabilized to below 0.2% of AUM for the past couple of quarters, in line with the historical averages.</li>
<li>Last few quarters saw significant variation in earnings due to NIM variation, however, it has now stabilized at around 2.7% vs 3%+ earlier, making the earnings more predictable going forward.</li>
</ul>


Optically speaking LICHF's Q2FY25 results may not look as strong given modest PAT growth of 12% YoY, however, there was substantial improvement in asset quality and credit cost.
Annualized credit cost has stabilized to below 0.2% of AUM for the past couple of quarters, in line with the historical averages.
Last few quarters saw significant variation in earnings due to NIM variation, however, it has now stabilized at around 2.7% vs 3%+ earlier, making the earnings more predictable going forward.


LIC Housing Finance (LICHF): Strong Q2 Led by Asset Quality Stabilization

India

LIC Housing Finance is a major Indian housing finance company that provides long-term financing for the purchase, construction, repair, and renovation of residential properties for individuals and corporate entities. The company offers a diverse product portfolio including home loans, plot loans, home improvement loans, and loans against property. It was founded in 1989 and is headquartered in Mumbai, India.

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LIC Housing Finance (LICHF IN)

LIC Housing Finance - Disbursements Weak but Asset Quality Continues to Improve

Opex was high and grew ~36% YoY to INR3.6b (~11% higher than MOFSLe) and the cost-to-income ratio rose ~2pp YoY to ~17% (PY: ~12% and PQ: ~15%).

Motilal Oswal

HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Quiddity Leaderboard BSE/SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

IndusInd Bank and Nestle India are expected DELs and Trent and Bharat Electronics are expected ADDs for the SENSEX index in June 2025. However,...

Janaghan Jeyakumar, CFA

LIC Housing Finance (LICHF): Strong Q2 Led by Asset Quality Stabilization

LICHF reported a strong Q2FY25. In particular, asset quality has been improving significantly. At the current valuation, an investment in LICHF has...

Ankit Agrawal, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LIC Housing Finance - Disbursements Weak but Asset Quality Continues to Improve

Opex was high and grew ~36% YoY to INR3.6b (~11% higher than MOFSLe) and the cost-to-income ratio rose ~2pp YoY to ~17% (PY: ~12% and PQ: ~15%).

Motilal Oswal

HDB Financial Services Pre-IPO - The Negatives - Performance Has Been Slipping

HDB Financial Services is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

HDB Financial Services Pre-IPO - The Positives - Reputed Parent and Strong AUM Growth

HDB Financial Services (HDBFS) is looking to raise around US$1.5bn in its upcoming India IPO. In this note, we talk about the positive aspects of...

Sumeet Singh

Quiddity Leaderboard BSE/​​​​SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows

IndusInd Bank and Nestle India are expected DELs and Trent and Bharat Electronics are expected ADDs for the SENSEX index in June 2025. However,...

Janaghan Jeyakumar, CFA

LIC Housing Finance (LICHF): Strong Q2 Led by Asset Quality Stabilization

LICHF reported a strong Q2FY25. In particular, asset quality has been improving significantly. At the current valuation, an investment in LICHF has...

Ankit Agrawal, CFA

Quiddity Leaderboard BSE/SENSEX Jun 25: Two Sensex Changes Could Trigger US$440mn One-Way Flows