HDB Financial IPO: The Investment Case
HDB Financial, India's seventh-largest non-banking financial company (NBFC), is seeking to raise Rs125 billion (US$1.4 billion). In this note, we...
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Asian Equities: Growth at Reasonable Price After This Dislocation
Severe volatility has created opportunities in Asia. We identify 35 stocks on strong EPS growth, high ROE, low PEG & low leverage. Notably, TSMC,...
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Mahindra & Mahindra Financial Services Ltd - Mixed Bag Q3
PAT stood at Rs. 899 was higher, mainly led by negligible credit costs that fell owing to a reversal of ECL provisions of Rs. 430 crore due to...
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Mahindra Finance - Steady Quarter; ECL Model Changes Drive the Earning Beat
Quarterly PAT stood at ~Rs9bn, with the beat primarily driven by minimal credit costs, which resulted from the ECL-model refresh (leading to lower...
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Mahindra Finance - Credit Cost to Normalize in H2; Reiterate BUY
Driven by the surge in credit cost (Q2: Rs7.0bn vs our estimate of Rs5.0bn and Q1: Rs4.5bn), MMFS reported weaker profitability in Q2FY25, with PAT...
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