External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>The company reported robust growth in AUM growth of 27/4% YoY/QoQ, mainly driven by healthy growth in MFI (Up 32% YoY, 6% QoQ), vehicles (Up 70/14% YoY/QoQ) and housing (Up 41/8% YoY/QoQ).</li><li>However, the gold loan book remained flat sequentially.</li><li>Despite an increase in cost of borrowing by 20 bps QoQ to 9.1%, NIM (calc) increased to 13.7% Vs 13.4% QoQ as gold loan yield improved from 21.9% in Q2FY24 to 22.3% Q3FY24. </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 company reported robust growth in AUM growth of 27/4% YoY/QoQ, mainly driven by healthy growth in MFI (Up 32% YoY, 6% QoQ), vehicles (Up 70/14% YoY/QoQ) and housing (Up 41/8% YoY/QoQ).However, the gold loan book remained flat sequentially.Despite an increase in cost of borrowing by 20 bps QoQ to 9.1%, NIM (calc) increased to 13.7% Vs 13.4% QoQ as gold loan yield improved from 21.9% in Q2FY24 to 22.3% Q3FY24. 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.

Manappuram Finance - AUM Growth Remains Robust; Uptick in NPA

<ul><li>Gold Loan Business – FY24 is expected to play out better for the gold loan business.</li><li>As the RBI revised its GDP growth estimates upwards from 6.5% to 7% for FY24, it will lead to higher disposable income, thereby resulting in an increase in discretionary spending.</li><li>Further, geopolitics, lower interest rates, and continued buying by central banks would act as tailwinds for the gold loan sector. </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.

Gold Loan Business – FY24 is expected to play out better for the gold loan business.As the RBI revised its GDP growth estimates upwards from 6.5% to 7% for FY24, it will lead to higher disposable income, thereby resulting in an increase in discretionary spending.Further, geopolitics, lower interest rates, and continued buying by central banks would act as tailwinds for the gold loan sector. 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.

Manappuram Finance Ltd. - AUM Growth Momentum to Remain Robust; Maintain BUY!

<ul><li>The company reported robust growth in AUM growth of 27/5% YoY/QoQ, mainly driven by healthy growth in MFI (Up 42% YoY, 9% QoQ), vehicles (Up 67/12% YoY/QoQ) and housing (Up 42/9% YoY/QoQ).</li><li>Moreover, gold loan growth revived, up 8/5%YoY/QoQ.</li><li>Despite a spike in the cost of funds by 20bps QoQ on the standalone book, net yields reported an uptick of 50bps QoQ to 21.9%. </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 company reported robust growth in AUM growth of 27/5% YoY/QoQ, mainly driven by healthy growth in MFI (Up 42% YoY, 9% QoQ), vehicles (Up 67/12% YoY/QoQ) and housing (Up 42/9% YoY/QoQ).Moreover, gold loan growth revived, up 8/5%YoY/QoQ.Despite a spike in the cost of funds by 20bps QoQ on the standalone book, net yields reported an uptick of 50bps QoQ to 21.9%. 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.

Manappuram Finance - Steady Momentum in AUM Growth with Stable Margins; Maintain Buy

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

Five-Star Business Finance / Equity Capital Markets

<ul>
<li>Three PE investors are looking to raise up to US$158m via selling 5.9% of <a href="https://www.smartkarma.com/entities/five-star-business-finance" target="_blank" data-smartkarma-citation="entities:35238:1" rel="noopener">Five Star Business Finance (FIVESTAR IN)</a> (FSB).</li>
<li>Five-Star Business is a non-banking financial company that provides secured business loans to micro-entrepreneurs and self-employed individuals. FSB had raised around US$190m in its India IPO in Nov 2022.</li>
<li>In this note, we will talk about the deal dynamics and updates since our last note.</li>
</ul>


Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB).
Five-Star Business is a non-banking financial company that provides secured business loans to micro-entrepreneurs and self-employed individuals. FSB had raised around US$190m in its India IPO in Nov 2022.
In this note, we will talk about the deal dynamics and updates since our last note.


Five Star Placement - Well Flagged but Have a Lot More Stock to Get Through

<ul><li>Although Q1 was a seasonally weak quarter, MFL reported robust growth in AUM of 21/5% YoY/QoQ, mainly driven by healthy growth in MFI (Up 42% YoY, flat QoQ), vehicles (Up 60/14% YoY/QoQ) and housing (Up 37/10% YoY/QoQ).</li><li>Gold loan growth remained muted YoY and at 4% YoY.</li><li>Further, despite a spike in the cost of funds by 20 bps QoQ on the standalone book, net yields reported an uptick of 40 bps QoQ to 21.4%.</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.

Although Q1 was a seasonally weak quarter, MFL reported robust growth in AUM of 21/5% YoY/QoQ, mainly driven by healthy growth in MFI (Up 42% YoY, flat QoQ), vehicles (Up 60/14% YoY/QoQ) and housing (Up 37/10% YoY/QoQ).Gold loan growth remained muted YoY and at 4% YoY.Further, despite a spike in the cost of funds by 20 bps QoQ on the standalone book, net yields reported an uptick of 40 bps QoQ to 21.4%.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.

India

Manappuram Finance Limited is an Indian non-banking financial company (NBFC) specializing primarily in gold loans. The company has diversified its portfolio to include microfinance, home loans, vehicle loans, and SME lending. It was founded in 1949 and is headquartered in Valapad, Thrissur, Kerala, India.

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Manappuram Finance (MGFL IN)

Manappuram Finance - AUM Growth Remains Robust; Uptick in NPA

The company reported robust growth in AUM growth of 27/4% YoY/QoQ, mainly driven by healthy growth in MFI (Up 32% YoY, 6% QoQ), vehicles (Up 70/14%...

Axis Direct

Manappuram Finance Ltd. - AUM Growth Momentum to Remain Robust; Maintain BUY!

As the RBI revised its GDP growth estimates upwards from 6.5% to 7% for FY24, it will lead to higher disposable income, thereby resulting in an...

Axis Direct

Manappuram Finance - Steady Momentum in AUM Growth with Stable Margins; Maintain Buy

The company reported robust growth in AUM growth of 27/5% YoY/QoQ, mainly driven by healthy growth in MFI (Up 42% YoY, 9% QoQ), vehicles (Up 67/12%...

Axis Direct

Five Star Placement - Well Flagged but Have a Lot More Stock to Get Through

Three PE investors are looking to raise up to US$158m via selling 5.9% of Five Star Business Finance (FIVESTAR IN) (FSB). In this note, we talk...

Sumeet Singh

Manappuram Finance - Robust AUM Growth

Further, despite a spike in the cost of funds by 20 bps QoQ on the standalone book, net yields reported an uptick of 40 bps QoQ to 21.4%.

Axis Direct

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