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. 

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>MFL reported steady growth in AUM of 17.2/11.2% YoY/QoQ, majorly driven by healthy growth in MFI (Up 40/15% YoY/QoQ), Vehicle (Up 49/16% YoY/QoQ) and other loans (Up 200/37% YoY/QoQ).</li><li>However, gold loans remained under pressure as it declined by 2% YoY but reported sequential growth of 6% QoQ.</li><li>Although net yields declined by 150 bps QoQ to 21% due to a change in gold loan tenure, aided by robust AUM growth, NII reported healthy growth of 25/3% YoY/QoQ.</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>

MFL reported steady growth in AUM of 17.2/11.2% YoY/QoQ, majorly driven by healthy growth in MFI (Up 40/15% YoY/QoQ), Vehicle (Up 49/16% YoY/QoQ) and other loans (Up 200/37% YoY/QoQ).However, gold loans remained under pressure as it declined by 2% YoY but reported sequential growth of 6% QoQ.Although net yields declined by 150 bps QoQ to 21% due to a change in gold loan tenure, aided by robust AUM growth, NII reported healthy growth of 25/3% YoY/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.

Manappuram Finance - Stay Order on ED’s Investigation

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>
<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> raised around US$190m in its India IPO in Nov 2022.</li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

<ul><li>Focus on diversification: The management is focused on diversifying its product mix by increasing the share of non-gold loan products in the loan portfolio.</li><li>This will aid the company in maintaining its AUM growth momentum.</li><li>NIM expected to remain at the current levels: The management expects NIMs to remain around the current levels.</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>

Focus on diversification: The management is focused on diversifying its product mix by increasing the share of non-gold loan products in the loan portfolio.This will aid the company in maintaining its AUM growth momentum.NIM expected to remain at the current levels: The management expects NIMs to remain around the current levels.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.

<ul>
<li>
<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 (0958461D IN)</a> is looking to raise around US$250m in its upcoming India IPO. </li>
<li>Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.</li>
<li>In this note, we talk about the RHP updates and undertake a peer comparison.</li>
</ul>



Five Star Business Finance (0958461D IN) is looking to raise around US$250m in its upcoming India IPO. 
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
In this note, we talk about the RHP updates and undertake a peer comparison.


Five-Star Business IPO - RHP Updates and Peer Comparion

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

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.

<div><ul><li>Gold loan demand muted while MFI continues to disappoint - Over the last three quarters, MGFL traded off margin and spreads for Gold loan growth.</li></ul><div><ul><li>Gold and MFI AUM fell sequentially; credit costs elevated in MFI - Gold AUM fell ~1% QoQ to INR202b and Gold tonnage declined by 2% to 68t.</li></ul><div><ul><li>Compression in spreads and margin driven by higher ticket sizes and aggressive competition - NII fell 2% QoQ, driven by sequential moderation of ~150bp in Gold loan yields to 18.8%.</li></ul></div></div></div><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>

Gold loan demand muted while MFI continues to disappoint - Over the last three quarters, MGFL traded off margin and spreads for Gold loan growth.Gold and MFI AUM fell sequentially; credit costs elevated in MFI - Gold AUM fell ~1% QoQ to INR202b and Gold tonnage declined by 2% to 68t.Compression in spreads and margin driven by higher ticket sizes and aggressive competition - NII fell 2% QoQ, driven by sequential moderation of ~150bp in Gold loan yields to 18.8%.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.

4QFY22 Results Update - Manappuram Finance

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 - Stay Order on ED’s Investigation

Although net yields declined by 150 bps QoQ to 21% due to a change in gold loan tenure, aided by robust AUM growth, NII reported healthy growth of...

Axis Direct

Five Star IPO Lock-Up - Over US$1.3bn Lockup Release with Less than US$1m ADV

Five Star Business Finance (FIVESTAR IN) raised around US$190m in its India IPO in Nov 2022. Its US$1.3bn worth IPO lockup expiry is coming up soon.

Sumeet Singh

Manappuram Finance - Steady AUM Growth

Focus on diversification: The management is focused on diversifying its product mix by increasing the share of non-gold loan products in the loan...

Axis Direct

Five-Star Business IPO - RHP Updates and Peer Comparion

Five Star Business Finance is looking to raise around US$250m in its upcoming India IPO. In this note, we talk about the RHP updates and undertake...

Sumeet Singh

4QFY22 Results Update - Manappuram Finance

Over the last three quarters, MGFL traded off margin and spreads for Gold loan growth. This naturally dented profitability, with FY22 PAT declining...

Motilal Oswal

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