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.

Thematic (Sector/Industry)

<ul><li>The systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.</li><li>This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.</li><li>The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance levels. </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 systemic credit growth (as of 20th Sep’24) continued to remain healthy at 13% YoY.This growth continues to be led by Retail and SMEs, while corporate credit continues to remain sluggish.The deceleration in credit growth is most likely primarily amongst the private sector banks as they aim to reduce their LDR and maintain them at balance 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.

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Equity Bottom-Up

MAS Financial Services Ltd / Equity Bottom-Up

<ul><li>We interacted with the senior management team of MAS Financial Services Ltd.</li><li>(MAS) and the Business Heads of Retail, SME and Housing segment to get an in-depth understanding of the business processes and understand the growth strategy.</li><li>During our visit to Ahmedabad, we also interacted with the company’s SME customers to understand their selection of MAS as a preferred lender.</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.

We interacted with the senior management team of MAS Financial Services Ltd.(MAS) and the Business Heads of Retail, SME and Housing segment to get an in-depth understanding of the business processes and understand the growth strategy.During our visit to Ahmedabad, we also interacted with the company’s SME customers to understand their selection of MAS as a preferred lender.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.

MAS Financial Services Ltd. - Prioritizing Profitability Over Growth

<ul><li>Banks (incl. SFBs) under our coverage continued to report healthy credit growth at ~15% YoY (ex-HDFCB), marginally lower than our expectation of ~16% YoY (ex-HDFCB).</li><li>This growth was largely led by the retail/SME segment, with a moderation in unsecured segment growth for certain banks.</li><li>The trends in corporate portfolio were divergent, with certain banks pointing out intense competition and unfavorable pricing resulting in them not pursuing growth in the segment, while certain banks witnessed strong demand-led growth.</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.

Banks (incl. SFBs) under our coverage continued to report healthy credit growth at ~15% YoY (ex-HDFCB), marginally lower than our expectation of ~16% YoY (ex-HDFCB).This growth was largely led by the retail/SME segment, with a moderation in unsecured segment growth for certain banks.The trends in corporate portfolio were divergent, with certain banks pointing out intense competition and unfavorable pricing resulting in them not pursuing growth in the segment, while certain banks witnessed strong demand-led growth.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.

Top Sector Ideas: Banking, Financial Services and Insurance (BFSI) Q1FY25

<ul><li>MAS Financial Services Ltd. (MAS) is a diversified financial services provider focused on low-income groups and economically weaker individuals operating small businesses, as well as SMEs having limited access to formal financing channels.</li><li>The company operates through 189 branches across 12 states and Union territories.</li><li>MAS also carries out its business through a pan-India network of 182 NBFC partners which contribute to ~33% of business sourcing.</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.

MAS Financial Services Ltd. (MAS) is a diversified financial services provider focused on low-income groups and economically weaker individuals operating small businesses, as well as SMEs having limited access to formal financing channels.The company operates through 189 branches across 12 states and Union territories.MAS also carries out its business through a pan-India network of 182 NBFC partners which contribute to ~33% of business sourcing.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.

Pick of the Week: MAS Financial Services Ltd - 27 MAY 2024

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.

<ul><li>Motilal Oswal's research report onMAX Financial Services Gross written premium grew 17.3% YoY (in line) in 4QFY24. The renewal premium grew 15% YoY (5% miss).</li><li>In 4QFY24, total APE grew 13% YoY to INR28.7b (14% beat).</li><li>The par products reported an exponential growth of 66% YoY.</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.

Motilal Oswal's research report onMAX Financial Services Gross written premium grew 17.3% YoY (in line) in 4QFY24. The renewal premium grew 15% YoY (5% miss).In 4QFY24, total APE grew 13% YoY to INR28.7b (14% beat).The par products reported an exponential growth of 66% YoY.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.

MAX Financial Services - Steady Performance; VNB Margin Beats Our Estimate

India

MAS Financial Services Limited provides retail financial services. The Company offers loans and other financial services for homes, two wheeler vehicles, industrial machinery, properties, agricultural use, commercial vehicles, and insurance products. MAS Financial Services offers its services to small and medium enterprises in India.

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MAS Financial Services Ltd (MASFIN IN)

Q2FY25 Earnings Preview - Banks, Financial Services and Insurance

Mirroring the systemic credit growth trends, we expect banks under our coverage (incl. SFBs) to register credit growth of ~14/4% YoY/QoQ.

Axis Direct

MAS Financial Services Ltd. - Prioritizing Profitability Over Growth

(MAS) and the Business Heads of Retail, SME and Housing segment to get an in-depth understanding of the business processes and understand the...

Axis Direct

Top Sector Ideas: Banking, Financial Services and Insurance (BFSI) Q1FY25

Banks (incl. SFBs) under our coverage continued to report healthy credit growth at ~15% YoY (ex-HDFCB), marginally lower than our expectation of...

Axis Direct

Pick of the Week: MAS Financial Services Ltd - 27 MAY 2024

MAS also carries out its business through a pan-India network of 182 NBFC partners which contribute to ~33% of business sourcing.

Axis Direct

MAX Financial Services - Steady Performance; VNB Margin Beats Our Estimate

Motilal Oswal's research report onMAX Financial Services Gross written premium grew 17.3% YoY (in line) in 4QFY24. The renewal premium grew 15% YoY...

Motilal Oswal

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