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

MAS Financial Services Ltd / Equity Bottom-Up

<ul><li>Disbursements grew by 8% YoY, while de-grew by 6% QoQ. AUM Growth was healthy, largely in line with expectations at 26/4% YoY/QoQ.</li><li>AUM growth was broad-based. Micro/SME loans grew by 16/26% YoY. In Q1FY24, the loans sourced from NBFC partners stood at 37.2% vs 45.3/37.6% YoY/QoQ.</li><li>NII grew by 25/5% 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>

Disbursements grew by 8% YoY, while de-grew by 6% QoQ. AUM Growth was healthy, largely in line with expectations at 26/4% YoY/QoQ.AUM growth was broad-based. Micro/SME loans grew by 16/26% YoY. In Q1FY24, the loans sourced from NBFC partners stood at 37.2% vs 45.3/37.6% YoY/QoQ.NII grew by 25/5% 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.

MAS Financial Services Ltd. - Growth Momentum Healthy, Asset Quality Stable!

<ul><li>MAS maintained its disbursements growth momentum which helped aid a robust AUM growth of 30/6% YoY.</li><li>The share of direct sourcing improved further to ~62% vs 52/61% YoY/QoQ.</li><li>NII grew by 30% YoY but de-grew marginally by 2% QoQ on account of margin pressures as CoF inched up sharply. </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>

MAS maintained its disbursements growth momentum which helped aid a robust AUM growth of 30/6% YoY.The share of direct sourcing improved further to ~62% vs 52/61% YoY/QoQ.NII grew by 30% YoY but de-grew marginally by 2% QoQ on account of margin pressures as CoF inched up sharply. 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. - Pushing For Growth; Maintain BUY!

<ul><li>MAS reported a healthy AUM growth of 32/7% YoY, driven by a healthy disbursement growth of 39% YoY/flattish QoQ.</li><li>The share of direct sourcing improved further to ~61% vs. 60% QoQ.</li><li>NII growth of 50/15% was aided by improving margins (calc.) (+64/39bps YoY/QoQ) and broad-based AUM growth. </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>

MAS reported a healthy AUM growth of 32/7% YoY, driven by a healthy disbursement growth of 39% YoY/flattish QoQ.The share of direct sourcing improved further to ~61% vs. 60% QoQ.NII growth of 50/15% was aided by improving margins (calc.) (+64/39bps YoY/QoQ) and broad-based AUM 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.

MAS Financial Services Ltd. - Focus on Risk-Calibrated Growth, Maintain BUY!

Thematic (Sector/Industry)

<div><div><div><div><ul><li>We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.</li><li>On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.</li><li>Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit growth. </li></ul></div></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>

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.On a segmental basis at a systemic level, consumer durables/personal loans/credit card outstanding have shown a robust growth of 39/21/30% YoY respectively.Banks that have so far reported their provisional numbers for the quarter have witnessed a pick-up deposit growth, led by TD growth outpacing CASA deposit 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.

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

<ul><li>MAS financial Services’ (MAS) focus remains on maintaining margins at ~7% despite the increasing interest rates.</li><li>Yield expansion is a function of the opportunities available to lend and the resultant product mix along with repricing opportunities available (the company has passed on a part of the rate hikes given that the quantum of a rate hike has been large) and is undertaken in a risk-adjusted manner.</li><li>Thus, the management remains confident in MAS’ ability to maintain margins despite CoF inching up and settling at 9.25-9.5% over the medium term.</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>

MAS financial Services’ (MAS) focus remains on maintaining margins at ~7% despite the increasing interest rates.Yield expansion is a function of the opportunities available to lend and the resultant product mix along with repricing opportunities available (the company has passed on a part of the rate hikes given that the quantum of a rate hike has been large) and is undertaken in a risk-adjusted manner.Thus, the management remains confident in MAS’ ability to maintain margins despite CoF inching up and settling at 9.25-9.5% over the medium term.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. - Growth Visibility Strong

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)

MAS Financial Services Ltd. - Growth Momentum Healthy, Asset Quality Stable!

Disbursements grew by 8% YoY, while de-grew by 6% QoQ. AUM Growth was healthy, largely in line with expectations at 26/4% YoY/QoQ.

Axis Direct

MAS Financial Services Ltd. - Pushing For Growth; Maintain BUY!

MAS maintained its disbursements growth momentum which helped aid a robust AUM growth of 30/6% YoY. The share of direct sourcing improved further...

Axis Direct

MAS Financial Services Ltd. - Focus on Risk-Calibrated Growth, Maintain BUY!

MAS reported a healthy AUM growth of 32/7% YoY, driven by a healthy disbursement growth of 39% YoY/flattish QoQ. The share of direct sourcing...

Axis Direct

Bfsi Q4fy23 Result Preview – yet Another Strong Quarter!

We expect the banks under our coverage to mirror the strong systemic credit growth, thereby delivering a robust ~17% YoY credit growth in Q4FY23.

Axis Direct

MAS Financial Services Ltd. - Growth Visibility Strong

Yield expansion is a function of the opportunities available to lend and the resultant product mix along with repricing opportunities available

Axis Direct

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