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 / 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>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.

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>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 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>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 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!

<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>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’ (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

<ul><li>MAS Financial Services Ltd. (MAS) reported yet another strong quarter.</li><li>While operational performance was marginally ahead of our expectations (despite higher-than-expected provisions), earnings were broadly in-line with our expectations.</li><li>The disbursement growth momentum was sustained with a growth rate of 53/5% YoY/QoQ.</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) reported yet another strong quarter.While operational performance was marginally ahead of our expectations (despite higher-than-expected provisions), earnings were broadly in-line with our expectations.The disbursement growth momentum was sustained with a growth rate of 53/5% 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 - Robust Performance in H1FY23; Momentum to Sustain!

India

MAS Financial Services is a non-deposit-taking Non-Banking Financial Company (NBFC) specializing in retail financing for underserved segments of the Indian economy, including micro-enterprises, small and medium businesses, and individuals. The company offers a diverse portfolio of financial solutions such as micro-enterprise loans, SME loans, home loans, two-wheeler loans, and commercial vehicle loans. Headquartered in Ahmedabad, Gujarat, India, the company was established in 1995.

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MAS Financial Services (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

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

MAS Financial Services Ltd - Robust Performance in H1FY23; Momentum to Sustain!

While operational performance was marginally ahead of our expectations (despite higher-than-expected provisions), earnings were broadly in-line...

Axis Direct

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