External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)</li><li>Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demand</li><li>Extended monsoon did partially impact sales momentum though</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.

Asian Paints: APNT’s consolidated revenue grew 6.3% YoY to INR 85.3bn (HSIE: INR 80.5bn)Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and early festive demandExtended monsoon did partially impact sales momentum thoughContent 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.

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

<ul><li>Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY)</li><li>Domestic jewellery (ex-bullion) grew 25.4% YoY</li><li>Secondary UCP/LTL growth remained healthy at 28/22% respectively underpinned by a strong festive and wedding season (consol topline growth stood at 25.2% YoY at INR 177.4bn, in-line)</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.

Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY)Domestic jewellery (ex-bullion) grew 25.4% YoYSecondary UCP/LTL growth remained healthy at 28/22% respectively underpinned by a strong festive and wedding season (consol topline growth stood at 25.2% YoY at INR 177.4bn, in-line)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.

HSIE Results Daily: Titan, Infoedge, Zydus Lifesciences, Max Financial, Happiest Minds Technologies

<ul><li>As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category construct</li><li>While we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.</li><li>Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction BUY.</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.

As one of the most important aspects of the IRDAI master circular takes effect from 01st October 2024, we engaged with industry experts to understand how the life insurance (LI) industry is gearing up for key changes in the NPAR (NPS) category constructWhile we expect the LI industry to take a one-time knock on NPS margins (50-200bps impact on profitability) on account of the revised surrender value norms, we understand that insurers have followed up with product intervention in the form of deferred payouts (20-30% of first-year commission), agent club-based payouts, persistency-linked clawbacks, and lower customer IRRs.Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the implications from the likely changes in the NPS product construct into our forecasts and reiterate SBILIFE as our highest-conviction BUY.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.

Life Insurance: Changing the Rules of the Game

<ul><li>The IRDAI issued a master circular on the life insurance (LI) business, largely focused on a consumer-friendly policy environment to safeguard policyholder interest and drive LI penetration</li><li>This latest master circular, which subsumes four existing circulars, revolves around changes to the NPAR savings category, an extended free-look period, the introduction of potential new products, stronger grievance redressal systems, and mandatory liquidity support</li><li>While changes to the NPAR category construct are effective from H2FY25, the cumulative impact of all these policies is likely to reflect in relatively lower competitive intensity, more disciplined pricing, a wider product range, and scope for greater product innovation.</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 IRDAI issued a master circular on the life insurance (LI) business, largely focused on a consumer-friendly policy environment to safeguard policyholder interest and drive LI penetrationThis latest master circular, which subsumes four existing circulars, revolves around changes to the NPAR savings category, an extended free-look period, the introduction of potential new products, stronger grievance redressal systems, and mandatory liquidity supportWhile changes to the NPAR category construct are effective from H2FY25, the cumulative impact of all these policies is likely to reflect in relatively lower competitive intensity, more disciplined pricing, a wider product range, and scope for greater product innovation.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.

Life Insurance: Consumer 1 - Industry 0, “claw-back” the way forward

<ul><li>Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%</li><li>There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% 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.

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 5%/20% YoY and 4%/-4% QoQ across the HSIE coverage (~224 stocks), with their four-year CAGRs at 13%/18%There was similar participation by large and midcap categories towards incremental earnings growth as large-cap grew by 20% YoY and midcap grew by 21% YoYContent 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 Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

India

Max Financial Services Limited operates as a life insurance company. The Company, through its subsidiaries, provides life insurance and health insurance products, as well as healthcare services. Max Financial Services serves insurance and health industry worldwide.

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Max India Ltd (MAXF IN)

HSIE Results Daily: Asian Paints, Infoedge, Ashok Leyland, Max Financial Services...

Decorative clocked 10.9/6% volume/value growth, driven by intensified brand-building, step-up in product regionalization, widening B2B net, and...

HDFC Securities

HSIE Results Daily: Titan, Infoedge, Zydus Lifesciences, Max Financial, Happiest Minds Technologies

Titan: Consolidated jewellery sales (ex-bullion) grew 27.3% YoY to INR159.9bn (in-line) powered by gold prices growth (up 25% YoY). Domestic...

HDFC Securities

Life Insurance: Changing the Rules of the Game

Our channel checks suggest that most insurers have gone LIVE with their new products at the beginning of October 2024, we incorporate the...

HDFC Securities

Life Insurance: Consumer 1 - Industry 0, “claw-back” the way forward

The IRDAI issued a master circular on the life insurance (LI) business, largely focused on a consumer-friendly policy environment to safeguard...

HDFC Securities

India Equity Strategy: Input Cost Benefits Drive Earnings Growth, Revenue Contribution Muted

Q3FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies. Aggregate revenue/PAT grew by 5%/20%...

HDFC Securities

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