External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</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>

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

Nippon Life India Asset Management / Equity Bottom-Up

<ul><li>The company reported an impressive 23% growth in the total operating income to Rs 1,307 Cr owing to the strong growth in AUM during FY22, which was largely driven by growth in the equity and ETF categories.</li><li>Its operating profits also reported a healthy YOY growth of 42%, aided by the company’s continuous cost rationalization efforts as well as better performance in its topline.</li><li>By keeping costs under control, the company’s operating profit margin improved to 61% in FY22 from 52% in FY21. Consequently, PAT grew by 9% YOY.</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>

The company reported an impressive 23% growth in the total operating income to Rs 1,307 Cr owing to the strong growth in AUM during FY22, which was largely driven by growth in the equity and ETF categories.Its operating profits also reported a healthy YOY growth of 42%, aided by the company’s continuous cost rationalization efforts as well as better performance in its topline.By keeping costs under control, the company’s operating profit margin improved to 61% in FY22 from 52% in FY21. Consequently, PAT grew by 9% 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.

Nippon Life Asset Management Co Ltd - Rising AUM Market Share To Drive Growth

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>A news report has indicated that SEBI is looking to tighten criteria used for inclusion and continued availability of stocks in the Futures &amp; Options (F&amp;O) segment of the market.</li>
<li>Our analysis shows 30 stocks could be deleted from the F&amp;O segment while another 12 are close to deletion zone. If applied objectively, 22 stocks could be added to F&amp;O.</li>
<li>Deletion from the F&amp;O segment could see two stocks dropped from the <a href="https://www.smartkarma.com/entities/nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> while inclusion in F&amp;O could see two stocks added to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>.</li>
</ul>


A news report has indicated that SEBI is looking to tighten criteria used for inclusion and continued availability of stocks in the Futures &amp; Options (F&amp;O) segment of the market.
Our analysis shows 30 stocks could be deleted from the F&amp;O segment while another 12 are close to deletion zone. If applied objectively, 22 stocks could be added to F&amp;O.
Deletion from the F&amp;O segment could see two stocks dropped from the Nifty Next 50 Index while inclusion in F&amp;O could see two stocks added to the NIFTY Index.


Impact of Potential Changes to India F&O Eligibility Criteria

<ul><li>Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps), partially offset by elevated opex (~5% of AUM)</li><li>Core AUM growth (ex-IPO financing) remained strong at 26% YoY despite marginal softness in new customer additions (-2% YoY) and new loans disbursed (+15% YoY)</li><li>With Phase-I of the digital transformation underway and Phase-II in the works (expected in FY23), BAF articulated a further build-out of its omnichannel strategy (web-based platform, in addition to its apps)</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>

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps), partially offset by elevated opex (~5% of AUM)Core AUM growth (ex-IPO financing) remained strong at 26% YoY despite marginal softness in new customer additions (-2% YoY) and new loans disbursed (+15% YoY)With Phase-I of the digital transformation underway and Phase-II in the works (expected in FY23), BAF articulated a further build-out of its omnichannel strategy (web-based platform, in addition to its apps)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: Bajaj Finance, AU Small Finance Bank, Nippon Life India Asset Management

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Market share up 22bps in FY22: Overall MF QAAUM increased by 23.9% YoY and 1% QoQ. Growth (YoY) in QAAUM was led by the equity segment on the back of buoyant capital markets over the last one year.</li></ul><div><div><div><ul><li>Maintaining leadership in B-30: B-30 sourcing continues to be strong for NAM at 17.2% compared to 16.6% for the industry.</li></ul><div><div><div><div><ul><li>New product launches; ramping up international business: The company has highlighted about a number of new product launches in the coming quarters, which include funds focused on international equities as well as domestic themes in the equity &amp; debt segments.</li></ul></div></div></div></div></div></div></div></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>

Market share up 22bps in FY22: Overall MF QAAUM increased by 23.9% YoY and 1% QoQ. Growth (YoY) in QAAUM was led by the equity segment on the back of buoyant capital markets over the last one year.Maintaining leadership in B-30: B-30 sourcing continues to be strong for NAM at 17.2% compared to 16.6% for the industry.New product launches; ramping up international business: The company has highlighted about a number of new product launches in the coming quarters, which include funds focused on international equities as well as domestic themes in the equity &amp; debt segments.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.

Nippon Life India Asset Management Ltd - Weakness in Yields Due to Competition and Adverse Mix

India

Nippon Life India Asset Management Limited operates as an investment management firm. The Company offers portfolio management, financial planning, mutual fund investment, and advisory services to individuals, institutions, trusts, and private funds. Nippon Life India Asset Management serves customers in India.

Nippon Life India Asset Management (NAM IN)

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Nippon Life India Asset Management (NAM IN)

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

Impact of Potential Changes to India F&O Eligibility Criteria

News reports indicate that SEBI is looking to tighten criteria for inclusion and continued availability of stocks in the F&O segment. 30 stocks...

Brian Freitas

HSIE Results Daily: Bajaj Finance, AU Small Finance Bank, Nippon Life India Asset Management

Bajaj Finance: Bajaj Finance’s (BAF) Q4FY22 earnings were in line with our estimates, led by improving asset quality (credit costs at 160bps),...

HDFC Securities

Nippon Life India Asset Management Ltd - Weakness in Yields Due to Competition and Adverse Mix

Nippon AMC reported weak 4QFY22 revenue as yields continued to be under pressure due to adverse AUM mix (qoq) and heightened competition.

Nirmal Bang

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