Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

Kotak Mahindra Bank / Forensic Accounting

<ul>
<li>RBI has barred Kotak Bank from expanding its digital business and credit card issuance</li>
<li>Rather than earnings damage (max -10%) there is more reputational damage to the bank taking away premium valuations it used to command</li>
<li>The way ahead lies for the bank is the path of moderate growth </li>
</ul>


RBI has barred Kotak Bank from expanding its digital business and credit card issuance
Rather than earnings damage (max -10%) there is more reputational damage to the bank taking away premium valuations it used to command
The way ahead lies for the bank is the path of moderate growth 


Why RBI's Favourite Enemy Kotak Bank Is Barred from Digital Banking Business?

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Aadhar Housing Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/aadhar-housing-finance-ltd" target="_blank" data-smartkarma-citation="entities:32152:1" rel="noopener">Aadhar Housing Finance</a> (AHF) is now looking to raise around US$360m in its India IPO, via selling a mix of primary and secondary shares.</li>
<li>AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.</li>
<li>We have looked at the company’s performance in our past note. In this note, we talk about valuations.</li>
</ul>



Aadhar Housing Finance (AHF) is now looking to raise around US$360m in its India IPO, via selling a mix of primary and secondary shares.
AHF is focused on the low income housing segments (ticket size less than INR1.5m) in India. It offers a range of mortgage-related loan products.
We have looked at the company’s performance in our past note. In this note, we talk about valuations.


Aadhar Housing Finance IPO - Larger and Slower, at a Reasonable Discount

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.

Equity Bottom-Up

SBI Cards & Payment Services / Equity Bottom-Up

<ul><li>SBIC’s new card issuances reported a slight slowdown, with gross card addition at ~10.3 Lc cards (-25/-6% YoY/QoQ), owing to tightening of filters, resulting in card closures.</li><li>Thus, CIF growth was slower, though in line with our expectations at 13/2% YoY/QoQ. SBIC lost market share in terms of CIF by ~110/30bps YoY/QoQ.</li><li>Spends growth was slower as corporate spends derailed owing to regulatory changes. Thus, SBIC lost ~40/50bps YoY/QoQ in spends market share. </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.

SBIC’s new card issuances reported a slight slowdown, with gross card addition at ~10.3 Lc cards (-25/-6% YoY/QoQ), owing to tightening of filters, resulting in card closures.Thus, CIF growth was slower, though in line with our expectations at 13/2% YoY/QoQ. SBIC lost market share in terms of CIF by ~110/30bps YoY/QoQ.Spends growth was slower as corporate spends derailed owing to regulatory changes. Thus, SBIC lost ~40/50bps YoY/QoQ in spends market share. 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.

SBI Cards and Payment Services Ltd. - Earnings Surprise Led by Lower Opex

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spending</li><li>However, the company continues to grapple with elevated credit costs (7.6% of receivables), which is unlikely to normalise in FY25, as per management</li><li>NIMs continued to drift lower at 10.9% (Q3FY24: 11.3%), however, FY25 NIMs are likely to stabilise given a steady mix of receivables (revolve + instalment loans at 61%)</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.

SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spendingHowever, the company continues to grapple with elevated credit costs (7.6% of receivables), which is unlikely to normalise in FY25, as per managementNIMs continued to drift lower at 10.9% (Q3FY24: 11.3%), however, FY25 NIMs are likely to stabilise given a steady mix of receivables (revolve + instalment loans at 61%)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.

SBI Cards and Payment Services: Recovery Pushed Back Further. Maintain ADD

SBI Cards and Payment Services - Recovery Pushed Back Further. Maintain ADD

India

SBI Cards and Payment Services Private Limited provides credit card services. The Company offers payment products and services in the form of corporate and credit cards with incentive and rewards programs. SBI Cards and Payment Services serves customers in India.

SBI Cards & Payment Services (SBICARD IN)

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SBI Cards & Payment Services (SBICARD IN)

Why RBI's Favourite Enemy Kotak Bank Is Barred from Digital Banking Business?

In the latest development at Ganesh Benzoplast Ltd, Raunak Pilani, son of Ramakant Pilani, has resigned from his position as director. Ramakant...

Nimish Maheshwari

Aadhar Housing Finance IPO - Larger and Slower, at a Reasonable Discount

Aadhar Housing Finance (AHF) is now looking to raise around US$360m in its India IPO, via selling a mix of primary and secondary shares. In this...

Sumeet Singh

SBI Cards and Payment Services Ltd. - Earnings Surprise Led by Lower Opex

SBIC’s new card issuances reported a slight slowdown, with gross card addition at ~10.3 Lc cards (-25/-6% YoY/QoQ), owing to tightening of filters,...

Axis Direct

SBI Cards and Payment Services: Recovery Pushed Back Further. Maintain ADD

SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spending

HDFC Securities

SBI Cards and Payment Services - Recovery Pushed Back Further. Maintain ADD

SBI Cards’ (SBICARD) Q4FY24 earnings were ahead of our estimates, largely due to lower opex on account of lower corporate spending

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)