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.

Equity Bottom-Up

<ul><li>SBI Cards’ (SBICARD) earnings missed estimates yet again due to higher provisioning (9.4%) and muted fee income</li><li>The share of interest earning loans (revolve + instalment loans) remained steady QoQ at 60%, resulting in steady NIMs (10.6%)</li><li>SBICARD’s delinquencies continue to inch up (write-offs at 9.8% vs 8.2% in Q2FY25) with no near-term moderation in sight</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) earnings missed estimates yet again due to higher provisioning (9.4%) and muted fee incomeThe share of interest earning loans (revolve + instalment loans) remained steady QoQ at 60%, resulting in steady NIMs (10.6%)SBICARD’s delinquencies continue to inch up (write-offs at 9.8% vs 8.2% in Q2FY25) with no near-term moderation in sightContent 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 (3QFY25): No Recovery in Sight, Downgrade to REDUCE

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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) is the second-largest player in the card industry (in terms of CIF) with an 18.5% market share in cards-in-force (CIF) and 15.9% share in total industry spends.</li><li>The company’s market share in spends has moderated over the past few years, mainly because of the moderation in corporate spends.</li><li>Meanwhile, growth in retail spends has remained healthy.</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) is the second-largest player in the card industry (in terms of CIF) with an 18.5% market share in cards-in-force (CIF) and 15.9% share in total industry spends.The company’s market share in spends has moderated over the past few years, mainly because of the moderation in corporate spends.Meanwhile, growth in retail spends has remained healthy.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 - Pain Nearing End but Not over Yet

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Amid rising hopes of a policy rate cut in CY25, we believe SBI Cards with its fixed rate asset portfolio and higher share of borrowings maturing in &lt;1 year, could benefit on the margins front which has stabilized after a prolonged contraction cycle.</li><li>However, asset quality has deteriorated meaningfully with GNPA/Stage 2 pool already rising to 3.1%/6.2% of loans in 1QFY25 from 2.4%/5.3% a year ago.</li><li>Our industry level channel checks suggest that the overall stress build-up in the card business remains elevated, which coupled with the regulatory salvo on unsecured loans could hurt business 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.

Amid rising hopes of a policy rate cut in CY25, we believe SBI Cards with its fixed rate asset portfolio and higher share of borrowings maturing in &lt;1 year, could benefit on the margins front which has stabilized after a prolonged contraction cycle.However, asset quality has deteriorated meaningfully with GNPA/Stage 2 pool already rising to 3.1%/6.2% of loans in 1QFY25 from 2.4%/5.3% a year ago.Our industry level channel checks suggest that the overall stress build-up in the card business remains elevated, which coupled with the regulatory salvo on unsecured loans could hurt business 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.

SBI Cards - Margins to Bottom-Out, but Asset Quality Remains an Irritant

<ul><li>SBI Cards (SBICARD)’s PAT was 8% below estimate at INR5.9b due to lower revenue from operations and higher provisions.</li><li>NII inched up 4.4% QoQ. Margin was broadly stable at 10.9%.</li><li>The share of revolver mix was stable at 24%, while EMI mix inched up to 38% (vs. 37% in 4QFY24). </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)’s PAT was 8% below estimate at INR5.9b due to lower revenue from operations and higher provisions.NII inched up 4.4% QoQ. Margin was broadly stable at 10.9%.The share of revolver mix was stable at 24%, while EMI mix inched up to 38% (vs. 37% in 4QFY24). 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 - Asset Quality Woes Continue; Credit Cost Rises Further

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.

<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

India

SBI Card is an Indian non-banking financial company that specializes in issuing credit cards and providing related payment services to individual and corporate customers. It offers a diverse portfolio of credit cards, including lifestyle, rewards, travel & fuel, and banking partnership cards, along with corporate card solutions. The company was founded in 1998 as a joint venture and is headquartered in Gurugram, India.

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SBI Card (SBICARD IN)

SBI Cards and Payment Services (3QFY25): No Recovery in Sight, Downgrade to REDUCE

The share of interest earning loans (revolve + instalment loans) remained steady QoQ at 60%, resulting in steady NIMs (10.6%)

HDFC Securities

SBI Cards - Pain Nearing End but Not over Yet

SBI Cards (SBICARD) is the second-largest player in the card industry (in terms of CIF) with an 18.5% market share in cards-in-force (CIF) and...

Motilal Oswal

SBI Cards - Margins to Bottom-Out, but Asset Quality Remains an Irritant

However, asset quality has deteriorated meaningfully with GNPA/Stage 2 pool already rising to 3.1%/6.2% of loans in 1QFY25 from 2.4%/5.3% a year ago.

Emkay

SBI Cards - Asset Quality Woes Continue; Credit Cost Rises Further

SBI Cards (SBICARD)’s PAT was 8% below estimate at INR5.9b due to lower revenue from operations and higher provisions. NII inched up 4.4% QoQ....

Motilal Oswal

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

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