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) 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

<ul><li>SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)</li><li>The overall receivables mix remained stable with the mix of revolve + instalment loans at 61% (identical on a YoY basis)</li><li>Issuances witnessed a sharp de-growth (-33% YoY) on a high base, although attrition trended lower, driving strong CIF growth (+16% 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.

SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)The overall receivables mix remained stable with the mix of revolve + instalment loans at 61% (identical on a YoY basis)Issuances witnessed a sharp de-growth (-33% YoY) on a high base, although attrition trended lower, driving strong CIF growth (+16% 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.

SBI Cards and Payment Services: Gravy Train Derailed, Downgrade to ADD

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>Notwithstanding Covid-induced disruptions and rising competitive intensity from alternate payment/credit products, India's CC-base doubled to 74mn in Mar-22 from 37mn in Mar-18, and now stands at a high 79mn (active base).</li><li>Cumulative-spends (7MFY23) growth is at 58% YoY (albeit on a low base), indicating strong underlying growth currents.</li><li>We expect overall industry CIF CAGR of 17% and spends to post a near pre-Covid CAGR of 32% in FY22-25E (33% CAGR in FY15-19).</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.

Notwithstanding Covid-induced disruptions and rising competitive intensity from alternate payment/credit products, India's CC-base doubled to 74mn in Mar-22 from 37mn in Mar-18, and now stands at a high 79mn (active base).Cumulative-spends (7MFY23) growth is at 58% YoY (albeit on a low base), indicating strong underlying growth currents.We expect overall industry CIF CAGR of 17% and spends to post a near pre-Covid CAGR of 32% in FY22-25E (33% CAGR in FY15-19).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 - Growth with Resilient Profitability Amid Disruptions

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>In Q2FY23, SBI Cards &amp; Payment Services Ltd.’s (SBIC) operational performance was broadly in-line with our expectations.</li><li>However, higher-than-expected provisions resulted in a miss on PAT (~11% lower than estimates).</li><li>The growth momentum on spends remained strong with spends growing by 43/4% YoY/QoQ (~4% higher than our estimates), despite lower travel &amp; entertainment spends (-5% QoQ, seasonality impact) as retail spends growth continued to remain robust at 45/12% 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.

In Q2FY23, SBI Cards &amp; Payment Services Ltd.’s (SBIC) operational performance was broadly in-line with our expectations.However, higher-than-expected provisions resulted in a miss on PAT (~11% lower than estimates).The growth momentum on spends remained strong with spends growing by 43/4% YoY/QoQ (~4% higher than our estimates), despite lower travel &amp; entertainment spends (-5% QoQ, seasonality impact) as retail spends growth continued to remain robust at 45/12% 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.

SBI Cards & Payment Services Ltd. - Pressure on Margins to Persist

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: 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

SBI Cards and Payment Services: Gravy Train Derailed, Downgrade to ADD

SBI Cards (SBICARD) missed estimates on account of higher-than-anticipated provisioning (8.1% of receivables) and higher cost of funds (+50bps QoQ)

HDFC Securities

SBI Cards - Growth with Resilient Profitability Amid Disruptions

We expect overall industry CIF CAGR of 17% and spends to post a near pre-Covid CAGR of 32% in FY22-25E (33% CAGR in FY15-19).

Emkay

SBI Cards & Payment Services Ltd. - Pressure on Margins to Persist

In Q2FY23, SBI Cards & Payment Services Ltd.’s (SBIC) operational performance was broadly in-line with our expectations. However, higher-than...

Axis Direct

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