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

<ul><li>NIMs to rebound as excess liquidity eases: Another sharp contraction in NIMs during Q4FY25 was attributed to excess liquidity of up to 6 months of liability repayments (~Rs 31,000 Cr) vs. an average liquidity of 3 months of liability repayments (~Rs 19,000 Cr).</li><li>The impact of excess liquidity on margins was 20-25bps.</li><li>The management has assured that this will be utilised over the next couple of quarters. </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.

NIMs to rebound as excess liquidity eases: Another sharp contraction in NIMs during Q4FY25 was attributed to excess liquidity of up to 6 months of liability repayments (~Rs 31,000 Cr) vs. an average liquidity of 3 months of liability repayments (~Rs 19,000 Cr).The impact of excess liquidity on margins was 20-25bps.The management has assured that this will be utilised over the next couple of quarters. 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.

Shriram Finance Ltd - On Recovery Path After a Slight Hiccup; Risk-Reward Favourable!

<ul><li>Optimism around growth momentum sustaining: The management highlighted that rural demand remains robust and is expected to drive healthy AUM growth for SFL.</li><li>Growth in the CV segment has been slower, primarily led by an increase in ATS (prices up ~30% over the past three years) rather than volume growth.</li><li>Volume growth in the CV segment has been constrained due to limited capacity additions, with existing capacity witnessing improved utilisation rates. </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.

Optimism around growth momentum sustaining: The management highlighted that rural demand remains robust and is expected to drive healthy AUM growth for SFL.Growth in the CV segment has been slower, primarily led by an increase in ATS (prices up ~30% over the past three years) rather than volume growth.Volume growth in the CV segment has been constrained due to limited capacity additions, with existing capacity witnessing improved utilisation rates. 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.

Shriram Finance Ltd. - Growth Outlook Healthy; No Major Concerns on Asset Quality!

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>Shriram Finance (SHFL) offers a well-diversified product suite and has emerged as a strong player across all its product segments.</li><li>It has demonstrated strong execution capabilities and asset quality resilience while navigating multiple credit and economic cycles.</li><li>Even though things might appear to be moving slowly on the economic front in India, we believe that economic activity (such as infrastructure, real estate, and mining) will pick up in the next 3-6 months, resulting in healthy demand for commercial vehicles (CV).</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.

Shriram Finance (SHFL) offers a well-diversified product suite and has emerged as a strong player across all its product segments.It has demonstrated strong execution capabilities and asset quality resilience while navigating multiple credit and economic cycles.Even though things might appear to be moving slowly on the economic front in India, we believe that economic activity (such as infrastructure, real estate, and mining) will pick up in the next 3-6 months, resulting in healthy demand for commercial vehicles (CV).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.

Shriram Finance - A Beacon of Resilience and Opportunity

<ul><li>We initiate coverage on Shriram Finance Ltd (SFL) with a BUY recommendation and a target price of Rs 3,825/share, implying an upside of 30% from the CMP.</li><li>Born out of the merger of Shriram Transport Finance (SHTF), a pioneer in used CV financing and Shriram City Union Finance (SCUF), a diversified retail-focused NBFC – ‘Shriram Finance (SFL)’ is the flagship company of the Shriram Group.</li><li>The company provides lending services from its diversified product suite. It has been able to deliver strong AUM growth of ~20% CAGR over the 2 years post-merger, while continuously improving asset quality. </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.

We initiate coverage on Shriram Finance Ltd (SFL) with a BUY recommendation and a target price of Rs 3,825/share, implying an upside of 30% from the CMP.Born out of the merger of Shriram Transport Finance (SHTF), a pioneer in used CV financing and Shriram City Union Finance (SCUF), a diversified retail-focused NBFC – ‘Shriram Finance (SFL)’ is the flagship company of the Shriram Group.The company provides lending services from its diversified product suite. It has been able to deliver strong AUM growth of ~20% CAGR over the 2 years post-merger, while continuously improving asset quality. 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.

Shriram Finance Ltd - Merger Drives Less Cyclicity; More Stability!

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.</li>
<li>However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious</li>
<li>While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.
However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious
While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).


Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

India

Shriram Finance Limited provides consumer finance services. The Company offers automobile, commercial vehicle, business, and gold loan services. Shriram Finance serves customers in India.

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Shriram Finance (SHFL IN)

Shriram Finance Ltd - On Recovery Path After a Slight Hiccup; Risk-Reward Favourable!

NIMs to rebound as excess liquidity eases: Another sharp contraction in NIMs during Q4FY25 was attributed to excess liquidity of up to 6 months of...

Axis Direct

Shriram Finance Ltd. - Growth Outlook Healthy; No Major Concerns on Asset Quality!

Optimism around growth momentum sustaining: The management highlighted that rural demand remains robust and is expected to drive healthy AUM growth...

Axis Direct

Shriram Finance - A Beacon of Resilience and Opportunity

Shriram Finance (SHFL) offers a well-diversified product suite and has emerged as a strong player across all its product segments.

Motilal Oswal

Shriram Finance Ltd - Merger Drives Less Cyclicity; More Stability!

We initiate coverage on Shriram Finance Ltd (SFL) with a BUY recommendation and a target price of Rs 3,825/share, implying an upside of 30% from...

Axis Direct

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities. Looking for the $ACWI rally to fizzle, either here at $113.50-$115 or...

Vermilion Research

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