External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

Equity Bottom-Up

Spandana Sphoorty Financial / Equity Bottom-Up

<ul><li>ICICI Securities research report onSpandana Spoorthy Financial Spandana Spoorthy’s (Spandana) core operating performance in Q4FY24 continued to be robust with AUM growth at 15% QoQ primarily led by new customer acquisition (up 12% QoQ) and sharp reduction in cost of borrowing to 11.7% vs 12.3%, thereby, driving 130bps QoQ NIM expansion, resulting in 11% QoQ growth in PPoP.</li><li>However, transitory impact on 1+ DPD portfolio due to shift in collection frequency to weekly from monthly earlier (hence, higher forward flows) and change in ECL model leading to one-time impact of INR 160mn led to a sequential increase in credit cost to 3.4% vs 3% QoQ.</li><li>As a result, PAT remained flat QoQ at INR 1.29bn during Q4FY24. <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></li></ul>

ICICI Securities research report onSpandana Spoorthy Financial Spandana Spoorthy’s (Spandana) core operating performance in Q4FY24 continued to be robust with AUM growth at 15% QoQ primarily led by new customer acquisition (up 12% QoQ) and sharp reduction in cost of borrowing to 11.7% vs 12.3%, thereby, driving 130bps QoQ NIM expansion, resulting in 11% QoQ growth in PPoP.However, transitory impact on 1+ DPD portfolio due to shift in collection frequency to weekly from monthly earlier (hence, higher forward flows) and change in ECL model leading to one-time impact of INR 160mn led to a sequential increase in credit cost to 3.4% vs 3% QoQ.As a result, PAT remained flat QoQ at INR 1.29bn during Q4FY24. 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.

Spandana Spoorthy Financial; Target of Rs 1200

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.</li>
<li>This edition focuses on earnings commentary from Financials highlighting the commentary on costs, growth, and elections. </li>
<li>Earnings review includes <a href="https://www.smartkarma.com/entities/au-small-finance-bank-limited" target="_blank" data-smartkarma-citation="entities:24196:1" rel="noopener">AU Small Finance Bank Limited (AUBANK IN), </a><a href="https://www.smartkarma.com/entities/home-first-finance-company-india" target="_blank" data-smartkarma-citation="entities:28865:1" rel="noopener">Home First Finance (HOMEFIRS IN)</a>, <a href="https://www.smartkarma.com/entities/iifl-holdings-ltd" target="_blank" data-smartkarma-citation="entities:20197:1" rel="noopener">IIFL Holdings (IIFL IN)</a>, <a href="https://www.smartkarma.com/entities/shriram-finance-ltd" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Finance (SHFL IN)</a>. </li>
</ul>


Due to the ongoing earnings season, for the next couple of weeks, we will temporarily deviate from our regular format and instead focus on reported earnings.
This edition focuses on earnings commentary from Financials highlighting the commentary on costs, growth, and elections. 
Earnings review includes AU Small Finance Bank Limited (AUBANK IN), Home First Finance (HOMEFIRS IN), IIFL Holdings (IIFL IN), Shriram Finance (SHFL IN). 


[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Muthoot Microfin / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/muthoot-microfin" target="_blank" data-smartkarma-citation="entities:39950:1" rel="noopener">Muthoot Microfin (1363943D IN)</a> is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.</li>
<li>Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.</li>
<li>In our previous note, we looked at the company’s performance. In this note, we talk about the company’s RHP updates and share our quick thoughts on peer comp and valuation.</li>
</ul>



Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.
Muthoot Microfin (MMF) is a microfinance institution providing micro-loans to women customers with a focus on the rural regions of India.
In our previous note, we looked at the company’s performance. In this note, we talk about the company’s RHP updates and share our quick thoughts on peer comp and valuation.


Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Forensic Accounting

Spandana Sphoorty Financial / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/spandana-sphoorty-financial" target="_blank" data-smartkarma-citation="entities:28229:1" rel="noopener">Spandana Sphoorty Financial (SPANDANA IN)</a> or "SSFL" has been struggling  after the exile of its promoter founder (refer <a href="https://www.smartkarma.com/insights/spandana-spoorthy-another-tale-of-investor-and-promoter-tussle" target="_blank" data-smartkarma-citation="insights:60205" rel="noopener">Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle</a>)   </li>
<li>SSFL has had continuous business relations with Abhiram Marketing Services Ltd, a promoter owned entity engaged in the business of Consumer Durables. Abhiram's financial health was atrociously poor.</li>
<li>Moreover SSFL also indirectly used the former as a margin management exercise. With the promoter now gone, Abhiram's impact on SSFL can turn to be a focal point.</li>
</ul>



Spandana Sphoorty Financial (SPANDANA IN) or "SSFL" has been struggling  after the exile of its promoter founder (refer Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle)   
SSFL has had continuous business relations with Abhiram Marketing Services Ltd, a promoter owned entity engaged in the business of Consumer Durables. Abhiram's financial health was atrociously poor.
Moreover SSFL also indirectly used the former as a margin management exercise. With the promoter now gone, Abhiram's impact on SSFL can turn to be a focal point.


Spandana Sphoorthy: Will the Related Party Fairytale Come to an End?

<p><a href="https://www.smartkarma.com/entities/spandana-sphoorty-financial" target="_blank" data-smartkarma-citation="entities:28229:1" rel="noopener">Spandana Sphoorty Financial (SPANDANA IN) </a> was one of the leading microfinance lender before Andhra Pradesh crisis. Post that the company has gone for CDR and after getting backing from private equity player led consortium led by Kedaara Capital (Kedaara) and later it got listed on the Indian bourses. In past one year Spandana has witnessed few high profile exits, the most recent one of exit of Ms. Padmaja G Reddy, the managing director and founder. This exit of Ms. Reddy is one of the tale of investor-promoter spat happening in various companies in India.</p>

Spandana Sphoorty Financial (SPANDANA IN)  was one of the leading microfinance lender before Andhra Pradesh crisis. Post that the company has gone for CDR and after getting backing from private equity player led consortium led by Kedaara Capital (Kedaara) and later it got listed on the Indian bourses. In past one year Spandana has witnessed few high profile exits, the most recent one of exit of Ms. Padmaja G Reddy, the managing director and founder. This exit of Ms. Reddy is one of the tale of investor-promoter spat happening in various companies in India.

Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle

India

Spandana Sphoorty Financial Limited provides financial services. The Company offers loans against property, income generation, gold, and small business. Spandana Sphoorty Financial serves customers in India.

Spandana Sphoorty Financial (SPANDANA IN)

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Spandana Sphoorty Financial (SPANDANA IN)

Spandana Spoorthy Financial; Target of Rs 1200

ICICI Securities research report onSpandana Spoorthy Financial Spandana Spoorthy’s (Spandana) core operating performance in Q4FY24 continued to be...

ICICI Securities Limited

[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...

Pranav Bhavsar

Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.

Ethan Aw

Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle

Any failure in getting shareholder's approval may put Spandana into trouble and given few governance issues being highlighted by us, these hidden...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Spandana Spoorthy Financial; Target of Rs 1200

ICICI Securities research report onSpandana Spoorthy Financial Spandana Spoorthy’s (Spandana) core operating performance in Q4FY24 continued to be...

ICICI Securities Limited

[Week 18] Namaste India 🙏 | Earnings Edition | Troubled Financials

​This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...

Pranav Bhavsar

Muthoot Microfin IPO - RHP Updates, Quick Peer Comparison and Thoughts on Valuation

Muthoot Microfin (1363943D IN) is looking to raise up to US$116m in its Indian IPO, after downsizing from an earlier reported float of US$163m.

Ethan Aw

Spandana Sphoorthy: Will the Related Party Fairytale Come to an End?

SSFL has had continuous business relations with Abhiram, a promoter owned entity with a hazy balance sheet. Now that the promoter has resigned,...

Nitin Mangal

Spandana Spoorthy: Another Tale Of Investor and Promoter Tussle

Any failure in getting shareholder's approval may put Spandana into trouble and given few governance issues being highlighted by us, these hidden...

Nitin Mangal

This Insight focuses on earnings commentary from Financials, specifically highlighting costs, growth, and elections. Stocks in focus are AU, Home...