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.

Thematic (Sector/Industry)

<ul><li>Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%</li><li>Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segments</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.

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY across the HSIE coverage universe (~206 stocks), their three-year CAGR being 17%/13%Our coverage universe saw strong YoY growth in auto, banking, consumer discretionary, industrials, chemicals, and real estate segmentsContent 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.

India Equity Strategy: Cost inflation peaked out; margin recovery on the horizon

<ul><li>AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)</li><li>Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUM</li><li>Interest rate hikes are likely to keep treasury gains under check</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.

AMCs—tepid flows to drag earnings: Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2 average: INR126bn)Increased volatility in capital markets, rising concerns on global macros, and higher interest rates appear to have resulted in muted lumpsum flows; however, a sharp recovery in capital markets resulted in a 12% QoQ rise in Active Equity AUMInterest rate hikes are likely to keep treasury gains under checkContent 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.

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

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.

Equity Bottom-Up

<ul><li>In its FY22 Annual Report, STARHEAL outlined the strong growth opportunities in the Health Insurance space in India.</li><li>After the lifting of COVID-related restrictions, there is growing acceptance of the need for hospitalization, leading to larger customer walk-ins wanting to avail Health Insurance policy without being prospected.</li><li>With India ranking high in terms of diabetes, obesity, and cancer, along with increasing share of the older age population, the severity of hospitalized cases will continue to rise.</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 its FY22 Annual Report, STARHEAL outlined the strong growth opportunities in the Health Insurance space in India.After the lifting of COVID-related restrictions, there is growing acceptance of the need for hospitalization, leading to larger customer walk-ins wanting to avail Health Insurance policy without being prospected.With India ranking high in terms of diabetes, obesity, and cancer, along with increasing share of the older age population, the severity of hospitalized cases will continue to rise.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.

Star Health and Allied Insurance Company - Enhancing Reach Via Distribution and New Products

<ul><li>Within the INR1.3tn retail health insurance opportunity (by FY32E), standalone health insurers (SAHIs) are slated to grow faster than multiline players, translating into market share gains on the back of a formidable distribution network (sustainable competitive advantage) and regulatory arbitrage (transient)</li><li>We believe that the recent extension of “Use and File” for retail products is likely to reflate portfolio profitability by containing the mispricing of inferior products</li><li>We construct an industry-first HSIE-Health Insurance Franchise Scorecard (HSIE-HIFS) to evaluate various health insurers on multiple vectors across four pillars—quality, profitability, distribution and longevity.</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.

Within the INR1.3tn retail health insurance opportunity (by FY32E), standalone health insurers (SAHIs) are slated to grow faster than multiline players, translating into market share gains on the back of a formidable distribution network (sustainable competitive advantage) and regulatory arbitrage (transient)We believe that the recent extension of “Use and File” for retail products is likely to reflate portfolio profitability by containing the mispricing of inferior productsWe construct an industry-first HSIE-Health Insurance Franchise Scorecard (HSIE-HIFS) to evaluate various health insurers on multiple vectors across four pillars—quality, profitability, distribution and longevity.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.

<ul><li>Capitalising on an early-mover advantage and significant regulatory arbitrage, STARHEAL is positioned as the largest standalone health insurer (FY22:33% market-share), anchored on an extremely strong and highly productive agency-dominated distribution network and retail-dominated business mix (FY22: ~90% of GDPI)</li><li>Despite potential regulatory convergence, we believe that STARHEAL has meaningful headroom to pivot to a high-quality franchise, translating into better quality of earnings</li><li>Having aced the agency channel, we argue that the company now needs to build a credible banca strategy in order to sustain its lead in the long term.</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.

Capitalising on an early-mover advantage and significant regulatory arbitrage, STARHEAL is positioned as the largest standalone health insurer (FY22:33% market-share), anchored on an extremely strong and highly productive agency-dominated distribution network and retail-dominated business mix (FY22: ~90% of GDPI)Despite potential regulatory convergence, we believe that STARHEAL has meaningful headroom to pivot to a high-quality franchise, translating into better quality of earningsHaving aced the agency channel, we argue that the company now needs to build a credible banca strategy in order to sustain its lead in the long term.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.

Star Health and Allied Insurance - Bellwether Health Insurer with Inimitable Moats.

India

Star Health and Allied Insurance Company Limited operates as insurance company. The Company offers health, travel, and accidental insurance policies. Star Health and Allied Insurance serves customers in India.

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Star Health (STARHEAL IN)

India Equity Strategy: Cost inflation peaked out; margin recovery on the horizon

Q2FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 31%/4% YoY

HDFC Securities

Non-Leveraged Financials - Volatile Markets and Weak Macros Drive Slowdown

Active equity schemes witnessed a deceleration in net inflows at INR339bn (Q1FY23: INR598bn), despite an all-time high SIP flow run rate (Q2...

HDFC Securities

Star Health and Allied Insurance Company - Enhancing Reach Via Distribution and New Products

With India ranking high in terms of diabetes, obesity, and cancer, along with increasing share of the older age population, the severity of...

Motilal Oswal

Health Insurance 1.0: Advantage SAHIs

We believe that the recent extension of “Use and File” for retail products is likely to reflate portfolio profitability by containing the...

HDFC Securities

Star Health and Allied Insurance - Bellwether Health Insurer with Inimitable Moats.

Capitalising on an early-mover advantage and significant regulatory arbitrage, STARHEAL is positioned as the largest standalone health insurer...

HDFC Securities

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