External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

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<ul><li>Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset by lower other income</li><li>AUM growth marginally moderated further to +17% YoY (Q3FY25: 19% YoY, FY24: +27% YoY), driven by subdued disbursements (+11% YoY, +9% YoY for FY25) across segments, except cars and CE segments</li><li>Disbursement uptick remains a key monitorable as the overall CV and PV cycles remain soft</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.

Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset by lower other incomeAUM growth marginally moderated further to +17% YoY (Q3FY25: 19% YoY, FY24: +27% YoY), driven by subdued disbursements (+11% YoY, +9% YoY for FY25) across segments, except cars and CE segmentsDisbursement uptick remains a key monitorable as the overall CV and PV cycles remain softContent 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.

HSIE Results Daily: Sundaram Finance, JK Cement, Metro Brands, Ashoka Buildcon...

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas production</li><li>In Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)</li><li>AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most 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.

ONGC: We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment, (2) gas price realisation unlikely to change significantly in the near term, and (3) slower ramp-up in oil &amp; gas productionIn Q3FY25, reported EBITDA at INR ~190bn (+11% YoY, +4% QoQ) and PAT at INR 82bn (-17% YoY, -31% QoQ) were in line with our estimate. Sundaram Finance: Sundaram Finance’s (SUF) Q3FY25 earnings were lower than our estimates, largely due to lower other income and higher provisioning (74bps)AUM growth moderated marginally to +19% YoY (FY24: +27% YoY), although the disbursements witnessed an uptick (+19% YoY), driven by most 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.

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

<ul><li>Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income</li><li>AUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)</li><li>While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)</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.

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other incomeAUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)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.

HSIE Results Daily: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

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>Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.</li><li>Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.</li><li>Management commentary on growth momentum sustaining is reassuring.</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.

Healthy AUM growth: The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments.Owing to seasonal weakness, disbursements for most financiers (ex-Vehicle financiers) moderated on a QoQ basis.Management commentary on growth momentum sustaining is reassuring.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.

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

<ul><li>Mahindra &amp; Mahindra: M&amp;M Q4 adjusted PAT at INR 19.3bn came in above our estimate of INR 16.2bn due to higher-than-expected revenue and lower tax rate, even as its operational performance was in line with our estimates</li><li>M&amp;M’s performance highlights for FY23 are: (1) No1 in SUVs revenue market share at 19.1% (+370bps YoY) (2) market leader in LCVs (&lt;3.5T) with 520bps improvement to 45.5% (3) FES market share up 120bps YoY to 41.2% (4) market leader in EV 3Ws with 67.6% share</li><li>Also, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back, including improvement in auto margins, EPS CAGR, RoE at 18% (stands at 19.9% for FY23), calibrated asset allocation, etc</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.

Mahindra &amp; Mahindra: M&amp;M Q4 adjusted PAT at INR 19.3bn came in above our estimate of INR 16.2bn due to higher-than-expected revenue and lower tax rate, even as its operational performance was in line with our estimatesM&amp;M’s performance highlights for FY23 are: (1) No1 in SUVs revenue market share at 19.1% (+370bps YoY) (2) market leader in LCVs (&lt;3.5T) with 520bps improvement to 45.5% (3) FES market share up 120bps YoY to 41.2% (4) market leader in EV 3Ws with 67.6% shareAlso, it is commendable that M&amp;M has already achieved most of the targets it earmarked a couple of years back, including improvement in auto margins, EPS CAGR, RoE at 18% (stands at 19.9% for FY23), calibrated asset allocation, etcContent 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.

HSIE Results Daily: Mahindra & Mahindra, Infoedge, Sundaram Finance

India

Sundaram Finance Limited is a prominent Indian non-banking financial company (NBFC) primarily engaged in asset financing, offering a diversified suite of financial services including vehicle finance, equipment finance, and other specialized lending products. It also provides consumer loans, wealth management, commercial finance, investment banking, and private equity through its subsidiaries. The company is headquartered in Chennai, Tamil Nadu, India, and was founded in 1954.

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Sundaram Finance (SUF IN)

HSIE Results Daily: Sundaram Finance, JK Cement, Metro Brands, Ashoka Buildcon...

Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset...

HDFC Securities

HSIE Results Daily: ONGC, Sundaram Finance, Aarti Industries, Aptus Value Housing Finance India

We maintain our REDUCE rating on ONGC, with a revised target price of INR 245, given: (1) limited upside potential for ONGC’s crude price...

HDFC Securities

HSIE Results Daily: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income

HDFC Securities

Top Sector Ideas - Banking, Financial Services and Insurance (BFSI)

The NBFCs under our coverage reported healthy AUM growth led by strong demand across segments .Owing to seasonal weakness, disbursements for most...

Axis Direct

HSIE Results Daily: Mahindra & Mahindra, Infoedge, Sundaram Finance

M&M Q4 adjusted PAT at INR 19.3bn came in above our estimate of INR 16.2bn due to higher-than-expected revenue and lower tax rate

HDFC Securities

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