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. 

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Equity Bottom-Up

<ul><li>Disbursements reported robust growth of 58% YoY, translating into healthy growth in the advances of 17/3% YoY/QoQ.</li><li>Concurrently, NII grew by 5% YoY but de-grew by 2% QoQ. Other income reported strong growth of 44.6%/61.3% YoY/QoQ.</li><li>With employee expenses remaining muted, Opex grew marginally by 3% YoY whereas declined by 2% QoQ. The CI ratio improved to 31.4% vs. 35.6% in Q3FY23.</li></ul><p><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></p>

Disbursements reported robust growth of 58% YoY, translating into healthy growth in the advances of 17/3% YoY/QoQ.Concurrently, NII grew by 5% YoY but de-grew by 2% QoQ. Other income reported strong growth of 44.6%/61.3% YoY/QoQ.With employee expenses remaining muted, Opex grew marginally by 3% YoY whereas declined by 2% QoQ. The CI ratio improved to 31.4% vs. 35.6% in Q3FY23.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 - Robust Growth in AUM; Maintain BUY

<ul><li>Sundaram Finance (SUF) reported a strong set of numbers in Q2FY23 which beat our estimates across all fronts except in other income.</li><li>The management indicated that in the CV segment, especially heavy and medium, people had postponed their replacement in the last 2 years on account of uncertainty and Covid-19 disruptions.</li><li>However, demand has now revived as bulk operators have replaced their vehicles and consequently opportunity to finance them has come back.</li></ul><p><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></p>

Sundaram Finance (SUF) reported a strong set of numbers in Q2FY23 which beat our estimates across all fronts except in other income.The management indicated that in the CV segment, especially heavy and medium, people had postponed their replacement in the last 2 years on account of uncertainty and Covid-19 disruptions.However, demand has now revived as bulk operators have replaced their vehicles and consequently opportunity to finance them has come back.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 - BEAT Across Estimates; Growth Levers Intact!

<div><div><div><div><ul><li>Sundaram Finance’s (SUF) management referred to an overall muted performance in the economic activity for Q1FY23 was largely driven by geopolitical pressures resulting in rising oil prices and high inflationary environment coupled with rising interest rates.</li><li>However, management indicated that the demand would continue to rise for the coming quarters.</li><li>Overall, the management remained positive about the growth prospects of the commercial vehicle market going into FY23 and beyond. </li></ul></div></div></div></div><p><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></p>

Sundaram Finance’s (SUF) management referred to an overall muted performance in the economic activity for Q1FY23 was largely driven by geopolitical pressures resulting in rising oil prices and high inflationary environment coupled with rising interest rates.However, management indicated that the demand would continue to rise for the coming quarters.Overall, the management remained positive about the growth prospects of the commercial vehicle market going into FY23 and beyond. 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 - Broad Based Recovery Ahead, Robust Disbursement!

<ul><li>Sundaram Finance’s (SUF) management indicated an overall improvement in the economic activity with demand regaining strength across segments and geographies in the first 2 months of FY23.</li><li>However, rising oil prices and high inflationary pressure coupled with rising interest rates, may lead to some downward pressure on demand in the near-term</li><li>We upgrade our rating from HOLD to BUY with a target price of Rs 2,195/share (based on SOTP valuation), implying an upside of 20% from the CMP.</li></ul><p><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></p>

Sundaram Finance’s (SUF) management indicated an overall improvement in the economic activity with demand regaining strength across segments and geographies in the first 2 months of FY23.However, rising oil prices and high inflationary pressure coupled with rising interest rates, may lead to some downward pressure on demand in the near-termWe upgrade our rating from HOLD to BUY with a target price of Rs 2,195/share (based on SOTP valuation), implying an upside of 20% from the CMP.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: Demand Pick-Up Encouraging, Asset Quality Improves

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Disbursements hover below pre-covid levels: Disbursements improved 13.5% YoY ut declined 2.4% QoQ to Rs37.5bn.</li></ul><div><div><div><div><ul><li>3-yr disbursement CAGR (for 4QFY22) was -5.4%. growth in disbursements was driven by economic recovery however supply remained challenge across asset classes.</li></ul><div><div><div><div><ul><li>CV/Cars/CE/Others segment registered YoY growth of 40%/2%/5%26% on a low base while tractor &amp; farm equipment registered a 13% YoY decline.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Disbursements hover below pre-covid levels: Disbursements improved 13.5% YoY ut declined 2.4% QoQ to Rs37.5bn.3-yr disbursement CAGR (for 4QFY22) was -5.4%. growth in disbursements was driven by economic recovery however supply remained challenge across asset classes.CV/Cars/CE/Others segment registered YoY growth of 40%/2%/5%26% on a low base while tractor &amp; farm equipment registered a 13% YoY decline.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 - Growth Hovers Below Pre-Covid Levels; Asset Quality Improves

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)

Sundaram Finance - Robust Growth in AUM; Maintain BUY

With employee expenses remaining muted, Opex grew marginally by 3% YoY whereas declined by 2% QoQ. The CI ratio improved to 31.4% vs. 35.6% in Q3FY23.

Axis Direct

Sundaram Finance - BEAT Across Estimates; Growth Levers Intact!

Sundaram Finance (SUF) reported a strong set of numbers in Q2FY23 which beat our estimates across all fronts except in other income.

Axis Direct

Sundaram Finance - Broad Based Recovery Ahead, Robust Disbursement!

Overall, the management remained positive about the growth prospects of the commercial vehicle market going into FY23 and beyond.

Axis Direct

Sundaram Finance: Demand Pick-Up Encouraging, Asset Quality Improves

We upgrade our rating from HOLD to BUY with a target price of Rs 2,195/share (based on SOTP valuation), implying an upside of 20% from the...

Axis Direct

Sundaram Finance - Growth Hovers Below Pre-Covid Levels; Asset Quality Improves

Sundaram Finance (SUF) reported PAT of Rs3bn, up 43%/48% YoY/QoQ led by provisions write-back during the quarter. NII was below our expectation due...

Nirmal Bang

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