External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We believe SUF's well-diversified secured loan mix with strong underwriting practices and comfortable capital position (~CAR +20%) will support operating performance. We maintain our rating at Hold with a target price of Rs 2,655 (based on SOTP valuation).</p><div class="content-highlight"><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></div>

We believe SUF's well-diversified secured loan mix with strong underwriting practices and comfortable capital position (~CAR +20%) will support operating performance. We maintain our rating at Hold with a target price of Rs 2,655 (based on SOTP valuation).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: Operationally Steady; Asset Quality Manageable

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 - 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

Sundaram Finance: Operationally Steady; Asset Quality Manageable

We believe SUF's well-diversified secured loan mix with strong underwriting practices and comfortable capital position (~CAR +20%) will support...

Axis Direct

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