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. 

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

Ujjivan Small Finance Bank  / Equity Bottom-Up

<ul><li>While advances growth in FY23 has been primarily driven by the MFI segment, Ujjivan SFB (UJSFB) will look to achieve an advances mix of 50:50 over the longer term (5-Year horizon) between secured and unsecured products.</li><li>The bank is currently transitioning from the informal segment to the semi-formal/formal segment of customers, thereby keeping growth in the secured portfolio muted.</li><li>The management remains confident in building a strong deposit franchise with a primary focus on improving CASA and share of retail deposits. UJSFB is currently focusing on the deposit catchment area and expanding its geographic footprint (50-70 branches in FY24, mainly in Tier 2/3 towns).</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.

While advances growth in FY23 has been primarily driven by the MFI segment, Ujjivan SFB (UJSFB) will look to achieve an advances mix of 50:50 over the longer term (5-Year horizon) between secured and unsecured products.The bank is currently transitioning from the informal segment to the semi-formal/formal segment of customers, thereby keeping growth in the secured portfolio muted.The management remains confident in building a strong deposit franchise with a primary focus on improving CASA and share of retail deposits. UJSFB is currently focusing on the deposit catchment area and expanding its geographic footprint (50-70 branches in FY24, mainly in Tier 2/3 towns).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.

Ujjivan SFB- Targeting Sustainable RoA of 2.5%, Growth Opportunities Aplenty!

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

Fusion Micro Finance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fusion-micro-finance-ltd" target="_blank" data-smartkarma-citation="entities:36450:1" rel="noopener">Fusion Micro Finance Ltd (1053199D IN)</a> raised approximately US$134m in its India IPO.  </li>
<li>Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.</li>
</ul>



Fusion Micro Finance Ltd (1053199D IN) raised approximately US$134m in its India IPO.  
Fusion Micro Finance (FMF) is a non-banking financial company - microfinance institution (NBFC-MFI) that provides financial services to unserved and underserved women in rural and peri-rural areas across India.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.


Fusion Micro Finance IPO Trading - Weak Demand Seems Justified

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)</li><li>The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HI</li><li>Personal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)</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.

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)The Indian business continued to be led mainly by a high share of price hike (13% YoY), with domestic volume contracting by 5% YoY (three-year CAGR at 1% vs HUL’s 3%), impacted by HIPersonal care sustained 18% growth (price hike-led), while home care was up 2%, with a delayed monsoon-led weak season (expect a recovery in Q3)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: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

<ul><li>Ujjivan Small Finance Bank (UJSFB) reported a stellar set of numbers in Q2FY23, an all- around beat, led by strong credit growth, robust operating performance, and provision write- back aiding earnings growth.</li><li>Improvement was visible across asset quality metrics.</li><li>GNPA reduced by 674/145bps to 5.1%, aided by moderation in slippages and strong recoveries/upgrades. </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.

Ujjivan Small Finance Bank (UJSFB) reported a stellar set of numbers in Q2FY23, an all- around beat, led by strong credit growth, robust operating performance, and provision write- back aiding earnings growth.Improvement was visible across asset quality metrics.GNPA reduced by 674/145bps to 5.1%, aided by moderation in slippages and strong recoveries/upgrades. 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.

Ujjivan Small Finance Bank - Stellar Quarter; Growth Outlook Encouraging!

<div><ul><li>Portfolio diversification towards secured book: UJSFB reported a robust growth of 44/8% YoY/QoQ in the Q2FY23 provisional update with growth driven by the MFI segment (+51% YoY, +9% QoQ).</li><li>Asset Quality improvement underway: UJSFB has been witnessing a significant improvement in asset quality over the past few quarters, mainly aided by the write-offs.</li><li>Levers for RoA expansion in place: UJSFB’s portfolio shift towards the secured products along with a shift in the borrower profile, is likely to put pressure on yields and margins.</li></ul></div>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.

Portfolio diversification towards secured book: UJSFB reported a robust growth of 44/8% YoY/QoQ in the Q2FY23 provisional update with growth driven by the MFI segment (+51% YoY, +9% QoQ).Asset Quality improvement underway: UJSFB has been witnessing a significant improvement in asset quality over the past few quarters, mainly aided by the write-offs.Levers for RoA expansion in place: UJSFB’s portfolio shift towards the secured products along with a shift in the borrower profile, is likely to put pressure on yields and margins.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.

Pick of the Week - Ujjivan Small Finance Bank Ltd.

India

Ujjivan Small Finance Bank Limited operates as a bank. The Company offers various types of financial services such as saving account, deposits, loans, and insurance solutions. Ujjivan Small Finance Bank serves customers in India.

Ujjivan Small Finance Bank  (UJJIVANS IN)

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Ujjivan Small Finance Bank (UJJIVANS IN)

Ujjivan SFB- Targeting Sustainable RoA of 2.5%, Growth Opportunities Aplenty!

The bank is currently transitioning from the informal segment to the semi-formal/formal segment of customers, thereby keeping growth in the secured...

Axis Direct

Fusion Micro Finance IPO Trading - Weak Demand Seems Justified

Fusion Micro Finance Ltd (1053199D IN) raised approximately US$134m in its India IPO. In this note, we talk about the demand for the deal and the...

Ethan Aw

HSIE Results Daily: Godrej Consumers, Bharat Petroleum Corporation, Jubilant FoodWorks

Godrej Consumers: GCPL’s consolidated revenue grew 7% YoY, with domestic/international clocking 8/6% YoY growth (9/8% three-year CAGR)

HDFC Securities

Ujjivan Small Finance Bank - Stellar Quarter; Growth Outlook Encouraging!

Ujjivan Small Finance Bank (UJSFB) reported a stellar set of numbers in Q2FY23, an all- around beat, led by strong credit growth, robust operating...

Axis Direct

Pick of the Week - Ujjivan Small Finance Bank Ltd.

Ujjivan SFB (UJSFB) transitioned from an NBFC (Ujjivan Financial Services Ltd.) in Feb’17 and has a diversified portfolio spread across...

Axis Direct

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