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>Disbursement growth (+23/24% YoY/QoQ) across products remained healthy.</li><li>Strong Advances growth of 33/10% YoY/QoQ was primarily driven by MFI loans (+41/1% YoY/QoQ), while non-MFI loans grew by 16/4% YoY/QoQ.</li><li>NII growth was strong by 36/6% YoY led by strong advances growth, even as margins contracted by ~85/30bps YoY/QoQ and stood at 9.1%.</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.

Disbursement growth (+23/24% YoY/QoQ) across products remained healthy.Strong Advances growth of 33/10% YoY/QoQ was primarily driven by MFI loans (+41/1% YoY/QoQ), while non-MFI loans grew by 16/4% YoY/QoQ.NII growth was strong by 36/6% YoY led by strong advances growth, even as margins contracted by ~85/30bps YoY/QoQ and stood at 9.1%.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 Ltd. - Strong Quarter, Growth Visibility Strong!

<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

<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

<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 Ltd. is a mass-market focused bank in India, primarily serving financially unserved and underserved segments. It offers a comprehensive range of banking products and services, including savings and current accounts, fixed and recurring deposits, and various loans such as microfinance, housing, agriculture, vehicle, and MSME loans. The bank is headquartered in Bengaluru, Karnataka, India, and commenced banking operations on February 1, 2017.

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Ujjivan Small Finance Bank (UJJIVANS IN)

Ujjivan Small Finance Bank Ltd. - Strong Quarter, Growth Visibility Strong!

NII growth was strong by 36/6% YoY led by strong advances growth, even as margins contracted by ~85/30bps YoY/QoQ and stood at 9.1%.

Axis Direct

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

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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