In today’s briefing:
- HDFC Bank: Attractive Valuation with Near-Term Growth Triggers
- Cars24 Tearsheet – Leading Used Car Marketplace
- S&P BSE Quiddity Leaderboard Dec 2022: Some More Interesting LONG-SHORT Pairs
HDFC Bank: Attractive Valuation with Near-Term Growth Triggers
- While HDFC Bank (“HDFCB”) is doing all the right things (distribution expansion, digital infrastructure revamp) from a long-term perspective, it also has near-term growth triggers led by its retail book.
- Excluding auto sector and two-wheeler loans, HDFCB’s retail book grew 25% YoY in Q1FY23. As the supply chain disruptions recede, HDFCB’s retail book growth could surprise on the upside.
- HDFC Bank (HDFCB IN) is also making decent progress in its digitization upgrades which should further bolster the growth and productivity.
Cars24 Tearsheet – Leading Used Car Marketplace
- Cars24 (1716847D IN) is one of India’s leading used auto (primarily car) marketplace. The company claims a 90% share in the online used car market.
- Channel feedback suggests no customer loyalty and a poor competitive position compared to local unorganised sales yards.
- Losses narrowing due to reduction in expenses, declining revenues and recent high profile exits all point to caution.
S&P BSE Quiddity Leaderboard Dec 2022: Some More Interesting LONG-SHORT Pairs
- In this insight, we take a look at the names leading the race to become ADDs/DELs for the BSE SENSEX, 100, 200, and 500 Indices in the December 2022 Rebalance.
- SENSEX and BSE 100 could both see one index change each. There could be multiple ADDs/DELs for the BSE 200 and BSE 500 indices.
- There are several trading opportunities with interesting potential index flow dynamics.
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