External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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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

CreditAccess Grameen Ltd / Equity Bottom-Up

<div><div><div><div><ul><li>Company Outlook: Even as competitive intensity in the MFI segment continues to intensify with banks and NBFCs chasing growth aggressively, we believe CAGrameen remains well-placed to tap the large unmet demand which would be supported by its large branch network, deep rural penetration, customised product offerings, and competitive pricing.</li><li>We prefer CAGrameen amongst the microfinanciers owing to the company’s ability to (a) Deliver healthy GLP growth driven by continued growth in the MFI book and improving mix of non-MFI products, (b) Strong NIMs, (c) A Stable cost structure, (d) Moderating credit costs with asset headwinds decisively behind and (e) The company’s potential to deliver strong RoA/RoE of 4.7-4.8%/20-21% over the medium term.</li><li>We maintain our BUY recommendation on the stock and believe that the strong performance delivery potential justifies premium valuations. </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>

Company Outlook: Even as competitive intensity in the MFI segment continues to intensify with banks and NBFCs chasing growth aggressively, we believe CAGrameen remains well-placed to tap the large unmet demand which would be supported by its large branch network, deep rural penetration, customised product offerings, and competitive pricing.We prefer CAGrameen amongst the microfinanciers owing to the company’s ability to (a) Deliver healthy GLP growth driven by continued growth in the MFI book and improving mix of non-MFI products, (b) Strong NIMs, (c) A Stable cost structure, (d) Moderating credit costs with asset headwinds decisively behind and (e) The company’s potential to deliver strong RoA/RoE of 4.7-4.8%/20-21% over the medium term.We maintain our BUY recommendation on the stock and believe that the strong performance delivery potential justifies premium valuations. 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.

CreditAccess Grameen Ltd. - Strong Growth Runway, Premium Valuations Justified!