pdf Detailed Estimates
Buy
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Early relief – RBI removes restrictions on Ecom/EMI Card
Emkay
BAF has announced that on 2-May-24 the RBI has communicated to the
company about removal of restrictions by the Regulator on BAF sanctioning and
disbursing new loans under its ‘eCOM’ and ‘Insta EMI Card’ segments
(restrictions put on 15-Nov-23) and suspension of issuance of EMI Cards to new
customers (on 17-Nov-23).
Alert
Buy
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Focus on newer and secured segment; NIMs will continue to see pressure
KRChoksey
Net Interest Income (NII) for Q4FY24 increased by 28.1% YoY (+4.7% QoQ) to INR 92,931 Mn, primarily led by the robust growth in AUM. The NII was in-line with our estimates.
Alert
Buy
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First Light | Maruti Suzuki, Hindustan Unilever, Bajaj Finance, SBI Life, Supreme Industries, Dalmia Bharat, UTI …
BOB Capital Markets Ltd.
MSIL: Steady performance, but steep valuations; downgrade to HOLD. HUVR: Subdued performance; expect gradual recovery. BAF: Obstacles for a powerful player on a protracted journey. SBILIFE: Expect market dominance to continue. SI: In-line Q4FY24; pipe volume guided to grow at healthy rate in FY25. DALBHARA: Disappointments all over; but paving the way for growth. UTIAM: Core profit in line; maintain HOLD. GLS: Weak quarter; maintain HOLD
Alert
Buy
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AUM growth to remain robust at 26-28% in FY25E, but NIM compression to keep earnings muted …
ICICI Securities Limited
Bajaj Finance’s (Bajaj) Q4FY24 financial performance was mixed as AUM growth, new customer acquisition, asset quality
and operating efficiencies continued to trend as envisaged; continued stress in rural B2C and 21bps QoQ NIM contraction were dampeners.
Alert
Buy
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On right track to achieve Long Range Strategy goals
Emkay
BAF reported a good set of numbers in Q4FY24, against the backdrop of RBI’s
embargo on EMI and Ecom cards which affected PBT by ~4%, largely meeting
Consensus estimates. Management gave guidance for FY25 AUM growth of ~26-
28% and RoA of ~4.6-4.8% of AAUM, with profitability improving in the second
half as the first half will see some moderation in NIM on account of elevated
borrowing cost.
Alert
Results Update
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Bajaj Finance Limited
SMC online
Alert
Buy
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Result Update:Bajaj Finance
Axis Direct
We maintain our BUY recommendation on the stock.
Alert
Neutral
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Staring at a weaker year ahead; downgrade to Neutral
Motilal Oswal
Bajaj Finance (BAF)’s 4QFY24 reported PAT grew ~21% YoY to
~INR38.2b (in line), while FY24 PAT rose ~26% YoY to INR144.5b.
Alert
Buy
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Execution machine robust as ever; ST challenges in the price
Emkay
We initiate coverage on Bajaj Finance (BAF) with a BUY recommendation and
Mar-25E TP of Rs9,000/sh (~23.4% upside), implying FY26E consolidated P/B
of 5.1x.
Alert
Buy
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Mixed performance; Stress on B2C takes a minor toll on the asset quality
KRChoksey
As of December 31, 2023, AUM reported a 34.7% YoY/ 7.1% QoQ growth at INR 31,09,680 Mn, led by the strong growth in new customer addition during the quarter. The customer franchise stood at 80.4 Mn as of December 31, 2023, compared to 66.1 Mn as of December 31, 2022, a growth of 21.7%.
Buy
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First Light | Consumer Goods, Tata Steel, Bajaj Finance, Dalmia Bharat
BOB Capital Markets Ltd.
Consumer Goods: What production and price data of consumer goods say? TATA: UK transition and TSK2 to bolster growth; maintain BUY. BAF: Mixed quarter; maintain BUY. DALBHARA: Soft prices constrain growth
Alert
Buy
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Elevated credit costs from B2C businesses; NIM contracts QoQ
Motilal Oswal
1
Alert
Results Update
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Bajaj Finance Limited
SMC online
Alert
Buy
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Result Update:Bajaj Finance
Axis Direct
We maintain our BUY recommendation on the stock.
Alert
Buy
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Bajaj Finance (BUY): Impact of RBI strictures likely to be marginal
BOB Capital Markets Ltd.
RBI has instructed BAF to stop disbursing loans under two digital products, the Insta EMI Card' and eCOM
1
Alert
Buy
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Company Update:Bajaj Finance
Axis Direct
However, BAF has stated that the financial impact of the regulator's action would not be material. We believe the stock to remain under pressure in the near term.
1
Alert
Buy
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Strong performance despite NIM compression; Diversification to support growth
KRChoksey
As of September 30, 2023, AUM reported a 32.9% YoY/ 7.5% QoQ growth at INR 29,02,640 Mn, led by a healthy increase in customer franchise on account of improving penetration in new geographies. The Company has added an AUM of INR 428.85 Bn in H1FY24.
Alert
Buy
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Earnings in line; reported NIM contracts 15bp QoQ
Motilal Oswal
Alert
Buy
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Result Update:Bajaj Finance
Axis Direct
We maintain our BUY recommendation on the stock.
Alert
Results Update
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Result Update - Bajaj Finance
SMC online
Alert