reports
- Prayesh Jain
ICICI SECURITIES: Market share in Retail Brokerage improves
ICICI SECURITIES: Market share in Retail Brokerage improves (ISEC IN, Mkt Cap USD2b, CMP INR507, TP INR640, 26% Upside, Buy) Revenue from ISEC’s Retail Broking business increased by 6% QoQ – the first sequential improvement in six quarters. The customer acquisition run-rate improved to 0.46m from 0.45m in 1QFY23. However, Prime subscription fees fell QoQ to INR269m. Revenue from Issuer Services improved 39% QoQ to INR488m, led by a recovery in Advisory activity. Overall revenue grew 8% QoQ ...
ICICI SECURITIES sees an upgrade to Positive due to a better fundament...
The general evaluation of ICICI SECURITIES (IN), a company active in the Investment Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date November 23, 2021, the closing price was INR 781....
- Prayesh Jain
MOSL: ICICI SECURITIES (Buy)-Strong performance led by MTF and the Dis...
ICICI SECURITIES: Strong performance led by MTF and the Distribution business (ISEC IN, Mkt Cap USD3.5b, CMP INR822, TP INR970, 18% Upside, Buy) ISEC delivered yet another quarter of robust performance, with revenue (INR8.6b, 26% YoY) and PAT (INR3.5b, 26% YoY) beating our estimates by 9%. The C/I ratio inched up by 70bp sequentially to 45%, led by an 11%/34% rise in employee cost/other expenses (related to marketing cost and technology investments). Employee cost-to-total income stood ~2...
- Alpesh Mehta
MOSL: ICICI SECURITIES (Buy)-Strong performance across revenue streams
ICICI SECURITIES: Strong performance across revenue streams (ISEC IN, Mkt Cap USD3.3b, CMP INR760, TP INR915, 20% Upside, Buy) 1QFY22 was another robust quarter for ISEC, following an overall strong FY21. PAT was up 58% YoY to INR3.04b (33% beat), driven by 36% growth in revenue (18% beat). C/I ratio inched up ~430bp sequentially to 45%, led by a 42% rise in employee costs. In our view, variable expenses were front loaded during 1QFY22. Employee cost-to-total income stood ~20% v/s ~23% in...
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