MOSL: ANGEL ONE (Buy) - INITIATING COVERAGE: Leaner, stronger, faster ...

(ANGELBRK IN, Mkt Cap USD1.4b, CMP INR1232, TP INR1750, 42% Upside, Buy)     Angel One has emerged to be India's third-largest broker with 6.5m total clients and 2.5m active clients on the NSE. It has a market share of 9.3% in active clients on the NSE, which has increased from 4.8% in 1QFY20. Indian brokerage industry is at an inflection point wherein only 5.1% of the Indian population have a demat account v/s 13.7% in China and 32% in the US. This is in spite of 1) number of demat acco...