GREATER CHINA Initiate Coverage BYD Electronic (285 HK/BUY/HK$37.35/Target: HK$47.70) Robust multi-year growth cycle driven by content gains and GenAI themes. Update Pinduoduo (PDD US/BUY/US$133.88/Target: US$200.00) Fostering overseas expansion to mitigate regulatory uncertainties. INDONESIA Update Jasa Marga (JSMR IJ/BUY/Rp5,250/Target: Rp7,300) Progress in JTT equity financing. MALAYSIA Sector Technology ...
Two Directors at Aditya Birla Capital Ltd sold 360,000 shares at between 176.260INR and 176.307INR. The significance rating of the trade was 96/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directo...
. ADITYA BIRLA CAPITAL: Good quarter; strong performance across most businesses (ABCAP IN, Mkt Cap USD3.2b, CMP INR106, TP INR140, 32% Upside, Buy) Consolidated revenue grew 26% YoY to INR58.6b in 1QFY23. Consolidated PAT (after minority interest) grew 42% YoY to ~INR4.3b in 1QFY23. The management has been steadfast and has exhibited high agility in its journey towards its FY24 targets, a large proportion of which has either been achieved or will be over the course of FY23. NBFC: Contin...
The general evaluation of ADITYA BIRLA FINANCIAL SERVICES (IN), a company active in the Consumer Finance industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 2 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date April 5, 2022, the cl...
Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders aim to raise around US$369m via reducing their stake in the company’s Indian IPO. ABSL is the largest non-bank affiliated asset management company (AMC) in India by quarterly average assets under management (QAAUM) and the fourth largest AMC in India. according to CRISIL. ABSL managed total AUM of INR2.9tn across mutual funds, portfolio management services, offshore and real estate offerings, as of Jun 21. ABSL enjoys a str...
Aditya Birla Sun Life Asset Management Company’s (ABSL) shareholders aim to raise around US$300m via reducing their stake in the company’s Indian IPO. ABSL is the largest non-bank affiliated asset management company (AMC) in India by quarterly average assets under management (QAAUM) and the fourth largest AMC in India. according to CRISIL. ABSL managed total AUM of INR2.9tn across mutual funds, portfolio management services, offshore and real estate offerings, as of Jun 21. ABSL enjoys a str...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
ADITYA BIRLA CAPITAL: Loan book consolidates, Asset quality deteriorates (ABCAP IN, Mkt Cap USD3.2b, CMP INR99, TP INR125, 26% Upside, Buy) ABCAP’s 3QFY20 earnings reflect another modest quarter for its key segments of lending and asset management. Consol. PAT increased 17% YoY to INR2.4b, but has remained range-bound since 4QFY19. NBFC’s PBT declined 16% YoY due to moderate loan growth (+3% YoY) and deterioration in asset quality (GNPA +85bp QoQ to 2.72%). AMC’s PBT grew 5% YoY led by co...
ADITYA BIRLA CAPITAL: Growth slows down across segments (ABCAP IN, Mkt Cap USD2.6b, CMP INR85, TP INR110, 30% Upside, Buy) 2QFY20 consol. PBT grew 31% YoY to INR3.7b, while consol. PAT grew 37% YoY to INR2.6b due to a lower tax rate. NBFC: Company continues to run down its lending book, it was down 4% QoQ (flat YoY) to INR483b. Margins improved 70bp YoY to 5.3% as the company increased the share of retail and SME loans (up 300bp YoY to 54%). The company continues to grow its 'digital an...
ADITYA BIRLA CAPITAL: Loan book growth slows; AMC profitability continues to improve (ABCAP IN, Mkt Cap USD2.6b, CMP INR82, TP INR110, 35% Upside, Buy) 1QFY20 consol. PAT grew 27% YoY to INR2.7b, largely driven by strong profit growth across lending (NBFC +20% YoY and HFC 2.9x YoY) and AMC business (+20% YoY). However, Insurance business reported a YoY decline in profits. NBFC: Loans declined 3% sequentially to INR501b (YoY growth has slowed to 13%). While the company disbursed INR31b in...
Aditya Birla Capital: Strong NIM performance; Insurance business improvement continues (ABCAP IN, Mkt Cap USD3.2b, CMP INR101, TP INR130, 29% Upside, Buy) PBT grew 46% YoY to INR5.2b in 4QFY19, largely driven by strong profit growth across the lending (NBFC +26% YoY and HFC 3.2x YoY) and AMC (+19% YoY) businesses. Even the insurance business witnessed an improvement in profitability during the quarter. NBFC: Loans grew 20% YoY (+5% QoQ) to INR517b. The share of high-yielding SME+Retail ...
Aditya Birla Capital: Improving AMC profitability; superior asset quality (ABCAP IN, Mkt Cap USD4.5b, CMP INR141, TP INR200, 41% Upside, Buy) Aditya Birla Capital Ltd. (ABCL) reported a healthy quarter, with consol. PAT growing 26% YoY to INR2.15b. PAT from established businesses grew 36% YoY to INR2.88b. The quarter was marked by strong growth across business segments and a sharp improvement in the VNB margin in the life insurance segment. NBFC segment: Loan book grew 3%/23% QoQ/YoY to...
Aditya Birla Capital: Robust growth; Asset quality intact (ABCap IN, Mkt Cap USD5.4b, CMP INR160, TP INR215, 34% Upside, Buy) Aditya Birla Capital (ABCL) reported a healthy quarter, with consolidated PAT growing 91% YoY to INR2.08b (PBT up 66% YoY). The quarter was marked by strong growth in all business segments and a sharp improvement in persistency in the life insurance segment. NBFC segment: Loan book grew 9%/25% QoQ/YoY to INR432b. Margins (incl. fees) were under some pressure (-30...
Aditya Birla Capital: Robust growth and healthy asset quality intact (ABCAP IN, Mkt Cap USD5.7b, CMP INR168, TP INR225, 34% Upside, Buy) Aditya Birla Capital (ABCL) reported a healthy quarter, with consolidated PBT growing 30% YoY to INR4.1b, but reported PAT increasing 12% YoY due to normalization of tax rate (36% v/s 21% in the year-ago period). Base quarter had a one-off tax gain of ~INR400m. NBFC segment: Loan book grew 2%/33% QoQ/YoY to INR398b, driven by 35% YoY growth in 9MFY18 di...
​ADITYA BIRLA CAPITAL (INITIATING COVERAGE): Perfect blend of growth and quality; A large diversified conglomerate in the making(ABCAP IN, Mkt Cap USD6.4b, INR190, TP INR231, 22% Upside, Buy)Aditya Birla Capital (ABCL) is one of the most diversified financial services entities in India, operating under a single brand, with a presence in non-bank financing, housing finance, asset management, insurance and advisory businesses. In its major businesses, it is among the top-5 private players in ter...
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