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Consumer sector overvaluation in May’23 is at 27% (per I-Sec Consumer Momentum Indicator (ICMI)) versus 22% in Dec’22. Though Staples' demand environment continues to be (relatively) muted, there have been sequential improvement in demand (especially in rural) over the quarters in FY23.
The first-year premium of private insurers declined 71.1% MoM to Rs 6,755.2 crore in the same period, while LIC's premium fell 79.8% MoM to Rs 12,565.3 crore.
Overall, Private insurers sold around 4.1 lakh policies in April 2023. While LIC sold 7.8 lakh schemes, its market share declined 330 bps YoY to 65.8%.
The Asian markets are trading mixed tracking cues from Wall Street overnight. Nikkei was trading higher by 0.91%, Hang Seng was trading lower by 1.93% and Shanghai was trading lower by 0.33%.
We hosted Eicher Motors’ (EIM) management for our Annual Investor Conference in Singapore (May 22-23, 2023) and following are the key takeaways: 1) EIM is confident on the sustenance of India 2W premiumisation, pushing up 125cc+ category to ~25%+ of domestic motorcycles in years to come.
This is NOT a template-based results review report (of aggregate performance, charts et al). This is a portfolio manager summary of the under-appreciated, yet very important takeaways from the 4QFY23 results season. We decipher management comments and add the layer of our views.
Average daily traded value (ADTV) of NSE equity options continues to scale new highs over past eight months. This is despite lower demat account addition, lower NSE-active client number as well as lower cash volumes – and also despite increase in transaction cost by ~25% in securities transaction tax (STT) on derivative segments.
We attended HDFC Bank’s Analyst Day (on May 24, 2023) which involved day-long presentations from top management and various vertical heads. The bank remains confident of superior credit growth, comfortable asset quality and steady profitability metrices.
Several US and European retailers have highlighted that they are seeing consumer spending being impacted in discretionary categories. Walmart mentioned headline inflation in food and consumables declined by 400bps QoQ in Apr’23 quarter, but on a 2-year basis, food inflation remains over 20% and continues to put pressure on discretionary wallets.
