BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
JM Financial Ltd. over the past decade, has effectively transitioned to a comprehensive corporate finance advisor-cum-provider and is now actively pursuing scaling up the retail pie as well.
What distinguishes JM Financial from other financiers:
1. leveraging sticky relationships with institutional, wealth and corporate clients through diversified albeit niche offerings;
2. differentiated business approach in operating segments;
3. graded and calibrated growth (not chasing size) with low risk tolerance and superior risk-adjusted returns (more than 3.5%);
4. focus on building optimal blend of principal and flow business, and linear and non-linear revenue streams; and
5. high capitalisation (less than 4 times leverage) all through its existence.
Weak real estate sentiment and delayed resolution of distressed credit may weigh on earnings in the immediate term (flat in FY21E), partially offset by sustained momentum in IWS (investment banking, wealth management and Securities) business.
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