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NBFC — Ind-AS: a New, Contemporary Look We Request Your Ballot 12 July 2018 Motilal Oswal values your support in the Asiamoney Brokers Poll 2018 for India Today’s top research theme Research, Sales and Trading team. NBFC — Ind-AS: A new, contemporary look We request your ballot. Entering an era of transparent reporting and enhanced disclosure practices Indian NBFCs are all set to adopt Ind-AS from FY19. This will bring in more transparency in the system and ensure disclosures are in line with global standards. It will also change the way companies conduct their business in Market snapshot terms of structuring their loans, liabilities, employee compensation, Equities - India Close Chg .% YTD.% securitization/assignment, etc. Sensex 36,266 0.1 6.5 We believe the impact on reserves for most NBFCs will be neutral to positive, Nifty-50 10,948 0.0 4.0 given (a) largely mono-line businesses with a proven track record, near-zero Nifty-M 100 18,555 -0.5 -12.2 Equities-Global Close Chg .% YTD.% any other form of stressed loans (besides NPA) and high provisioning and (b) S&P 500 2,774 -0.7 3.8 reversal of DTL recognized on special reserves. Nasdaq 7,717 -0.5 11.8 Companies having ZCBs, structured debt, preference shares, a higher share of FTSE 100 7,592 -1.3 -1.2 lumpy fees and higher ESOP cost would be adversely impacted. DAX 12,417 -1.5 -3.9 We believe that HFCs are best placed, while corporate lenders will be adversely Hang Seng 10,658 -1.5 -9.0 Nikkei 225 21,932 -1.2 -3.7 impacted. Commodities Close Chg .% YTD.% Brent (US$/Bbl) 73 -6.1 9.9 Research covered Gold ($/OZ) 1,242 -1.1 -4.7 Cu (US$/MT) 6,130 -3.0 -14.9 Cos/Sector Key Highlights Ind-AS: A new, contemporary look; Entering an era of transparent Almn (US$/MT) 2,098 -0.9 -7.0 NBFC Currency Close Chg .% YTD.% reporting and enhanced disclosure practices USD/INR 68.8 -0.1 7.7 FoE – Economy Higher domestic savings must to increase potential output USD/EUR 1.2 -0.6 -2.8 India Life Insurance Private players’ new business WRP growth recovers to 15.5% in Jun-18 USD/JPY 112.0 0.9 -0.6 Tata Chemicals Restructuring could be win-win for all YIELD (%) Close 1MChg YTDchg 10 Yrs G-Sec 7.9 -0.03 0.5 Results Expectation CYL 10 Yrs AAA Corp 8.5 -0.03 0.6 Flows (USD b) 11-Jul MTD YTD Piping hot news FIIs 0.09 -0.1 -0.8 DIIs 0.00 0.5 10.0 India replaces France as world’s 6th biggest economy Volumes (INRb) 11-Jul MTD* YTD* India has become the world’s sixth-biggest economy, pushing France into seventh Ca s h 331 296 357 place, according to updated World Bank figures for 2017. F&O 7,905 7,272 8,249 Note: YTD is calendar year, *Avg Chart of the Day: NBFC – Ind-AS: A new, contemporary look NBFC: Impact from Ind-AS transition Deferment of Fee Amortization of Expected Credit Employee Interest on ZCCB / Upfront gain Reversal of DTL NBFCs Income loan origination Loss (ECL) Benefit Deep Dis. Bonds / recognition on on special expenses model Expenses Pref Dividend direct assignment reserve HDFC ●● ●● ●●● ●●● ●●● ●● ●●● Indiabulls Housing Finance ●● ●● ●●● ● ●●● ● ●● PNB Housing Finance ●● ●● ●●● ●● ●● ●● ●● Dewan Housing Finance ●● ●● ●●● ●● ●●● ●● ●● REPCO ● ●● ●●● ● ● ● ●●● LIC Housing Finance ● ●● ● ● ● ● ●●● Gruh Finance ● ●● ● ● ● ● ●●● L&T Finance Holdings ● ● ●●● ● ●●● ● ● Mahindra Finance ●● ●● ●● ● ● ● ● Shriram Transport Finance ●● ●● ●● ● ● ● ● Shriram City Union Finance ● ● ● ● ● ● ● Cholamandalam Invest.&Finance ●● ●● ●● ● ● ●● ● Bajaj Finance ● ● ●● ●● ● ●● ● Impact: Positive ●●● l Marginally Positive ●● l Neutral ● l Marginally Negative ●● l Negative ●●● Source: MOSL Research Team (Gautam.Duggad@MotilalOsw al.com) Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital. In the news today Kindly click on textbox for the detailed news link 1 2 SEBI may require firms to raise NHAI likely to set base price for TOT rights auction at $1 billion 25% of financing needs from The National Highways Authority of India (NHAI), which will begin to invite bond market bids for the second package of toll-operate-transfer rights (TOT) auction SEBI may make another attempt wi thi n the week, i s l i kely to set the base pri ce at $1 bi l l i on (₹6,800 crore), a at building a vibrant market for person aware of the development said. The auction for the second bundle, trading in corporate bonds. On which features seven stretches of operational toll roads totaling 566km Wednesday, SEBI Chairman Ajay across Tamil Nadu, Telangana, Rajasthan and Gujarat is likely to feature a Tyagi said the regulator would few new names, including Cube Highways (a Singapore-based joint venture soon issue a consultation paper on between I Squared Capital and International Finance Corp.) and the making it mandatory… Canada Pension Plant Investment Board (CPPIB)… 3 4 Iranian oil imports dip 25 per Panel shuns sugar cess cent in June proposal to clear sugarcane India's oil 1.52 % imports from dues Iran showed a decline of over 25 A group of ministers, tasked by per cent in June, but some the Goods and Services Tax shipments loaded last month are Council, on Wednesday rejected expected to arrive this month, the idea of imposing cess on sugar 5 government and industry officials to help clear dues to sugarcane said today… farmers, on the back of declining LIC-IDBI Bank deal likely to sugarcane arrears… conclude by September After getting a go-ahead from regulator Insurance Regulatory and Development Authority of India (IRDAI), Life Insurance Corporation of India (LIC) is 6 7 preparing to complete the 51% acquisition of debt-ridden IDBI Bank Ltd by the end of Drug regulator orders recall Telecom Commission of Novartis’s painkiller September, people familiar with approves new telecom policy, the matter said… diclofenac backs net neutrality India’s drug regulator has Net neutrality, a controversial ordered the withdrawal of the issue around the world, has popular diclofenac painkiller emerged a winner in India. In a injection marketed by Novartis heavy-duty meeting on India Ltd and made by Themis Wednesday, the Telecom Medicare Ltd, following safety Commission, the highest concerns raised by a a health decision-making body in the ministry panel… Department of Telecommunications… 12 July 2018 2 Thematic10 | July July 2018 2018 1QFY19 Results Update | Sector: Technology NBFC Ind-AS: A new, contemporary look Entering an era of transparent reporting and enhanced disclosure practices Indian NBFCs are all set to adopt IFRS-converged Indian Accounting Standards (Ind-AS) from FY19. This will bring in more transparency in the system and ensure disclosures are in line with global standards. Moreover, it will change the way companies conduct their business in terms of structuring their loans (upfront fees v/s yields), liabilities, employee compensation, and securitization/assignment, amongst others. In the absence of any circular from the RBI, NBFCs will follow accounting policies based on Ind-AS, but continue with older norms for regulatory reporting. We believe the impact on reserves for most NBFCs will be neutral to positive, given (a) largely mono-line businesses with a proven track record, near-zero any other form of stressed loans (besides NPA) and high provisioning and (b) reversal of DTL recognized on special reserves. Companies having ZCBs, structured debt, preference shares, a higher share of lumpy fees and higher ESOP cost would be adversely impacted. Motilal Oswal values your support in the Asiamoney We believe that HFCs are best placed to face the transition, while corporate lenders will be adversely impacted. Brokers Poll 2018 for India Research, Sales and Trading Transition to Ind-AS means much more than just accounting change team. We request your ballot. Ind-AS will bring more transparency in accounting and disclosures. It will also change the way companies conduct their business in terms of employee compensation, structuring of loans, securitization/assignment of loans, issuance of liabilities, etc. In our view, the migration to the new norms will lead to major differences in the presentation of financials on account of recognition of (a) fee income/loan origination expenses, (b) interest income on impaired assets, (c) impairment provision, (d) fair valuation of ESOP, (e) interest expense on ZCBs/deep discount bonds/preference shares, (f) securitized loans, (g) gains on assignment, (h) DTL on special reserve and (i) investment classification and valuation, as well as consolidation of entities based on control. HFCs to witness gains; corporate financiers most impacted HFCs will see a benefit in the form of provisioning and reversal of DTL. Most large HFCs have a proven track record of low LGDs and PDs, and carry additional/contingent provisioning on balance sheet. Processing fees on core housing loans may be replaced by legal and other charges, and thus, not impact the income statement. DSA expense amortization and a reduction in credit cost are added benefits for HFCs. However, companies in the affordable housing segment with a limited track record and a higher share of fee income could see some impact. Companies with ZCCBs/structured liabilities/ESOPs are likely to see higher expenses getting charged through the income statement. Corporate financers may witness higher provisioning, deferment of fee income and a rise in employee expenses. Vehicle financers may see an impact on their securitization activity (awaiting final regulation on this) and a minimal impact on provisioning. Overall, the impact of Ind-AS convergence on our NBFC coverage universe will be neutral to positive. 12 July 2018 3 Several opportunities, but challenges remain Ind-AS is likely to bring in more transparency in the system and ensure disclosures are in line with global standards.
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