External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

<ul><li>The GAIL stock price has corrected 8% and underperformed the Sensex by 3% in the last three months</li><li>Our BUY recommendation for GAIL with a target price of INR 260 is based on (1) an increase in gas transmission volume to 154mmscmd by FY27E (three-year CAGR of 8.6%), supported by higher domestic gas production and softer LNG prices resulting in improved volumes, (2) completion of major pipelines, and (3) improvement in earnings from the petchem segment.</li><li>At the current price, GAIL is trading at 11.5x Mar-26E EPS, a 4% discount to its five-year average despite the stronger volume growth outlook in its core business of gas transmission.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The GAIL stock price has corrected 8% and underperformed the Sensex by 3% in the last three monthsOur BUY recommendation for GAIL with a target price of INR 260 is based on (1) an increase in gas transmission volume to 154mmscmd by FY27E (three-year CAGR of 8.6%), supported by higher domestic gas production and softer LNG prices resulting in improved volumes, (2) completion of major pipelines, and (3) improvement in earnings from the petchem segment.At the current price, GAIL is trading at 11.5x Mar-26E EPS, a 4% discount to its five-year average despite the stronger volume growth outlook in its core business of gas transmission.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GAIL (India): Transmission Volume Growth on Track, Reiterate BUY

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

China Longyuan Power Group Corp Ltd designs, develops, manages, and operates wind farms.  The Company also sells the electricity generated by the wind farms.

<ul>
<li>The H share market continues to be the top performing market in Asia in 2024.  The HSCEI has outperformed all Asian markets on a USD basis.
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-longyuan-power-group-corp-ltd" target="_blank" data-smartkarma-citation="entities:14215:1" rel="noopener">China Longyuan Power (916 HK)</a> was rated a BUY at JP Morgan with the company hosting a roadshow to discuss its future growth strategy. 
</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> was initiated as a BUY at CMB International as the company rapidly expands into the ready-to-drink category with teas and sports drinks.
</li>
</ul>


The H share market continues to be the top performing market in Asia in 2024.  The HSCEI has outperformed all Asian markets on a USD basis.


China Longyuan Power (916 HK) was rated a BUY at JP Morgan with the company hosting a roadshow to discuss its future growth strategy. 


China Resources Beverage (2460 HK) was initiated as a BUY at CMB International as the company rapidly expands into the ready-to-drink category with teas and sports drinks.



BUY/SELL/HOLD: Hong Kong Stock Updates (December 13)

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Mercury NZ Ltd provides utility services. The Company generates and supplies electricity from hydro, geothermal, gas-fired, and wind power stations, as well as owns and manages bio-energy power plants. Mighty River Power serves customers throughout New Zealand.

<ul><li>Mercury's (MCY) recent sell-off, driven by MSCI Standard Index exclusion speculation, provides an opportunity to invest in one of New Zealand's highest quality companies.</li><li>MCY's possible exclusion from the Index would not be due to poor company performance, but instead to the abstruse MSCI methodology.</li><li>We remain attracted to MCY's outlook. Recent trading conditions should see MCY beat its FY25 EBITDAF guidance. </li></ul>

Mercury's (MCY) recent sell-off, driven by MSCI Standard Index exclusion speculation, provides an opportunity to invest in one of New Zealand's highest quality companies.MCY's possible exclusion from the Index would not be due to poor company performance, but instead to the abstruse MSCI methodology.We remain attracted to MCY's outlook. Recent trading conditions should see MCY beat its FY25 EBITDAF guidance. 

Mercury - Don't Be Passive, This Is an Active Opportunity

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

China Resources Power Holdings Company Limited is a power generation company. The Company invests, develops, owns, and operates coal-fired power plants in China.

<ul>
<li>The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.</li>
<li>In this insight, we take a look at the final rankings for the HSCEI potential ADDs and potential DELs for the index rebal event in March 2025.</li>
<li>At present, we see one change based on the 13th December 2024 data but the rankings can change until 31st December 2024.</li>
</ul>


The HSCEI serves as a benchmark to reflect the overall performance of the top 50 "Mainland China" securities listed in Hong Kong.
In this insight, we take a look at the final rankings for the HSCEI potential ADDs and potential DELs for the index rebal event in March 2025.
At present, we see one change based on the 13th December 2024 data but the rankings can change until 31st December 2024.


Quiddity Leaderboard HSCEI Mar 25: One Change Likely but More Names Lurking Close to the Border

Senior Credit Analyst, Lucror Analytics

Tanvi Arora

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

ReNew Energy Global PLC operates as a renewable energy company. The Company focuses on developing wind, solar, and hydro energy projects. ReNew Energy Global serves clients in India.

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy</li>
<li>In the US, inflation data was benign and supported expectations for a Fed interest rate cut this month. The CPI inflation came in at 2.7% y-o-y in November (2.7% e / 2.6% p), while the core CPI inflation stood at 3.3% (3.3% e / 3.3% p).</li>
<li>US Treasury sold off across the curve, with the yields gaining 4-6 bps. The S&amp;P 500 and Nasdaq gained 0.8% and 1.8%, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy
In the US, inflation data was benign and supported expectations for a Fed interest rate cut this month. The CPI inflation came in at 2.7% y-o-y in November (2.7% e / 2.6% p), while the core CPI inflation stood at 3.3% (3.3% e / 3.3% p).
US Treasury sold off across the curve, with the yields gaining 4-6 bps. The S&amp;P 500 and Nasdaq gained 0.8% and 1.8%, respectively.


Utilities
Insights in the Utilities Space

GAIL (India): Transmission Volume Growth on Track, Reiterate BUY

Our BUY recommendation for GAIL with a target price of INR 260 is based on (1) an increase in gas transmission volume to 154mmscmd by FY27E (three...

HDFC Securities

BUY/SELL/HOLD: Hong Kong Stock Updates (December 13)

H shares have outperformed all Asian markets this year on a USD basis. Longyuan Power continues to expand its offshore capacity & overseas...

David Mudd

Mercury - Don't Be Passive, This Is an Active Opportunity

Mercury's (MCY) recent sell-off, driven by MSCI Standard Index exclusion speculation, provides an opportunity to invest in one of...

Forsyth Barr

Quiddity Leaderboard HSCEI Mar 25: One Change Likely but More Names Lurking Close to the Border

The Expected ADD China Resources Power (836 HK) could see 0.9x ADV index buying and the Expected DEL Li Ning (2331 HK) could see 0.6x ADV of index...

Janaghan Jeyakumar, CFA

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: ReNew Energy In the US, inflation data was...

Lucror Analytics