External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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

<ul><li>Motilal Oswal's research report onABB India ABB, in its annual report, highlighted its growth strategy to continue targeting high growth profitable markets that benefit from key megatrends.</li><li>The company’s improved penetration into Tier II and Tier III cities, higher localization efforts, benefits from global feeder factories for exports, and improved product portfolio are helping it expand its presence across markets spanning 23 market segments.</li><li>The company has been able to double its share of orders from high-growth segments in the last five years.</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.

Motilal Oswal's research report onABB India ABB, in its annual report, highlighted its growth strategy to continue targeting high growth profitable markets that benefit from key megatrends.The company’s improved penetration into Tier II and Tier III cities, higher localization efforts, benefits from global feeder factories for exports, and improved product portfolio are helping it expand its presence across markets spanning 23 market segments.The company has been able to double its share of orders from high-growth segments in the last five years.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>ABB India: ABB reported muted Q4CY23 revenue/EBITDA/PAT at INR 27.6/4.2/3.4bn, missing our estimates by 11/13/13%</li><li>The company achieved strong Q4CY23/CY23 order inflow at INR 31.5/123.2bn (+35%/+23% YoY), taking the backlog to INR 84bn</li><li>Base Q4CY23 order inflows remained stable and large traction converter order aided growth</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.

ABB India: ABB reported muted Q4CY23 revenue/EBITDA/PAT at INR 27.6/4.2/3.4bn, missing our estimates by 11/13/13%The company achieved strong Q4CY23/CY23 order inflow at INR 31.5/123.2bn (+35%/+23% YoY), taking the backlog to INR 84bnBase Q4CY23 order inflows remained stable and large traction converter order aided growthContent 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.

ABB India - Muted Results; Strong Order Booking

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

<ul><li>AIL reported revenue growth of 8.3% YoY in Q3FY24 (versus our expectations of 8% YoY), slightly in line with IPM's 9.8% growth.</li><li>A change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones which reported YoY growth of 11.2%, 10.8% and 16.4% respectively, resulted in higher sales growth.</li><li>However, this was partially offset by Mixtard and Novomix, which recorded -0.4% growth and -11.8% YoY de-growth, leading to high single-digit topline growth to some extent.</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.

AIL reported revenue growth of 8.3% YoY in Q3FY24 (versus our expectations of 8% YoY), slightly in line with IPM's 9.8% growth.A change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones which reported YoY growth of 11.2%, 10.8% and 16.4% respectively, resulted in higher sales growth.However, this was partially offset by Mixtard and Novomix, which recorded -0.4% growth and -11.8% YoY de-growth, leading to high single-digit topline growth to some extent.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.

Abbott India Ltd - Highest Ever EBITDA Margins

Thematic (Sector/Industry)

<ul><li>Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.</li><li>This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.</li><li>Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. </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.

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. 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.

HSIE Results Daily: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).</li>
<li>Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.</li>
</ul>


There could be 16 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December.
If all changes are on expected lines, one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn (US$736m).
Since June, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.


NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

India

ABB India Limited undertakes engineering and construction projects and manufactures heavy engineering and industrial equipment. The Company undertakes projects in the field of energy production, power transmission, transportation, process automation and pollution control. ABB India's products include pollution control equipment, switch gears and high current rectifiers.

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ABB India Ltd (ABB IN)

ABB India - Quality Versus Price

Motilal Oswal's research report onABB India ABB, in its annual report, highlighted its growth strategy to continue targeting high growth profitable...

Motilal Oswal

ABB India - Muted Results; Strong Order Booking

We have recalibrated our estimates to factor in likely muted H1CY24 ordering. We maintain ADD with a TP of INR 5,487/sh (rolled over to 65x Mar-26...

HDFC Securities

Abbott India Ltd - Highest Ever EBITDA Margins

AIL reported revenue growth of 8.3% YoY in Q3FY24 (versus our expectations of 8% YoY), slightly in line with IPM's 9.8% growth.

Axis Direct

HSIE Results Daily: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24...

HDFC Securities

NIFTY200 Momentum30 Index Rebalance Preview: 56% Turnover, Big Trade & Strong Momentum

There could be 16 constituent changes in December. one-way turnover is estimated at 55.6% and that will result in a one-way trade of INR 62bn...

Brian Freitas

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