External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

We remain positive on the stock from a long-term perspective in light of immense growth potential. we maintain a BUY with TP of Rs. 220/share valuing on a SOTP basis.<div class="content-highlight">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.</div>

We remain positive on the stock from a long-term perspective in light of immense growth potential. we maintain a BUY with TP of Rs. 220/share valuing on a SOTP basis.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.

ABFRL: We remain positive on the stock from a long-term perspective in light of immense growth po...

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

ASA Capital Management

ASA Capital Management is a boutique Research and Investment Advisory firm focusing on primary research in India. ASA provides bespoke research services to Institutional Clients with a focus on due diligence backed with primary research, Field Trips & Channel Checks.

This monthly insight aims to provide the narrative behind the monthly data points we have previously published. The monthly data points published are described in the following insights:
<ul>
<li>
<a href="https://www.smartkarma.com/insights/alternative-data-india-consumer-tracker-recovery-continues" target="_blank" data-smartkarma-citation="insights:42245" rel="noopener">Alternative Data | India Consumer Tracker - Recovery Continues</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/alternative-data-india-consumer-tracker-rural-india-is-firing-recovery" target="_blank" data-smartkarma-citation="insights:41423" rel="noopener">Alternative Data | India Consumer Tracker - Rural India Is Firing Recovery</a> </li>
</ul>
Other postcards written by us include the following:
<ul>
<li>
<a href="https://www.smartkarma.com/insights/postcard-from-lucknow-india-the-road-to-usd-5-trillion" target="_blank" data-smartkarma-citation="insights:34882" rel="noopener">Postcard from Lucknow (India) | The Road to USD 5 Trillion</a> </li>
<li>
<a href="https://www.smartkarma.com/insights/postcard-from-surat-india-studded-jewellery-unlikely-to-aid-in-margin-expansion-for-titan" target="_blank" data-smartkarma-citation="insights:28437" rel="noopener">Postcard from Surat (India) | Studded Jewellery Unlikely to Aid in Margin Expansion for Titan</a> </li>
</ul>

This monthly insight aims to provide the narrative behind the monthly data points we have previously published. The monthly data points published are described in the following insights:


Alternative Data | India Consumer Tracker - Recovery Continues 

Alternative Data | India Consumer Tracker - Rural India Is Firing Recovery 

Other postcards written by us include the following:


Postcard from Lucknow (India) | The Road to USD 5 Trillion 

Postcard from Surat (India) | Studded Jewellery Unlikely to Aid in Margin Expansion for Titan 


Postcard from the North East | Savings Now Running Out; Market Share Gains for Organised Players

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Recent news flow on <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:216:1">Tata Motors Ltd (TTMT IN)</a> has been nothing short of horrendous and the stock price has reflected the risks associated with the events.The Differential Voting Rights (DVR) line has outperformed the ordinary shares over the last 3 months with most of the gains coming over the last week.In this Insight we look at recent headlines that have led to a sell-off in the stock, at the stock performance, at the discount in the DVR and the reasons for the discount, and at near-term catalysts that could lead to a narrowing in the DVR discount.

Recent news flow on Tata Motors Ltd (TTMT IN) has been nothing short of horrendous and the stock price has reflected the risks associated with the events.The Differential Voting Rights (DVR) line has outperformed the ordinary shares over the last 3 months with most of the gains coming over the last week.In this Insight we look at recent headlines that have led to a sell-off in the stock, at the stock performance, at the discount in the DVR and the reasons for the discount, and at near-term catalysts that could lead to a narrowing in the DVR discount.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/26778" target="_blank" data-smartkarma-citation="entities:26778:1">TCNS Clothing Co Ltd (0365999Z IN)</a> plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our earlier write-up <a href="https://www.smartkarma.com/insights/tcns-clothing-pre-ipo-fast-growth-growing-segment-and-a-good-track-record" target="_blank">TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record</a>. In this insight, we will look at the FY18 performance along with the impact of restated financials. We will also compare the company versus some of its listed and unlisted peers, and run the deal through our framework.The company's heady growth over the past few years seems to be slowing down with growth increasingly being driven by store addition rather than SSSG. Its FY18 numbers seem to imply that SSSG might have turned negative for some type of stores in 2H18, which is a concern. While the standalone p/e doesn't appear appetising given the slowing growth, the IPO doesn't seem as expensive given the peer group's vertigo-inducing valuations.

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our earlier write-up TCNS Clothing Pre-IPO - Fast Growth, Growing Segment and a Good Track Record. In this insight, we will look at the FY18 performance along with the impact of restated financials. We will also compare the company versus some of its listed and unlisted peers, and run the deal through our framework.The company's heady growth over the past few years seems to be slowing down with growth increasingly being driven by store addition rather than SSSG. Its FY18 numbers seem to imply that SSSG might have turned negative for some type of stores in 2H18, which is a concern. While the standalone p/e doesn't appear appetising given the slowing growth, the IPO doesn't seem as expensive given the peer group's vertigo-inducing valuations. 

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Breakfast cereals value sales rise by 20% in current terms in 2017 to reach INR24.5 billion</li><li>Flavoured breakfast cereals are becoming popular among Indian consumers</li><li>Muesli and granola is the fastest-growing category in 2017, with current value sales rising by 27%</li><li>The average unit price of breakfast cereals increases by 2% in 2017</li><li>Kellogg India Ltd retains the lead in breakfast cereals with a 56% value share in 2017</li><li>Breakfast cereals is set to register a value CAGR of 11% at constant 2017 prices over the forecast period and reach INR40.4 billion in 2022</li></ul>

Breakfast cereals value sales rise by 20% in current terms in 2017 to reach INR24.5 billionFlavoured breakfast cereals are becoming popular among Indian consumersMuesli and granola is the fastest-growing category in 2017, with current value sales rising by 27%The average unit price of breakfast cereals increases by 2% in 2017Kellogg India Ltd retains the lead in breakfast cereals with a 56% value share in 2017Breakfast cereals is set to register a value CAGR of 11% at constant 2017 prices over the forecast period and reach INR40.4 billion in 2022

Sector Capsule: Breakfast Cereals in India

India

Aditya Birla Fashion and Retail Ltd provides a wide range of mid-priced garments for men. The Company's collection includes internationally styled formal, elite, casual, party, and wedding apparel.

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

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Aditya Birla Fashion and Retail Ltd (ABFRL IN)

ABFRL: We remain positive on the stock from a long-term perspective in light of immense growth po...

We remain positive on the stock from a long-term perspective in light of immense growth potential. we maintain a BUY with TP of Rs. 220/share...

Axis Direct

Tata Motors: DVR Spread Tightening

Recent news flow on Tata Motors Ltd (TTMT IN) has been nothing short of horrendous and the stock price has reflected the risks associated with the...

Brian Freitas

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our...

Sumeet Singh

Sector Capsule: Breakfast Cereals in India

Breakfast cereals value sales rise by 20% in current terms in 2017 to reach INR24.5 billion Flavoured breakfast cereals are becoming popular among...

Euromonitor International Ltd.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

ABFRL: We remain positive on the stock from a long-term perspective in light of immense growth po...

We remain positive on the stock from a long-term perspective in light of immense growth potential. we maintain a BUY with TP of Rs. 220/share...

Axis Direct

Postcard from the North East | Savings Now Running Out; Market Share Gains for Organised Players

Thie Monthly Insight ai

Pranav Bhavsar

Tata Motors: DVR Spread Tightening

Recent news flow on Tata Motors Ltd (TTMT IN) has been nothing short of horrendous and the stock price has reflected the risks associated with the...

Brian Freitas

TCNS Clothing IPO - It's Not Cheap.. But Then Its All Relative

TCNS Clothing Co Ltd (0365999Z IN) plans to raise US$164m in its IPO via a sale of secondary shares. We covered most aspects of the deal in our...

Sumeet Singh

Sector Capsule: Breakfast Cereals in India

Breakfast cereals value sales rise by 20% in current terms in 2017 to reach INR24.5 billion Flavoured breakfast cereals are becoming popular among...

Euromonitor International Ltd.