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.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costs</li><li>However, loan growth moderated (+1% QoQ) in addition to a 37bps QoQ decline in domestic NIMs (3.47%) and lower other income</li><li>Gross slippages flared up to 1% annualised, primarily from the retail segment, but were offset by recoveries/w-offs that resulted in a flattish GNPA (2.8%)</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.

State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costsHowever, loan growth moderated (+1% QoQ) in addition to a 37bps QoQ decline in domestic NIMs (3.47%) and lower other incomeGross slippages flared up to 1% annualised, primarily from the retail segment, but were offset by recoveries/w-offs that resulted in a flattish GNPA (2.8%)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: State Bank of India, Mahindra & Mahindra, Kansai Nerolac

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.

Equity Bottom-Up

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

<ul><li>We like the management’s strategy of revamping product strategy through new launches and acquisitions, renewed brand positioning, and digital transformation to increase contribution from online sales (along with next-generation digital-first brands under its technology-led ‘House of D2C Brands’ venture TMRW).</li><li>These would be key growth drivers in the long term. However, all these initiatives will take time to bear fruit.</li><li>Moreover, short-term vagaries such as – 1) slowdown in discretionary spends, 2) Sharp increase in debt, 3) Increase in marketing spends and 4) Investment in TCNS will have a near-term impact on the balance sheet and return ratios.</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.

We like the management’s strategy of revamping product strategy through new launches and acquisitions, renewed brand positioning, and digital transformation to increase contribution from online sales (along with next-generation digital-first brands under its technology-led ‘House of D2C Brands’ venture TMRW).These would be key growth drivers in the long term. However, all these initiatives will take time to bear fruit.Moreover, short-term vagaries such as – 1) slowdown in discretionary spends, 2) Sharp increase in debt, 3) Increase in marketing spends and 4) Investment in TCNS will have a near-term impact on the balance sheet and return ratios.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.

Aditya Birla Fashion & Retail Ltd. - Long Road to Recovery

<ul><li>Our discretionary universe is expected to grow by ~15% YoY in Q1FY24</li><li>However, beneath the averages lies the rub</li><li>Excluding 3 companies the average drops to sub 10%</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.

Our discretionary universe is expected to grow by ~15% YoY in Q1FY24However, beneath the averages lies the rubExcluding 3 companies the average drops to sub 10%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.

Consumer Discretionary: Beneath the averages lies the rub

Consumer Discretionary - Beneath the Averages Lies the Rub

<ul><li>Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%</li><li>Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors</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.

Q4FY23 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 13%/9% YoY across the HSIE coverage (~215 stocks), their two-year CAGR being 19%/15%Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectorsContent 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.

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

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)

Price Gauge
52-week Range	0.00 - 0.00
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Aditya Birla Fashion and Retail Ltd (ABFRL IN)

HSIE Results Daily: State Bank of India, Mahindra & Mahindra, Kansai Nerolac

State Bank of India: SBIN posted a mixed bag of results with the highest-ever quarterly earnings again, led by lower opex and credit costs

HDFC Securities

Aditya Birla Fashion & Retail Ltd. - Long Road to Recovery

We maintain HOLD rating on the stock with the inchanged TP of Rs 200/ share to account for near-term challenges, a slowdown in discretionary spends

Axis Direct

Consumer Discretionary: Beneath the averages lies the rub

Our discretionary universe is expected to grow by ~15% YoY in Q1FY24. However, beneath the averages lies the rub. Excluding 3 companies the average...

HDFC Securities

Consumer Discretionary - Beneath the Averages Lies the Rub

Our discretionary universe is expected to grow by ~15% YoY in Q1FY24. However, beneath the averages lies the rub. Excluding 3 companies the average...

HDFC Securities

India Equity Strategy: Banks continue to lead the pack; profitability improves for most sectors

Our coverage universe saw strong YoY revenue growth in auto, lending financials, industrials, IT, cement and power sectors

HDFC Securities

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Market Cap (USDm)

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