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>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

<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

<ul><li>Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capex</li><li>Q4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segment</li><li>Reported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</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.

Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capexQ4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segmentReported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentContent 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: Bharat Petroleum Corporation, Gail (India), Vinati Organics

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>The company’s revenue grew 26% YoY (16% on a 3-Year CAGR), led by strong LTL growth across businesses and store expansion.</li><li>Its EBITDA de-grew by 48% YoY due to a sharp increase in staff cost and other expenses led by higher strategic investment and higher ad-spends.</li><li>Moreover, the sharp increase in net debt QoQ (Rs 14.2 Bn vs. Rs 3.4 Bn in Dec’22) due to an increase in inventories, investment in subsidiaries (TMRW) and others resulted in an increase in interest cost (up 59% YoY), which further impacted PAT and saw a decline.</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 company’s revenue grew 26% YoY (16% on a 3-Year CAGR), led by strong LTL growth across businesses and store expansion.Its EBITDA de-grew by 48% YoY due to a sharp increase in staff cost and other expenses led by higher strategic investment and higher ad-spends.Moreover, the sharp increase in net debt QoQ (Rs 14.2 Bn vs. Rs 3.4 Bn in Dec’22) due to an increase in inventories, investment in subsidiaries (TMRW) and others resulted in an increase in interest cost (up 59% YoY), which further impacted PAT and saw a decline.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 Ltd. - Negative Operating Leverage & Rising Debt

<ul><li>ABFRL announced the acquisition of TCNS Clothing (TCNS) and will acquire a 51% stake in TCNS in a two-part transaction: (1) it will acquire 22-30.81% from TCNS’ promoters and 20.19-29% in a conditional open offer for ~INR16.5bn (at INR503/sh) (2) this will be followed by a merger between the two entities via a share swap arrangement (share exchange ratio: 11:6)</li><li>Total deal value is pegged at ~INR29bn (including the share swap)</li><li>ABFRL's share dilution post-acquisition is ~5.7%</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.

ABFRL announced the acquisition of TCNS Clothing (TCNS) and will acquire a 51% stake in TCNS in a two-part transaction: (1) it will acquire 22-30.81% from TCNS’ promoters and 20.19-29% in a conditional open offer for ~INR16.5bn (at INR503/sh) (2) this will be followed by a merger between the two entities via a share swap arrangement (share exchange ratio: 11:6)Total deal value is pegged at ~INR29bn (including the share swap)ABFRL's share dilution post-acquisition is ~5.7%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 and Retail: ABFRL’s TCNS Acquisition—playing with Fire.

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)

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

HSIE Results Daily: Bharat Petroleum Corporation, Gail (India), Vinati Organics

Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated...

HDFC Securities

Aditya Birla Fashion Ltd. - Negative Operating Leverage & Rising Debt

The company’s revenue grew 26% YoY (16% on a 3-Year CAGR), led by strong LTL growth across businesses and store expansion.

Axis Direct

Aditya Birla Fashion and Retail: ABFRL’s TCNS Acquisition—playing with Fire.

ABFRL announced the acquisition of TCNS Clothing (TCNS) and will acquire a 51% stake in TCNS in a two-part transaction: (1) it will acquire 22...

HDFC Securities

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