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>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)</li><li>Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising too</li><li>Jewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).</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.

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)Ticket sizes in retail remain elevated, courtesy of higher ASP vis-à-vis pre-pandemic levels. Footfall density is normalising tooJewellery, paints, apparel, and footwear are expected to clock 22%, 17%, 12%, and 6% (three-year CAGRs).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 (Q3FY23 Results Preview) - Healthy Quarter!

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

Motilal Oswal

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

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

<ul><li>To cater to the preferences of the digital, native, young customer, ABFRL is building a portfolio of ~30 D2C brands in the Lifestyle categories, including Beauty &amp; Personal Care.</li><li>ABFRL, with a host of brands across value chain and product categories, could grow it organically.</li><li>Similar to the inroads in the ethnic wear segment, the idea is to take part in the growth stories of small brands by providing support (capital, supply chain, technology, and backend support) to improve their market offerings.</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.

To cater to the preferences of the digital, native, young customer, ABFRL is building a portfolio of ~30 D2C brands in the Lifestyle categories, including Beauty &amp; Personal Care.ABFRL, with a host of brands across value chain and product categories, could grow it organically.Similar to the inroads in the ethnic wear segment, the idea is to take part in the growth stories of small brands by providing support (capital, supply chain, technology, and backend support) to improve their market offerings.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 - D2C Takes off with Eight Digital-First Lifestyle Brands

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>Aditya Birla Fashion (ABFRL) reported 50% YoY revenue growth (33% revenue growth over pre- Covid levels) in Q2FY23, led by a sharp recovery in demand across categories, aggressive store expansion, and accelerated E-commerce and omnichannel play, footfall recovery, and operating leverage benefits kicking in.</li><li>Overall revenue was up 50% YoY to Rs 3,075 Cr as all business units performed well.</li><li>EBITDA at Rs 397 Cr was up 27% YoY ( although 20% below our estimate of Rs 495 Cr).</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.

Aditya Birla Fashion (ABFRL) reported 50% YoY revenue growth (33% revenue growth over pre- Covid levels) in Q2FY23, led by a sharp recovery in demand across categories, aggressive store expansion, and accelerated E-commerce and omnichannel play, footfall recovery, and operating leverage benefits kicking in.Overall revenue was up 50% YoY to Rs 3,075 Cr as all business units performed well.EBITDA at Rs 397 Cr was up 27% YoY ( although 20% below our estimate of Rs 495 Cr).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 (Abfrl) -Long Term Growth Levers Intact; Maintain BUY

<ul><li>State Bank of India: SBIN reported a strong all-around performance, leading to earnings well above our estimates</li><li>Balance sheet growth gained further traction across segments, with an impressive loan growth of +21% YoY</li><li>Asset quality continued to remain robust, with slippages at ~0.4% (albeit net of inter-quarter upgrades) and a steady restructured pool at 0.9% and SMA-I+II at 0.3%</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 reported a strong all-around performance, leading to earnings well above our estimatesBalance sheet growth gained further traction across segments, with an impressive loan growth of +21% YoYAsset quality continued to remain robust, with slippages at ~0.4% (albeit net of inter-quarter upgrades) and a steady restructured pool at 0.9% and SMA-I+II at 0.3%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, Titan, GAIL, Aditya Birla Fashion and Retail

<ul><li>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)</li><li>Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levels</li><li>Footfalls density is normalising too; esp in categories/companies with a higher urban presence</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.

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levelsFootfalls density is normalising too; esp in categories/companies with a higher urban presenceContent 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 (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

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 (Q3FY23 Results Preview) - Healthy Quarter!

Our discretionary universe is expected to grow by ~14/% YoY (revenue) in Q3FY23 (three-year revenue/EBITDA CAGRs of 17/12% resp)

HDFC Securities

Aditya Birla Fashion - D2C Takes off with Eight Digital-First Lifestyle Brands

To cater to the preferences of the digital, native, young customer, ABFRL is building a portfolio of ~30 D2C brands in the Lifestyle categories,...

Motilal Oswal

Aditya Birla Fashion (Abfrl) -Long Term Growth Levers Intact; Maintain BUY

Aditya Birla Fashion (ABFRL) reported 50% YoY revenue growth (33% revenue growth over pre- Covid levels) in Q2FY23, led by a sharp recovery in...

Axis Direct

HSIE Results Daily: State Bank of India, Titan, GAIL, Aditya Birla Fashion and Retail

Asset quality continued to remain robust, with slippages at ~0.4% (albeit net of inter-quarter upgrades) and a steady restructured pool at 0.9% and...

HDFC Securities

Consumer Discretionary (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)

HDFC Securities

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