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>Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)</li><li>Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growth</li><li>However, in retail, many of these variables are now mean-reverting</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.

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four-year revenue CAGR: 16%)Elevated ticket sizes and store expansion coupled with normalizing footfalls aided growthHowever, in retail, many of these variables are now mean-revertingContent 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 - Discretionary Peak Most Certainly Behind Us

<ul><li>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisation</li><li>Q3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other income</li><li>Crude oil and gas production came broadly in line</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.

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisationQ3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other incomeCrude oil and gas production came broadly in lineContent 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: ONGC, Bata India, Prestige Estates, Radico Khaitan

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

<ul><li>BATA result was a miss on all fronts. Revenue grew by only 7% YoY (3% on a 3-Year CAGR), impacted majorly by mass portfolio (~22% of sales) which remained under pressure owing to GST rate hike in the last year and subdued demand environment in smaller towns.</li><li>However, the premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.</li><li>Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.</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.

BATA result was a miss on all fronts. Revenue grew by only 7% YoY (3% on a 3-Year CAGR), impacted majorly by mass portfolio (~22% of sales) which remained under pressure owing to GST rate hike in the last year and subdued demand environment in smaller towns.However, the premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.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.

Bata India -Hopeful of Demand Recovery; Maintain BUY

<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 - Healthy Quarter!

Consumer Discretionary (Q3FY23 Results Preview) - Healthy Quarter!

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

Consumer Discretionary - Discretionary Peak Most Certainly Behind Us

Demand peak in discretionary categories seems to be behind us: Our discretionary universe is expected to grow by ~19% YoY (revenue) in Q4FY23 (four...

HDFC Securities

HSIE Results Daily: ONGC, Bata India, Prestige Estates, Radico Khaitan

We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an...

HDFC Securities

Bata India -Hopeful of Demand Recovery; Maintain BUY

Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.

Axis Direct

Consumer Discretionary - 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

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

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