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>Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimates</li><li>The growth was led by the core recruitment segment (+8% QoQ) and 99acres (+5.1%) while Jeevansathi continued to drag</li><li>The recruitment billings (earlier boosted by strong IT hiring) are showing signs of softness, offset by better hiring in non-IT sectors like BFSI, travel, infra and hospitality</li></ul><p><em>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.</em></p>

Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimatesThe growth was led by the core recruitment segment (+8% QoQ) and 99acres (+5.1%) while Jeevansathi continued to dragThe recruitment billings (earlier boosted by strong IT hiring) are showing signs of softness, offset by better hiring in non-IT sectors like BFSI, travel, infra and hospitalityContent 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: Infoedge, Bharat Forge, JK Cement, Brigade Enterprises

<ul><li>In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2Ws</li><li>However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season</li><li>Overall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2</li></ul><p><em>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.</em></p>

In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2WsHowever, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive seasonOverall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2Content 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.

Autos (Q2FY23 Results Preview): Margins likely to bottom out

<ul><li>PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up 33.5% YoY to INR14.8bn</li><li>On a standalone basis, capitalisation/Capex came in at INR13.3bn/INR7.6bn</li><li>Q1FY23 revenue increased 6.8% YoY, led by moderate growth in transmission segment (+5.5% YoY) and strong growth in the telecom (+60.1% YoY) and consultancy (+53.2% YoY) segments</li></ul><p><em>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.</em></p>

PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up 33.5% YoY to INR14.8bnOn a standalone basis, capitalisation/Capex came in at INR13.3bn/INR7.6bnQ1FY23 revenue increased 6.8% YoY, led by moderate growth in transmission segment (+5.5% YoY) and strong growth in the telecom (+60.1% YoY) and consultancy (+53.2% YoY) segmentsContent 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: PGCIL, ABB India, Cummins, Bharat Forge

<div><ul><li>Q1 margin pressure likely to be lower than earlier envisaged - We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.</li><li><p>Outliers expected within our coverage universe in Q1 - <span style="font-size: var(--content-font-size);">We expect M&amp;M to be the best performer in Q1, with an estimated 41% growth in earnings QoQ.</span></p></li><li><p><span style="font-size: var(--content-font-size);">Q1 estimates for ancillaries - </span><span style="font-size: var(--content-font-size);">At the moment, we only have two ancillary companies under coverage.</span></p></li></ul></div><p><em>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.</em></p>

Q1 margin pressure likely to be lower than earlier envisaged - We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.Outliers expected within our coverage universe in Q1 - We expect M&amp;M to be the best performer in Q1, with an estimated 41% growth in earnings QoQ.Q1 estimates for ancillaries - At the moment, we only have two ancillary companies under coverage.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.

Autos - Margin Pressure to Be Lower than Earlier Envisaged

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

<div><div><div><div><ul><li>HCV volume growth outlook intact in CY22; moderation in expectations for CY23</li></ul><div><div><div><div><ul><li>CY22 PV demand outlook positive, but supply issues persist: Volkswagen and Mercedes expect up to 10% growth in CY22 in their global businesses, led by pending order books and low channel inventories.</li></ul><div><div><div><div><ul><li>Robust CY22 outlook for industrials: Volvo and John Deere expect the construction equipment (CE) and tractor segments to grow by 5-20% in the North America and Europe regions in CY22, driven by higher commodity prices and infra spends.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

HCV volume growth outlook intact in CY22; moderation in expectations for CY23CY22 PV demand outlook positive, but supply issues persist: Volkswagen and Mercedes expect up to 10% growth in CY22 in their global businesses, led by pending order books and low channel inventories.Robust CY22 outlook for industrials: Volvo and John Deere expect the construction equipment (CE) and tractor segments to grow by 5-20% in the North America and Europe regions in CY22, driven by higher commodity prices and infra spends.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 Forge - CY22 Outlook Strong; Moderate Growth Expectations in CY23

India

Bharat Forge Limited manufactures steel forgings and machined components for the automotive, diesel engine, railway, earthmoving, cement, sugar, steel, coal, ship building and oilfield industries. The Company specializes in Closed Die as well as Open Die Forgings.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Bharat Forge (BHFC IN)

HSIE Results Daily: Infoedge, Bharat Forge, JK Cement, Brigade Enterprises

Infoedge: Infoedge posted a good quarter, with both revenue (+4.8% QoQ) and margin coming ahead of estimates. The growth was led by the core...

HDFC Securities

Autos (Q2FY23 Results Preview): Margins likely to bottom out

However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season

HDFC Securities

HSIE Results Daily: PGCIL, ABB India, Cummins, Bharat Forge

PGCIL: PGCIL’s consolidated asset capitalisation in Q1FY23 declined 76.2% YoY to INR13.5bn, on a high YoY base, while consolidated Capex went up...

HDFC Securities

Autos - Margin Pressure to Be Lower than Earlier Envisaged

We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.

HDFC Securities

Bharat Forge - CY22 Outlook Strong; Moderate Growth Expectations in CY23

The demand outlook for CY22 provided by 24 global entities, including CV/PV OEMs, non-auto companies and industry associations

Emkay

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)