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

Motilal Oswal

External broker reports(aggregated public sources)

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

<div><p>Continues to deliver strong EBITDA and FCF growth - <span style="font-size: var(--content-font-size);">Bharti Airtel (Airtel) witnessed strong EBITDA growth of 9% QoQ and healthy FCF generation driven by 9% ARPU improvement and healthy incremental margin.</span></p><div><p>Tariff hikes drive strong India Mobile EBITDA growth of 12% QoQ - <span style="font-size: var(--content-font-size);">Airtel’s consolidated revenue/EBITDA rose 6%/9% QoQ (3% above est.) to INR315b/INR160b, respectively, on strong performances of India Mobile and the Home segment.</span></p><div><div><div><p>Key highlights from the management call - <span style="font-size: var(--content-font-size);">Management expects the next round of hike, which could take place in the current fiscal to help reach INR200 target.</span></p></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>

Continues to deliver strong EBITDA and FCF growth - Bharti Airtel (Airtel) witnessed strong EBITDA growth of 9% QoQ and healthy FCF generation driven by 9% ARPU improvement and healthy incremental margin.Tariff hikes drive strong India Mobile EBITDA growth of 12% QoQ - Airtel’s consolidated revenue/EBITDA rose 6%/9% QoQ (3% above est.) to INR315b/INR160b, respectively, on strong performances of India Mobile and the Home segment.Key highlights from the management call - Management expects the next round of hike, which could take place in the current fiscal to help reach INR200 target.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.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Since March we have consistently said we believe any bottoming process would likely take weeks or months and could come with more tests of the lows, or even an undercut.</li>
<li>We are testing the March lows now in several global indexes, including the MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EM (EEM-US).</li>
<li>While this is a logical spot for a bounce, we see rallies as selling opportunities at the index level</li>
</ul>


Since March we have consistently said we believe any bottoming process would likely take weeks or months and could come with more tests of the lows, or even an undercut.
We are testing the March lows now in several global indexes, including the MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EM (EEM-US).
While this is a logical spot for a bounce, we see rallies as selling opportunities at the index level


MSCI ACWI, ACWI Ex-US, EM Testing Logical Support; Actionable Themes: Defensives & Reopening Stocks

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The difference in Indian exposures between Value and Aggressive Growth managers hits record wides of +10.5%.</li>
<li>Value managers are increasing underweights, with today’s level of -5.52% below benchmark the lowest on record.  Key underweights are Reliance Industries, Infosys, HDFC Limited, Bajaj Finance and Bharti Airtel</li>
<li>For Aggressive Growth funds, Infosys was a key driver behind the recent spike in exposure, with 8.6% of funds buying in to the stock and average weights increasing by +0.42%.</li>
</ul>


The difference in Indian exposures between Value and Aggressive Growth managers hits record wides of +10.5%.
Value managers are increasing underweights, with today’s level of -5.52% below benchmark the lowest on record.  Key underweights are Reliance Industries, Infosys, HDFC Limited, Bajaj Finance and Bharti Airtel
For Aggressive Growth funds, Infosys was a key driver behind the recent spike in exposure, with 8.6% of funds buying in to the stock and average weights increasing by +0.42%.


India: Value/Growth Divide Hits New Peak Among GEM Funds.

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.

Thematic (Sector/Industry)

<ul><li>IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughs</li><li>IT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentially</li><li>Furthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forward</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>

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughsIT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentiallyFurthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forwardContent 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.

IT: Supply-Side Constraints Persist; Demand Robust

<ul>
<li>Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark Nifty 50 Index over the same period</li>
<li>Pick of the Week (PoW): PoW delivered an excellent monthly strike rate of 77% in Mar’22</li>
<li>Axis Alpha: Axis Alpha continues to deliver robust returns with absolute profits of over 4.2 Lc since its inception. It reported a healthy cumulative strike rate of 68% in Mar’22.</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>


Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark Nifty 50 Index over the same period
Pick of the Week (PoW): PoW delivered an excellent monthly strike rate of 77% in Mar’22
Axis Alpha: Axis Alpha continues to deliver robust returns with absolute profits of over 4.2 Lc since its inception. It reported a healthy cumulative strike rate of 68% in Mar’22.

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.

Axis Research Scorecard Report - Mar 2022

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

4QFY22 Results Update - Bharti Airtel

Bharti Airtel (Airtel) witnessed strong EBITDA growth of 9% QoQ and healthy FCF generation driven by 9% ARPU improvement and healthy incremental...

Motilal Oswal

MSCI ACWI, ACWI Ex-US, EM Testing Logical Support; Actionable Themes: Defensives & Reopening Stocks

We are testing the March lows in several global indexes, including the MSCI $ACWI, ACWI ex-US $ACWX, and EM $EEM. While this is a logical spot for...

Vermilion Research

India: Value/Growth Divide Hits New Peak Among GEM Funds.

The difference in Indian exposures between Value and Aggressive Growth managers hits record wides of +10.5%. Value managers go max underweight,...

Steven Holden

IT: Supply-Side Constraints Persist; Demand Robust

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the...

Axis Direct

Axis Research Scorecard Report - Mar 2022

Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark...

Axis Direct

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