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>Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)</li><li>The margin beat was due to an improved mix and better export realisation</li><li>While BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenance</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.

Bajaj Auto: Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)The margin beat was due to an improved mix and better export realisationWhile BAL has posted a healthy performance in FY24 so far, it is unlikely to sustain it, going forward, as (1) exports will take longer to revive in key markets like Africa and Latin America since they remain stressed due to inflation and fears linger due to current Red Sea crisis, (2) we expect growth rates in domestic motorcycles (and in 3Ws) to normalise in coming quarters on a high base and due to lack of adequate rainfall this fiscal, (3) Triumph is already available off the shelf, and (4) in 2W EVs, BAL is facing acute competitive pressure and uncertainty persists around FAME subsidy sustenanceContent 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: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

<ul><li>The big news is that not much has changed in the past few months</li><li>Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growth</li><li>In Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong quarter.</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 big news is that not much has changed in the past few monthsMost of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows, the supply-side factors remain favourable, supporting operational resilience despite soft growthIn Q2FY24, the IT sector is expected to deliver a soft quarter, although Q2 has historically been a seasonally strong quarter.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.

Equity Bottom-Up

<ul><li>Birlasoft (BSOFT) is a leading mid-tier IT services company with a scalable services portfolio</li><li>The recent leadership changes can propel growth as well as improve the quality of revenue</li><li>BSOFT’s return potential is a combination of both earnings growth trajectory and multiple rerating, supported by an acceleration in growth, resilience &amp; scalability of the services portfolio and strong relative positioning</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.

Birlasoft (BSOFT) is a leading mid-tier IT services company with a scalable services portfolioThe recent leadership changes can propel growth as well as improve the quality of revenueBSOFT’s return potential is a combination of both earnings growth trajectory and multiple rerating, supported by an acceleration in growth, resilience &amp; scalability of the services portfolio and strong relative positioningContent 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.

Birlasoft (Initiating Coverage): The Next Large Mid-Tier. BUY

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul><li>Birlasoft Ltd (Birlasoft) has strength in non-ERP digital businesses like CRM, B &amp; data analytics, app development &amp; enterprise solution.</li><li>The company caters to manufacturing, BFSI, energy &amp; utility and life sciences</li><li>Debt free and healthy double digit return ratio (with RoCE of &gt;19%).</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.

Birlasoft Ltd (Birlasoft) has strength in non-ERP digital businesses like CRM, B &amp; data analytics, app development &amp; enterprise solution.The company caters to manufacturing, BFSI, energy &amp; utility and life sciencesDebt free and healthy double digit return ratio (with RoCE of &gt;19%).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.

Birlasoft Ltd (Birlasoft) - Revenue Guidance Downgraded

<ul><li>Birlasoft Ltd (Birlasoft) has strength in non-ERP digital businesses like CRM, B &amp; data analytics, app development &amp; enterprise solution.</li><li>The company caters to manufacturing, BFSI, energy &amp; utility and lifescience</li><li>Target Price and Valuation: We value Birlasoft at Rs 540 i.e. 23x P/E on FY24E EPS</li></ul><div class="content-highlight">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.</div>

Birlasoft Ltd (Birlasoft) has strength in non-ERP digital businesses like CRM, B &amp; data analytics, app development &amp; enterprise solution.The company caters to manufacturing, BFSI, energy &amp; utility and lifescienceTarget Price and Valuation: We value Birlasoft at Rs 540 i.e. 23x P/E on FY24E EPSContent 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.

Birlasoft Ltd: Strong Deal Pipeline Provides Visibility

India

Birlasoft Limited is a domain, enterprise and digital technology consulting company. The company is located on 6 continents. Birlasoft is based in India.

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Birlasoft (BSOFT IN)

HSIE Results Daily: Bajaj Auto, Tech Mahindra, TVS Motor, United Spirits, Hitachi Energy

Bajaj Auto’s Q3 PAT at INR20.4bn was ahead of our estimate of INR 19.7bn due to a better-than-expected margin of 20.1% (estimate of 19.5%)

HDFC Securities

IT Sector - Soft Q2, Status Quo Remains

Most of the demand indicators are trailing 10-15% below levels at the beginning of the year and only slightly better than the July lows

HDFC Securities

Birlasoft (Initiating Coverage): The Next Large Mid-Tier. BUY

Birlasoft (BSOFT) is a leading mid-tier IT services company with a scalable services portfolio. The recent leadership changes can propel growth as...

HDFC Securities

Birlasoft Ltd (Birlasoft) - Revenue Guidance Downgraded

Birlasoft Ltd (Birlasoft) has strength in non-ERP digital businesses like CRM, B & data analytics, app development & enterprise solution.

ICICI Securities Limited

Birlasoft Ltd: Strong Deal Pipeline Provides Visibility

Birlasoft Ltd (Birlasoft) has strength in non-ERP digital businesses like CRM, B & data analytics, app development & enterprise solution.

ICICI Securities Limited

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