External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts.</li><li>Revenue for the quarter stood at $15.8 Bn, flat in local currency YoY and a decline of 0.1% in US$ terms.</li><li>It registered GAAP EPS of $2.63 for the quarter while adjusted EPS stood at $2.77, reporting 10% YoY growth.</li><li>The company’s new bookings stood at $21.6 Bn, which was its second-highest ever. </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.

Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts.Revenue for the quarter stood at $15.8 Bn, flat in local currency YoY and a decline of 0.1% in US$ terms.It registered GAAP EPS of $2.63 for the quarter while adjusted EPS stood at $2.77, reporting 10% YoY growth.The company’s new bookings stood at $21.6 Bn, which was its second-highest ever. 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.

Accenture - Uncertainty Persists; Long-Term Demand Continues Strong

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Tata Consultancy Svcs / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, <a href="https://www.smartkarma.com/entities/trial-holdings-inc" target="_blank" data-smartkarma-citation="entities:36821:1" rel="noopener">Trial Holdings (5882 JP)</a> ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.</li>
<li>For placements, India was again at the forefront, this time with a not-so-pleasant results of <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Trial Holdings (5882 JP) ended up doing better than we expected, while Hong Kong finally got its first US$100m+ listing for the year.
For placements, India was again at the forefront, this time with a not-so-pleasant results of Tata Consultancy Svcs (TCS IN). 


ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Thematic (Sector/Industry)

<ul><li>Despite the delay in automation spending( specially from North America), deal wins remained strong during the quarter.</li><li>Many Indian IT service companies sees the demand for new edge technology like generative AI, IoT Machine learning etc despite the lack of near-term visibility.</li><li>The attrition rate has dropped as we see some easing on the supply side constraints. </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.

Despite the delay in automation spending( specially from North America), deal wins remained strong during the quarter.Many Indian IT service companies sees the demand for new edge technology like generative AI, IoT Machine learning etc despite the lack of near-term visibility.The attrition rate has dropped as we see some easing on the supply side constraints. 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.

IT Services: Q3FY24 Review – Hits & Misses

<ul><li>Z Score: The spread is currently negative between TCS and INFY, signaling a long signal on the spread, which means we believe it would retrace up towards the mean, which is the Z Score of 0</li><li>Lot Size: To ensure rupee neutral strategy, we suggest going long on TCS with 1 lot(s) and going short on INFY with 1 lot(s)</li><li>Returns Expectations: In the last 10 trades over the last 200 days, we have achieved 60% hit ratio over an average trade duration of 6.5 days. </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.

Z Score: The spread is currently negative between TCS and INFY, signaling a long signal on the spread, which means we believe it would retrace up towards the mean, which is the Z Score of 0Lot Size: To ensure rupee neutral strategy, we suggest going long on TCS with 1 lot(s) and going short on INFY with 1 lot(s)Returns Expectations: In the last 10 trades over the last 200 days, we have achieved 60% hit ratio over an average trade duration of 6.5 days. 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.

<ul><li>Accenture’s reported Q1FY24 results stood below street expectations on all financial and operational terms.</li><li>Revenue for the quarter stood at $16.04 Bn, registering a growth of 1% in local currency YoY and 3% in US$ terms.</li><li>It registered GAAP EPS of $3.1 for the quarter while adjusted EPS stood at $3.27, reporting 6% YoY growth. </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.

Accenture’s reported Q1FY24 results stood below street expectations on all financial and operational terms.Revenue for the quarter stood at $16.04 Bn, registering a growth of 1% in local currency YoY and 3% in US$ terms.It registered GAAP EPS of $3.1 for the quarter while adjusted EPS stood at $3.27, reporting 6% YoY growth. 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.

Sector Update: Accenture Q1FY24 Result Update

India

Coforge Limited provides information technology services. The Company serves customers in India.

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Coforge (COFORGE IN)

Accenture - Uncertainty Persists; Long-Term Demand Continues Strong

Accenture’s Q2FY24 results stood below street expectations on all financial and operational fronts. Revenue for the quarter stood at $15.8 Bn, flat...

Axis Direct

ECM Weekly (25th Mar 2024) - TCS, Akeso, Coforge, ABSL, Tokio Marine, Trial, Migao, Mixue, Reddit

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

IT Services: Q3FY24 Review – Hits & Misses

Many Indian IT service companies sees the demand for new edge technology like generative AI, IoT Machine learning etc despite the lack of near-term...

Axis Direct

Parallel Trades -16 January 2024

he spread is currently negative between TCS and INFY, signaling a long signal on the spread, which means we believe it would retrace up towards the...

Axis Direct

Sector Update: Accenture Q1FY24 Result Update

We believe strong investments in Digital Technologies, Cloud Transformation,Generative AI, and Machine Learning across verticals will support the...

Axis Direct

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