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

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<h2>About the stock:</h2><p>Cyient Ltd (Cyient) offers engineering &amp; development services to aerospace &amp; defence, transportation, E&amp;U, communication and others.</p><ul><li>Cyient has 300 customers across 14 countries</li><li>Net debt free and healthy cash flow with OCF/EBITDA ~80%</li></ul><div class="content-highlight"><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></div>

About the stock:Cyient Ltd (Cyient) offers engineering &amp; development services to aerospace &amp; defence, transportation, E&amp;U, communication and others.Cyient has 300 customers across 14 countriesNet debt free and healthy cash flow with OCF/EBITDA ~80%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.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<p>We recommend a BUY on the stock and assign a 22x P/E multiple to the company's FY24E earnings of Rs 59.2/share. This gives a TP of Rs 1,300/share, implying an upside of 12% from CMP.</p><div class="content-highlight"><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></div>

We recommend a BUY on the stock and assign a 22x P/E multiple to the company's FY24E earnings of Rs 59.2/share. This gives a TP of Rs 1,300/share, implying an upside of 12% from CMP.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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>Cyient: Cyient reported a good quarter; revenue was up 4.6% QoQ (in line with estimate) and margin performed better than expected. The services segment recovered (+5.5% QoQ CC), led by aerospace (+4% QoQ, positive YoY growth after ten quarters). The worst phase of commercial aerospace is over; from here on, there should be gradual pick-up, led by Avionics upgrades and MRO revival. The management has maintained its double-digit growth guidance for services, which would be led by communications, utilities, and aerospace verticals.</p>
<div class="content-highlight"><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></div>

Cyient: Cyient reported a good quarter; revenue was up 4.6% QoQ (in line with estimate) and margin performed better than expected. The services segment recovered (+5.5% QoQ CC), led by aerospace (+4% QoQ, positive YoY growth after ten quarters). The worst phase of commercial aerospace is over; from here on, there should be gradual pick-up, led by Avionics upgrades and MRO revival. The management has maintained its double-digit growth guidance for services, which would be led by communications, utilities, and aerospace verticals.
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.

HSIE Results Daily: HCL Technologies, Cyient

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

<p>In last week's <em>Int'l Compass</em> (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.</p>

In last week's Int'l Compass (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

<p>Wipro: Wipro delivered a strong revenue performance in Q1, with organic growth of 4.8% QoQ being the best of the past 10 years. The total revenue growth of 12% QoQ CC (including Capco) was broad-based and Q2FY22 guidance of +5-7% QoQ growth (~1.5-3.5% organic) indicates that the strong momentum would sustain.</p><p>Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.</p><div class="content-highlight"><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></div>

Wipro: Wipro delivered a strong revenue performance in Q1, with organic growth of 4.8% QoQ being the best of the past 10 years. The total revenue growth of 12% QoQ CC (including Capco) was broad-based and Q2FY22 guidance of +5-7% QoQ growth (~1.5-3.5% organic) indicates that the strong momentum would sustain.Cyient: Cyient reported a weak quarter, with revenue down 4.3% QoQ (in line with estimate), but margin performance was better than expected. The services segment was flat QoQ, led by continued softness in the aerospace vertical (-6.1% QoQ). The worst phase of commercial aerospace is over (traffic is at ~60% of the pre-COVID level) but MRO related activity will take 2-3 quarters to recover. The management has guided for double-digit growth in services, which will be led by communications, utilities and transportation verticals.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.

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Cyient Limited provides engineering services, data analytics, and data, networks and operations solutions. The Company offers its services to the aerospace and defense, energy, heavy machinery, consumer, medical utility, communications, semiconductor, and transportation industries around the world.

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Cyient Ltd (CYL IN)

Cyient: Margin Guidance Revised Upward

Cyient Ltd (Cyient) offers engineering & development services to aerospace & defence, transportation, E&U, communication and others.

ICICI Securities Limited

Cyient: Robust Results; Healthy Outlook

We recommend a BUY on the stock and assign a 22x P/E multiple to the company's FY24E earnings of Rs 59.2/share. This gives a TP of Rs 1,300/share,...

Axis Direct

HSIE Results Daily: HCL Technologies, Cyient

Cyient reported a good quarter; revenue was up 4.6% QoQ (in line with estimate) and margin performed better than expected. The services segment...

HDFC Securities

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

Japan (TOPIX, TOPIX Small) was a big focus for us last week, and it remains the focus in today's report; this could be the start of a broad-based...

Vermilion Research

HSIE Results Daily: Wipro, Cyient

Wipro delivered a strong revenue performance in Q1, with organic growth of 4.8% QoQ being the best of the past 10 years. The total revenue growth...

HDFC Securities

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