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>Avenue Supermarts: Revenue grew by 20.1% (four-year CAGR: 19.7%)</li><li>Sales density remained lower than the pre-pandemic level (~INR31.1k/sq ft in FY23 vs INR35.6k/sq ft in FY19 in-line)</li><li>Low discretionary purchases keep underlying profitability/unit economics subdued</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.

Avenue Supermarts: Revenue grew by 20.1% (four-year CAGR: 19.7%)Sales density remained lower than the pre-pandemic level (~INR31.1k/sq ft in FY23 vs INR35.6k/sq ft in FY19 in-line)Low discretionary purchases keep underlying profitability/unit economics subduedContent 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: Avenue Supermarts, Tata Motors, DLF

<ul><li>Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs</li><li>Godrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectively</li><li>The annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%</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.

Record FY23 presales expected for most of the players: Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highsGodrej, Macrotech and Sobha, all reported their lifetime high in residential sales with INR 122/120/52bn respectivelyThe annual growth also has been substantial with Godrej growing by 55%, Macrotech by 34% and Sobha by 34%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>Bajaj Finance: Bajaj Finance (BAF) delivered a strong operating performance, with steady NIMs in a rising interest rate and strong AUM growth (+27% YoY) environment</li><li>The healthy AUM growth comes despite elevated competitive intensity in select segments such as home loans, B2B finance, etc</li><li>Asset quality improved further, with GS-II/GS-III at 1.3%/1.1% (FY22: 2%/1.6%) and normalised credit costs.</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 Finance: Bajaj Finance (BAF) delivered a strong operating performance, with steady NIMs in a rising interest rate and strong AUM growth (+27% YoY) environmentThe healthy AUM growth comes despite elevated competitive intensity in select segments such as home loans, B2B finance, etcAsset quality improved further, with GS-II/GS-III at 1.3%/1.1% (FY22: 2%/1.6%) and normalised credit costs.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>Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments</li><li>Another 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demand</li><li>We believe developers would not take price hikes now and support recovery</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.

Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down paymentsAnother 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demandWe believe developers would not take price hikes now and support recoveryContent 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.

Real Estate (Q3FY23 Results Preview): Resilient Performance

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

Motilal Oswal

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

<ul><li>In FY21, DLF identified a project pipeline of 35msf across different segments to be launched in New Delhi, Gurugram, Chennai, Panchkula and Goa where it continued to hold legacy land parcels.</li><li>Except ONE Midtown, Delhi, the new launches for DLF since FY21 have largely comprised low-rise floors/plotted developments across its value homes/luxury segments in Gurgram, Chennai and Panchkula.</li><li>Over the last 24 months, DLF has launched ~9msf of low-rise products with sales potential of ~INR100b of which it has already sold INR76b, including sales done but yet to be booked as of Sep'22.</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.

In FY21, DLF identified a project pipeline of 35msf across different segments to be launched in New Delhi, Gurugram, Chennai, Panchkula and Goa where it continued to hold legacy land parcels.Except ONE Midtown, Delhi, the new launches for DLF since FY21 have largely comprised low-rise floors/plotted developments across its value homes/luxury segments in Gurgram, Chennai and Panchkula.Over the last 24 months, DLF has launched ~9msf of low-rise products with sales potential of ~INR100b of which it has already sold INR76b, including sales done but yet to be booked as of Sep'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.

DLF - Decoding the Near-Term Launch Pipeline

India

DLF Ltd. is a real estate development company. The Company develops residential, commercial, and retail properties.

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DLF Ltd (DLFU IN)

HSIE Results Daily: Avenue Supermarts, Tata Motors, DLF

Avenue Supermarts: Revenue grew by 20.1% (four-year CAGR: 19.7%) Sales density remained lower than the pre-pandemic level (~INR31.1k/sq ft in FY23...

HDFC Securities

Real Estate - Stable Performance

Going by the numbers for FY23 reported to date by top developers, we expect annual presales for most of them to surpass their previous highs

HDFC Securities

HSIE Results Daily: Bajaj Finance, DLF

Bajaj Finance: Bajaj Finance (BAF) delivered a strong operating performance, with steady NIMs in a rising interest rate and strong AUM growth (+27%...

HDFC Securities

Real Estate (Q3FY23 Results Preview): Resilient Performance

Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments. Another 50bps...

HDFC Securities

DLF - Decoding the Near-Term Launch Pipeline

n FY21, DLF identified a project pipeline of 35msf across different segments to be launched in New Delhi, Gurugram, Chennai, Panchkula and Goa...

Motilal Oswal

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