External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Go Fashion We hosted GOCOLORS (GO) for an Asia roadshow.</li><li>GO remains confident of delivering medium-term revenue CAGR of &gt;20%, with SSG recovery also helping EBITDA margin get back to the 20-21% range (vs 18% in FY24).</li><li>GO is already witnessing a SSG revival in Q2TD (vs flat SSG over the past 5 quarters) and remains hopeful of ending H2 on an even stronger note (~5%).</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.

Go Fashion We hosted GOCOLORS (GO) for an Asia roadshow.GO remains confident of delivering medium-term revenue CAGR of &gt;20%, with SSG recovery also helping EBITDA margin get back to the 20-21% range (vs 18% in FY24).GO is already witnessing a SSG revival in Q2TD (vs flat SSG over the past 5 quarters) and remains hopeful of ending H2 on an even stronger note (~5%).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.

Go Fashion - SSG Revival and Improved Cash Flows to Drive Re-Rating; Reiterate BUY

<ul><li>We visited multiple Go Colors (GO) stores across Mumbai to validate our thesis around the bottom-wear category and its TAM.</li><li>Our conviction on category relevance got strengthened when we saw customers walking in with their tops to find their perfect color match.</li><li>GO’s expanding portfolio (&gt;50 styles) enables a strong cross/up-selling opportunity and TAM expansion with focus on Active/Denims/Girls/Plus categories, reflecting in healthy units per bill of ~2.3. We were pleasantly surprised with the kind of traction GO receives in both premium locations (Lokhandwala/Linking Road) and mass hubs (Borivali/ Dadar), suggesting that its consumers are across income brackets.</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.

We visited multiple Go Colors (GO) stores across Mumbai to validate our thesis around the bottom-wear category and its TAM.Our conviction on category relevance got strengthened when we saw customers walking in with their tops to find their perfect color match.GO’s expanding portfolio (&gt;50 styles) enables a strong cross/up-selling opportunity and TAM expansion with focus on Active/Denims/Girls/Plus categories, reflecting in healthy units per bill of ~2.3. We were pleasantly surprised with the kind of traction GO receives in both premium locations (Lokhandwala/Linking Road) and mass hubs (Borivali/ Dadar), suggesting that its consumers are across income brackets.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.

Go Fashion - SSG Turnaround in Sight; Other Concerns Exaggerated; BUY

<ul><li>Emkay Global Financial's research report onGo Fashion GO’s Q4 print was weak, albeit results were largely in line and outperformance (vs. peers) continued with 15% topline growth.</li><li>SSG was low at +1%/0% in Q4/FY24 and GO is targeting 2-3% SSG for Q1</li><li>. Given the muted macros, FY24 has been a year of WC optimization, as GO generated Rs1.1bn operating cash vs. cash-breakeven in FY23, which addresses a key concern.</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.

Emkay Global Financial's research report onGo Fashion GO’s Q4 print was weak, albeit results were largely in line and outperformance (vs. peers) continued with 15% topline growth.SSG was low at +1%/0% in Q4/FY24 and GO is targeting 2-3% SSG for Q1. Given the muted macros, FY24 has been a year of WC optimization, as GO generated Rs1.1bn operating cash vs. cash-breakeven in FY23, which addresses a key concern.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.

Go Fashion - Weak Trends, but Outperformance Endures; Maintain BUY

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/raymond-lifestyle-limited" target="_blank" data-smartkarma-citation="entities:43905:1" rel="noopener">Raymond Lifestyle (RAYMONDL IN)</a> recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.</li>
<li>The correction made Raymond Lifestyle a special situation value bet.</li>
<li>The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment</li>
</ul>



Raymond Lifestyle (RAYMONDL IN) recently demerged from Raymond Limited.  Since Raymond Limited was part of various indexes, Raymond Lifestyle was not. Index Fund selling led to a correction.
The correction made Raymond Lifestyle a special situation value bet.
The cherry on the cake is strong management guidance and a foray into the untapped non branded and unorganized apparel segment


Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>In this insight, we present our top investment ideas in the Apparel &amp; Fashion retail sector, analyzing recent earnings results and key insights from company earnings calls.</li>
<li>Names discussed include <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN), </a><a href="https://www.smartkarma.com/entities/aditya-birla-fashion-and-retail-ltd" target="_blank" data-smartkarma-citation="entities:19048:1" rel="noopener">Aditya Birla Fashion and Retail Ltd (ABFRL IN)</a><a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">, </a><a href="https://www.smartkarma.com/entities/arvind-fashions" target="_blank" data-smartkarma-citation="entities:28960:1" rel="noopener">Arvind Fashions (ARVINDFA IN)</a><a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener"> and </a><a href="https://www.smartkarma.com/entities/go-fashion-india-private-limited" target="_blank" data-smartkarma-citation="entities:36625:1" rel="noopener">Go Fashion India (GOCOLORS IN)</a><a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">.</a> </li>
<li>We have a bearish stance on all names except <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a>.  </li>
</ul>


In this insight, we present our top investment ideas in the Apparel &amp; Fashion retail sector, analyzing recent earnings results and key insights from company earnings calls.
Names discussed include Page Industries (PAG IN), Vedant Fashions (MANYAVAR IN), Aditya Birla Fashion and Retail Ltd (ABFRL IN), Arvind Fashions (ARVINDFA IN) and Go Fashion India (GOCOLORS IN). 
We have a bearish stance on all names except Page Industries (PAG IN).  


India

Go Fashion (India) Private Limited retails women's apparel. The Company offers leggings, jeggings, palazzo, pants, tops, t-shirts, and diaper shorts. Go Fashion serves customers in India.

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Go Fashion India (GOCOLORS IN)

Go Fashion - SSG Revival and Improved Cash Flows to Drive Re-Rating; Reiterate BUY

GO remains confident of delivering medium-term revenue CAGR of >20%, with SSG recovery also helping EBITDA margin get back to the 20-21% range (vs...

Emkay

Go Fashion - SSG Turnaround in Sight; Other Concerns Exaggerated; BUY

We visited multiple Go Colors (GO) stores across Mumbai to validate our thesis around the bottom-wear category and its TAM.

Emkay

Go Fashion - Weak Trends, but Outperformance Endures; Maintain BUY

Emkay Global Financial's research report onGo Fashion GO’s Q4 print was weak, albeit results were largely in line and outperformance (vs. peers)...

Emkay

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Top Ideas in Apparel & Fashion Retail

In this Insight, we present our top investment ideas in the Apparel & Fashion Retail Industry, We have a bearish stance on all except Page...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Go Fashion - SSG Revival and Improved Cash Flows to Drive Re-Rating; Reiterate BUY

GO remains confident of delivering medium-term revenue CAGR of >20%, with SSG recovery also helping EBITDA margin get back to the 20-21% range (vs...

Emkay

Go Fashion - SSG Turnaround in Sight; Other Concerns Exaggerated; BUY

We visited multiple Go Colors (GO) stores across Mumbai to validate our thesis around the bottom-wear category and its TAM.

Emkay

Go Fashion - Weak Trends, but Outperformance Endures; Maintain BUY

Emkay Global Financial's research report onGo Fashion GO’s Q4 print was weak, albeit results were largely in line and outperformance (vs. peers)...

Emkay

Raymond Lifestyle: A Value Play in Ethnic Wear with Special Situation Potential

​Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

Nimish Maheshwari

Top Ideas in Apparel & Fashion Retail

​In this Insight, we present our top investment ideas in the Apparel & Fashion Retail Industry, We have a bearish stance on all except Page...

Pranav Bhavsar

Raymond Lifestyle demerged from Raymond Limited, correction due to Index Fund selling created special value bet with strong management guidance...

In this Insight, we present our top investment ideas in the Apparel & Fashion Retail Industry, We have a bearish stance on all except Page...