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. 

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 Q3FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,446 Cr, up 6.5% QoQ which stood above our expectations.</li><li>The company’s operating profit stood at Rs 5,615 Cr, reporting a growth of 13.8% on a QoQ basis.</li><li>Beating our expectations, the company’s operating margins, too, expanded by 130bps to 19.8%, which was largely led by lower operating expenses, lower onsite expenses, and higher product business during the 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.

In Q3FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,446 Cr, up 6.5% QoQ which stood above our expectations.The company’s operating profit stood at Rs 5,615 Cr, reporting a growth of 13.8% on a QoQ basis.Beating our expectations, the company’s operating margins, too, expanded by 130bps to 19.8%, which was largely led by lower operating expenses, lower onsite expenses, and higher product business during the 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.

HCL Tech Ltd. - Robust Results with Strong Deals, Albeit With Lower Guidance

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infosys-ltd" target="_blank" data-smartkarma-citation="entities:267:1" rel="noopener">Infosys Ltd (INFO IN)</a> (<a href="https://www.smartkarma.com/entities/infosys-ltd-sp-adr" target="_blank" data-smartkarma-citation="entities:268:1" rel="noopener">Infosys Ltd Sp Adr (INFY US)</a>) on 5-6 December <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/757B8EEA-EB83-41B2-BC39-5380D9BE2EFB-175849.pdf" target="_blank" rel="noopener">announced</a> an on-market buyback of more than US$1.1bn. </li>
<li>The company has done buybacks before, and it is worthwhile looking at the details.</li>
<li>The buy-back looks small, and may be impactful near-term in near-space. </li>
</ul>



Infosys Ltd (INFO IN) (Infosys Ltd Sp Adr (INFY US)) on 5-6 December announced an on-market buyback of more than US$1.1bn. 
The company has done buybacks before, and it is worthwhile looking at the details.
The buy-back looks small, and may be impactful near-term in near-space. 


Thematic (Sector/Industry)

<ul><li>Accenture’s reported Q4FY24 results stood in line with street expectations on all financial and operational terms.</li><li>Revenue for the quarter stood at $16.4 Bn, registering a growth of 3% (in US$ terms) and 5% (in local currency) on a YoY basis.</li><li>The company registered GAAP EPS of $2.66 for the quarter while adjusted EPS stood at $2.79, reporting 3% 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 Q4FY24 results stood in line with street expectations on all financial and operational terms.Revenue for the quarter stood at $16.4 Bn, registering a growth of 3% (in US$ terms) and 5% (in local currency) on a YoY basis.The company registered GAAP EPS of $2.66 for the quarter while adjusted EPS stood at $2.79, reporting 3% 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 - IT - Accenture - Gradual Pick-Up in Demand

<ul><li>The IT Services sector is anticipated to exhibit moderated growth in Q1FY25, primarily due to weaker discretionary spending, driven by uncertainties in macroeconomic conditions and upcoming elections in the US.</li><li>However, non-discretionary spending is expected to see some improvement.</li><li>Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and reduced discretionary spending.</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 IT Services sector is anticipated to exhibit moderated growth in Q1FY25, primarily due to weaker discretionary spending, driven by uncertainties in macroeconomic conditions and upcoming elections in the US.However, non-discretionary spending is expected to see some improvement.Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and reduced discretionary spending.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 Q1fy25 Result Preview – Moderated Growth; Recovery Expected

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

Reliance Industries / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


India

HCL Infosystems Limited is a distribution, IT services, and solutions provider. The Company provides distribution for telecom, IT, office automation and consumer electronics products. HCL Infosystems offers a portfolio of infrastructure managed services, enterprise application services, system integration services, office automation services, and managed print services.

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HCL Infosystems (HCLI IN)

HCL Tech Ltd. - Robust Results with Strong Deals, Albeit With Lower Guidance

In Q3FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,446 Cr, up 6.5% QoQ which stood above our expectations. The company’s operating profit...

Axis Direct

Infosys (INFY)'s US$1.1bn Buyback

Infosys has started a US$1bn buyback. This is small at 1.2-1.4% of shares out but it is a larger portion of Real World Float and so far is a VERY...

Travis Lundy

Sector Update - IT - Accenture - Gradual Pick-Up in Demand

The company continues to witness strong demand for Gen AI – the great accelerator of reinvention – with over $1 Bn in new bookings.

Axis Direct

It Services Q1fy25 Result Preview – Moderated Growth; Recovery Expected

Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and...

Axis Direct

Aequitas 2024 Asia IPO Pipeline - India

In this note, we will take a look at the Asia Pacific IPO pipeline for 2024, following up with India after having looked at Hong Kong earlier.

Sumeet Singh

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