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>HCL Tech reported superior YoY growth compared to its Indian peers.</li><li>The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&amp;D business (16% of revenue), and product and platform business (10% of total revenue).</li><li>This diversified portfolio positions it for better growth in challenging times compared to its larger peers.</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.

HCL Tech reported superior YoY growth compared to its Indian peers.The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&amp;D business (16% of revenue), and product and platform business (10% of total revenue).This diversified portfolio positions it for better growth in challenging times compared to its larger peers.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. - Better Business Matrix to Aid in Growth

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Following <a href="https://www.smartkarma.com/entities/hcl-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20025:1" rel="noopener">HCL Technologies (HCLT IN)</a>'s fiscal 4Q2024 earning report last month, we have witnessed an acceleration in near-term earnings estimates downgrades.</li>
<li>Based on near-term momentum indicators, it seems that we are only at the beginning stage of a prolonged period of underperformance.</li>
<li>HCL Technologies currently trades roughly one standard deviation above its rolling 5-year historic average PE ratio.</li>
</ul>


Following HCL Technologies (HCLT IN)'s fiscal 4Q2024 earning report last month, we have witnessed an acceleration in near-term earnings estimates downgrades.
Based on near-term momentum indicators, it seems that we are only at the beginning stage of a prolonged period of underperformance.
HCL Technologies currently trades roughly one standard deviation above its rolling 5-year historic average PE ratio.


HCL Technologies: Negative Technical Analysis Signals

<ul><li>In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations.</li><li>The company’s operating profit stood at Rs 5,018 Cr, reporting a de-growth of 11% on a QoQ basis.</li><li>Below our expectations, the company’s operating margins, too, declined by 40bps to 17.6%, which was largely led by lower services revenue margins and lower contribution from P&amp;P business during the</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 Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations.The company’s operating profit stood at Rs 5,018 Cr, reporting a de-growth of 11% on a QoQ basis.Below our expectations, the company’s operating margins, too, declined by 40bps to 17.6%, which was largely led by lower services revenue margins and lower contribution from P&amp;P business during theContent 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 Technologies - Results Miss Estimates; Skeptical Outlook

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).</li>
<li>The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.</li>
</ul>


There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.
If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).
The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.


NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

India

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

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HCL Technologies (HCLT IN)

HCL Tech Ltd. - Better Business Matrix to Aid in Growth

The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&D business (16% of revenue), and product and...

Axis Direct

HCL Technologies: Negative Technical Analysis Signals

In this insight, we perform a technical analysis of HCL Technologies by looking at earnings forecast revision trends, momentum indicators, and...

Wium Malan, CFA

HCL Technologies - Results Miss Estimates; Skeptical Outlook

In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations. The company’s operating profit stood...

Axis Direct

NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

We forecast 17 changes a side for the index in Dec. Some of the changes have changed following 45 new F&O inclusions. The forecast adds have...

Brian Freitas

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

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