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>Honasa remains our favored pick in the sector, on better execution supporting a healthy revenue growth trend/margin expansion; this would lead to valuation re-rating.</li><li>We retain BUY on the stock, with Jun-25E TP of Rs525/sh, on 6x Jun26 sales.</li><li>The stock saw an 11% up-move last week which is likely owing to gradual comfort in the business. </li></ul><p><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></p>

Honasa remains our favored pick in the sector, on better execution supporting a healthy revenue growth trend/margin expansion; this would lead to valuation re-rating.We retain BUY on the stock, with Jun-25E TP of Rs525/sh, on 6x Jun26 sales.The stock saw an 11% up-move last week which is likely owing to gradual comfort in the business. 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.

Honasa Consumer - Play on Execution; Re-Rating on Expected Lines

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

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>We are back with our regular weekly updates after taking an earnings break and a Diwali vacation. </li>
<li>
<a href="https://www.smartkarma.com/entities/ishares-msci-india-small-cap" target="_blank" data-smartkarma-citation="entities:32064:1" rel="noopener">Ishares Msci India Small-Cap (SMIN US)</a>  appears to be where the most market action is currently. We also maintain a long bias on the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> is the star of the week that is playing an innovative narrative that which street seems to like, but warrants attention. </li>
</ul>


We are back with our regular weekly updates after taking an earnings break and a Diwali vacation. 

Ishares Msci India Small-Cap (SMIN US)  appears to be where the most market action is currently. We also maintain a long bias on the NIFTY Index (NIFTY INDEX). 

Honasa Consumer (HONASA IN) is the star of the week that is playing an innovative narrative that which street seems to like, but warrants attention. 


[Week 11] Namaste India 🙏 | Honasa's Innovation or Innovative Narrative?

Equity Capital Markets

Honasa Consumer  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (Honasa IN)</a> raised about US$200m in its India IPO.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



Honasa Consumer (Honasa IN) raised about US$200m in its India IPO.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In our previous note, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

<ul>
<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (1652951D IN)</a> IPO is a book built issue worth INR 17 bn, comprising INR 3.65 bn worth fresh issue and INR 13.4 bn of OFS (41.2 mn shares). </li>
<li>The company is renowned for its flagship brand, Mama Earth while it has acquired other brands recently such as B-Blunt, Dr. Sheth and has also ventured in the salon business. </li>
<li>Our concerns remain on the A&amp;P spends and related growth output, acquisition value and employee churning.</li>
</ul>



Honasa Consumer (1652951D IN) IPO is a book built issue worth INR 17 bn, comprising INR 3.65 bn worth fresh issue and INR 13.4 bn of OFS (41.2 mn shares). 
The company is renowned for its flagship brand, Mama Earth while it has acquired other brands recently such as B-Blunt, Dr. Sheth and has also ventured in the salon business. 
Our concerns remain on the A&amp;P spends and related growth output, acquisition value and employee churning.


Honasa Consumer Ltd IPO- Forensic Analysis

India

Honasa Consumer Limited, doing business as Mamaearth, provides e-commerce services. The Company offers baby, skin, body, and hair care products, as well as mosquito protection roll on and creams. Mamaearth serves customers in India.

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Honasa Consumer (HONASA IN)

Honasa Consumer - Play on Execution; Re-Rating on Expected Lines

Honasa remains our favored pick in the sector, on better execution supporting a healthy revenue growth trend/margin expansion; this would lead to...

Emkay

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

[Week 11] Namaste India 🙏 | Honasa's Innovation or Innovative Narrative?

Weekly updates are back after a break, with focus on iShares MSCI India Small-Cap and NIFTY Index. Honasa Consumer's innovative narrative is...

Pranav Bhavsar

Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

Honasa Consumer (Honasa IN) raised about US$200m in its India IPO. In this note, we talk about the deal updates and the trading dynamics.

Sumeet Singh

Honasa Consumer Ltd IPO- Forensic Analysis

As the leading digital first BPC player, the company is known for its Mama Earth brand. However, concerns persist regarding online growth, employee...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Honasa Consumer - Play on Execution; Re-Rating on Expected Lines

Honasa remains our favored pick in the sector, on better execution supporting a healthy revenue growth trend/margin expansion; this would lead to...

Emkay

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

[Week 11] Namaste India 🙏 | Honasa's Innovation or Innovative Narrative?

​Weekly updates are back after a break, with focus on iShares MSCI India Small-Cap and NIFTY Index. Honasa Consumer's innovative narrative is...

Pranav Bhavsar

Honasa Consumer IPO Trading - Great Anchor Book, Not so Great Overall Demand. Loved by FIIs

Honasa Consumer (Honasa IN) raised about US$200m in its India IPO. In this note, we talk about the deal updates and the trading dynamics.

Sumeet Singh

Honasa Consumer Ltd IPO- Forensic Analysis

As the leading digital first BPC player, the company is known for its Mama Earth brand. However, concerns persist regarding online growth, employee...

Nitin Mangal

Weekly updates are back after a break, with focus on iShares MSCI India Small-Cap and NIFTY Index. Honasa Consumer's innovative narrative is...