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>IT index is up &gt;40% (mid-tier &gt;100%) over the past year, supported by (1) earnings upgrade of ~5% for tier-1 IT and ~20% for mid-tier IT and (2) IT index rerating from 23x to 28x</li>
<li>The absolute return potential for the sector is likely to be moderate (in line with earnings growth), basis: (1) growth reverting to medium-term baseline, (2) lower growth dispersion in FY23E as compared to FY22E, and (3) headwinds to multiple expansion based on increase in cost of capital &amp; geopolitical risk premium, inflationary factors, and the lead-lag cycle of cost and pricing</li>
<li>The upside risk is on the longevity of high growth rate and downside risk is the second order impact from a prolonged inflationary environment and geopolitical dislocation.</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.


IT index is up &gt;40% (mid-tier &gt;100%) over the past year, supported by (1) earnings upgrade of ~5% for tier-1 IT and ~20% for mid-tier IT and (2) IT index rerating from 23x to 28x
The absolute return potential for the sector is likely to be moderate (in line with earnings growth), basis: (1) growth reverting to medium-term baseline, (2) lower growth dispersion in FY23E as compared to FY22E, and (3) headwinds to multiple expansion based on increase in cost of capital &amp; geopolitical risk premium, inflationary factors, and the lead-lag cycle of cost and pricing
The upside risk is on the longevity of high growth rate and downside risk is the second order impact from a prolonged inflationary environment and geopolitical dislocation.

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.

Information Technology: Moderating, yet Strong

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

Life Insurance  of India / Equity Capital Markets

<ul>
<li>Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.</li>
<li>As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.</li>
<li>In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.</li>
</ul>


Government of India (GoI) is now said to be looking to raise around US$6-7bn via selling a stake in Life Insurance Corporation of India (LIC) in its upcoming India IPO.
As of FY21, LIC was the largest life insurer in India with a 64.1% market share in terms of GWP, a 66.2% market share in terms of NBP.
In this note, we undertake a peer comparison and look at the implied multiples at the rumored valuations.


Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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>Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark Nifty 50 Index over the same period</li>
<li>Pick of the Week (PoW): PoW delivered an excellent monthly strike rate of 77% in Mar’22</li>
<li>Axis Alpha: Axis Alpha continues to deliver robust returns with absolute profits of over 4.2 Lc since its inception. It reported a healthy cumulative strike rate of 68% in Mar’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.


Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark Nifty 50 Index over the same period
Pick of the Week (PoW): PoW delivered an excellent monthly strike rate of 77% in Mar’22
Axis Alpha: Axis Alpha continues to deliver robust returns with absolute profits of over 4.2 Lc since its inception. It reported a healthy cumulative strike rate of 68% in Mar’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.

Axis Research Scorecard Report - Mar 2022

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

Apollo Hospitals Enterprise / Event-Driven

<ul>
<li>The changes to 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>, <a href="https://www.smartkarma.com/entities/nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index (NSEBANK INDEX)</a> and NIFTY NEXT50 Indices were announced on 24 February and will be implemented at the close today.</li>
<li>There is a fair amount to trade 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> and <a href="https://www.smartkarma.com/entities/nifty-bank-index" target="_blank" data-smartkarma-citation="entities:26811:1" rel="noopener">Nifty Bank Index (NSEBANK INDEX)</a> stocks given the sizeable passive assets that track the indices.</li>
<li>There is pre-positioning on some of the names and there could be opportunities to build positions to play for a reversal.</li>
</ul>


The changes to the NIFTY Index (NIFTY INDEX), Nifty Bank Index (NSEBANK INDEX) and NIFTY NEXT50 Indices were announced on 24 February and will be implemented at the close today.
There is a fair amount to trade on the NIFTY Index (NIFTY INDEX) and Nifty Bank Index (NSEBANK INDEX) stocks given the sizeable passive assets that track the indices.
There is pre-positioning on some of the names and there could be opportunities to build positions to play for a reversal.


NIFTY Index Rebalance: Flows at the Close Today

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>The S&amp;P BSE family of indices represents the performance of stocks listed on the Bombay Stock Exchange (BSE) across various sizes, themes, industries, and strategies.</li>
<li>This series will mainly focus on the following indices of the S&amp;P BSE family: S&amp;P BSE 500, S&amp;P BSE 200, S&amp;P BSE 100, and S&amp;P BSE SENSEX.</li>
<li>In this insight, we take a brief look at the constituent selection methodology and the historical price performance of Index Rebalance Events for the above-mentioned indices.</li>
</ul>


The S&amp;P BSE family of indices represents the performance of stocks listed on the Bombay Stock Exchange (BSE) across various sizes, themes, industries, and strategies.
This series will mainly focus on the following indices of the S&amp;P BSE family: S&amp;P BSE 500, S&amp;P BSE 200, S&amp;P BSE 100, and S&amp;P BSE SENSEX.
In this insight, we take a brief look at the constituent selection methodology and the historical price performance of Index Rebalance Events for the above-mentioned indices.


S&P BSE Indices (SENSEX Family): Quiddity Primer

India

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

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Infosys Ltd Sp Adr (INFY US)

Information Technology: Moderating, yet Strong

IT index is up >40% (mid-tier >100%) over the past year, supported by (1) earnings upgrade of ~5% for tier-1 IT and ~20% for mid-tier IT and...

HDFC Securities

Life Insurance Corporation of India Pre-IPO - Peer Comparison, Quick Thoughts on Rumored Valuations

Government of India is now said to be looking to raise around US$6-7bn via selling a stake in LIC in its upcoming India IPO. In this deal, we talk...

Sumeet Singh

Axis Research Scorecard Report - Mar 2022

Axis Top Picks basket has delivered an astounding return of 127% since its inception, notably beating the 89% return reported by the benchmark...

Axis Direct

NIFTY Index Rebalance: Flows at the Close Today

The March rebalance for the NIFTY family of indices will be implemented at the close of trading today. There is a fair amount to trade on the adds,...

Brian Freitas

S&P BSE Indices (SENSEX Family): Quiddity Primer

A brief look at the selection methodology for the Indices in the S&P BSE family and a discussion on the historical performance of Rebalance Events.

Janaghan Jeyakumar, CFA

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