Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Cross Asset Strategy

<ul><li>It all went a bit potty in 2021-2022, and the market went from overextended lack of common sense to some mean reversion.</li><li>The need for QE and negative yields for sustaining innovation and maintaining valuation VC investments, Marked to Myth investments, are finally being called out.   </li><li>In short, Head Fakes are red herrings that divert attention from what is already happening.  </li></ul>

It all went a bit potty in 2021-2022, and the market went from overextended lack of common sense to some mean reversion.The need for QE and negative yields for sustaining innovation and maintaining valuation VC investments, Marked to Myth investments, are finally being called out.   In short, Head Fakes are red herrings that divert attention from what is already happening.  

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>Accenture reported robust Q1FY23 numbers which stood in line with the street expectations.</li><li>Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.</li><li>In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.</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 reported robust Q1FY23 numbers which stood in line with the street expectations.Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of slowdown and increasing interest rates.In line with the revenue growth, the company’s operating margins grew by 20bps to 16.5%. Its EPS for Q1FY23 stood at $3.08, up 17%, beating analyst estimates of $2.91. Accenture flagged a negative impact of ~9.5% on sales from a stronger dollar.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 - Results In-Line With Expectation; Guidance Below Expectations

Thematic (Sector/Industry)

<ul><li>Axis Top Picks basket delivered impressive returns of 18%/19% in the last 6M/1YR respectively, outperforming the benchmark Index NIFTY 50 by an encouraging margin.</li><li>In Nov’22, the basket inched up further by 1%.</li><li>Furthermore, It has delivered an impressive return of 153% since its inception (May'20), which stands significantly higher than the 102% returns delivered by NIFTY 50 over the same period.</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 delivered impressive returns of 18%/19% in the last 6M/1YR respectively, outperforming the benchmark Index NIFTY 50 by an encouraging margin.In Nov’22, the basket inched up further by 1%.Furthermore, It has delivered an impressive return of 153% since its inception (May'20), which stands significantly higher than the 102% returns delivered by NIFTY 50 over the same period.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 for the Month of December 2022

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Infosys: Infosys (INFO) posted in-line revenue performance and a beat on margins in Q2FY23</li><li>Revenue growth of 4% QoQ and 18.8% YoY CC and strong large deal bookings of USD 2.7bn led to a change in revenue guidance to 15-16% CC for FY23E (vs 14-16% guided earlier)</li><li>Maintain BUY on INFO (top pick in tier-1 IT), with a TP of INR 1,790, based on 26x June-24E EPS.</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.

Infosys: Infosys (INFO) posted in-line revenue performance and a beat on margins in Q2FY23Revenue growth of 4% QoQ and 18.8% YoY CC and strong large deal bookings of USD 2.7bn led to a change in revenue guidance to 15-16% CC for FY23E (vs 14-16% guided earlier)Maintain BUY on INFO (top pick in tier-1 IT), with a TP of INR 1,790, based on 26x June-24E EPS.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.

HSIE Results Daily: Infosys, Mindtree, Cyient

<ul><li>Infosys Ltd (Infy) reported Q2FY23 revenue of Rs 36,538 Cr, up 6.0% QoQ and 4.0% QoQ (in CC terms) which was in line with our expectations.</li><li>The company’s operating profit stood at Rs 7,873 Cr, reporting a healthy growth of 13.9% on a QoQ basis.</li><li>Beating our expectations, the company’s operating margins, too, grew by 140bps QoQ to 21.5%, largely led by lower operating expenses and a favourable currency mix 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.

Infosys Ltd (Infy) reported Q2FY23 revenue of Rs 36,538 Cr, up 6.0% QoQ and 4.0% QoQ (in CC terms) which was in line with our expectations.The company’s operating profit stood at Rs 7,873 Cr, reporting a healthy growth of 13.9% on a QoQ basis.Beating our expectations, the company’s operating margins, too, grew by 140bps QoQ to 21.5%, largely led by lower operating expenses and a favourable currency mix 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.

Infosys Ltd - Demand Scenario Intact; Upwards Revision in Guidance

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 (INFO IN)

Head Fakes

The need for QE and negative yields for sustaining innovation and maintaining valuation VC investments, Marked to Myth investments, are finally...

Untying The Gordian Knot

Accenture - Results In-Line With Expectation; Guidance Below Expectations

Revenue for the quarter stood at $15.7 Bn, posting an encouraging growth of 5% YoY in USD and 15% in local currency despite rising pressures of...

Axis Direct

Axis Top Picks for the Month of December 2022

Axis Top Picks basket delivered impressive returns of 18%/19% in the last 6M/1YR respectively, outperforming the benchmark Index NIFTY 50 by an...

Axis Direct

HSIE Results Daily: Infosys, Mindtree, Cyient

Revenue growth of 4% QoQ and 18.8% YoY CC and strong large deal bookings of USD 2.7bn led to a change in revenue guidance to 15-16% CC for FY23E...

HDFC Securities

Infosys Ltd - Demand Scenario Intact; Upwards Revision in Guidance

Infosys Ltd (Infy) reported Q2FY23 revenue of Rs 36,538 Cr, up 6.0% QoQ and 4.0% QoQ (in CC terms) which was in line with our expectations.

Axis Direct

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