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. 

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Equity Bottom-Up

<ul><li>The company’s Q1FY25 overall results were in line with estimates. This was due to broad performance across segments (excluding paperboard).</li><li>Net revenue grew by 7.5% YoY to Rs 16,858 Cr. Cigarette revenue grew 6% YoY (~2-3% volume growth), FMCG revenue grew ~6% YoY, led by broad-based growth across categories despite subdued demand conditions.</li><li>The Hotel business maintained its stellar performance, with revenue up by 11% YoY. </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 company’s Q1FY25 overall results were in line with estimates. This was due to broad performance across segments (excluding paperboard).Net revenue grew by 7.5% YoY to Rs 16,858 Cr. Cigarette revenue grew 6% YoY (~2-3% volume growth), FMCG revenue grew ~6% YoY, led by broad-based growth across categories despite subdued demand conditions.The Hotel business maintained its stellar performance, with revenue up by 11% YoY. 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.

<ul><li>Marginal Miss on Topline: The company’s Q4FY24 overall results were inline with estimates, though there was marginal miss on revenue.</li><li>This was on account of subdued performance in Agri and Paper board business. However, the cigarettes (~2-3% volume growth), FMCG (up 7% YoY) and Hotel (up 15% YoY) businesses maintained their growth momentum.</li><li>EBITDA declined by 1% YoY owing to subdued performance in Agri and paper board business. </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.

Marginal Miss on Topline: The company’s Q4FY24 overall results were inline with estimates, though there was marginal miss on revenue.This was on account of subdued performance in Agri and Paper board business. However, the cigarettes (~2-3% volume growth), FMCG (up 7% YoY) and Hotel (up 15% YoY) businesses maintained their growth momentum.EBITDA declined by 1% YoY owing to subdued performance in Agri and paper board 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.

ITC Ltd - Marginal Miss On Topline; Maintain BUY

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

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

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, Hong Kong appears to be heading towards its first US$100m+ IPO for the year.</li>
<li>For placements, after a flurry of placements in the prior week, past week was relatively quiet with only the US$2bn <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a> block.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, Hong Kong appears to be heading towards its first US$100m+ IPO for the year.
For placements, after a flurry of placements in the prior week, past week was relatively quiet with only the US$2bn ITC Ltd (ITC IN) block.


ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial

<ul>
<li>In Feb 2024,  <a href="https://www.smartkarma.com/entities/british-american-tobacco-plc" target="_blank" data-smartkarma-citation="entities:21828:1" rel="noopener">BAT's</a> management stated that they were reviewing their stake in <a href="https://www.smartkarma.com/entities/itc-ltd" target="_blank" data-smartkarma-citation="entities:327:1" rel="noopener">ITC Ltd (ITC IN)</a>.  The news of a possible selldown by BAT was leaked again earlier today.</li>
<li>BAT has owned its stake in ITC for over a century and remains its largest shareholder.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


In Feb 2024,  BAT's management stated that they were reviewing their stake in ITC Ltd (ITC IN).  The news of a possible selldown by BAT was leaked again earlier today.
BAT has owned its stake in ITC for over a century and remains its largest shareholder.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


ITC $2bn Placement - Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

India

ITC Limited, a member of BAT Group of UK, is a holding company, which has a diversified presence in Cigarettes, Hotels, Paperboards & Specialty Papers, Packaging, Agri Business, Packaged Foods & Confectionery, Branded Apparel, Greeting Cards and other FMCG products.

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ITC Ltd (ITC IN)

ITC Ltd. - Inline Numbers; Maintain BUY

The company’s Q1FY25 overall results were in line with estimates. This was due to broad performance across segments (excluding paperboard).

Axis Direct

ITC Ltd - Marginal Miss On Topline; Maintain BUY

Marginal Miss on Topline: The company’s Q4FY24 overall results were inline with estimates, though there was marginal miss on revenue.

Axis Direct

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

ECM Weekly (18th Mar 2024) - ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

ITC $2bn Placement - Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

BAT aims to raise around US$2bn via selling 3.5% of ITC. The deal is a very well flagged one but its also relatively a very large deal.

Sumeet Singh

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