External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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

L&T Technology Services Limited / Equity Bottom-Up

<ul><li>L&amp;T Technology Services (LTTS) recently unveiled its medium-term growth aspirations</li><li>It aims to reach USD 2bn revenue over the medium term with EBITM at 17-18%</li><li>LTTS has a marquee client base (61 of T100 global ER&amp;D spenders)</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.

L&amp;T Technology Services (LTTS) recently unveiled its medium-term growth aspirationsIt aims to reach USD 2bn revenue over the medium term with EBITM at 17-18%LTTS has a marquee client base (61 of T100 global ER&amp;D spenders)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.

L&T Technology Services: Medium-Term Aspirations Nearly Factored In. Maintain REDUCE

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>The <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> has announced a list of 45 stocks that will be added to the Futures &amp; Options (F&amp;O) segment of the market from 29 November.</li>
<li>There will be changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index</a> and the CNXIT Index over the next couple of rebalances.</li>
<li>There are some interesting situations out there, including a change to the universe for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> that could lead to more changes. </li>
</ul>


The National Stock Exchange (NSEIN IN) has announced a list of 45 stocks that will be added to the Futures &amp; Options (F&amp;O) segment of the market from 29 November.
There will be changes to the NIFTY Index, NSE Nifty Next 50 Index, S&amp;P BSE SENSEX Index and the CNXIT Index over the next couple of rebalances.
There are some interesting situations out there, including a change to the universe for the NSE Nifty Next 50 Index (NIFTYJR INDEX) that could lead to more changes. 


INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

<ul><li>L&amp;T Technology Services (LTTS) has strong credentials as a leading pure-play engineering services provider with low churn</li><li>Still, it faces challenges of scale, longer deal conversion cycle and business cyclicality</li><li>The upside seems capped as current growth numbers for LTTS already factor in the incremental revenue addition of 2x its historical organic average</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.

L&amp;T Technology Services (LTTS) has strong credentials as a leading pure-play engineering services provider with low churnStill, it faces challenges of scale, longer deal conversion cycle and business cyclicalityThe upside seems capped as current growth numbers for LTTS already factor in the incremental revenue addition of 2x its historical organic averageContent 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.

L&T Technology Services: Volatility to Persist. Maintain REDUCE

<ul><li>LTTS’ prowess as a leading pureplay ER&amp;D service provider with a diversified vertical base and strong credentials across domains persists</li><li>However, a longer deal conversion cycle, business cyclicality (weakness in Q1FY25E) despite strong industrial tailwinds and softness in margins due to investments for org structure changes are risks</li><li>Q4 print came in line and was supported by seasonality in the SWC 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.

LTTS’ prowess as a leading pureplay ER&amp;D service provider with a diversified vertical base and strong credentials across domains persistsHowever, a longer deal conversion cycle, business cyclicality (weakness in Q1FY25E) despite strong industrial tailwinds and softness in margins due to investments for org structure changes are risksQ4 print came in line and was supported by seasonality in the SWC businessContent 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.

L&T Technology (Q4FY24): Margin Caution, Weak Guidance. Maintain REDUCE

Thematic (Sector/Industry)

<ul><li>Bajaj Auto: Driven by a better mix and higher sales of spare parts, Bajaj Auto’s Q2 revenue grew 21% YoY to INR 127bn (HSIE INR 128bn)</li><li>Freedom 125 retail sales stood at 10k till Sept-24, with an expectation to hit 18k by Oct-24</li><li>Based on positive feedback, BAL is increasing capacity for Freedom 125 to 30k units per month in Q3, then to 40k units per month in Q4</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.

Bajaj Auto: Driven by a better mix and higher sales of spare parts, Bajaj Auto’s Q2 revenue grew 21% YoY to INR 127bn (HSIE INR 128bn)Freedom 125 retail sales stood at 10k till Sept-24, with an expectation to hit 18k by Oct-24Based on positive feedback, BAL is increasing capacity for Freedom 125 to 30k units per month in Q3, then to 40k units per month in Q4Content 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: Bajaj Auto, L&T Technology Services

India

L&T Technology Services Limited operates as an engineering services company. The Company offers design and development solutions throughout the entire product development chain for various industries, including industrial products, consumer electronics, medical devices, telecommunications, automotive, aerospace, trucks and off-highway vehicles, and process engineering.

L&T Technology Services Limited (LTTS IN)

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L&T Technology Services Limited (LTTS IN)

L&T Technology Services: Medium-Term Aspirations Nearly Factored In. Maintain REDUCE

L&T Technology Services (LTTS) recently unveiled its medium-term growth aspirations. It aims to reach USD 2bn revenue over the medium term with...

HDFC Securities

INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

Futures & Options start trading on 45 new stocks in India today. Things could get interesting in the 3 Adani names where the stock prices have been...

Brian Freitas

L&T Technology Services: Volatility to Persist. Maintain REDUCE

L&T Technology Services (LTTS) has strong credentials as a leading pure-play engineering services provider with low churn. Still, it faces...

HDFC Securities

L&T Technology (Q4FY24): Margin Caution, Weak Guidance. Maintain REDUCE

LTTS’ prowess as a leading pureplay ER&D service provider with a diversified vertical base and strong credentials across domains persists

HDFC Securities

HSIE Results Daily: Bajaj Auto, L&T Technology Services

Bajaj Auto: Driven by a better mix and higher sales of spare parts, Bajaj Auto’s Q2 revenue grew 21% YoY to INR 127bn (HSIE INR 128bn)

HDFC Securities

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