External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E</li><li>The slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisation</li><li>Growth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.</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 sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25EThe slowdown in macro is still a baseline scenario and lower discretionary spending and slower conversion from TCV to revenue is a feature and not a bug—at least in the near term—and deals will be focused on cost optimisationGrowth divergence will continue within the sector and guidance for FY25E is likely to factor in improved H2 performance.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 Sector (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Asm International Nv / Technical Analysis

<ul>
<li>Global equities (MSCI ACWI) are resuming their uptrends following several weeks of consolidation above major base supports (classic bull market behavior). Our outlook for global equities remains bullish.</li>
<li>Europe's EURO STOXX 50 has held above critical support at 4400-4415, and now displays a bull flag breakout following over a month of consolidation -- add exposure</li>
<li>We highlight many buy opportunities within global Technology, Services, and Communications</li>
</ul>


Global equities (MSCI ACWI) are resuming their uptrends following several weeks of consolidation above major base supports (classic bull market behavior). Our outlook for global equities remains bullish.
Europe's EURO STOXX 50 has held above critical support at 4400-4415, and now displays a bull flag breakout following over a month of consolidation -- add exposure
We highlight many buy opportunities within global Technology, Services, and Communications


EURO STOXX 50, MSCI ACWI Breaking Out; Bullish Outlook Intact; Buys in Technology, Services, & Comm

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.</li>
<li>A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.</li>
<li>With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.</li>
</ul>


We see global equities (MSCI ACWI) going through a pause/pullback amid short-term breakouts in the U.S. dollar (DXY) and global sovereign 10-year yields.
A rising DXY and climbing yields is a near-term headwind, and we could continue to see more choppy price action in the weeks ahead.
With that said, as long as the DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and ACWI-US is above $98, we would view pullbacks as buying opportunities.


Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

<ul><li>L&amp;T Technology Services: L&amp;T Technology Services (LTTS) maintained its FY24E outlook implying a strong exit in Q4FY24E, even as Q3 performance was lower than expected</li><li>Revenue growth was impacted by softness in the Telecom &amp; Hi-Tech vertical (adj for SWC seasonality)</li><li>Guidance reiterated at 17.5% to 18.5% CC for FY24E implies 4-7% QoQ CC for Q4FY24E, which will be supported by (1) sequential improvement in furloughs/billing days/SWC seasonality, (2) six deals of USD 10mn+ TCV booked in Q3FY24, and (3) strategic partnership with bp (medium-term driver) and targeted mining program for top clients</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: L&amp;T Technology Services (LTTS) maintained its FY24E outlook implying a strong exit in Q4FY24E, even as Q3 performance was lower than expectedRevenue growth was impacted by softness in the Telecom &amp; Hi-Tech vertical (adj for SWC seasonality)Guidance reiterated at 17.5% to 18.5% CC for FY24E implies 4-7% QoQ CC for Q4FY24E, which will be supported by (1) sequential improvement in furloughs/billing days/SWC seasonality, (2) six deals of USD 10mn+ TCV booked in Q3FY24, and (3) strategic partnership with bp (medium-term driver) and targeted mining program for top clientsContent 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: L&T Technology Services, Federal Bank

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:117597" rel="noopener">Tata Technologies IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:117850" rel="noopener">Tata Technologies IPO: Valuation Insights</a>. </li>
<li>The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  </li>
</ul>



Tata Technologies (TATATECH IN) priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.
We previously discussed the IPO in Tata Technologies IPO: The Investment Case and Tata Technologies IPO: Valuation Insights. 
The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  


India

Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

Tata Elxsi Limited manufactures computers and workstations besides providing system design, software development and integration services. The Group supplies its products to a number of industries, including the automotive, metals, consumer products, finance, IT & Communications, energy, chemicals, engineering, pharmaceuticals, entertainment and agro industries.

ITI Limited manufactures telecommunications products, including electronic switching equipment, telephones and related devices, digital radio, open wire bags, optical fiber equipment and digital exchanges.   The Group's customers include defense, railways and oil companies.

WNS (Holdings) Ltd., operates as a holding company The Company, through its subsidiaries, provides business process outsourcing services including finance, accounting, customer relationship management, and business administration services.

Cyient Limited provides engineering services, data analytics, and data, networks and operations solutions. The Company offers its services to the aerospace and defense, energy, heavy machinery, consumer, medical utility, communications, semiconductor, and transportation industries around the world.

Tejas Networks Limited produces optical and data networking products. The Company offers products such as converged packet optical, packet transport network, and enterprise ethernet switches. Tejas Networks serves telecom carriers, utilities, media, and defense sectors worldwide.

One 97 Communications Limited provides payment solutions. The Company provides online services such as hotel booking, top ups, data processing, games, mobile content, and bill payments. One 97 Communications Limited serves customers worldwide.

Firstsource Solutions Limited provides business process outsourcing services. The Company provides services globally to companies in the banking, financial services, and insurance industries.

Intellect Design Arena Ltd is a financial technology firm. The Company caters to banks, insurance companies and other financial service firms.

Company Description

Upwork Inc. provides online recruitment services. The Company offers jobs in the categories such as website developers, virtual assistants, sales and marketing experts, accountants, and consultants. Upwork serves customers in the United States.

Fiverr International Ltd. provides an online marketplace for selling goods and services. The Company specializes logo, poster, and brochure designing, as well as photoshop editing, content marketing, web analytics, and translation services. Fiverr International serves customers worldwide.

Humanica Public Company Limited provides information and communication technology services. The Company specializes in software development, human resource solutions, accounting, financial services, enterprise resource planning, and business outsourcing. Humanica serves customers in Asia.

Raksul, Inc. provides Internet based services. The Company mainly offers net printing, net transportation, and other services. Raksul provides services in Japan.

SUMCO Corporation manufactures silicon wafers for the semiconductor industry. The Company produces silicon wafers used to produce solar batteries as well as ultra-high purity quartz used to produce vessels for silicon manufacturing process. SUMCO markets its products worldwide.

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

Yandex NV operates an Internet website in Russia.  The Company's website offers an Internet search engine, news, shopping information, blogs, photographs and videos.  Yandex earns its revenues from online advertising.

Technology One Limited is an Australian-based company that is engaged in the development, marketing, sales, implementation, support, and distribution of financial management and enterprise software solutions. The Company has operations in New Zealand, the United Kingdom, the South Pacific, and Malaysia.

Axcelis Technologies, Inc. manufactures components for the semiconductor industry. The Company designs, manufactures and services ion implantation, dry strip, thermal processing and curing equipment used in the fabrication of semiconductor chips. Axcelis Technologies sells their products to semiconductor chip manufacturers worldwide.

MA-COM Technology Solutions Holdings Inc. provides high performance analog semiconductor solutions. The Company supplies semiconductors, active and passive components, and sub-assemblies for use in radio frequency, microwave, and millimeter wave applications. MA-COM Technology Solutions serves customers throughout the United States.

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)

IT Sector (Q4FY24E Results Preview): Transition period from ‘gradually’ to ‘eventually’

IT sector (coverage universe) growth is expected to bottom out in Q4FY24 and recover ‘gradually’ in FY25E. The slowdown in macro is still a...

HDFC Securities

EURO STOXX 50, MSCI ACWI Breaking Out; Bullish Outlook Intact; Buys in Technology, Services, & Comm

EURO $STOXX 50, MSCI $ACWI Breaking Out; Bullish Outlook Intact; Actionable Themes: Global Technology, Services, and Communications $ASML $ASMIY...

Vermilion Research

Pause/Pullback Underway; Downgrading Europe and Mexico; Buys in Services, Tech, Comm, Healthcare

Pause/pullback underway in $ACWI, but as long as the $DXY remains below $106, the 10-year Treasury yield remains below 4.35%, and $ACWI is above...

Vermilion Research

HSIE Results Daily: L&T Technology Services, Federal Bank

L&T Technology Services: L&T Technology Services (LTTS) maintained its FY24E outlook implying a strong exit in Q4FY24E, even as Q3 performance was...

HDFC Securities

Tata Technologies IPO: Trading Debut

The market sentiment on the sector has improved. In 2023, Indian IPOs with a >US$100 million raise had an average first-day gain of 28.3%. The IPO...

Arun George

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