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>We hosted our 6th IT Sector Investor Conference, with 22 corporates/experts participating in the event (virtual)</li><li>The participants represented the full spectrum of listed Indian IT (tier-1 and mid-tier) and experts ranging from deal advisors, global services, captive, and staffing</li><li>The key message on demand was positive, notwithstanding the prevalent macro situation.</li></ul><p><em>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.</em></p>

We hosted our 6th IT Sector Investor Conference, with 22 corporates/experts participating in the event (virtual)The participants represented the full spectrum of listed Indian IT (tier-1 and mid-tier) and experts ranging from deal advisors, global services, captive, and staffingThe key message on demand was positive, notwithstanding the prevalent macro situation.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.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

<ul><li>LTI and Mindtree announced their much-expected merger on 6th May, (LTIM) will be the new India heritage IT player.</li><li>If current execution of both companies holds up, we think it could outpace Tier-1 set growth over the next 10 years.</li><li>Also, with both revenue and cost synergies, we believe there is potential for net margin gap between LTIM and TCS/Infosys (currently at 300-500bps) to narrow, leading to faster than pe...(continued).</li></ul><p><em>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.</em></p>

LTI and Mindtree announced their much-expected merger on 6th May, (LTIM) will be the new India heritage IT player.If current execution of both companies holds up, we think it could outpace Tier-1 set growth over the next 10 years.Also, with both revenue and cost synergies, we believe there is potential for net margin gap between LTIM and TCS/Infosys (currently at 300-500bps) to narrow, leading to faster than pe...(continued).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.

LTI-Mindtree: To Eat More from Tier-2 Plate near Term

<div><div><div><div><ul><li>Strong complimentary credentials: LTI has strong credentials in client mining (USD 20mn+ and USD 1mn+ logos have doubled in five years) and it has scaled competencies (SAP, AWS, Temenos) significantly, supported by improved tiering in partnerships and strong solutioning (MOSAIC, Leni).</li></ul><div><div><div><div><ul><li>Risk mitigation is work in progress: In our opinion, there are risks of senior level and high-performer attrition in a tight supply market and client attrition in short cycle deals, with possibility of increased competition.</li></ul><div><div><div><div><ul><li>While the companies have been operating under L&amp;T’s parentage, cultural alignment will be work in progress (MTCL scores slightly higher on some of the supply side metrics).</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>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.</em></p>

Strong complimentary credentials: LTI has strong credentials in client mining (USD 20mn+ and USD 1mn+ logos have doubled in five years) and it has scaled competencies (SAP, AWS, Temenos) significantly, supported by improved tiering in partnerships and strong solutioning (MOSAIC, Leni).Risk mitigation is work in progress: In our opinion, there are risks of senior level and high-performer attrition in a tight supply market and client attrition in short cycle deals, with possibility of increased competition.While the companies have been operating under L&amp;T’s parentage, cultural alignment will be work in progress (MTCL scores slightly higher on some of the supply side metrics).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.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>LTI reported a growth of 3.6% QoQ CC on a high base, below our estimate of 4.2%.</li><li>Growth was broad-based across verticals and service lines.</li><li>EBIT margin moderated by 60bp QoQ to 17.3% in 4QFY22 (inline) due to lower working days and revenue mix</li></ul><p><em>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.</em></p>

LTI reported a growth of 3.6% QoQ CC on a high base, below our estimate of 4.2%.Growth was broad-based across verticals and service lines.EBIT margin moderated by 60bp QoQ to 17.3% in 4QFY22 (inline) due to lower working days and revenue mixContent 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.

Larsen and Toubro Infotech: Strong FY23 Outlook, but Valuations Remain Rich

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.

<ul><li>IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughs</li><li>IT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentially</li><li>Furthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forward</li></ul><p><em>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.</em></p>

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughsIT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentiallyFurthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forwardContent 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: Supply-Side Constraints Persist; Demand Robust

India

LTIMindtree Limited provides information technology services and solutions. The Company offers analytics and information management, enterprise integration, applications management, cloud computing, testing, and consulting services, as well as geographical information and manufacturing execution systems. LTIMindtree serves customers worldwide.

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LTIMindtree (LTIM IN)

IT Sector: Demand resilience

The participants represented the full spectrum of listed Indian IT (tier-1 and mid-tier) and experts ranging from deal advisors, global services,...

HDFC Securities

LTI-Mindtree: To Eat More from Tier-2 Plate near Term

LTI and Mindtree announced their much-expected merger on 6th May, (LTIM) will be the new India heritage IT player. If current execution of both...

Nirmal Bang

Information Technology - Two to Tango

Mindtree (MTCL) will merge into L&T Infotech (LTI) to form the amalgamated entity ‘LTIMindtree’ in a deal that has been widely speculated and...

HDFC Securities

Larsen and Toubro Infotech: Strong FY23 Outlook, but Valuations Remain Rich

LTI reported a growth of 3.6% QoQ CC on a high base, below our estimate of 4.2%.Growth was broad-based across verticals and service lines.EBIT...

Motilal Oswal

IT: Supply-Side Constraints Persist; Demand Robust

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the...

Axis Direct

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