External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

Equity Bottom-Up

<ul><li>ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of INR 42.3bn (up 40% YoY).</li><li>Hence, the company has achieved FY24 sales bookings of INR 145bn, exactly in line with its FY24 sales booking guidance.</li><li>With the recent equity raise of ~INR 33bn, LODHA has pared net debt to INR 30.1bn (net D/E of 0.1x).</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>

ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of INR 42.3bn (up 40% YoY).Hence, the company has achieved FY24 sales bookings of INR 145bn, exactly in line with its FY24 sales booking guidance.With the recent equity raise of ~INR 33bn, LODHA has pared net debt to INR 30.1bn (net D/E of 0.1x).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.

Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Macrotech Developers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/macrotech-developers-limited" target="_blank" data-smartkarma-citation="entities:27315:1" rel="noopener">Macrotech Developers (LODHA IN)</a> is looking to raise around US$398m via a QIP.</li>
<li>The deal here will be a well flagged one with LODHA’s board having announced its intention of raising up to INR50bn via a QIP earlier in Jan 2024.</li>
<li>That being said, while representing just 3% of LODHA’s shares outstanding, the deal would be a large one to digest at 30 days of its three month ADV.</li>
</ul>



Macrotech Developers (LODHA IN) is looking to raise around US$398m via a QIP.
The deal here will be a well flagged one with LODHA’s board having announced its intention of raising up to INR50bn via a QIP earlier in Jan 2024.
That being said, while representing just 3% of LODHA’s shares outstanding, the deal would be a large one to digest at 30 days of its three month ADV.


Macrotech Developers Placement - Large Deal, and Not Cheap Per Se

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>With the review period nearing completion, there could be 14/15 changes for the NIFTY Midcap 150 Index at the September rebalance.</li>
<li>Estimated one-way turnover is 8.2% resulting in a one-way trade of INR 6.6bn (US$79m). With US$38bn tracking the index actively, the impact on the stocks will be much larger.</li>
<li>Performance of a long adds/short deletes trade was very good in March, and we could see a repeat over the next couple of months.</li>
</ul>


With the review period nearing completion, there could be 14/15 changes for the NIFTY Midcap 150 Index at the September rebalance.
Estimated one-way turnover is 8.2% resulting in a one-way trade of INR 6.6bn (US$79m). With US$38bn tracking the index actively, the impact on the stocks will be much larger.
Performance of a long adds/short deletes trade was very good in March, and we could see a repeat over the next couple of months.


NIFTY MIDCAP150 Index Rebalance Preview: 14 Changes & Good Performance as Actives Start Trading

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Cross Asset Strategy

<ul>
<li>The average Indian allocation among active GEM funds broke through the 15% barrier at the start of 2024, despite an increasing underweight versus the benchmark index.</li>
<li>Valuation-Driven Underweight: The average weight versus the iShares MSCI EM ETF hit record underweights of -2.44%, with only 27.6% of funds positioned overweight. EM Value funds hit record -8.7% underweight.</li>
<li>HDFC Bank is the most widely held stock, owned by 60.5% of funds, while a majority of Indian names, such as Reliance Industries, are underweighted by active GEM funds.</li>
</ul>


The average Indian allocation among active GEM funds broke through the 15% barrier at the start of 2024, despite an increasing underweight versus the benchmark index.
Valuation-Driven Underweight: The average weight versus the iShares MSCI EM ETF hit record underweights of -2.44%, with only 27.6% of funds positioned overweight. EM Value funds hit record -8.7% underweight.
HDFC Bank is the most widely held stock, owned by 60.5% of funds, while a majority of Indian names, such as Reliance Industries, are underweighted by active GEM funds.


India:  Record Exposure Gives Rise to Caution

<ul>
<li>With a substantial part of the review period complete, there could potentially be 7 changes 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> in September.</li>
<li>Estimated one-way turnover is 17.7% resulting in a one-way trade of INR 47.2bn (US$566m). 8 stocks will have over 1x ADV to trade from passive trackers.</li>
<li>There are a bunch of stocks that are potential migrations between Mid Cap and Large Cap segments in the AMFI Classification system and there will be flows from active managers.</li>
</ul>


With a substantial part of the review period complete, there could potentially be 7 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) in September.
Estimated one-way turnover is 17.7% resulting in a one-way trade of INR 47.2bn (US$566m). 8 stocks will have over 1x ADV to trade from passive trackers.
There are a bunch of stocks that are potential migrations between Mid Cap and Large Cap segments in the AMFI Classification system and there will be flows from active managers.


NIFTY NEXT50 Index Rebalance Preview: Active Meets Passive

India

Macrotech Developers Limited operates as a real estate company. The Company owns and develops commercial and industrial properties. Macrotech Developers serves customers worldwide.

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Macrotech Developers (LODHA IN)

Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive

ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of...

ICICI Securities Limited

Macrotech Developers Placement - Large Deal, and Not Cheap Per Se

Macrotech Developers (LODHA IN) is looking to raise around US$398m via a QIP. The deal would be a large one to digest at 30 days of its three month...

Clarence Chu

NIFTY MIDCAP150 Index Rebalance Preview: 14 Changes & Good Performance as Actives Start Trading

There could be 14/15 changes for the NIFTY Midcap150 Index in Sep. Apart from the passive trackers, there are huge active funds tracking the index....

Brian Freitas

India: Record Exposure Gives Rise to Caution

Despite record MSCI India highs, valuations keep India as a significant underweight for active EM managers. Underweights client to -2.44% versus...

Steven Holden

NIFTY NEXT50 Index Rebalance Preview: Active Meets Passive

There could be 7 changes for the NIFTY NEXT50 in Sep. 2 of those changes are migrations to/from the NIFTY50. There are stocks that will have flows...

Brian Freitas

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