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>Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments</li><li>Another 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demand</li><li>We believe developers would not take price hikes now and support recovery</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.

Mortgage rates on the cusp of denting demand; structural drivers remain intact: Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down paymentsAnother 50bps interest hike may destroy demand further. The all-time high affordability is still aiding demandWe believe developers would not take price hikes now and support recoveryContent 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.

Real Estate (Q3FY23 Results Preview): Resilient Performance

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.

Equity Bottom-Up

Mahindra Lifespace Developers Ltd / Equity Bottom-Up

<ul><li>Mahindra Lifespace (MLDL) posted 32% YoY growth in bookings to INR4b (down 34% QoQ on high base) driven by strong response to launches and continued momentum in ongoing projects.</li><li>Bookings in 1HFY23 were over INR10b similar to what it clocked in FY22.</li><li>Sales volumes rose 21% YoY to 0.45msf. MLDL launched 0.6msf of projects/phase including the launch of new project Nestalgia, Pune that clocked bookings of INR1.4b (73% of launch inventory).</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.

Mahindra Lifespace (MLDL) posted 32% YoY growth in bookings to INR4b (down 34% QoQ on high base) driven by strong response to launches and continued momentum in ongoing projects.Bookings in 1HFY23 were over INR10b similar to what it clocked in FY22.Sales volumes rose 21% YoY to 0.45msf. MLDL launched 0.6msf of projects/phase including the launch of new project Nestalgia, Pune that clocked bookings of INR1.4b (73% of launch inventory).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.

Mahindra Lifespace (MLDL) - Conversion of BD Pipeline to Drive Further Upside

<ul><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industries</li><li>EBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA margin</li><li>Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)</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.

SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industriesEBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA marginConsolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)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.

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

<ul><li>Demand momentum may continue to reflect in presales: We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estate</li><li>Mortgage rate increase is yet to meaningfully reflect in demand destruction as we may be closer to peak of interest rate tightening</li><li>Affordability still has an upper hand in decision-making</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.

Demand momentum may continue to reflect in presales: We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estateMortgage rate increase is yet to meaningfully reflect in demand destruction as we may be closer to peak of interest rate tighteningAffordability still has an upper hand in decision-makingContent 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.

Real Estate (Q2FY23 Results Preview): Resilient demand

<ul><li>Mahindra Lifespace Developers (MLDL), a part of Mahindra group, is one of the leading residential developers with a strong presence in Mumbai and Pune.</li><li>It is gradually expanding its footprint in Bengaluru.</li><li>MLDL also operates the Integrated City &amp; Industrial Cluster (IC&amp;IC) segment in which it monetizes the land bank by providing plug and play industrial infrastructure for manufacturing units.</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.

Mahindra Lifespace Developers (MLDL), a part of Mahindra group, is one of the leading residential developers with a strong presence in Mumbai and Pune.It is gradually expanding its footprint in Bengaluru.MLDL also operates the Integrated City &amp; Industrial Cluster (IC&amp;IC) segment in which it monetizes the land bank by providing plug and play industrial infrastructure for manufacturing units.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.

Mahindra Lifespace Developers - Turning the Tide with Renewed Vigor

India

Mahindra Lifespace Developers Limited specializes in the construction and operation of commercial and residential property complexes, projects management services and business centers.

Mahindra Lifespace Developers Ltd (MLIFE IN)

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Mahindra Lifespace Developers Ltd (MLIFE IN)

Real Estate (Q3FY23 Results Preview): Resilient Performance

Post the recent interest rate hikes, loan eligibility has reduced, resulting in a larger funding requirement for down payments. Another 50bps...

HDFC Securities

Mahindra Lifespace (MLDL) - Conversion of BD Pipeline to Drive Further Upside

MLDL launched 0.6msf of projects/phase including the launch of new project Nestalgia, Pune that clocked bookings of INR1.4b (73% of launch inventory).

Motilal Oswal

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)

HDFC Securities

Real Estate (Q2FY23 Results Preview): Resilient demand

We expect presales momentum to continue, driven by high affordability, stable prices, and overall positive sentiment for real estate

HDFC Securities

Mahindra Lifespace Developers - Turning the Tide with Renewed Vigor

Mahindra Lifespace Developers (MLDL), a part of Mahindra group, is one of the leading residential developers with a strong presence in Mumbai and...

Motilal Oswal

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