Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>Positive retail flows, HNI &amp; AIF inflows, along with global market trends, suggest that the uptrend for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> may continue.</li>
<li>Bullish stocks include <a href="https://www.smartkarma.com/entities/metro-brands" target="_blank" data-smartkarma-citation="entities:35289:1" rel="noopener">Metro Brands (METROBRA IN)</a> and <a href="https://www.smartkarma.com/entities/zydus-wellness-ltd" target="_blank" data-smartkarma-citation="entities:4353:1" rel="noopener">Zydus Wellness (ZYWL IN)</a>, while the sentiment for <a href="https://www.smartkarma.com/entities/whirlpool-of-india-ltd" target="_blank" data-smartkarma-citation="entities:7270:1" rel="noopener">Whirlpool of India (WHIRL IN)</a> is Bearish.</li>
<li>Highlighted global stocks include <a href="https://www.smartkarma.com/entities/ebix-inc" target="_blank" data-smartkarma-citation="entities:4022:1" rel="noopener">Ebix (EBIX US)</a> , <a href="https://www.smartkarma.com/entities/smith-a-o-corp" target="_blank" data-smartkarma-citation="entities:18645:1" rel="noopener">Smith (A.O.) (AOS US)</a> and <a href="https://www.smartkarma.com/entities/apple-inc" target="_blank" data-smartkarma-citation="entities:666:1" rel="noopener">Apple (AAPL US)</a> </li>
</ul>


Positive retail flows, HNI &amp; AIF inflows, along with global market trends, suggest that the uptrend for the NIFTY Index (NIFTY INDEX) may continue.
Bullish stocks include Metro Brands (METROBRA IN) and Zydus Wellness (ZYWL IN), while the sentiment for Whirlpool of India (WHIRL IN) is Bearish.
Highlighted global stocks include Ebix (EBIX US) , Smith (A.O.) (AOS US) and Apple (AAPL US) 


[Week 1] Namaste India 🙏 | Whirlpool Stock Performance Is Good, Earnings Are Not

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Top Sector Ideas: We are proud to share that we released several Top Sector Ideas during the month and we highly encourage you to refer to these exclusive reports; Retail, Pharma, BFSI, FMCG, Metals &amp; Mining, Infra Road, Cement, Auto &amp; Auto Ancillaries, IT Services.</li><li>The reports contain carefully curated companies from each sector that we believe are best placed to deliver excellent performance moving forward.</li><li>Axis Alpha: Axis Alpha reported an astounding monthly strike rate of 75% in Aug’23. </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.

Top Sector Ideas: We are proud to share that we released several Top Sector Ideas during the month and we highly encourage you to refer to these exclusive reports; Retail, Pharma, BFSI, FMCG, Metals &amp; Mining, Infra Road, Cement, Auto &amp; Auto Ancillaries, IT Services.The reports contain carefully curated companies from each sector that we believe are best placed to deliver excellent performance moving forward.Axis Alpha: Axis Alpha reported an astounding monthly strike rate of 75% in Aug’23. 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.

Axis Research Scorecard Report - August 2023

<ul><li>Axis Top Picks basket delivered impressive returns of 28% in the last one year, against the 8% return posted by Nifty 50, beating the benchmark by a wide margin.</li><li>In August’23, the basket inched up further by 2.6%, marking an excellent outperformance of 5% over the Nifty 50 index which declined by 2.5%.</li><li>We are extremely happy to inform you that our Top Picks Basket has delivered an astounding return of 210% since its inception (May’20), well above the 108% return delivered by NIFTY 50 over the same period. </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.

Axis Top Picks basket delivered impressive returns of 28% in the last one year, against the 8% return posted by Nifty 50, beating the benchmark by a wide margin.In August’23, the basket inched up further by 2.6%, marking an excellent outperformance of 5% over the Nifty 50 index which declined by 2.5%.We are extremely happy to inform you that our Top Picks Basket has delivered an astounding return of 210% since its inception (May’20), well above the 108% return delivered by NIFTY 50 over the same period. 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.

Axis Top Picks for the month of September 2023

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companies</li><li>Aggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%</li><li>Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY</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.

Q1FY24 earnings season saw an overall in-line performance, with wide divergences across sectors and companiesAggregate revenue/PAT grew by 3%/52% YoY across the HSIE coverage (~219 stocks), with their four-year CAGRs at 12%/22%Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoYContent 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.

India Equity Strategy: Input cost deflation hurts topline but boosts profitability

<ul><li>The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher ASPs, sales volumes, and operating leverage.</li><li>On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth/de-growth stood at -0.6%/-2.3%/+5%, against expectation of -1.3%/-2.6%/-6%.</li><li>The QoQ drag was largely led by Maruti and Ashok Leyland on account of lower sales volumes QoQ. </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.

The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher ASPs, sales volumes, and operating leverage.On a QoQ basis, the aggregate Revenue/EBITDA/PAT growth/de-growth stood at -0.6%/-2.3%/+5%, against expectation of -1.3%/-2.6%/-6%.The QoQ drag was largely led by Maruti and Ashok Leyland on account of lower sales volumes QoQ. 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.

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

[Week 1] Namaste India 🙏 | Whirlpool Stock Performance Is Good, Earnings Are Not

The NIFTY Index could continue its uptrend. Bullish names include Metro, and Zydus Wellness, Global names to watch are Ebix, Smith (A.O.), and Apple.

Pranav Bhavsar

Axis Research Scorecard Report - August 2023

We are proud to share that we released several Top Sector Ideas during the month and we highly encourage you to refer to these exclusive reports

Axis Direct

Axis Top Picks for the month of September 2023

Axis Top Picks basket delivered impressive returns of 28% in the last one year, against the 8% return posted by Nifty 50, beating the benchmark by...

Axis Direct

India Equity Strategy: Input cost deflation hurts topline but boosts profitability

Large-cap stocks of the coverage universe dominated the incremental earnings, which grew by 55% YoY, while the midcap category grew by 24% YoY

HDFC Securities

Auto Sector: Q1FY24 Review

The companies under our coverage reported Revenue/EBITDA/PAT growth of +19%/+50%/+88% YoY against expectation of +18%/+49%/+69% driven by higher ASPs

Axis Direct

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