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 the ISG index call (link) and the key message was recovery in the business environment ahead</li><li>While ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprises</li><li>The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services</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.

We hosted the ISG index call (link) and the key message was recovery in the business environment aheadWhile ISG maintained the CY23 outlook on growth in managed services deal bookings (+5% for CY23), recovery ahead is based on (1) improving pipeline for new scope projects (vs renewals &amp; extension heavy recently that drove vendor consolidation) (2) approval threshold for projects and transition timelines normalising with stable pricing environment (3) pipeline build-up for SIs with increased enterprise interest in captives and (4) stability to return in BFSI, which was impacted by executive movement earlier in enterprisesThe current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary servicesContent 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.

<ul><li>IT sector growth has slipped on account of first-order and second-order implications of the prevalent macros</li><li>The macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making (slower conversion from pipeline to TCV), slower deal ramp-up, to change in the propensity for price increases/volume discounts</li><li>While the resilience/opportunity in the sector is the medium-term recoil (high-single digit CC growth in FY25E following mid-single digit in FY24E), in this note we focus on the ‘near-term demand’ markers and assess the growth dispersion despite the aggregate slowdown</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 growth has slipped on account of first-order and second-order implications of the prevalent macrosThe macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making (slower conversion from pipeline to TCV), slower deal ramp-up, to change in the propensity for price increases/volume discountsWhile the resilience/opportunity in the sector is the medium-term recoil (high-single digit CC growth in FY25E following mid-single digit in FY24E), in this note we focus on the ‘near-term demand’ markers and assess the growth dispersion despite the aggregate slowdownContent 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.

<ul><li>ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes and a sharp dip in equity yields</li><li>We are encouraged by the management’s focus on improving its derivatives market share and diversifying revenue streams</li><li>We draw comfort from ISEC’s renewed focus on building digital prowess, albeit, given its high dependence on cash ADTVs (56% of retail broking mix), we reiterate our core thesis on the cyclicality in its revenues</li><li>We trim our EPS estimates by 2/3% for FY24E/25E to factor in weak momentum in cash ADTVs and higher staff costs, maintain ADD with a lower target price of INR600 (14x Mar-25E EPS, rolling forward multiple adjustment from 15x to 14x).</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.

ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes and a sharp dip in equity yieldsWe are encouraged by the management’s focus on improving its derivatives market share and diversifying revenue streamsWe draw comfort from ISEC’s renewed focus on building digital prowess, albeit, given its high dependence on cash ADTVs (56% of retail broking mix), we reiterate our core thesis on the cyclicality in its revenuesWe trim our EPS estimates by 2/3% for FY24E/25E to factor in weak momentum in cash ADTVs and higher staff costs, maintain ADD with a lower target price of INR600 (14x Mar-25E EPS, rolling forward multiple adjustment from 15x to 14x).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 - ICICI Securities, Mastek

<ul><li>ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes and a sharp dip in equity yields</li><li>We are encouraged by the management’s focus on improving its derivatives market share and diversifying revenue streams</li><li>We draw comfort from ISEC’s renewed focus on building digital prowess, albeit, given its high dependence on cash ADTVs (56% of retail broking mix), we reiterate our core thesis on the cyclicality in its revenues</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.

ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes and a sharp dip in equity yieldsWe are encouraged by the management’s focus on improving its derivatives market share and diversifying revenue streamsWe draw comfort from ISEC’s renewed focus on building digital prowess, albeit, given its high dependence on cash ADTVs (56% of retail broking mix), we reiterate our core thesis on the cyclicality in its revenuesContent 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 - CICI Securities, Mastek

India

Mastek Limited provides software solutions and integration services for the financial services, insurance, manufacturing, telecom and retail sectors.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mastek Ltd (MAST IN)

IT Sector Update: Recovery ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary service

HDFC Securities

IT Sector Update - Recovery Ahead

The current disconnect between the growth in bookings and soft revenue growth is largely due to the impact on discretionary services

HDFC Securities

IT sector: Mixed signals; stay selective

The macro challenges are manifesting into a set of outcomes for the sector ranging from cuts in discretionary spending, delay in decision making

HDFC Securities

HSIE Results Daily - ICICI Securities, Mastek

ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes...

HDFC Securities

HSIE Results Daily - CICI Securities, Mastek

ICICI Securities: ISEC printed a 5% QoQ de-growth in retail broking revenue on a weak base (Q3FY23: -20% YoY), on the back of muted cash volumes...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)