External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>IT sector is expected to post a soft Q4 on increased macro uncertainty</li><li>We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic</li><li>Deal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clients</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 is expected to post a soft Q4 on increased macro uncertaintyWe expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organicDeal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clientsContent 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 (Q4FY23E Results Preview): Soft quarter; outlook holds the key

IT (Q4FY23E Results Preview) - Soft Quarter; Outlook Holds the Key

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.</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 over 15 companies at the HDFC Securities’ 7th annual IT conferenceKey takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.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: Looking beyond near-term macro stress

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference.</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.</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 over 15 companies at the HDFC Securities’ 7th annual IT conference.Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.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 - Looking Beyond Near-Term Macro Stress

<ul><li>ICICI Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)</li><li>Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growth</li><li>However, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction 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 Lombard: ICICI Lombard (ICICIGI) reported NEP 2% below our estimates (+14% YoY); however, better-than-expected loss ratios in motor TP business were offset by continued investments into building the retail health agency business, driving calculated CORs to 105% and APAT to INR3.5bn (+11% YoY, -6% vs estimates)Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during FY24, and consequently cut our FY23E/24E earnings by 7/10% to build in slower than industry growthHowever, given the strong demand outlook in the underlying autos segment, we argue that the pessimism is overdone and maintain our ADD rating, with a TP of INR1,270 (implied Sep-24E P/E of 31x and P/ABV of 5x). Angel One: ANGELONE printed flat sequential growth in its top line due to slower retail derivatives ADTVs and weak ancillary transaction 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: ICICI Lombard, Angel One, Mastek

India

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

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Mastek Ltd (MAST IN)

IT (Q4FY23E Results Preview): Soft quarter; outlook holds the key

We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic

HDFC Securities

IT (Q4FY23E Results Preview) - Soft Quarter; Outlook Holds the Key

We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic

HDFC Securities

IT Sector: Looking beyond near-term macro stress

BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.

HDFC Securities

IT Sector - Looking Beyond Near-Term Macro Stress

BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.

HDFC Securities

HSIE Results Daily: ICICI Lombard, Angel One, Mastek

Even as we remain wary of heightened competitive intensity in the motor OD segment, we expect loss ratios in the motor TP segment to inch up during...

HDFC Securities

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