External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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

<ul><li>Mphasis (MPHL)’s 3QFY25 revenue was 0.1% QoQ in Constant Currency (CC), in-line with our estimate of 0.2% QoQ CC.</li><li>Direct business grew 0.2%/5.1% QoQ/YoY in CC, aided by Insurance and TMT.</li><li>TCV was up 70% QoQ to USD351m.</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.

Mphasis (MPHL)’s 3QFY25 revenue was 0.1% QoQ in Constant Currency (CC), in-line with our estimate of 0.2% QoQ CC.Direct business grew 0.2%/5.1% QoQ/YoY in CC, aided by Insurance and TMT.TCV was up 70% QoQ to USD351m.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.

Mphasis - Strong Quarter and Improving Outlook

<ul><li>Mphasis (MPHL)’s 2QFY25 revenue was 2.5% QoQ in Constant Currency (CC), which was above our estimate (+2 % QoQ CC).</li><li>Direct business grew 2.4%/6.2% QoQ/YoY in CC, aided by TMT and BFS.</li><li>The Total Contract Value (TCV) was down 35% QoQ to USD207m.</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.

Mphasis (MPHL)’s 2QFY25 revenue was 2.5% QoQ in Constant Currency (CC), which was above our estimate (+2 % QoQ CC).Direct business grew 2.4%/6.2% QoQ/YoY in CC, aided by TMT and BFS.The Total Contract Value (TCV) was down 35% QoQ to USD207m.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.

Mphasis - Strong Quarter and Improving Growth Outlook

<ul><li>Mphasis (MPHL)’s 1QFY25 revenue was flat QoQ in constant currency (CC), which was weaker than our estimate (+1.2% QoQ CC).</li><li>Direct business grew 0.3%/4.1% QoQ/YoY in CC, aided by Insurance and BFS.</li><li>The TCV jumped 80% QoQ to USD319m due to the low base of 4QFY24 at USD177m.</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.

Mphasis (MPHL)’s 1QFY25 revenue was flat QoQ in constant currency (CC), which was weaker than our estimate (+1.2% QoQ CC).Direct business grew 0.3%/4.1% QoQ/YoY in CC, aided by Insurance and BFS.The TCV jumped 80% QoQ to USD319m due to the low base of 4QFY24 at USD177m.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.

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

L&T Technology Services Limited / Event-Driven

<ul>
<li>In line with our forecast, <a href="https://www.smartkarma.com/entities/oracle-financial-services" target="_blank" data-smartkarma-citation="entities:7775:1" rel="noopener">Oracle Financial Services (OFSS IN)</a> replaces <a href="https://www.smartkarma.com/entities/l-t-technology-services-limited" target="_blank" data-smartkarma-citation="entities:23601:1" rel="noopener">L&amp;T Technology Services Limited (LTTS IN)</a> in the <a href="https://www.smartkarma.com/entities/nifty-it-index" target="_blank" data-smartkarma-citation="entities:36059:1" rel="noopener">Nifty IT Index (NSEIT INDEX)</a> at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/l-t-technology-services-limited" target="_blank" data-smartkarma-citation="entities:23601:1" rel="noopener">L&amp;T Technology Services (LTTS IN)</a> is also being excluded from the F&amp;O segment at the close on 27 March. Open interest is ~900k shares and there will be unwinding.</li>
<li>Passive trackers will need to trade between 0.5-0.6x ADV in the stocks. Impact increases to 1-2 days of delivery volume.</li>
</ul>


In line with our forecast, Oracle Financial Services (OFSS IN) replaces L&amp;T Technology Services Limited (LTTS IN) in the Nifty IT Index (NSEIT INDEX) at the March rebalance.

L&amp;T Technology Services (LTTS IN) is also being excluded from the F&amp;O segment at the close on 27 March. Open interest is ~900k shares and there will be unwinding.
Passive trackers will need to trade between 0.5-0.6x ADV in the stocks. Impact increases to 1-2 days of delivery volume.


Nifty IT Index Rebalance: Oracle Financial Services Takes a Beating but Replaces L&T Tech

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Hexaware Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hexaware-technologies-ltd" target="_blank" data-smartkarma-citation="entities:7882:1" rel="noopener">Hexaware Technologies</a> raised around US$1bn in its India IPO, while its anchor book was strong, overall coverage was not. </li>
<li>Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Hexaware Technologies raised around US$1bn in its India IPO, while its anchor book was strong, overall coverage was not. 
Hexaware is a global digital and technology services company with AI at its core, delivering innovative solutions that help customers in their digital transformation journey and subsequent operations.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Hexaware Technologies IPO Trading - Very Strong Anchor, Very Poor Overall

India

Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

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Mphasis Ltd (MPHL IN)

Mphasis - Strong Quarter and Improving Outlook

Mphasis (MPHL)’s 3QFY25 revenue was 0.1% QoQ in Constant Currency (CC), in-line with our estimate of 0.2% QoQ CC. Direct business grew 0.2%/5.1%...

Motilal Oswal

Mphasis - Strong Quarter and Improving Growth Outlook

Mphasis (MPHL)’s 2QFY25 revenue was 2.5% QoQ in Constant Currency (CC), which was above our estimate (+2 % QoQ CC). Direct business grew 2.4%/6.2%...

Motilal Oswal

Mphasis - Improvement Fully Priced In

Mphasis (MPHL)’s 1QFY25 revenue was flat QoQ in constant currency (CC), which was weaker than our estimate (+1.2% QoQ CC).

Motilal Oswal

Nifty IT Index Rebalance: Oracle Financial Services Takes a Beating but Replaces L&T Tech

Oracle Financial Svcs replaces L&T Tech in the CNXIT Index in March. OFSS has been on a rollercoaster while LTTS has stayed out of the limelight....

Brian Freitas

Hexaware Technologies IPO Trading - Very Strong Anchor, Very Poor Overall

Hexaware Technologies raised around US$1bn in its India IPO, while its anchor book was strong, overall coverage was not.

Sumeet Singh

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