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 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><p><em>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.</em></p>

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

Equity Bottom-Up

<ul><li>Mphasis: Mphasis (MPHL) delivered weak Q3 performance, impacted by the steeper-than-expected decline in Digital Risk (mortgage business) and a higher furlough impact in TMT vertical</li><li>The decline in Digital Risk (DR) impacted a sequential revenue drop of ~USD 12mn (FY23E revenue negative impact of USD 59mn or ~3.7% due to DR)</li><li>We have factored in a double-digit decline in the next two quarters and a flat sequential trajectory beyond that which is in sync with Freddie Mac's quarterly outlook</li></ul><p><em>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.</em></p>

Mphasis: Mphasis (MPHL) delivered weak Q3 performance, impacted by the steeper-than-expected decline in Digital Risk (mortgage business) and a higher furlough impact in TMT verticalThe decline in Digital Risk (DR) impacted a sequential revenue drop of ~USD 12mn (FY23E revenue negative impact of USD 59mn or ~3.7% due to DR)We have factored in a double-digit decline in the next two quarters and a flat sequential trajectory beyond that which is in sync with Freddie Mac's quarterly outlookContent 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.

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Furloughs, lesser number of working days, deferred spending, and continued weakness in mortgage (uptick in interest rates in the US) would weigh on the sequential revenue growth trajectory in Q3.</li><li>Management expects Q4 growth to be better than Q3 growth.</li><li>Exposure to the interest rate-sensitive portion of the business is in a low single-digit percentage of revenue; hence, the incremental impact will be limited.</li></ul><p><em>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.</em></p>

Furloughs, lesser number of working days, deferred spending, and continued weakness in mortgage (uptick in interest rates in the US) would weigh on the sequential revenue growth trajectory in Q3.Management expects Q4 growth to be better than Q3 growth.Exposure to the interest rate-sensitive portion of the business is in a low single-digit percentage of revenue; hence, the incremental impact will be limited.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 - Near-Term Pain; Medium-Term Growth Drivers in Place

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul><li>Mphasis Ltd (Mphasis) offers application services, BPO and infrastructure services, BFSI, technology, communication &amp; logistic services.</li><li>The company’s direct revenue increased 35.7% YoY on a reported basis and 34.4% in CC terms in FY22</li><li>OCF, EBITDA of 75% and double digit return ratio (with RoCE of 20%).</li></ul><p><em>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.</em></p>

Mphasis Ltd (Mphasis) offers application services, BPO and infrastructure services, BFSI, technology, communication &amp; logistic services.The company’s direct revenue increased 35.7% YoY on a reported basis and 34.4% in CC terms in FY22OCF, EBITDA of 75% and double digit return ratio (with RoCE of 20%).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 Ltd (Mphasis) - Client Related Furlough, Mortgage Business Impacting Overall Growth…

<div><div><div><div><ul><li>IT sector is expected to post resilient Q2 performance in context of the current macro environment.</li><li>Tier-1 IT is expected to deliver sequential growth in the range of 2.4% to 4% CC.</li><li>Cross currency impact severity will be similar to last quarter with -1.3% to -1.8% sequential impact for Tier-1. </li></ul></div></div></div></div><p><em>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.</em></p>

IT sector is expected to post resilient Q2 performance in context of the current macro environment.Tier-1 IT is expected to deliver sequential growth in the range of 2.4% to 4% CC.Cross currency impact severity will be similar to last quarter with -1.3% to -1.8% sequential impact for Tier-1. 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.

Information Technology - Demand Resilience

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)

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

Mphasis - Buy the Dip

Mphasis (MPHL) delivered weak Q3 performance, impacted by the steeper-than-expected decline in Digital Risk (mortgage business) and a higher...

HDFC Securities

Mphasis - Near-Term Pain; Medium-Term Growth Drivers in Place

Furloughs, lesser number of working days, deferred spending, and continued weakness in mortgage (uptick in interest rates in the US) would weigh on...

Emkay

Information Technology - Demand Resilience

IT sector is expected to post resilient Q2 performance in context of the current macro environment. Tier-1 IT is expected to deliver sequential...

HDFC Securities

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