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.

Equity Bottom-Up

<ul><li>Deal wins for FY21 stood at $781 Mn, showcasing a growth of 11% YoY and the highest ever in the history of Coforge. The company has also added 45 clients during FY2021.</li><li>Revenue growth in FY21 stood industry-leading at 11.4%. The company also reported healthy expansion in its operating margins</li><li>We recommend a BUY rating on the stock and assign a 37 x P/E multiple to its FY24E earnings of Rs 184/share to arrive at a TP of Rs 6,870/share, implying an upside of 15% from CMP.</li></ul><div class="content-highlight"><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></div>

Deal wins for FY21 stood at $781 Mn, showcasing a growth of 11% YoY and the highest ever in the history of Coforge. The company has also added 45 clients during FY2021.Revenue growth in FY21 stood industry-leading at 11.4%. The company also reported healthy expansion in its operating marginsWe recommend a BUY rating on the stock and assign a 37 x P/E multiple to its FY24E earnings of Rs 184/share to arrive at a TP of Rs 6,870/share, implying an upside of 15% from CMP.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.

Coforge: Strong Broad Based Growth; Capitalizing Robust Demand to Sustain Growth

<p>We recommend a BUY rating on the stock and assign a 31x P/E multiple to its FY24E earnings of Rs 177.7/share which gives a TP of Rs 5,570 /share. TP implies an upside of 10% from CMP.</p><div class="content-highlight"><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></div>

We recommend a BUY rating on the stock and assign a 31x P/E multiple to its FY24E earnings of Rs 177.7/share which gives a TP of Rs 5,570 /share. TP implies an upside of 10% from CMP.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.

Coforge: Sturdy Growth; Healthy Deal Pipeline

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<p>India-based data management and analytics firm <a href="https://www.smartkarma.com/entities/eclerx-services-ltd" target="_blank" data-smartkarma-citation="entities:17312:1" rel="noopener">eClerx Services (ECLX IN)</a> released their public announcement document for their latest buyback after market close on 20th September 2021. The buyback was initially proposed in a board meeting on 13th August 2021 and later approved by shareholders (postal ballot) on 16th September 2021.  </p><p>The buyback price has been set at INR2,850/share and eClerx expects to buy up to 1,063,157 shares through a Tender Offer. The total size of the buyback will be approximately INR3bn (~US$41mn). </p><p><em>More below the fold. </em></p><hr><div class="content-remarks"><p><strong>For more on Indian Buybacks, please see <a href="https://www.smartkarma.com/insights/quiddity-india-buy-back-guide-2021-regulations-patterns" target="_blank" data-smartkarma-citation="insights:56892" rel="noopener">Quiddity India Buy-Back Guide 2021: Regulations &amp; Patterns</a> </strong></p></div>

India-based data management and analytics firm eClerx Services (ECLX IN) released their public announcement document for their latest buyback after market close on 20th September 2021. The buyback was initially proposed in a board meeting on 13th August 2021 and later approved by shareholders (postal ballot) on 16th September 2021.  The buyback price has been set at INR2,850/share and eClerx expects to buy up to 1,063,157 shares through a Tender Offer. The total size of the buyback will be approximately INR3bn (~US$41mn). More below the fold. For more on Indian Buybacks, please see Quiddity India Buy-Back Guide 2021: Regulations &amp; Patterns 

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

ICICI Securities Limited

<p>About the stock: Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals</p><ul><li>Coforge’s revenues and PAT have grown at a CAGR of ~12% each over the past five years</li><li>Healthy OCF, EBITDA (~75%) and robust return ratios (RoCE &gt; 20%)</li></ul><div class="content-highlight"><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></div>

About the stock: Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticalsCoforge’s revenues and PAT have grown at a CAGR of ~12% each over the past five yearsHealthy OCF, EBITDA (~75%) and robust return ratios (RoCE &gt; 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.

Coforge: Healthy Organic Performance, Robust Guidance

<p>We recommend a BUY and assign 37x P/E multiple to its FY23E earnings of Rs 139.5/share which gives a TP of Rs 5,220 /share, implying an upside of 10% from CMP</p>
<div class="content-highlight"><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></div>

We recommend a BUY and assign 37x P/E multiple to its FY23E earnings of Rs 139.5/share which gives a TP of Rs 5,220 /share, implying an upside of 10% from CMP
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.

Coforge: Sturdy Growth, Healthy Deal Pipeline

India

Coforge Limited provides information technology services. The Company serves customers in India.

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Coforge (COFORGE IN)

Coforge: Strong Broad Based Growth; Capitalizing Robust Demand to Sustain Growth

We recommend a BUY rating on the stock and assign a 37 x P/E multiple to its FY24E earnings of Rs 184/share to arrive at a TP of Rs 6,870/share,...

Axis Direct

Coforge: Sturdy Growth; Healthy Deal Pipeline

We recommend a BUY rating on the stock and assign a 31x P/E multiple to its FY24E earnings of Rs 177.7/share which gives a TP of Rs 5,570 /share....

Axis Direct

EClerx Buyback: Adding Fuel to Momentum

India based data management firm eClerx Services launched a US$40mn buyback which is expected to open next month. Fundamentally, the stock appears...

Janaghan Jeyakumar, CFA

Coforge: Healthy Organic Performance, Robust Guidance

Coforge offers system integration, apps & BPO services to BFSI, travel & healthcare verticals. Coforge’s revenues and PAT have grown at a CAGR of...

ICICI Securities Limited

Coforge: Sturdy Growth, Healthy Deal Pipeline

We recommend a BUY and assign 37x P/E multiple to its FY23E earnings of Rs 139.5/share which gives a TP of Rs 5,220 /share, implying an upside of...

Axis Direct

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