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.

Thematic (Sector/Industry)

<ul><li>The IT Services sector is expected to report resilient growth in Q2FY23 primarily led by the new large deal wins and a ramp-up of deals won in the previous quarter despite likely macroeconomic challenges.</li><li>IT spending in North America and Europe has remained robust due to strong demand for digital and cloud transformations.</li><li>We believe the said demand momentum is likely to remain intact at least for the quarter and don’t foresee any spending being cut in this quarter, at least from the large clients across geographies.</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>

The IT Services sector is expected to report resilient growth in Q2FY23 primarily led by the new large deal wins and a ramp-up of deals won in the previous quarter despite likely macroeconomic challenges.IT spending in North America and Europe has remained robust due to strong demand for digital and cloud transformations.We believe the said demand momentum is likely to remain intact at least for the quarter and don’t foresee any spending being cut in this quarter, at least from the large clients across geographies.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 & Telecom Q2fy23 Result Preview – Demand to Remain Robust

Equity Bottom-Up

<div><ul><li>Encouraging growth across verticles - <span style="font-size: var(--content-font-size);">On the vertical front, the BFS vertical exhibited a robust growth of 3% QoQ.</span></li></ul><div><ul><li>Outlook &amp; Valuation - <span style="font-size: var(--content-font-size);">Coforge has a robust business structure coupled with multiple long-term contracts spread across verticals which will help it generate sustainable growth momentum moving ahead.</span></li></ul><div><div><div><div><ul><li>We recommend a BUY rating on the stock and assign a 24x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 4,200 /share.</li></ul></div></div></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>

Encouraging growth across verticles - On the vertical front, the BFS vertical exhibited a robust growth of 3% QoQ.Outlook &amp; Valuation - Coforge has a robust business structure coupled with multiple long-term contracts spread across verticals which will help it generate sustainable growth momentum moving ahead.We recommend a BUY rating on the stock and assign a 24x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 4,200 /share.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 Ltd (COFORGE) - Strong Results; Outlook Remains Healthy

<ul><li>IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughs</li><li>IT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentially</li><li>Furthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forward</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>

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughsIT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentiallyFurthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forwardContent 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: Supply-Side Constraints Persist; Demand Robust

<ul><li>Coforge Ltd (Coforge) Q3FY22 results stood below our expectations. The company’s revenue grew by 4.2% QoQ in CC terms to Rs 1,658 C</li><li>Operating profits were reported at Rs 323 Cr, exhibiting a growth of 8.8% QoQ and operating margins witnessed a marginal growth of 90bps QoQ and stood at 19.5%</li><li>We recommend a BUY rating on the stock and assign a 28x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 5,060 /share. TP implies 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>

Coforge Ltd (Coforge) Q3FY22 results stood below our expectations. The company’s revenue grew by 4.2% QoQ in CC terms to Rs 1,658 COperating profits were reported at Rs 323 Cr, exhibiting a growth of 8.8% QoQ and operating margins witnessed a marginal growth of 90bps QoQ and stood at 19.5%We recommend a BUY rating on the stock and assign a 28x P/E multiple to its FY24E earnings of Rs 177.8/share which gives a TP of Rs 5,060 /share. TP implies 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.

Result Update:Coforge: Results Below Expectations; Outlook Remains Healthy

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>Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.</li><li>Revenues and PAT grew at a CAGR of ~12% each over the past five years</li><li>Target Price and Valuation: We value Coforge at Rs 5870 i.e. 30x P/E on FY24E EPS</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>

Coforge offers system integration, apps &amp; BPO services to BFSI, travel &amp; healthcare verticals.Revenues and PAT grew at a CAGR of ~12% each over the past five yearsTarget Price and Valuation: We value Coforge at Rs 5870 i.e. 30x P/E on FY24E EPSContent 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.

India

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

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Coforge (COFORGE IN)

It & Telecom Q2fy23 Result Preview – Demand to Remain Robust

The IT Services sector is expected to report resilient growth in Q2FY23 primarily led by the new large deal wins and a ramp-up of deals won in the...

Axis Direct

Coforge Ltd (COFORGE) - Strong Results; Outlook Remains Healthy

Coforge Ltd (Coforge) Q4FY22 results stood above our expectations. The company’s revenue grew by 5.1% QoQ in CC terms to Rs 1,743 Cr.

Axis Direct

IT: Supply-Side Constraints Persist; Demand Robust

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the...

Axis Direct

Result Update:Coforge: Results Below Expectations; Outlook Remains Healthy

Coforge Ltd (Coforge) Q3FY22 results stood below our expectations. The company’s revenue grew by 4.2% QoQ in CC terms to Rs 1,658 Cr

Axis Direct

Coforge Ltd: Outlook Remains Strong

Coforge offers system integration, apps & BPO services to BFSI, travel & healthcare verticals. Revenues and PAT grew at a CAGR of ~12% each over...

ICICI Securities Limited

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