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 recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</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 recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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.

Festive temperature check: Festive mood sombre

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

<ul>
<li>We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.</li>
<li>Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> and <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> too.</li>
<li>The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.
Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the NIFTY Index and Nifty Next 50 Index too.
The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.


AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Capital Markets

Credo Brands Marketing / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/credo-brands-marketing-limited" target="_blank" data-smartkarma-citation="entities:40400:1" rel="noopener">Credo Brands (Mufti) (CREDO IN)</a> IPO opens as a full OFS worth INR 5.5 bn. </li>
<li>The company operates ‘Mufti’ which is one of the renowned brands in Indian Men Casual Fashion category. </li>
<li>CMBL faces several questions including employee pay vs KMP, accounting for unsold inventory, delay in important payments, conflict of interest with BoD/SMPs etc.</li>
</ul>



Credo Brands (Mufti) (CREDO IN) IPO opens as a full OFS worth INR 5.5 bn. 
The company operates ‘Mufti’ which is one of the renowned brands in Indian Men Casual Fashion category. 
CMBL faces several questions including employee pay vs KMP, accounting for unsold inventory, delay in important payments, conflict of interest with BoD/SMPs etc.


Credo Brands Marketing IPO- Forensic Analysis

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Equity Bottom-Up

<ul>
<li>The Indian Market (~$4 trillion) has now overtaken Hong Kong as the 4th most-valued stock market after the US, China, and Japan. </li>
<li>We recently concluded an exploratory trip to Patna, the capital, and also the largest city of the state of Bihar, Summarized thoughts on companies focused in this insight. </li>
<li>Multiple stocks covered in the Insight. The future of <a href="https://www.smartkarma.com/entities/easy-trip-planners-ltd" target="_blank" data-smartkarma-citation="entities:34149:1" rel="noopener">Easy Trip Planners (EASEMYTR IN)</a>, especially if it's banking on franchisee expansion, could go the other way around.</li>
</ul>


The Indian Market (~$4 trillion) has now overtaken Hong Kong as the 4th most-valued stock market after the US, China, and Japan. 
We recently concluded an exploratory trip to Patna, the capital, and also the largest city of the state of Bihar, Summarized thoughts on companies focused in this insight. 
Multiple stocks covered in the Insight. The future of Easy Trip Planners (EASEMYTR IN), especially if it's banking on franchisee expansion, could go the other way around.


[Week 14] Namaste India 🙏 | EASEMYTR IN | Easy Trip's Ghost Franchise?

<ul><li>ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%</li><li>However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gas</li><li>Q2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expenses</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.

ONGC: We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive valuation of 4.7x Mar-25 EPS, a ~10% discount to 5-year average P/E of 5.2x, 0.7x Mar-25 P/Bv with RoE of ~16%, and a dividend yield of ~6%However, this is offset by limited earnings potential, owing to the levy of a windfall tax on crude oil prices and a decline in the price of domestically produced APM gasQ2FY24 reported EBITDA at INR 184bn (-2% YoY, -6% QoQ), coming in marginally below our estimate, owing to higher-than-expected statutory levies and other expensesContent 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: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

India

Aditya Birla Fashion and Retail Ltd provides a wide range of mid-priced garments for men. The Company's collection includes internationally styled formal, elite, casual, party, and wedding apparel.

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

Credo Brands Marketing IPO- Forensic Analysis

Credo Brands Marketing Ltd IPO opens for renowned Indian men's fashion brand 'Mufti', but faces questions on employee pay, inventory, and some...

Nitin Mangal

[Week 14] Namaste India 🙏 | EASEMYTR IN | Easy Trip's Ghost Franchise?

Indian stock market surpasses Hong Kong to become the 4th most valuable market. Insight on Easy Trip Planners suggests franchisee expansion may...

Pranav Bhavsar

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

Credo Brands Marketing IPO- Forensic Analysis

​Credo Brands Marketing Ltd IPO opens for renowned Indian men's fashion brand 'Mufti', but faces questions on employee pay, inventory, and some...

Nitin Mangal

[Week 14] Namaste India 🙏 | EASEMYTR IN | Easy Trip's Ghost Franchise?

​Indian stock market surpasses Hong Kong to become the 4th most valuable market. Insight on Easy Trip Planners suggests franchisee expansion may...

Pranav Bhavsar

HSIE Results Daily: ONGC, Eicher Motors, Trent, Berger Paints, BSE,

We maintain our ADD rating on ONGC with a target price of INR 208, based on oil and gas production growth at 6/9% CAGR over FY24-26E, attractive...

HDFC Securities

Credo Brands Marketing Ltd IPO opens for renowned Indian men's fashion brand 'Mufti', but faces questions on employee pay, inventory, and some...

Indian stock market surpasses Hong Kong to become the 4th most valuable market. Insight on Easy Trip Planners suggests franchisee expansion may...