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>In Q3FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,498 Cr, up 3.6% QoQ and 3.0% QoQ (in CC terms) which stood in line with our expectations.</li><li>The company’s operating profit stood at Rs 442 Cr, reporting growth of 9.1% on a QoQ basis.</li><li>Much in line with our expectations, the company’s operating margins improved by 90bps to 17.7%, largely led by lower operating costs and lower onsite 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.

In Q3FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,498 Cr, up 3.6% QoQ and 3.0% QoQ (in CC terms) which stood in line with our expectations.The company’s operating profit stood at Rs 442 Cr, reporting growth of 9.1% on a QoQ basis.Much in line with our expectations, the company’s operating margins improved by 90bps to 17.7%, largely led by lower operating costs and lower onsite expenses.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.

Persistent Systems Ltd. - Robust Execution; Resilient Outlook to Support Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Persistent Systems (PSYS) is poised to sustain its outperformance with continued growth and margin improvement in the medium term</li><li>Key positives include (1) a strong pedigree in product engineering services that drives leadership in new spend areas, (2) consistency in deal velocity and growth drivers from large clients, (3) notable market-share gains against tier-1 competitors in several large deals, (4) recent additions to senior management aimed at enhancing business scalability, (5) margin drivers from utilisation, fixed price deals, and diversification in the offshore cost base.</li><li>We maintain BUY on PSYS (our preferred pick) with a target price of INR 8,530, based on a 35x FY26E valuation supported by a 28% EPS CAGR over FY24-26E. </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.

Persistent Systems (PSYS) is poised to sustain its outperformance with continued growth and margin improvement in the medium termKey positives include (1) a strong pedigree in product engineering services that drives leadership in new spend areas, (2) consistency in deal velocity and growth drivers from large clients, (3) notable market-share gains against tier-1 competitors in several large deals, (4) recent additions to senior management aimed at enhancing business scalability, (5) margin drivers from utilisation, fixed price deals, and diversification in the offshore cost base.We maintain BUY on PSYS (our preferred pick) with a target price of INR 8,530, based on a 35x FY26E valuation supported by a 28% EPS CAGR over FY24-26E. 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.

Persistent Systems: Outperformance to Continue. Maintain BUY

Persistent Systems - Outperformance to Continue. Maintain BUY

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infosys-ltd" target="_blank" data-smartkarma-citation="entities:267:1" rel="noopener">Infosys Ltd (INFO IN)</a> (<a href="https://www.smartkarma.com/entities/infosys-ltd-sp-adr" target="_blank" data-smartkarma-citation="entities:268:1" rel="noopener">Infosys Ltd Sp Adr (INFY US)</a>) on 5-6 December <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/757B8EEA-EB83-41B2-BC39-5380D9BE2EFB-175849.pdf" target="_blank" rel="noopener">announced</a> an on-market buyback of more than US$1.1bn. </li>
<li>The company has done buybacks before, and it is worthwhile looking at the details.</li>
<li>The buy-back looks small, and may be impactful near-term in near-space. </li>
</ul>



Infosys Ltd (INFO IN) (Infosys Ltd Sp Adr (INFY US)) on 5-6 December announced an on-market buyback of more than US$1.1bn. 
The company has done buybacks before, and it is worthwhile looking at the details.
The buy-back looks small, and may be impactful near-term in near-space. 


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

<ul>
<li>There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).</li>
<li>The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.</li>
</ul>


There could be 17 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 30 December. Some changes from earlier following 45 new F&amp;O stocks.
If all changes are on expected lines, one-way turnover is estimated at 61.5% and that will result in a one-way trade of INR 63.4bn (US$752m).
The potential inclusions to the index have outperformed the potential deletions since the start of June. This trend could continue for a couple of weeks till the changes are announced.


NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

India

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

Persistent Systems Ltd. - Robust Execution; Resilient Outlook to Support Growth

In Q3FY24, Persistent Systems Ltd (Persistent) reported revenue of Rs 2,498 Cr, up 3.6% QoQ and 3.0% QoQ (in CC terms) which stood in line with our...

Axis Direct

Persistent Systems: Outperformance to Continue. Maintain BUY

We maintain BUY on PSYS (our preferred pick) with a target price of INR 8,530, based on a 35x FY26E valuation supported by a 28% EPS CAGR over FY24...

HDFC Securities

Persistent Systems - Outperformance to Continue. Maintain BUY

ersistent Systems (PSYS) is poised to sustain its outperformance with continued growth and margin improvement in the medium term

HDFC Securities

Infosys (INFY)'s US$1.1bn Buyback

Infosys has started a US$1bn buyback. This is small at 1.2-1.4% of shares out but it is a larger portion of Real World Float and so far is a VERY...

Travis Lundy

NIFTY200 Momentum30 Index Rebalance Preview: More Changes with New F&O Stocks

We forecast 17 changes a side for the index in Dec. Some of the changes have changed following 45 new F&O inclusions. The forecast adds have...

Brian Freitas

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