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>PI Industries' Q1FY24 numbers beat our estimates across the board, as the company said it saw strong CSM exports that more than offset high inventory issues in its domestic segment.</li><li>Consolidated Revenue exceeded our estimate by 6% (+24%/22% YoY/QoQ).</li><li>EBITDA was up 14% ahead of our estimates as gross margins increased 270bps YoY. </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>

PI Industries' Q1FY24 numbers beat our estimates across the board, as the company said it saw strong CSM exports that more than offset high inventory issues in its domestic segment.Consolidated Revenue exceeded our estimate by 6% (+24%/22% YoY/QoQ).EBITDA was up 14% ahead of our estimates as gross margins increased 270bps YoY. 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.

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>The changes to the LQ45/IDX30 were announced last week and will be implemented Monday. The PSE also announced that there would be no changes for the <a href="https://www.smartkarma.com/entities/philippines-stock-exchange-psei-index" target="_blank" data-smartkarma-citation="entities:22912:1" rel="noopener">PCOMP INDEX</a> in August.</li>
<li>There are a bunch of review cutoffs on Monday, most notably for the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a>, <a href="https://www.smartkarma.com/entities/sse-science-and-technology-innovation-board-50-index" target="_blank" data-smartkarma-citation="entities:29279:1" rel="noopener">STAR50 INDEX</a>, the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY</a> family of indices and the KRX New Deal indices.</li>
<li>There were inflows to China focused ETFs and outflows from Taiwan and Korea focused ETFs during the week.</li>
</ul>


The changes to the LQ45/IDX30 were announced last week and will be implemented Monday. The PSE also announced that there would be no changes for the PCOMP INDEX in August.
There are a bunch of review cutoffs on Monday, most notably for the Nikkei 225 (NKY INDEX), STAR50 INDEX, the NIFTY family of indices and the KRX New Deal indices.
There were inflows to China focused ETFs and outflows from Taiwan and Korea focused ETFs during the week.


Index Rebalance & ETF Flow Recap: LQ45/IDX30, FXI, New Deal, KOSPI, KQ150, LG Energy, IN Float, TTMT

<ul>
<li>Over the last few weeks, companies in India have been disclosing their shareholding pattern as of end-June. There are a few companies with significant float changes from end-March and/or end-December.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next couple of months resulting in action from passive trackers.</li>
<li>We see 6 stocks where there could be passive inflows and 2 stocks that could have passive outflows - but there are caveats.</li>
</ul>


Over the last few weeks, companies in India have been disclosing their shareholding pattern as of end-June. There are a few companies with significant float changes from end-March and/or end-December.
The changes in free float could be reflected in domestic and global indices over the next couple of months resulting in action from passive trackers.
We see 6 stocks where there could be passive inflows and 2 stocks that could have passive outflows - but there are caveats.


Thematic (Sector/Industry)

<div><div><div><div><ul><li>Specialty Chemicals sector stands in puddle facing twin problems of falling demand due to reduction in discretionary spends affecting end-user industries such as dyes pigments and inventory issues in agro-chem, pharma API segment.</li><li>This situation is further aggravated by over-supply in certain Chemicals from Chinese players leading to severe price freefall of certain chemicals in South-East Asia region.</li><li>Chemical companies with strong brand history and goodwill &amp; execution track record in CSM/CDMO with good quality order book can withstand the coming storm, although commoditized manufacturers will be strictly punished in coming quarters, alongside certain specialty players with import substitution risk. </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>

Specialty Chemicals sector stands in puddle facing twin problems of falling demand due to reduction in discretionary spends affecting end-user industries such as dyes pigments and inventory issues in agro-chem, pharma API segment.This situation is further aggravated by over-supply in certain Chemicals from Chinese players leading to severe price freefall of certain chemicals in South-East Asia region.Chemical companies with strong brand history and goodwill &amp; execution track record in CSM/CDMO with good quality order book can withstand the coming storm, although commoditized manufacturers will be strictly punished in coming quarters, alongside certain specialty players with import substitution risk. 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.

Q1 FY24 PREVIEW: CHEMICALS & MIDCAP (OUTLOOK)

<ul><li>PI Industries (PIIND)Q4FY23 numbers missed our estimates on all fronts as the Domestic segment slowed in Q4FY23 as the industry witnesses high inventory problems.</li><li>Consolidated Revenue missed our estimate by10.8% (up12%/-3% YoY/QoQ).</li><li>EBITDAwas up 12.4% YoY missing our estimates by 21% as the company witnessed more than 200bps contraction in gross margins</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>

PI Industries (PIIND)Q4FY23 numbers missed our estimates on all fronts as the Domestic segment slowed in Q4FY23 as the industry witnesses high inventory problems.Consolidated Revenue missed our estimate by10.8% (up12%/-3% YoY/QoQ).EBITDAwas up 12.4% YoY missing our estimates by 21% as the company witnessed more than 200bps contraction in gross marginsContent 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.

PI Industries Ltd - Strong Growth Outlook in CSM, Inorganic Opportunities on Radar

India

PI Industries Limited manufactures agricultural and fine chemicals, and polymers. The Company produces fine chemicals; crop protection, plant nutrients, and seeds; and engineering plastics for use in the automobile, electrical, and home appliances industries.

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Pi Industries (PI IN)

PI Industries Ltd - CSM Outshines

PI Industries' Q1FY24 numbers beat our estimates across the board, as the company said it saw strong CSM exports that more than offset high...

Axis Direct

Index Rebalance & ETF Flow Recap: LQ45/IDX30, FXI, New Deal, KOSPI, KQ150, LG Energy, IN Float, TTMT

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

India - Potential Float Changes & Impact

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 3...

Brian Freitas

Q1 FY24 PREVIEW: CHEMICALS & MIDCAP (OUTLOOK)

Specialty Chemicals sector stands in puddle facing twin problems of falling demand due to reduction in discretionary spends affecting end-user...

Axis Direct

PI Industries Ltd - Strong Growth Outlook in CSM, Inorganic Opportunities on Radar

PI Industries (PIIND)Q4FY23 numbers missed our estimates on all fronts as the Domestic segment slowed in Q4FY23 as the industry witnesses high...

Axis Direct

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