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>Festivals are times that bring life to a state of enthusiasm, creating mind space and good vibes among all of us and making the overall environment conducive for the demand generation, especially for the consumer products in the economy.</li><li>After witnessing two muted years which were impacted due to intermittent Covid-19 disruptions, the spirit of celebration is finally back to its pre-Covid levels.</li><li>This year, the excitement seems to have reinvigorated and economic activities are picking up momentum, thanks to the large-scale vaccination drive undertaken by the government of India (which crossed the remarkable milestone of 213 Cr by 4th Sep’22).</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>

Festivals are times that bring life to a state of enthusiasm, creating mind space and good vibes among all of us and making the overall environment conducive for the demand generation, especially for the consumer products in the economy.After witnessing two muted years which were impacted due to intermittent Covid-19 disruptions, the spirit of celebration is finally back to its pre-Covid levels.This year, the excitement seems to have reinvigorated and economic activities are picking up momentum, thanks to the large-scale vaccination drive undertaken by the government of India (which crossed the remarkable milestone of 213 Cr by 4th Sep’22).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.

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>Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue/EBITDA CAGRs of 16/11% resp)</li><li>F&amp;G, jewellery, paints, apparel, and footwear are expected to clock 19%, 25%, 15%, 8%, and 2% (3-year CAGRs)</li><li>Ticket sizes in retail, though normalising, remain elevated vs pre-COVID levels.</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>

Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue/EBITDA CAGRs of 16/11% resp)F&amp;G, jewellery, paints, apparel, and footwear are expected to clock 19%, 25%, 15%, 8%, and 2% (3-year CAGRs)Ticket sizes in retail, though normalising, remain elevated vs pre-COVID levels.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.

Consumer Discretionary -  Margin Recovery to Lag that in Topline

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

Topsports International Holdings / Event-Driven

<ul>
<li>Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.</li>
<li>The company is one of the largest retailers for <a href="https://www.smartkarma.com/entities/nike-inc-cl-b" target="_blank" data-smartkarma-citation="entities:6658:1" rel="noopener">Nike (NKE US)</a> and <a href="https://www.smartkarma.com/entities/adidas-ag" target="_blank" data-smartkarma-citation="entities:21578:1" rel="noopener">Adidas AG (ADS GR)</a> in China.</li>
<li>Given then on/off lockdowns the near term outlook isn't great, but the stock appears cheap for those willing to take a longer view.</li>
</ul>


Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.
The company is one of the largest retailers for Nike (NKE US) and Adidas AG (ADS GR) in China.
Given then on/off lockdowns the near term outlook isn't great, but the stock appears cheap for those willing to take a longer view.


Topsports International Holdings - Is Cheap Enough to Counter Some of the Risks

Equity Bottom-Up

<div><div><div><div><div><div><div><div><div><div><div><div><ul><li>Mgmt has undertaken 25% price hike across categories, to counterRM inflation and GST hike&amp; remains cautious on further price hikes depending on demand scenario.</li><li>The Margins are impacted due to high base, Covid, GST rate differential &amp; inflation (leading to substantial increase in raw material prices and normalisation of selling, marketing and admin expenses).</li><li>Good growth is observed in athleisure and sports category in line with industry.</li></ul><ul style="list-style-type: none;"><li><div><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div></li></ul></div></div></div></div></div></div></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>

Mgmt has undertaken 25% price hike across categories, to counterRM inflation and GST hike&amp; remains cautious on further price hikes depending on demand scenario.The Margins are impacted due to high base, Covid, GST rate differential &amp; inflation (leading to substantial increase in raw material prices and normalisation of selling, marketing and admin expenses).Good growth is observed in athleisure and sports category in line with industry. 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.

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Equity Capital Markets

Campus Activewear / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> India IPO raised around US$184m. The IPO was a 100% secondary selldown.</li>
<li>The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.</li>
<li>Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. </li>
</ul>



Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The IPO was a 100% secondary selldown.
The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.
Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. 


Campus Activewear IPO Trading - Strong Bookbuild and Anchor

India

Relaxo Footwears Ltd. is the marketing company for Relaxo Group.  The Group manufactures Hawai and lightweight chappals.

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Relaxo Footwears (RLXF IN)

Festival Demand picks: September 2022

After witnessing two muted years which were impacted due to intermittent Covid-19 disruptions, the spirit of celebration is finally back to its pre...

Axis Direct

Consumer Discretionary - Margin Recovery to Lag that in Topline

Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue...

HDFC Securities

Topsports International Holdings - Is Cheap Enough to Counter Some of the Risks

Topsports International Holdings (TIH) is now trading close to its all time lows, after the shares corrected by 50% over the past year.

Sumeet Singh

Result Update - Relaxo Footwear

Relaxo Footwear’s(RLXF)topline performancein Q4FY22 was significantly impacteddue to weak demand in open footwear. Revenue for Q4FY22 stood at...

Axis Direct

Campus Activewear IPO Trading - Strong Bookbuild and Anchor

Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The overall subscription rate had led the likes of Zomato, PAYTM and PB...

Clarence Chu

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