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>In an unexpected post-Budget amendment to the Finance Bill, the Ministry of Finance withdrew the indexation benefits that were hitherto available to debt mutual funds (&lt;35% in domestic stocks)</li><li>Starting the next financial year, these debt mutual funds will instead be taxed at the marginal tax rate irrespective of the holding period</li><li>At the margin, we believe this has structural implications for mutual funds, corporates (NBFCs, HFCs, and other corporates), and a read-across for insurance companies and banks as alternative sources for deploying capital</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 an unexpected post-Budget amendment to the Finance Bill, the Ministry of Finance withdrew the indexation benefits that were hitherto available to debt mutual funds (&lt;35% in domestic stocks)Starting the next financial year, these debt mutual funds will instead be taxed at the marginal tax rate irrespective of the holding periodAt the margin, we believe this has structural implications for mutual funds, corporates (NBFCs, HFCs, and other corporates), and a read-across for insurance companies and banks as alternative sources for deploying capitalContent 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.

BFSI - The Changing Contours of Debt Financing

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>Nearly halfway through the review period, we see 10 stocks moving from MidCap to LargeCap and vice versa, and 9 stocks moving from SmallCap to MidCap and vice versa.</li>
<li>Financials are poised to be the biggest gainers in the reshuffle with 6 stocks moving from MidCap to LargeCap and 5 stocks moving from SmallCap to MidCap.</li>
<li>Over the last 6 months, stocks expected to migrate upward have outperformed stocks that are expected to migrate downward., though there has been a downward drift this year.</li>
</ul>


Nearly halfway through the review period, we see 10 stocks moving from MidCap to LargeCap and vice versa, and 9 stocks moving from SmallCap to MidCap and vice versa.
Financials are poised to be the biggest gainers in the reshuffle with 6 stocks moving from MidCap to LargeCap and 5 stocks moving from SmallCap to MidCap.
Over the last 6 months, stocks expected to migrate upward have outperformed stocks that are expected to migrate downward., though there has been a downward drift this year.


India: AMFI Stock Reclassification Preview (June 2023)

<ul><li>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) delivered a stable Q3FY23, with revenue/EBITDA/APAT beating our estimates by 4.2/0/4.8% respectively</li><li>Tendering during the quarter was strong with the award-to-tender ratio at 56% (vs 57/34% in Q3FY22/Q2FY23)</li><li>EBITDA margin, at 10.9% (-52/53bps YoY/QoQ), was impacted on account of merger integration costs in LTI Mindtree and higher staff costs in the services portfolio</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.

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) delivered a stable Q3FY23, with revenue/EBITDA/APAT beating our estimates by 4.2/0/4.8% respectivelyTendering during the quarter was strong with the award-to-tender ratio at 56% (vs 57/34% in Q3FY22/Q2FY23)EBITDA margin, at 10.9% (-52/53bps YoY/QoQ), was impacted on account of merger integration costs in LTI Mindtree and higher staff costs in the services portfolioContent 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: Larsen & Toubro, Tech Mahindra, Nippon Life India Asset

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

Nippon Life India Asset Management / Equity Bottom-Up

<ul><li>Yield expansion is sustainable: Management highlighted that the yield expansion of 1.5 bps QoQ is sustainable which would aid profitability.</li><li>Rising equity mix: The increase in share of higher yielding equity mix by 1% in total AUM is quite encouraging and we believe the management’s continuous focus on increasing equity mix would drive revenue growth in coming quarters.</li><li>Additionally, with higher proportion of incremental equity flows coming from B-30 cities ensures the stickiness and higher realization.</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.

Yield expansion is sustainable: Management highlighted that the yield expansion of 1.5 bps QoQ is sustainable which would aid profitability.Rising equity mix: The increase in share of higher yielding equity mix by 1% in total AUM is quite encouraging and we believe the management’s continuous focus on increasing equity mix would drive revenue growth in coming quarters.Additionally, with higher proportion of incremental equity flows coming from B-30 cities ensures the stickiness and higher realization.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.

Nippon Life India AMC - Steady Performance; Yields Expanded Marginally

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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.

Equity Capital Markets

Kfin Technologies  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kfin-technologies" target="_blank" data-smartkarma-citation="entities:36609:1" rel="noopener">KFin Technologies (1804170D IN)</a> is looking to raise around US$180m in its India IPO.</li>
<li>KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.</li>
<li>In this note, we will look at its RHP updates, peer comparison, earnings assumptions, and share our thoughts on valuation.</li>
</ul>



KFin Technologies (1804170D IN) is looking to raise around US$180m in its India IPO.
KFin Technology (KFin) is a technology driven financial services platform providing comprehensive services and solutions to the capital markets ecosystem.
In this note, we will look at its RHP updates, peer comparison, earnings assumptions, and share our thoughts on valuation.


KFin Technologies IPO - Profit Growth Has Outpaced Peer, However Valuation Isn’t Cheap

India

Nippon Life India Asset Management Limited operates as an investment management firm. The Company offers portfolio management, financial planning, mutual fund investment, and advisory services to individuals, institutions, trusts, and private funds. Nippon Life India Asset Management serves customers in India.

Nippon Life India Asset Management (NAM IN)

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Nippon Life India Asset Management (NAM IN)

BFSI - The Changing Contours of Debt Financing

In an unexpected post-Budget amendment to the Finance Bill, the Ministry of Finance withdrew the indexation benefits that were hitherto available...

HDFC Securities

India: AMFI Stock Reclassification Preview (June 2023)

Nearly halfway through the review period, we see 10 stocks moving from MidCap to LargeCap and vice versa, 9 from SmallCap to MidCap and vice versa....

Brian Freitas

HSIE Results Daily: Larsen & Toubro, Tech Mahindra, Nippon Life India Asset

Larsen & Toubro: Larsen & Toubro (LT) delivered a stable Q3FY23, with revenue/EBITDA/APAT beating our estimates by 4.2/0/4.8% respectively

HDFC Securities

Nippon Life India AMC - Steady Performance; Yields Expanded Marginally

Yield expansion is sustainable: Management highlighted that the yield expansion of 1.5 bps QoQ is sustainable which would aid profitability.

Axis Direct

KFin Technologies IPO - Profit Growth Has Outpaced Peer, However Valuation Isn’t Cheap

KFin Technologies (1804170D IN) is looking to raise around US$180m in its India IPO. In this note, we will look at its RHP updates, peer...

Clarence Chu

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