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.

Equity Bottom-Up

<ul><li>We recently interacted with Senco’s CFO, Mr Sanjay Banka, who expressed continued confidence in achieving 18-20% revenue growth and 12-13% same-store sales growth (SSSG) in FY25, with gross margin (GM) and EBITDA margin (EBITDAM) guidance of 14.5-15% and 7-8%, respectively.</li><li>Additionally, demand in July and August has been healthy, with most SSSG gains expected to come from increased footfall.</li><li>However, the company has revised its store addition target to 18-20 stores for FY25, as rising gold prices could impact the inventory available for the year.</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 Senco’s CFO, Mr Sanjay Banka, who expressed continued confidence in achieving 18-20% revenue growth and 12-13% same-store sales growth (SSSG) in FY25, with gross margin (GM) and EBITDA margin (EBITDAM) guidance of 14.5-15% and 7-8%, respectively.Additionally, demand in July and August has been healthy, with most SSSG gains expected to come from increased footfall.However, the company has revised its store addition target to 18-20 stores for FY25, as rising gold prices could impact the inventory available for the year.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.

Senco Gold: Putting Its Best Foot Forward

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>We see significant re-rating scope for Senco, helped by our expectations of a strong pick-up/SSG outperformance in Q2 and valuation discount vs P N Gadgil (PNG) after its ~70% listing gain.</li><li>Our checks suggest a strong pick-up in jewelry retail after a modest Q1, as intermediate cooling of gold prices rushed consumers to stores.</li><li>In our view, Senco is now comfortably placed to meet or exceed its 18-20% annual growth guidance, despite only 11% growth in Q1. </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 see significant re-rating scope for Senco, helped by our expectations of a strong pick-up/SSG outperformance in Q2 and valuation discount vs P N Gadgil (PNG) after its ~70% listing gain.Our checks suggest a strong pick-up in jewelry retail after a modest Q1, as intermediate cooling of gold prices rushed consumers to stores.In our view, Senco is now comfortably placed to meet or exceed its 18-20% annual growth guidance, despite only 11% growth in Q1. 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.

Senco Gold - Outperformance Should Bridge Valuation Discount Vs Peers; BUY

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.

Equity Capital Markets

IGI (India) Limited / Equity Capital Markets

<ul>
<li>International Gemmological Institute (India) raised around US$500m in its India IPO. </li>
<li>IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.</li>
<li>We have looked at the company’s past performance and IPO valuations in our previous notes. In this note, we talk about the trading dynamics.</li>
</ul>


International Gemmological Institute (India) raised around US$500m in its India IPO. 
IGI India is part of the International Gemmological Institute (IGI) group. As of 22nd August 2024, IGI India handled operations of the IGI business in India and Türkiye.
We have looked at the company’s past performance and IPO valuations in our previous notes. In this note, we talk about the trading dynamics.


IGI (India) IPO Trading - Decent Anchor and Strong Overall Demand

<ul><li>Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our estimates and its SSG outperformance vs. listed jewelry peers in Q4/FY24.</li><li>Senco delivered 30% retail growth in Q4 (vs. our expectation of 21%), helped by a robust 23%/19% SSG in Q4/FY24. For full-FY24, Senco has delivered 28% topline growth compared with ~20%/34% for TTAN/Kalyan.</li><li>Network expansion has also been solid and in line with our expectations of 21 jewelry stores (16 COCO/5 FOFO) in FY24. </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.

Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our estimates and its SSG outperformance vs. listed jewelry peers in Q4/FY24.Senco delivered 30% retail growth in Q4 (vs. our expectation of 21%), helped by a robust 23%/19% SSG in Q4/FY24. For full-FY24, Senco has delivered 28% topline growth compared with ~20%/34% for TTAN/Kalyan.Network expansion has also been solid and in line with our expectations of 21 jewelry stores (16 COCO/5 FOFO) in FY24. 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.

Senco Gold - Outperformance to Bridge Valuation Gap Vs. Peers; Maintain BUY

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> is best positioned to capitalize on the growing market for lab-grown diamonds (LGD) and alter its business growth trajectory.</li>
<li>LGD disruptions seen in other markets are unlikely to be seen in India due to the positioning of Jewellery in Household asset allocation. </li>
<li>We also believe that <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a>  LGD potential is underrated while the impact on <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>  is overrated.</li>
</ul>



Trent Ltd (TRENT IN) is best positioned to capitalize on the growing market for lab-grown diamonds (LGD) and alter its business growth trajectory.
LGD disruptions seen in other markets are unlikely to be seen in India due to the positioning of Jewellery in Household asset allocation. 
We also believe that Trent Ltd (TRENT IN)  LGD potential is underrated while the impact on Titan Co Ltd (TTAN IN)  is overrated.


Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

India

Senco Gold Limited operates as a jewelry store. The Company offers gold and diamond jewelry including earrings, necklaces, bangles, coins, bars, pendants, rings, bracelets, and chains, as well as gold coins. Senco Gold serves customers in India.

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Senco Gold (SENCO IN)

Senco Gold: Putting Its Best Foot Forward

We recently interacted with Senco’s CFO, Mr Sanjay Banka, who expressed continued confidence in achieving 18-20% revenue growth and 12-13% same...

HDFC Securities

Senco Gold - Outperformance Should Bridge Valuation Discount Vs Peers; BUY

We see significant re-rating scope for Senco, helped by our expectations of a strong pick-up/SSG outperformance in Q2 and valuation discount vs P N...

Emkay

IGI (India) IPO Trading - Decent Anchor and Strong Overall Demand

International Gemmological Institute (India) raised around US$500m in its India IPO. We have looked at the past performance in our earlier notes,...

Sumeet Singh

Senco Gold - Outperformance to Bridge Valuation Gap Vs. Peers; Maintain BUY

Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our...

Emkay

Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

Trent Ltd is poised to benefit from the growing market for lab-grown diamonds in India, with the potential to alter its business growth trajectory.

Pranav Bhavsar

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52-week Range

Market Cap (USDm)

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Dividend (Yield)

Senco Gold: Putting Its Best Foot Forward

We recently interacted with Senco’s CFO, Mr Sanjay Banka, who expressed continued confidence in achieving 18-20% revenue growth and 12-13% same...

HDFC Securities

Senco Gold - Outperformance Should Bridge Valuation Discount Vs Peers; BUY

We see significant re-rating scope for Senco, helped by our expectations of a strong pick-up/SSG outperformance in Q2 and valuation discount vs P N...

Emkay

IGI (India) IPO Trading - Decent Anchor and Strong Overall Demand

International Gemmological Institute (India) raised around US$500m in its India IPO. We have looked at the past performance in our earlier notes,...

Sumeet Singh

Senco Gold - Outperformance to Bridge Valuation Gap Vs. Peers; Maintain BUY

Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our...

Emkay

Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

​Trent Ltd is poised to benefit from the growing market for lab-grown diamonds in India, with the potential to alter its business growth trajectory.

Pranav Bhavsar

Trent Ltd is poised to benefit from the growing market for lab-grown diamonds in India, with the potential to alter its business growth trajectory.