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>Cables &amp; Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.</li><li>The demand was driven by government spends on infrastructure projects along with stale demand from overseas markets.</li><li>Furthermore, it was led by an increase in private Capex spending and real estate up-cycle. The demand for cooling products was tepid (being a seasonally soft quarter) with some brands resorting to discounts to clear inventory. </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.

Cables &amp; Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.The demand was driven by government spends on infrastructure projects along with stale demand from overseas markets.Furthermore, it was led by an increase in private Capex spending and real estate up-cycle. The demand for cooling products was tepid (being a seasonally soft quarter) with some brands resorting to discounts to clear inventory. 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.

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

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>In the IPO space, <a href="https://www.smartkarma.com/entities/kokusai-electric-corp" target="_blank" data-smartkarma-citation="entities:40152:1" rel="noopener">Kokusai Electric (6525 JP)</a> filed for it Japan listing, while <a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> continued to work towards its H-share listing.</li>
<li>In the placement space, there were no major deals this week apart from Blue Star and <a href="https://www.smartkarma.com/entities/sheela-foam-ltd" target="_blank" data-smartkarma-citation="entities:28073:1" rel="noopener">Sheela Foam Ltd (SFL IN)</a>. </li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
In the IPO space, Kokusai Electric (6525 JP) filed for it Japan listing, while Midea Group Co Ltd A (000333 CH) continued to work towards its H-share listing.
In the placement space, there were no major deals this week apart from Blue Star and Sheela Foam Ltd (SFL IN). 


ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

<ul><li>The demand moderated post the uptick in the festival season and associated discount incentives.</li><li>However, an uptick was seen in seasonal categories such as heaters as well as in the primary sales of Air Coolers due to channel stocking ahead of the upcoming season.</li><li>Demand for Fans was impacted due to BEE norms from Jan’23, with brands offering discounts to clear old inventory.</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.

The demand moderated post the uptick in the festival season and associated discount incentives.However, an uptick was seen in seasonal categories such as heaters as well as in the primary sales of Air Coolers due to channel stocking ahead of the upcoming season.Demand for Fans was impacted due to BEE norms from Jan’23, with brands offering discounts to clear old inventory.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.

Q3FY23 Preview - Tepid Sentiments Lead to Moderate Demand

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Sheela Foam (SFL) in its Analyst meet (on 1st Dec’22) informed that 1) Demand recovery has remained slow in India and Spain post Q2, owing to high inflation and geopolitical unrest 2) Further correction in its key raw material prices by ~10% as on date (from Q2) will support EBITDA margin recovery 3) The Rs 350 crore capex plans to ramp up its production capacity over FY23E-24E is on track.</li><li>In India, Home care segment (80% of revenue) remains impacted owing to demand postponement amid high inflation.</li><li>However, the technical products segment (~20% of revenue) continues its performance led by strong demand from the automotive industry.</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.

Sheela Foam (SFL) in its Analyst meet (on 1st Dec’22) informed that 1) Demand recovery has remained slow in India and Spain post Q2, owing to high inflation and geopolitical unrest 2) Further correction in its key raw material prices by ~10% as on date (from Q2) will support EBITDA margin recovery 3) The Rs 350 crore capex plans to ramp up its production capacity over FY23E-24E is on track.In India, Home care segment (80% of revenue) remains impacted owing to demand postponement amid high inflation.However, the technical products segment (~20% of revenue) continues its performance led by strong demand from the automotive 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.

Sheela Foam (SFL) - Soft Q3, Demand Recovery Delays to Q4

<ul><li>Demand trends: The demand for Cables &amp; Wires has been healthy across residential, industrial, and infrastructure segments.</li><li>This coupled with an uptick in exports is expected to drive volume growth moving forward.</li><li>Meanwhile, the pricing is expected to remain moderate given softening of commodity prices, especially copper.</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.

Demand trends: The demand for Cables &amp; Wires has been healthy across residential, industrial, and infrastructure segments.This coupled with an uptick in exports is expected to drive volume growth moving forward.Meanwhile, the pricing is expected to remain moderate given softening of commodity prices, especially copper.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 Durables - Q2FY23 - Earnings Preview

India

Sheela Foam Limited provides foam products. The Company manufactures polyurethane and polyester foam for home comfort, industrial, and technical sectors. Sheela Foam serves customers worldwide.

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Sheela Foam Ltd (SFL IN)

Q2FY24 - Consolidated Earnings Preview

Cables & Wires demand was buoyant during the quarter, though the overall demand for consumer durables remained moderate.Dixon

Axis Direct

ECM Weekly (24th Sep 2023) - Cainiao, J&T, Midea, Kokusai, Seoul Guarantee, Barito, Integral, DPC

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

Q3FY23 Preview - Tepid Sentiments Lead to Moderate Demand

The demand moderated post the uptick in the festival season and associated discount incentives. However, an uptick was seen in seasonal categories...

Axis Direct

Sheela Foam (SFL) - Soft Q3, Demand Recovery Delays to Q4

In India, Home care segment (80% of revenue) remains impacted owing to demand postponement amid high inflation. However, the technical products...

ICICI Securities Limited

Consumer Durables - Q2FY23 - Earnings Preview

Demand trends: The demand for Cables & Wires has been healthy across residential, industrial, and infrastructure segments.

Axis Direct

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