External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Shoppers Stop (SHOP) reported an 8% YoY decline in EBITDA (12% miss) due to weak SSSG and GM contraction.</li><li>Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY decline in private brands revenue.</li><li>The management indicated that LFL growth recovered in Sep (+9% YoY) and remains optimistic on demand recovery in 2HFY25 on account of the higher number of weddings and recovery in discretionary spends.</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.

Shoppers Stop (SHOP) reported an 8% YoY decline in EBITDA (12% miss) due to weak SSSG and GM contraction.Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY decline in private brands revenue.The management indicated that LFL growth recovered in Sep (+9% YoY) and remains optimistic on demand recovery in 2HFY25 on account of the higher number of weddings and recovery in discretionary spends.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.

Shoppers Stop - Soft Revenue Growth Takes a Toll on Profitability

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>If one zooms out and assesses STOP’s historical performance, it’s been among the weaker retailers in our apparel retail pack</li><li>Its decadal revenue CAGR of ~6% is largely premiumization-led with no volume (bill cut) growth to speak of</li><li>This is despite it scaling its Beauty segment during this phase</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.

If one zooms out and assesses STOP’s historical performance, it’s been among the weaker retailers in our apparel retail packIts decadal revenue CAGR of ~6% is largely premiumization-led with no volume (bill cut) growth to speak ofThis is despite it scaling its Beauty segment during this phaseContent 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.

Shoppers Stop: ‘Intune’—the only exciting thing to watch out for. Maintain SELL

Thematic (Sector/Industry)

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</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.

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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: Muted Demand, Value Plays Remain Outliers

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expenses</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimatesEarnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expensesContent 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: Indian Oil Corporation, Star Health and Allied Insurance

<ul><li>Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)</li><li>Q4 is likely to be the last quarter contending with a high base</li><li>Wedding season hasn’t been as upbeat as expected</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.

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)Q4 is likely to be the last quarter contending with a high baseWedding season hasn’t been as upbeat as expectedContent 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  - Soft Quarter, Green Shoots Visible in Value Fashion

India

Shoppers Stop Ltd. operates a chain of retail shops.  The Company retails men's, women's, and children's clothing; cosmetics and skin and hair care products;  home appliances; housewares; linens; luggage; jewelry; and accessories.

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Shoppers Stop (SHOP IN)

Shoppers Stop - Soft Revenue Growth Takes a Toll on Profitability

Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY...

Motilal Oswal

Shoppers Stop: ‘Intune’—the only exciting thing to watch out for. Maintain SELL

If one zooms out and assesses STOP’s historical performance, it’s been among the weaker retailers in our apparel retail pack

HDFC Securities

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

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