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>Tata Consultancy Services’ (TCS) Q1 performance reflects signs of recovery and an improving growth trajectory</li><li>The strongest sequential growth in the last six quarters at 2.2% QoQ CC, growth in headcount following successive decline, improved BFSI composition in deals and commentary of recovery in NorthAm banking are positives</li><li>We reckon that the leakages in renewals/ongoing projects have troughed—evident from management commentary that speaks of similar client spending yet better predictability (vs 50/100bps variance in the previous quarter)</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.

Tata Consultancy Services’ (TCS) Q1 performance reflects signs of recovery and an improving growth trajectoryThe strongest sequential growth in the last six quarters at 2.2% QoQ CC, growth in headcount following successive decline, improved BFSI composition in deals and commentary of recovery in NorthAm banking are positivesWe reckon that the leakages in renewals/ongoing projects have troughed—evident from management commentary that speaks of similar client spending yet better predictability (vs 50/100bps variance in the previous quarter)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.

Tata Consultancy Services - Heads You Win, Tails You Don’t Lose. Maintain ADD

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.

<ul><li>From a long-term perspective, we believe TCS has built a resilient business model by securing multiple long-term contracts with the world’s leading brands.</li><li>It has also established robust capabilities that will enable it to gain market share moving ahead.</li><li>However, prevailing uncertainties in large economies continue to pose short-term headwinds to the company’s growth prospects.</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.

From a long-term perspective, we believe TCS has built a resilient business model by securing multiple long-term contracts with the world’s leading brands.It has also established robust capabilities that will enable it to gain market share moving ahead.However, prevailing uncertainties in large economies continue to pose short-term headwinds to the company’s growth prospects.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.

Tata Consultancy Services - Superior Execution; Demand Shaping-Up

<ul><li>We have analysed TCS’ annual report and some key highlights include (1) near-term growth uncertainty due to weak discretionary, but medium-term growth drivers from Cloud and AI, (2) high growth skew in FY24 due to JLR (related party) and Products &amp; Platform which could continue</li><li>(3) sub-con still &gt;2x average employee expense despite sharp reduction in sub-contracting and employee pyramid is a margin tailwind ahead, (4) improving supply side metrics – higher certifications/learning hours/contextual masters, and (5) stable operating metrics</li><li>We expect TCS’ growth to accelerate from 3.4% CC in FY24 to 6.3% and 8.2% in FY25E and FY26E with EBITM at 25.5% and 26.0% respectively, translating into an 11.5% EPS CAGR over FY24-26E.</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 have analysed TCS’ annual report and some key highlights include (1) near-term growth uncertainty due to weak discretionary, but medium-term growth drivers from Cloud and AI, (2) high growth skew in FY24 due to JLR (related party) and Products &amp; Platform which could continue(3) sub-con still &gt;2x average employee expense despite sharp reduction in sub-contracting and employee pyramid is a margin tailwind ahead, (4) improving supply side metrics – higher certifications/learning hours/contextual masters, and (5) stable operating metricsWe expect TCS’ growth to accelerate from 3.4% CC in FY24 to 6.3% and 8.2% in FY25E and FY26E with EBITM at 25.5% and 26.0% respectively, translating into an 11.5% EPS CAGR over FY24-26E.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.

Tata Consultancy Services: Mega Deals Led Outperformance. Maintain ADD

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zinka-logistics" target="_blank" data-smartkarma-citation="entities:43728:1" rel="noopener">Blackbuck (1355652D IN)</a>  raised about US$130m in its India IPO.</li>
<li>Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Blackbuck (1355652D IN)  raised about US$130m in its India IPO.
Zinka Logistics (Blackbuck) is India’s largest digital platform for truck operators (in terms of number of users), with 963,345 truck operators transacting on its platform in FY24, as per Redseer.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

India

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

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Tata Consultancy Svcs (TCS IN)

Tata Consultancy Services - Heads You Win, Tails You Don’t Lose. Maintain ADD

TCS remains the best play in tier-1 IT to capture more of the same (gradual recovery/superior execution) or spurt in industry demand (strong...

HDFC Securities

Tata Consultancy Services - Superior Execution; Demand Shaping-Up

rom a long-term perspective, we believe TCS has built a resilient business model by securing multiple long-term contracts with the world’s leading...

Axis Direct

Tata Consultancy Services: Mega Deals Led Outperformance. Maintain ADD

We expect TCS’ growth to accelerate from 3.4% CC in FY24 to 6.3% and 8.2% in FY25E and FY26E with EBITM at 25.5% and 26.0% respectively,...

HDFC Securities

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

Zinka Logistics IPO Trading - Subdued Demand; Lags Recent Listings

Zinka Logistics (Blackbuck) raised about US$130m in its India IPO. In this note, we talk about the demand and trading dynamics.

Akshat Shah

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