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 delivered revenue beat and in-line operating performance in Q3FY23</li><li>Revenue growth of 2.9% QoQ (1.2% est.) was driven by a disproportionate rise in Regional Market &amp; Others segment (&gt;40% of incremental sequential growth), based on growth in product and APAC business</li><li>Markers for growth deceleration (normalisation) for TCS include soft deal bookings, decline in headcount (also due to bench optimisation), and lower pipeline to bookings conversion in Continental Europe (~15% of revenue)</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 delivered revenue beat and in-line operating performance in Q3FY23Revenue growth of 2.9% QoQ (1.2% est.) was driven by a disproportionate rise in Regional Market &amp; Others segment (&gt;40% of incremental sequential growth), based on growth in product and APAC businessMarkers for growth deceleration (normalisation) for TCS include soft deal bookings, decline in headcount (also due to bench optimisation), and lower pipeline to bookings conversion in Continental Europe (~15% of revenue)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 - Growth Normalisation Ahead

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>In Q3FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 5.3% QoQ in rupee terms, beating our expectations.</li><li>The company’s revenues stood at Rs 58,239 Cr, up 19.1% YoY. It reported operating profits of Rs 14,284 Cr with Operating Margins at 24.5% (expanded 50bps QoQ) on account of better execution and lower operating costs during the quarter.</li><li>Attrition levels remained elevated at 21.3% looming concern over the execution efficiency in the future.</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 Q3FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 5.3% QoQ in rupee terms, beating our expectations.The company’s revenues stood at Rs 58,239 Cr, up 19.1% YoY. It reported operating profits of Rs 14,284 Cr with Operating Margins at 24.5% (expanded 50bps QoQ) on account of better execution and lower operating costs during the quarter.Attrition levels remained elevated at 21.3% looming concern over the execution efficiency in the future.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.

TCS - Superior Execution in Challenging Environment

Thematic (Sector/Industry)

<ul><li>The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.</li><li>However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.</li><li>We believe it is likely to remain intact, at least for the 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.

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth momentum led by uncertainties in the US and UK.However, IT spending in North America and Europe has continued to be relatively strong owing to the demand for digital transformation and cloud transformations.We believe it is likely to remain intact, at least for the 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.

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion.</li>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> , <a href="https://www.smartkarma.com/entities/schlumberger-ltd" target="_blank" data-smartkarma-citation="entities:20625:1" rel="noopener">Schlumberger Ltd (SLB US)</a> and <a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> 
</li>
<li>For the six weeks ended 30 Dec the combined innovation portfolio was -1.7, versus DJIA -1.8%, S&amp;P500 -3.2%, Nasdaq -6.1% &amp; MSCI-ACWI-ETF -2.4%, all in US$ terms</li>
</ul>


We again write about one stock each from the large, mid and small cap portfolios, briefly giving the reasons behind their inclusion.
The three companies we write about this week are Samsung Electronics (005930 KS) , Schlumberger Ltd (SLB US) and Whirlpool Corp (WHR US) 

For the six weeks ended 30 Dec the combined innovation portfolio was -1.7, versus DJIA -1.8%, S&amp;P500 -3.2%, Nasdaq -6.1% &amp; MSCI-ACWI-ETF -2.4%, all in US$ terms


Asia biased macro & technical analysis, Untying The Gordian Knot

Untying The Gordian Knot

Asia biased macro & technical analysis

A differentiated process with a primary focus on Asia. Technical Analysis as core and Macro drivers that could bring the view to fruition & changes that could make the idea fall apart. The objective is to be the best in class, hence corner shop.

Cross Asset Strategy

<ul><li>It all went a bit potty in 2021-2022, and the market went from overextended lack of common sense to some mean reversion.</li><li>The need for QE and negative yields for sustaining innovation and maintaining valuation VC investments, Marked to Myth investments, are finally being called out.   </li><li>In short, Head Fakes are red herrings that divert attention from what is already happening.  </li></ul>

It all went a bit potty in 2021-2022, and the market went from overextended lack of common sense to some mean reversion.The need for QE and negative yields for sustaining innovation and maintaining valuation VC investments, Marked to Myth investments, are finally being called out.   In short, Head Fakes are red herrings that divert attention from what is already happening.  

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 - Growth Normalisation Ahead

Revenue growth of 2.9% QoQ (1.2% est.) was driven by a disproportionate rise in Regional Market & Others segment (>40% of incremental sequential...

HDFC Securities

TCS - Superior Execution in Challenging Environment

In Q3FY23, Tata Consultancy Services Ltd (TCS) reported revenue growth of 5.3% QoQ in rupee terms, beating our expectations.

Axis Direct

IT Q3FY23 Result Preview – Demand Slowing Down; Margins Remain Stable

The IT Services sector is expected to report moderate growth in Q3FY23, primarily on account of the seasonally weak quarter and slowing down growth...

Axis Direct

The Innovations Portfolios - Week Six

For the six weeks ended 30 Dec the combined innovation portfolio was -1.7, versus DJIA -1.8%, S&P500 -3.2%, Nasdaq -6.1% & MSCI-ACWI-ETF -2.4%, all...

Pyari Menon

Head Fakes

The need for QE and negative yields for sustaining innovation and maintaining valuation VC investments, Marked to Myth investments, are finally...

Untying The Gordian Knot

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