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.  

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>TCS reported revenue of USD6.87b in 2QFY23, up 4.0% QoQ in constant currency (CC) terms, 50bp above our estimates.</li><li>The company reported deal wins of USD8.1b (up 7% YoY/flat QoQ, book-to-bill ratio at 1.2x), in line with its historical trajectory.</li><li>EBIT improved 90bp QoQ to 24% (vs. our estimate of 23.5%) despite supply pressures.</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.

TCS reported revenue of USD6.87b in 2QFY23, up 4.0% QoQ in constant currency (CC) terms, 50bp above our estimates.The company reported deal wins of USD8.1b (up 7% YoY/flat QoQ, book-to-bill ratio at 1.2x), in line with its historical trajectory.EBIT improved 90bp QoQ to 24% (vs. our estimate of 23.5%) despite supply pressures.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 - Strong Growth and Demand Outlook Key Positive in Q2

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.

<ul><li>Tata Consultancy Services (TCS) has reported better-than-expected revenue growth of 4% QoQ in CC terms vs I-Sec/consensus expectations of 3.4%/3.5% for Q2FY23.</li><li>However, US$ revenue growth was lower at 1.4% QoQ due to cross-currency headwinds of 260bps QoQ.</li><li>Sequential revenue growth was led by technology &amp; services, life sciences &amp; healthcare, manufacturing and retail &amp; CPG.</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) has reported better-than-expected revenue growth of 4% QoQ in CC terms vs I-Sec/consensus expectations of 3.4%/3.5% for Q2FY23.However, US$ revenue growth was lower at 1.4% QoQ due to cross-currency headwinds of 260bps QoQ.Sequential revenue growth was led by technology &amp; services, life sciences &amp; healthcare, manufacturing and retail &amp; CPG.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 - On Expected Lines

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 Q2FY23,Tata Consultancy Services Ltd (TCS) reported revenue growth of 4.8% QoQ in rupee terms, beating our expectations.</li><li>The company’s revenues stood at Rs 55,309 Cr, up 18% YoY.</li><li>It reported operating profits at Rs 13,279 Cr with Operating Margins at 24% (expanded 90bpsQoQ).</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 Q2FY23,Tata Consultancy Services Ltd (TCS) reported revenue growth of 4.8% QoQ in rupee terms, beating our expectations.The company’s revenues stood at Rs 55,309 Cr, up 18% YoY.It reported operating profits at Rs 13,279 Cr with Operating Margins at 24% (expanded 90bpsQoQ).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 Ltd - Resilient Demand, Superior Execution Leads Encouraging Growth

Thematic (Sector/Industry)

<ul><li>The IT Services sector is expected to report resilient growth in Q2FY23 primarily led by the new large deal wins and a ramp-up of deals won in the previous quarter despite likely macroeconomic challenges.</li><li>IT spending in North America and Europe has remained robust due to strong demand for digital and cloud transformations.</li><li>We believe the said demand momentum is likely to remain intact at least for the quarter and don’t foresee any spending being cut in this quarter, at least from the large clients across geographies.</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 resilient growth in Q2FY23 primarily led by the new large deal wins and a ramp-up of deals won in the previous quarter despite likely macroeconomic challenges.IT spending in North America and Europe has remained robust due to strong demand for digital and cloud transformations.We believe the said demand momentum is likely to remain intact at least for the quarter and don’t foresee any spending being cut in this quarter, at least from the large clients across geographies.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 & Telecom Q2fy23 Result Preview – Demand to Remain Robust

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)

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

Tcs - Strong Growth and Demand Outlook Key Positive in Q2

The company reported deal wins of USD8.1b (up 7% YoY/flat QoQ, book-to-bill ratio at 1.2x), in line with its historical trajectory.

Motilal Oswal

Tata Consultancy Services - On Expected Lines

Tata Consultancy Services (TCS) has reported better-than-expected revenue growth of 4% QoQ in CC terms vs I-Sec/consensus expectations of 3.4%/3.5%...

ICICI Securities Limited

Tata Consultancy Services Ltd - Resilient Demand, Superior Execution Leads Encouraging Growth

In Q2FY23,Tata Consultancy Services Ltd (TCS) reported revenue growth of 4.8% QoQ in rupee terms, beating our expectations.

Axis Direct

It & Telecom Q2fy23 Result Preview – Demand to Remain Robust

The IT Services sector is expected to report resilient growth in Q2FY23 primarily led by the new large deal wins and a ramp-up of deals won in the...

Axis Direct

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