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 Elxsi’s (TELX) performance continued to exhibit a similar trend of strength in the Transportation vertical (56% of revenue), offset by weakness in the Media &amp; Communications vertical and the Healthcare vertical</li><li>Growth in T5 declined sequentially, a first in three years</li><li>Deal momentum in Transportation (incl</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 Elxsi’s (TELX) performance continued to exhibit a similar trend of strength in the Transportation vertical (56% of revenue), offset by weakness in the Media &amp; Communications vertical and the Healthcare verticalGrowth in T5 declined sequentially, a first in three yearsDeal momentum in Transportation (inclContent 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 Elxsi (Q2FY25): Mixed Vertical Trends. Maintain REDUCE

<ul><li>Tata Elxsi (TELX) posted a mixed quarter with strong growth in the Transportation vertical, which offset weakness in the Healthcare &amp; Lifesciences vertical</li><li>TELX posted revenue growth of 2.4% QoQ and 8.4% YoY CC with a skewed performance and hyper growth in one-third of the business (OEM/Transportation), while the remaining portfolio was sluggish</li><li>Media &amp; Communication vertical, which had strong growth momentum in FY20-22 followed by a sluggish FY22-24, can start to revive</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 Elxsi (TELX) posted a mixed quarter with strong growth in the Transportation vertical, which offset weakness in the Healthcare &amp; Lifesciences verticalTELX posted revenue growth of 2.4% QoQ and 8.4% YoY CC with a skewed performance and hyper growth in one-third of the business (OEM/Transportation), while the remaining portfolio was sluggishMedia &amp; Communication vertical, which had strong growth momentum in FY20-22 followed by a sluggish FY22-24, can start to reviveContent 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 Elxsi (Results Review Q1FY25): Mixed Quarter. Maintain REDUCE

<ul><li>We spoke to the management of Tata Elxsi (TELX) for a business update and have analysed the annual report – key highlights are: (1) strong growth momentum in the OEM segment (both JLR and others) within the Transportation vertical</li><li>(2) JLR (top client) growth expectation is driving growth visibility for FY25E</li><li>(3) high growth in the Transportation OEM segment can be offset by Healthcare &amp; Life-sciences and Media &amp; Communication verticals</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 spoke to the management of Tata Elxsi (TELX) for a business update and have analysed the annual report – key highlights are: (1) strong growth momentum in the OEM segment (both JLR and others) within the Transportation vertical(2) JLR (top client) growth expectation is driving growth visibility for FY25E(3) high growth in the Transportation OEM segment can be offset by Healthcare &amp; Life-sciences and Media &amp; Communication verticalsContent 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 Elxsi: Improving Growth Visibility, High Valuations. Upgrade to REDUCE

<ul><li>Tata Elxsi (TELX) posted a soft quarter with a ramp-down in a Media &amp; Communication client and a delayed program ramp-up in the Transportation vertical</li><li>TELX’s growth has normalized, impacted by market-share loss in the transportation vertical (50% of its revenue) on account of a higher mix of Tier-1s vs</li><li>OEMs, increased captive intensity, business mix challenges in the Healthcare vertical and macro factors impacting media &amp; telco enterprise client spend</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 Elxsi (TELX) posted a soft quarter with a ramp-down in a Media &amp; Communication client and a delayed program ramp-up in the Transportation verticalTELX’s growth has normalized, impacted by market-share loss in the transportation vertical (50% of its revenue) on account of a higher mix of Tier-1s vsOEMs, increased captive intensity, business mix challenges in the Healthcare vertical and macro factors impacting media &amp; telco enterprise client spendContent 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 Elxsi (Q4FY24): High Quality, Low Growth, High Valuation. Maintain SELL

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> has announced a list of 45 stocks that will be added to the Futures &amp; Options (F&amp;O) segment of the market from 29 November.</li>
<li>There will be changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a>, <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index</a>, <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index</a> and the CNXIT Index over the next couple of rebalances.</li>
<li>There are some interesting situations out there, including a change to the universe for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> that could lead to more changes. </li>
</ul>


The National Stock Exchange (NSEIN IN) has announced a list of 45 stocks that will be added to the Futures &amp; Options (F&amp;O) segment of the market from 29 November.
There will be changes to the NIFTY Index, NSE Nifty Next 50 Index, S&amp;P BSE SENSEX Index and the CNXIT Index over the next couple of rebalances.
There are some interesting situations out there, including a change to the universe for the NSE Nifty Next 50 Index (NIFTYJR INDEX) that could lead to more changes. 


INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

India

Tata Elxsi Limited manufactures computers and workstations besides providing system design, software development and integration services. The Group supplies its products to a number of industries, including the automotive, metals, consumer products, finance, IT & Communications, energy, chemicals, engineering, pharmaceuticals, entertainment and agro industries.

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Tata Elxsi Ltd (TELX IN)

Tata Elxsi (Q2FY25): Mixed Vertical Trends. Maintain REDUCE

While the growth trajectory is expected to improve ahead, valuations are still a stretch, maintain REDUCE with a TP of INR 6,925, based on 38x Dec...

HDFC Securities

Tata Elxsi (Results Review Q1FY25): Mixed Quarter. Maintain REDUCE

Tata Elxsi (TELX) posted a mixed quarter with strong growth in the Transportation vertical, which offset weakness in the Healthcare & Lifesciences...

HDFC Securities

Tata Elxsi: Improving Growth Visibility, High Valuations. Upgrade to REDUCE

High certainty of double-digit growth in FY25E driven by client and sub-segment skew and normalisation in the non-transportation business ahead are...

HDFC Securities

Tata Elxsi (Q4FY24): High Quality, Low Growth, High Valuation. Maintain SELL

Tata Elxsi (TELX) posted a soft quarter with a ramp-down in a Media & Communication client and a delayed program ramp-up in the Transportation...

HDFC Securities

INDIA: Index Changes Due to the 45 New Additions to the F&O Segment

NSE has announced 45 new stocks will be added to F&O on 29 November. That leads to a lot of change for indices that have F&O membership as a...

Brian Freitas

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