External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<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

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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.

Event-Driven

<ul>
<li>Tata Technologies (TT) raised around US$370m in its India IPO in Dec 2023.</li>
<li>Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


Tata Technologies (TT) raised around US$370m in its India IPO in Dec 2023.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Tata Technologies IPO Lockup Expiry - US$1.5bn Lockup Release, Some Funds Are Sitting on 40x Gains

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

<ul><li>Samsung and LG are launching new gaming and AI-focused monitors to take advantage of the recovering market.</li><li>Tata Elxsi is collaborating with Arm on self-driving vehicle solutions, while Saudi fund considers cutting ties with China for US chips and AI.</li><li>Samsung and SK Hynix are competing in the HBM market, driven by demand for high-bandwidth memory solutions. Toyota plans to invest JPY2 trillion in supply chain, EV, and SDV, with Tata making progress in semiconductor manufacturing.</li></ul>

Samsung and LG are launching new gaming and AI-focused monitors to take advantage of the recovering market.Tata Elxsi is collaborating with Arm on self-driving vehicle solutions, while Saudi fund considers cutting ties with China for US chips and AI.Samsung and SK Hynix are competing in the HBM market, driven by demand for high-bandwidth memory solutions. Toyota plans to invest JPY2 trillion in supply chain, EV, and SDV, with Tata making progress in semiconductor manufacturing.

Tech Supply Chain Tracker (10-May-2024): Samsung and LG launch new gaming/ AI monitors in market recovery.

Thematic (Sector/Industry)

<ul><li>Hindustan Unilever: HUL reported 2% UVG with flat value growth as pricing remained negative (passing on softening RM benefits to consumers)</li><li>Mirroring trends of previous quarters, demand recovery remains gradual with the urban market leading growth with premium portfolio sustaining outperformance over the mass portfolio</li><li>Given the benign input cost environment, local competitive intensity remains high</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.

Hindustan Unilever: HUL reported 2% UVG with flat value growth as pricing remained negative (passing on softening RM benefits to consumers)Mirroring trends of previous quarters, demand recovery remains gradual with the urban market leading growth with premium portfolio sustaining outperformance over the mass portfolioGiven the benign input cost environment, local competitive intensity remains highContent 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: Hindustan Unilever, Axis Bank, Indian Hotels

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: 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

Tata Technologies IPO Lockup Expiry - US$1.5bn Lockup Release, Some Funds Are Sitting on 40x Gains

Tata Technologies raised around US$370m in its India IPO in Dec 2023. In this note, we talk about its upcoming US$1.5bn lockup release.

Sumeet Singh

Tech Supply Chain Tracker (10-May-2024): Samsung and LG launch new gaming/ AI monitors in market recovery.

Samsung, LG, Tata, Arm, Saudi fund, SK Hynix, and Toyota are all making strategic moves in gaming monitors, self-driving vehicles, semiconductor...

Tech Supply Chain Tracker

HSIE Results Daily: Hindustan Unilever, Axis Bank, Indian Hotels

Hindustan Unilever: HUL reported 2% UVG with flat value growth as pricing remained negative (passing on softening RM benefits to consumers)

HDFC Securities

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