External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>As per its Q2 business update, TTAN has exceeded our growth expectations across most business segments.</li><li>Importantly, jewelry has reported a significant improvement with 26% growth in Q2 vs our 15% expectation and 9% growth in Q1. LTL growth has also inched upwards to the mid-teens vs 3% in Q1, likely triggered by a big 900bps duty cut.</li><li>Revenue mix is likely a tad weaker with lowdouble-digits growth in the high-margin studded segment (vs ~25% overall growth).</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.

As per its Q2 business update, TTAN has exceeded our growth expectations across most business segments.Importantly, jewelry has reported a significant improvement with 26% growth in Q2 vs our 15% expectation and 9% growth in Q1. LTL growth has also inched upwards to the mid-teens vs 3% in Q1, likely triggered by a big 900bps duty cut.Revenue mix is likely a tad weaker with lowdouble-digits growth in the high-margin studded segment (vs ~25% overall growth).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.

Titan Company - Big Outperformance Across Segments; Maintain BUY

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

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.

<ul><li>Motilal Oswal's research report onTitan Company Titan Company (TTAN) posted consolidated sales growth of 21% YoY in 4QFY24, marginally better than our estimate.</li><li>However, EBIT margins across segments were weak, leading to an overall 8% miss on EBITDA in 4QFY24. Jewelry sales (ex-bullion) grew 22% YoY, with double-digit growth in the number of buyers.</li><li>The studded ratio expanded to 33% (same YoY).</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.

Motilal Oswal's research report onTitan Company Titan Company (TTAN) posted consolidated sales growth of 21% YoY in 4QFY24, marginally better than our estimate.However, EBIT margins across segments were weak, leading to an overall 8% miss on EBITDA in 4QFY24. Jewelry sales (ex-bullion) grew 22% YoY, with double-digit growth in the number of buyers.The studded ratio expanded to 33% (same YoY).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.

Titan Company - Miss on Profitability; Sustaining Focus on Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

Thematic (Sector/Industry)

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</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.

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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.

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

<ul><li>Titan: Jewellery (ex-bullion) sales grew 21.8% YoY to INR98.24bn (HSIE: 105.62bn)</li><li>Domestic standalone jewellery sales (ex-bullion) grew 20%</li><li>Profitability took a back seat as elevated gold prices, softened demand and high competitive intensity arm-twisted Titan to increase promotional expenses to defend market share</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.

Titan: Jewellery (ex-bullion) sales grew 21.8% YoY to INR98.24bn (HSIE: 105.62bn)Domestic standalone jewellery sales (ex-bullion) grew 20%Profitability took a back seat as elevated gold prices, softened demand and high competitive intensity arm-twisted Titan to increase promotional expenses to defend market shareContent 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: Titan, Avenue Supermarts

<ul><li>Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)</li><li>Q4 is likely to be the last quarter contending with a high base</li><li>Wedding season hasn’t been as upbeat as expected</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.

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)Q4 is likely to be the last quarter contending with a high baseWedding season hasn’t been as upbeat as expectedContent 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.

Consumer Discretionary  - Soft Quarter, Green Shoots Visible in Value Fashion

India

Titan Co. Ltd. manufactures and retails jewelry and watches. The Company also produces perfume for men and women.

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Titan Co Ltd (TTAN IN)

Titan Company - Big Outperformance Across Segments; Maintain BUY

As per its Q2 business update, TTAN has exceeded our growth expectations across most business segments.Importantly, jewelry has reported a...

Emkay

Titan Company - Miss on Profitability; Sustaining Focus on Growth

Motilal Oswal's research report onTitan Company Titan Company (TTAN) posted consolidated sales growth of 21% YoY in 4QFY24, marginally better than...

Motilal Oswal

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

HSIE Results Daily: Titan, Avenue Supermarts

Profitability took a back seat as elevated gold prices, softened demand and high competitive intensity arm-twisted Titan to increase promotional...

HDFC Securities

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

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