External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust distribution network comprises 1900+ stores spread across 2.5 mn sq ft.</p>
<div class="content-highlight"><em>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.</em></div>

Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust distribution network comprises 1900+ stores spread across 2.5 mn sq ft.
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 Ltd: Jewellery Glitters with Strong Consensus Beat in Q2

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Taiwan Semiconductor (TSMC) / Technical Analysis

<p>Emerging market equities have been one of the worst areas to invest in 2021, but we see early signs of positive change. With the US dollar failing to break above resistance at $93.50 and the MSCI EM ETF (EEM-US) displaying a false breakdown at $52, we believe now is an opportune time to add exposure to emerging market equities. To be clear, we are not getting overly bullish on EM; we have favored developed int’l (EAFE) over EM since May, and we are now shifting back to a neutral stance between the two. We see reason to believe the tide is shifting in EM’s favor. Below we highlight attractive and actionable themes within EM.</p>

Emerging market equities have been one of the worst areas to invest in 2021, but we see early signs of positive change. With the US dollar failing to break above resistance at $93.50 and the MSCI EM ETF (EEM-US) displaying a false breakdown at $52, we believe now is an opportune time to add exposure to emerging market equities. To be clear, we are not getting overly bullish on EM; we have favored developed int’l (EAFE) over EM since May, and we are now shifting back to a neutral stance between the two. We see reason to believe the tide is shifting in EM’s favor. Below we highlight attractive and actionable themes within EM.

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

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

Motilal Oswal

<p>Despite losing out on sales for a large part of May'21 due to the lockdowns across the country, TTAN reported a decline of only ~33% over 1QFY20 (normal) levels. This was to some extent aided by bullion sales of INR4.24b. Margin performance was also better than expected, led by cost savings and better than expected sales. Watches and Eyewear seem to be reporting a much faster recovery v/s that witnessed after the lifting of lockdown restrictions last year.</p><div class="content-highlight"><em>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.</em></div>

Despite losing out on sales for a large part of May'21 due to the lockdowns across the country, TTAN reported a decline of only ~33% over 1QFY20 (normal) levels. This was to some extent aided by bullion sales of INR4.24b. Margin performance was also better than expected, led by cost savings and better than expected sales. Watches and Eyewear seem to be reporting a much faster recovery v/s that witnessed after the lifting of lockdown restrictions last year.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.

Commendable result amid the lockdown, further recovery underway

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<p>Building on our earlier insight <a href="https://www.smartkarma.com/insights/india-channel-insight-a-tier-2-city-s-battle-with-the-second-wave-welcome-to-the-jungle" target="_blank" data-smartkarma-citation="insights:50005" rel="noopener">India Channel Insight | A Tier -2 City's Battle with The Second Wave | Welcome to the Jungle</a> on India's fight with the second wave, in this insight, we present our takeaways from interactions and experiences of 10 COVID positive patients (including self) with an objective to understand and estimate the impact on discretionary spending, the possibility of job losses and stress if any on small and medium scale businesses.  </p>

Building on our earlier insight India Channel Insight | A Tier -2 City's Battle with The Second Wave | Welcome to the Jungle on India's fight with the second wave, in this insight, we present our takeaways from interactions and experiences of 10 COVID positive patients (including self) with an objective to understand and estimate the impact on discretionary spending, the possibility of job losses and stress if any on small and medium scale businesses.  

India Channel Insight | Living in the Second Wave | The Battle Is On

<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
<p>For this Insight, we did not do any phone calls, no travel, no channel checks. These insights are purely based on first-degree personal interactions and observations. While the data is relevant to Vadodara, anecdotal evidence is gathered from Pune, Indore, Mumbai. </p>
<p>While the lockdowns are just imposed in Maharashtra, the situation is no better in rest of the country, the fight against COVID is turning out to be a battle for survival! Welcome to the Jungle. </p>

Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  
For this Insight, we did not do any phone calls, no travel, no channel checks. These insights are purely based on first-degree personal interactions and observations. While the data is relevant to Vadodara, anecdotal evidence is gathered from Pune, Indore, Mumbai. 
While the lockdowns are just imposed in Maharashtra, the situation is no better in rest of the country, the fight against COVID is turning out to be a battle for survival! Welcome to the Jungle. 

India Channel Insight | A Tier -2 City's Battle with The Second Wave | Welcome to the Jungle

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 Ltd: Jewellery Glitters with Strong Consensus Beat in Q2

Jewellery glitters with strong consensus beat in Q2 lifestyle company, with jewellery being the leading vertical (82% of revenues). Robust...

ICICI Securities Limited

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

We see early signs of positive change within EM, and we present a strong case as to why we believe now is an opportune time to add exposure.

Vermilion Research

Commendable result amid the lockdown, further recovery underway

Despite losing out on sales for a large part of May'21 due to the lockdowns across the country, TTAN reported a decline of only ~33% over 1QFY20...

Motilal Oswal

India Channel Insight | Living in the Second Wave | The Battle Is On

in this insight, we present our takeaways from interactions and experiences of 10 COVID positive patients with an objective to understand and...

Pranav Bhavsar

India Channel Insight | A Tier -2 City's Battle with The Second Wave | Welcome to the Jungle

While the lockdowns are just imposed in Maharastra, the situation is no better in the rest of the country, the fight against COVID is turning out...

Pranav Bhavsar

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