Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.</li>
<li>As things stand, there could be two index changes for the SENSEX index.</li>
<li>There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, BSE 100, and BSE 200 Indices in the June 2025 index rebal event.
As things stand, there could be two index changes for the SENSEX index.
There could be two ADDs/DELs for the BSE 100 Index and four ADDs/DELs for the BSE 200 Index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Excellent growth despite challenging environment – Revenue growth of 37% YoY to Rs 4,535 Cr is commendable despite the challenging environment.</li><li>The fashion format reported high single-digit LFL growth. For 9MFY25, revenue grew 43%, with a volume growth of 39%, driven by aggressive store expansion.</li><li>The total footprint expanded by 33% over the last year, reaching 11 msq. ft across fashion brands.</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.

Excellent growth despite challenging environment – Revenue growth of 37% YoY to Rs 4,535 Cr is commendable despite the challenging environment.The fashion format reported high single-digit LFL growth. For 9MFY25, revenue grew 43%, with a volume growth of 39%, driven by aggressive store expansion.The total footprint expanded by 33% over the last year, reaching 11 msq. ft across fashion brands.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.

Trent Ltd - Marginal Miss on Operating Front; Maintain BUY

<ul><li>As part of the Tata Group, Trent primarily operates stores across five key concepts: Westside, Zudio, Star, Landmark, and Utsav.</li><li>Its flagship concept, Westside, offers branded fashion apparel, footwear, accessories for women, men, and children, and a diverse range of home furnishings and décor.</li><li>Zudio, the company’s value fashion concept, provides trendy fashion for men, women, and children at highly competitive price points, with exclusive in-house curated collections. </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 part of the Tata Group, Trent primarily operates stores across five key concepts: Westside, Zudio, Star, Landmark, and Utsav.Its flagship concept, Westside, offers branded fashion apparel, footwear, accessories for women, men, and children, and a diverse range of home furnishings and décor.Zudio, the company’s value fashion concept, provides trendy fashion for men, women, and children at highly competitive price points, with exclusive in-house curated collections. 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.

Pick of the Week: Trent Limited - 25th January 2025

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a> is best positioned to capitalize on the growing market for lab-grown diamonds (LGD) and alter its business growth trajectory.</li>
<li>LGD disruptions seen in other markets are unlikely to be seen in India due to the positioning of Jewellery in Household asset allocation. </li>
<li>We also believe that <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent Ltd (TRENT IN)</a>  LGD potential is underrated while the impact on <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>  is overrated.</li>
</ul>



Trent Ltd (TRENT IN) is best positioned to capitalize on the growing market for lab-grown diamonds (LGD) and alter its business growth trajectory.
LGD disruptions seen in other markets are unlikely to be seen in India due to the positioning of Jewellery in Household asset allocation. 
We also believe that Trent Ltd (TRENT IN)  LGD potential is underrated while the impact on Titan Co Ltd (TTAN IN)  is overrated.


Trent Ltd (TRENT IN) | LGD Can Be the Next Catalyst

<ul><li>Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to Rs 4,036 Cr.</li><li>Despite the challenging environment, Trent's ability to deliver strong numbers compared to its peers is commendable.</li><li>The fashion format sustained double-digit LFL growth, driven by aggressive store expansion.</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.

Solid growth compared to peers – Trent's Q2FY25 results, although falling short of expectations, showcased a robust revenue growth of 39.6% YoY to Rs 4,036 Cr.Despite the challenging environment, Trent's ability to deliver strong numbers compared to its peers is commendable.The fashion format sustained double-digit LFL growth, driven by aggressive store expansion.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.

Trent Ltd - Strong Show Despite Weak Consumer Sentiment; Maintain BUY

India

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

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Trent Ltd (TRENT IN)

Quiddity Leaderboard BSE/SENSEX Jun25: One Change to Expectations; US$500mn One-Way Collectively

Collectively, we see one way flows of around US$500mn for BSE Sensex, BSE 100, and BSE 200 in June 2025 based on the latest data. Some names have...

Janaghan Jeyakumar, CFA

Trent Ltd - Marginal Miss on Operating Front; Maintain BUY

Excellent growth despite challenging environment – Revenue growth of 37% YoY to Rs 4,535 Cr is commendable despite the challenging environment.

Axis Direct

Pick of the Week: Trent Limited - 25th January 2025

As part of the Tata Group, Trent primarily operates stores across five key concepts: Westside, Zudio, Star, Landmark, and Utsav. Its flagship...

Axis Direct