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>Trent’s relentless focus on improving its value proposition is evident in its financials</li><li>Across formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have significantly decreased</li><li>That said, CMP suggests investors seem to have suspended disbelief regarding the sustenance of KPIs/earnings power because (1) Zudio’s sales density seems stretched at ~INR18k/sq ft</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.

Trent’s relentless focus on improving its value proposition is evident in its financialsAcross formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have significantly decreasedThat said, CMP suggests investors seem to have suspended disbelief regarding the sustenance of KPIs/earnings power because (1) Zudio’s sales density seems stretched at ~INR18k/sq ftContent 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 - Suspended Disbelief! 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>NSE Indices has continued to use the current index methodology to come up with the 5 adds/deletes. The proposed methodology seems to be put on ice for reasons unknown.</li>
<li>
<a href="https://www.smartkarma.com/entities/punjab-national-bank" target="_blank" data-smartkarma-citation="entities:542:1" rel="noopener">Punjab National Bank</a>, <a href="https://www.smartkarma.com/entities/shriram-transport-finance" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Transport Finance</a>, <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent</a>, <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor</a> and <a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences</a> will replace <a href="https://www.smartkarma.com/entities/acc-ltd" target="_blank" data-smartkarma-citation="entities:183:1" rel="noopener">ACC</a>, <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures</a>, <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management</a>, <a href="https://www.smartkarma.com/entities/indus-towers-ltd" target="_blank" data-smartkarma-citation="entities:8922:1" rel="noopener">Indus Towers</a> and <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries</a>.</li>
<li>The adds, deletes, capping and funding changes will result in one-way turnover of 13% and in a one-way trade of INR 20.77bn. The impact on the adds/deletes is big.</li>
</ul>


NSE Indices has continued to use the current index methodology to come up with the 5 adds/deletes. The proposed methodology seems to be put on ice for reasons unknown.

Punjab National Bank, Shriram Transport Finance, Trent, TVS Motor and Zydus Lifesciences will replace ACC, FSN E-Commerce Ventures, HDFC Asset Management, Indus Towers and Page Industries.
The adds, deletes, capping and funding changes will result in one-way turnover of 13% and in a one-way trade of INR 20.77bn. The impact on the adds/deletes is big.


NIFTY NEXT50 Index Rebalance: Five Changes; Big Impact; Cross Index Flow

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The company’s revenue grew 54% YoY (35% on a 4-year CAGR basis) to Rs 2,536 Cr, led by strong LTL growth of 12% despite a challenging environment that saw increased footfalls, strong growth across categories and channels, and continued store expansion.</li><li>The company’s EBITDA grew 20% YoY (22% 4-year CAGR), while EBITDA margins declined by 398bps YoY to 14.4% due to gross margin pressure (higher RM), increased importance of low-margin Zudio portfolio and higher operating costs.</li><li>PAT was Rs 148 Cr, up 44% 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.

The company’s revenue grew 54% YoY (35% on a 4-year CAGR basis) to Rs 2,536 Cr, led by strong LTL growth of 12% despite a challenging environment that saw increased footfalls, strong growth across categories and channels, and continued store expansion.The company’s EBITDA grew 20% YoY (22% 4-year CAGR), while EBITDA margins declined by 398bps YoY to 14.4% due to gross margin pressure (higher RM), increased importance of low-margin Zudio portfolio and higher operating costs.PAT was Rs 148 Cr, up 44% YoYContent 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.

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Overall, Cantabil Retail is a well-managed company with a solid track record and a clear growth strategy. </li>
<li>With a focus on expanding into new markets, maintaining high profitability, and strong promoter and FII confidence, Cantabil is poised for continued success in the Indian retail sector. </li>
<li>Investors looking for a promising investment opportunity in the apparel industry should consider Cantabil Retail for its strong financial performance and growth potential.</li>
</ul>


Overall, Cantabil Retail is a well-managed company with a solid track record and a clear growth strategy. 
With a focus on expanding into new markets, maintaining high profitability, and strong promoter and FII confidence, Cantabil is poised for continued success in the Indian retail sector. 
Investors looking for a promising investment opportunity in the apparel industry should consider Cantabil Retail for its strong financial performance and growth potential.


The Beat Ideas: What Makes Cantabil Retail an Interesting Bet on the Apparel Market?

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

India

Avenue Supermarts Ltd. (ASL) owns and operates hypermarkets and supermarkets. The Company offers products such as garments, footwears, toys and games, bed and bath linen, stationery, grocery, household, and electronic products. ASL operates throughout India.

Shoppers Stop Ltd. operates a chain of retail shops.  The Company retails men's, women's, and children's clothing; cosmetics and skin and hair care products;  home appliances; housewares; linens; luggage; jewelry; and accessories.

V-Mart Retail Limited owns, operates, and franchises a chain of family lifestyle stores in India. The Company operates medium sized hypermarket format retail stores that sell clothes, accessories, and footwear for men, women, and kids; cosmetics, luggage, toys, and games; and food, non-food, and staple items.

V2 Retail Limited owns and operates retail stores.  The Company sells readymade apparel and household merchandise and other consumer goods such as footwear, toys, watches, toiletries, grocery items, sports items, crockery, gifts and novelties.

Zomato Limited is an online restaurant guide and food ordering platform. The Company offers platform connects customers, restaurant partners and delivery partners to search and discover restaurants, read and write customer generated reviews, order food delivery, book a table, and make payments while dining-out at restaurants. Zomato serves customers worldwide.

Infibeam Avenues Limited operates as an e-commerce platform. The Company focuses on e-retail business including home and lifestyle products, books, automobile accessories, electronics, watches, health equipment, jewelry, footwear, apparel, baby products, movies, music, posters, magazines, toys, and gifts. Infibeam Avenues serves customers in India.

Thanga Mayil Jewellery Ltd. designs and manufactures jewels. The Company distributes and sells gold and silver necklaces, bangles, earrings, rings, chains, and anklets, as well as vessels, sculptures, tumblers, and other gifts. Thanga Mayil Jewellery serves customers worldwide.

PC Jeweller Ltd. manufacture, retails, and wholesale jewelry.  The Company sells jewelry through its showrooms and over the Internet.  PC Jeweller offers a wide range of products including gold jewellery, diamond jewellery and other jewellery including silver articles, with a focus on diamond jewellery and jewellery for weddings.

Shankara Building Products Limited retails home improvement and building products. The Company offers steel pipes and tubes, roofing sheets, hollow blocks, primers, tiles, plywood, kitchen sinks, and welding accessories. Shankara Building Products markets its products in India.

Shankara Building Products L (SHANKARA IN)

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

JD.com Inc is an online direct sales company in China.  The Company offers a wide selection of products through its website and mobile applications.  JD.com sells appliances, computers, digital products, communication products, garments, books, and household items to consumers and vendors.

Dollar General Corporation operates a chain of discount retail stores located primarily in the southern, southwestern, midwestern, and eastern United States. The Company offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health, beauty, pet supplies, and non-consumables such as seasonal merchandise.

Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise at the $1.00 price point.

Pan Pacific International Holdings Corporation operates discount stores which sell consumer electronics, daily necessities, groceries, watches, and sporting goods. The Company mostly operates small scale stores based in Tokyo.

Pan Pacific International Holdings (7532 JP)

Isetan Mitsukoshi Holdings Ltd. is a holding company established through a merger of Mitsukoshi and Isetan. The group operates department stores nationwide, selling clothing, foods, household goods, cosmetics and general merchandise.

Naspers Limited operates in the technology industry. The Company invests in global internet companies across the world.

Marks & Spencer Group PLC is a holding company. The Company, through its subsidiaries, provides retail of clothing, food and home products.

Next Plc conducts retailing, home shopping, and customer services management operations.  The Company's retail stores sell ladies wear, mens wear, childrens wear, and housewares.

Falabella S.A. provides digital and physical retail space in Latin America. The Company runs different formats such as department stores, home improvement, supermarkets, regional shopping centers and power centers, and provide financial services. Falabella operates in 7 countries.

Canadian Tire Corporation Limited is a family of businesses that includes a retail segment, a financial services division and CT REIT. The Company's retail business provides Canadians with products for life in Canada across its living, playing, fixing, automotive and seasonal categories. Canadian Tire Corporation's  retail products include casual, industrial and active wear.

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)

Trent - Suspended Disbelief! Maintain SELL

Across formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have...

HDFC Securities

NIFTY NEXT50 Index Rebalance: Five Changes; Big Impact; Cross Index Flow

There are 5 changes for the NEXT50 Index as the existing methodology is used. Turnover is huge and there will be big impact on a lot of stocks....

Brian Freitas

Trent Ltd - Outstanding Performance

The company’s revenue grew 54% YoY (35% on a 4-year CAGR basis) to Rs 2,536 Cr, led by strong LTL growth of 12% despite a challenging environment...

Axis Direct

The Beat Ideas: What Makes Cantabil Retail an Interesting Bet on the Apparel Market?

Cantabil Retail is a well-managed company with a clear growth strategy, poised for success in the Indian retail sector, making it a promising...

Sudarshan Bhandari

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

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Trent - Suspended Disbelief! Maintain SELL

Across formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have...

HDFC Securities

NIFTY NEXT50 Index Rebalance: Five Changes; Big Impact; Cross Index Flow

There are 5 changes for the NEXT50 Index as the existing methodology is used. Turnover is huge and there will be big impact on a lot of stocks....

Brian Freitas

Trent Ltd - Outstanding Performance

The company’s revenue grew 54% YoY (35% on a 4-year CAGR basis) to Rs 2,536 Cr, led by strong LTL growth of 12% despite a challenging environment...

Axis Direct

The Beat Ideas: What Makes Cantabil Retail an Interesting Bet on the Apparel Market?

​Cantabil Retail is a well-managed company with a clear growth strategy, poised for success in the Indian retail sector, making it a promising...

Sudarshan Bhandari

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

Cantabil Retail is a well-managed company with a clear growth strategy, poised for success in the Indian retail sector, making it a promising...