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.

Thematic (Sector/Industry)

<ul><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industries</li><li>EBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA margin</li><li>Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)</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.

SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industriesEBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA marginConsolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)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.

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

<ul><li>Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)</li><li>The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak execution</li><li>The premium segment has done well across categories but mass segment has seen slowdown during Q2.</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.

Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak executionThe premium segment has done well across categories but mass segment has seen slowdown during Q2.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.

Consumer Durables (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

<ul><li>Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)</li><li>During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summer</li><li>Demand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demand</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.

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summerDemand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demandContent 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 Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

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

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

Equity Bottom-Up

<ul><li>TTK Prestige is India’s leading player in kitchen solutions and has been successful in transforming itself from a company manufacturing pressure cookers</li><li>It continues to be market leader in the cooker segment and has material share in other appliance and cookware categories</li><li>Target Price and Valuation: We value TTK at Rs 1270 i.e. 45x FY24E EPS</li></ul><div class="content-highlight">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.</div>

TTK Prestige is India’s leading player in kitchen solutions and has been successful in transforming itself from a company manufacturing pressure cookersIt continues to be market leader in the cooker segment and has material share in other appliance and cookware categoriesTarget Price and Valuation: We value TTK at Rs 1270 i.e. 45x FY24E EPSContent 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.

TTK Prestige: New Product Launches to Propel Revenue Growth

India

TTK Prestige Limited manufactures a range of domestic appliances.  The Group's products include pressure cookers and non-stick cookware, stainless steel and glass vacuum flasks, and gas stoves.

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TTK Prestige (TTKPT IN)

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)

HDFC Securities

Consumer Durables (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in...

HDFC Securities

Consumer Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs ...

HDFC Securities

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs....

HDFC Securities

TTK Prestige: New Product Launches to Propel Revenue Growth

TTK Prestige is India’s leading player in kitchen solutions and has been successful in transforming itself from a company manufacturing pressure...

ICICI Securities Limited

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