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>Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)</li><li>The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actions</li><li>In addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)</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.

Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actionsIn addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)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 - Unseasonal Rains Add to a Volatile Demand Environment

<ul><li>In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)</li><li>Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)</li><li>Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/CAGR</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.

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&amp;W categories, which grew by 14/11/% YoY (15/15% CAGR)Electric consumer durable (ECD) and lighting categories were weak at -3%/flat YoY (+7%/flat four-year CAGR)Aggregate EBIT (ex-OEM) was up by 9% YoY (9% four-year CAGR) but it was largely driven by C&amp;W, which was up 30/19% YoY/CAGRContent 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: Demand a mixed bag comfort on valuation

<ul><li>Prestige Estates: Prestige Estates (PEPL) registered the highest-ever annual presales of INR 129bn (+24% YoY) on the back of 16msf of launches and robust presales in MMR at INR 27bn</li><li>On the back of this, non-Bengaluru sales increased to 41%, from 20% in FY22</li><li>For FY24, it expects to achieve 25% growth in annual presales over FY23</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.

Prestige Estates: Prestige Estates (PEPL) registered the highest-ever annual presales of INR 129bn (+24% YoY) on the back of 16msf of launches and robust presales in MMR at INR 27bnOn the back of this, non-Bengaluru sales increased to 41%, from 20% in FY22For FY24, it expects to achieve 25% growth in annual presales over FY23Content 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: Prestige Estates, V-Guard Industries

<ul><li>Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)</li><li>Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segment</li><li>Moreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)</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.

Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segmentMoreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)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 - Delayed Summer Season to Impact Q4FY23 Print

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

V-Guard Industries Ltd / Equity Bottom-Up

<ul><li>V-Guard has signed a definitive agreement to acquire 100% stake in Sunflame Enterprises (Sunflame) for a consideration of Rs 660 crore, on a cash-free and debt-free basis.</li><li>In the last 3 years, Sunflame’s revenue grew at 15% CAGR (higher than industry growth of ~10-12%) supported by new product launches and geographical expansions.</li><li>It will finance this acquisition through a mix of debt and internal accruals (V-Guard had net cash of ~Rs 151 crore as on September 2022).</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.

V-Guard has signed a definitive agreement to acquire 100% stake in Sunflame Enterprises (Sunflame) for a consideration of Rs 660 crore, on a cash-free and debt-free basis.In the last 3 years, Sunflame’s revenue grew at 15% CAGR (higher than industry growth of ~10-12%) supported by new product launches and geographical expansions.It will finance this acquisition through a mix of debt and internal accruals (V-Guard had net cash of ~Rs 151 crore as on September 2022).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.

V-Guard Industries - ‘‘Sunflame’ to Scale up V-Guard’s Kitchen Portfolio…

India

V-Guard Industries Limited produces and manufacturers stabilizers, pumps, cables, fans, and electrical and solar water heaters.

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V-Guard Industries Ltd (VGRD IN)

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the...

HDFC Securities

Consumer Durables: Demand a mixed bag comfort on valuation

In Q4FY23, the HSIE CD index revenue (ex-OEM) grew by 6% YoY (+12% four-year CAGR), led by cooling/C&W categories, which grew by 14/11/% YoY (15...

HDFC Securities

HSIE Results Daily: Prestige Estates, V-Guard Industries

Prestige Estates: Prestige Estates (PEPL) registered the highest-ever annual presales of INR 129bn (+24% YoY) on the back of 16msf of launches and...

HDFC Securities

Consumer Durables - Delayed Summer Season to Impact Q4FY23 Print

Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in...

HDFC Securities

V-Guard Industries - ‘‘Sunflame’ to Scale up V-Guard’s Kitchen Portfolio…

V-Guard has signed a definitive agreement to acquire 100% stake in Sunflame Enterprises (Sunflame) for a consideration of Rs 660 crore, on a cash...

ICICI Securities Limited

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