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>After going through a challenging period marked by (1) an unfavourable rural cycle, (2) deteriorating unit economics, and (3) stumbling in assortment pricing and capital allocation, VMART’s KPIs are bottoming out</li><li>Notable improvements include (a) gradual recovery in footfall/sales densities, (b) downward recalibration of rental bills, and (c) alleviation of working capital challenges</li><li>We recently interacted with V-MART’s management to better understand the levers to normalcy</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.

After going through a challenging period marked by (1) an unfavourable rural cycle, (2) deteriorating unit economics, and (3) stumbling in assortment pricing and capital allocation, VMART’s KPIs are bottoming outNotable improvements include (a) gradual recovery in footfall/sales densities, (b) downward recalibration of rental bills, and (c) alleviation of working capital challengesWe recently interacted with V-MART’s management to better understand the levers to normalcyContent 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-MART Retail: An Under-Earning Asset or a Melting Ice Cube? Upgrade to BUY

Thematic (Sector/Industry)

<ul><li>Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.</li><li>This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.</li><li>Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. </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.

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. 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: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

<ul><li>ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas production</li><li>In Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory levies</li><li>PAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costs</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.

ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in the current environment with a levy of windfall tax, (2) gas price realisation too unlikely to change significantly, as APM gas price is frozen until March 2025 and 95% of ONGC’s gas sales fall under APM and (3) slower ramp-up in oil &amp; gas productionIn Q1FY25, reported EBITDA stood at INR 186bn (-4% YoY, +7% QoQ), coming in above our estimate owing to lower-than-expected statutory leviesPAT at INR 89bn (-11% YoY, -9% QoQ) was below our estimate, mainly driven by higher-than-expected depreciation and depletion costsContent 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: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

<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

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 Finance Minister of India will present the full-year Union Budget for FY24-25 on 23rd July’24.</li><li>The impact of the Union Budget on the equity market has reduced notably over the past few years with the government undertaking most of the reforms outside the purview of the Budget.</li><li>As it is the first full-year budget after the formation of the NDA 3.0 government, market participants continue to view it as a critical catalyst stimulating the Indian economy’s growth and thereby the Indian market.</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 Finance Minister of India will present the full-year Union Budget for FY24-25 on 23rd July’24.The impact of the Union Budget on the equity market has reduced notably over the past few years with the government undertaking most of the reforms outside the purview of the Budget.As it is the first full-year budget after the formation of the NDA 3.0 government, market participants continue to view it as a critical catalyst stimulating the Indian economy’s growth and thereby the Indian market.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.

Pre Union Budget Expectations 2024-25: Budget Likely to Strengthen the Narrative of “Viksit Bharat”

India

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.

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V-Mart Retail (VMART IN)

V-MART Retail: An Under-Earning Asset or a Melting Ice Cube? Upgrade to BUY

After going through a challenging period marked by (1) an unfavourable rural cycle, (2) deteriorating unit economics, and (3) stumbling in...

HDFC Securities

HSIE Results Daily: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24...

HDFC Securities

HSIE Results Daily: ONGC, TVS Motor, NCC, Bajaj Electricals, Symphony

We maintain our REDUCE rating on ONGC, with a target price of INR 286, given: (1) limited upside potential for ONGC’s crude price realisation in...

HDFC Securities

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

Pre Union Budget Expectations 2024-25: Budget Likely to Strengthen the Narrative of “Viksit Bharat”

The impact of the Union Budget on the equity market has reduced notably over the past few years with the government undertaking most of the reforms...

Axis Direct

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