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

Equity Bottom-Up

<ul>
<li>The overall Air Condition (AC) season has been good, with volumes up by more than +20% compared to the last two years.</li>
<li>
<a href="https://www.smartkarma.com/entities/daikin-industries-ltd" target="_blank" data-smartkarma-citation="entities:16696:1" rel="noopener">Daikin Industries (6367 JP)</a> &amp; <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> have performed below expectations with stiff pricing and poor dealer support. </li>
<li>
<a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> (Lloyd) market share gain is on the back of lower prices. The focus has moved from premiumizing brand &amp; expanding margins to gaining market share. </li>
</ul>


The overall Air Condition (AC) season has been good, with volumes up by more than +20% compared to the last two years.

Daikin Industries (6367 JP) &amp; Voltas Ltd (VOLT IN) have performed below expectations with stiff pricing and poor dealer support. 

Havells India (HAVL IN) (Lloyd) market share gain is on the back of lower prices. The focus has moved from premiumizing brand &amp; expanding margins to gaining market share. 


India Channel Insight #36 | Daikin, Havells, Voltas

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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>Voltas (VOLT) reported a mixed set of numbers in Q3FY22. Revenue/PAT de-grew by 10%/25% YoY (below our estimates by 4.6%/22%)</li><li>On the other hand, EBITDA grew by 6.7% YoY (above our estimates by 6%)</li><li>The company witnessed lower growth in UCP (up 9% YoY); EMPS (down 34.6% YoY) was below expectations.</li></ul><div class="content-highlight"><em>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.</em></div>

Voltas (VOLT) reported a mixed set of numbers in Q3FY22. Revenue/PAT de-grew by 10%/25% YoY (below our estimates by 4.6%/22%)On the other hand, EBITDA grew by 6.7% YoY (above our estimates by 6%)The company witnessed lower growth in UCP (up 9% YoY); EMPS (down 34.6% YoY) was below expectations.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.

Voltas Ltd: Improvement in Margins Led by Healthy Execution, While Missed Profitability

<p>Voltas’ (VOLT) reported decent performance in Q2FY22 with Revenue/EBITDA/PAT for the quarter rising 5%/32%/31% YoY (slightly below our estimates by 2%/1%/4%). The company witnessed better than expected performance in UCP (up 34.3% YoY) and EPS segments (up 34.4% YoY), while EMPS (down 27.9% YoY) segment performance was below expectations.</p><div class="content-highlight"><em>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.</em></div>

Voltas’ (VOLT) reported decent performance in Q2FY22 with Revenue/EBITDA/PAT for the quarter rising 5%/32%/31% YoY (slightly below our estimates by 2%/1%/4%). The company witnessed better than expected performance in UCP (up 34.3% YoY) and EPS segments (up 34.4% YoY), while EMPS (down 27.9% YoY) segment performance was below expectations.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.

Voltas Ltd: In-Line Performance with Sustained Margins

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<p>The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.</p>

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

<p>In last week's <em>Int'l Compass</em> (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.</p>

In last week's Int'l Compass (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

India

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

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Voltas Ltd (VOLT IN)

India Channel Insight #36 | Daikin, Havells, Voltas

We interacted with channels in North, West, and Mid-India to understand the demand environment & competitive dynamics in the current season for Air...

Pranav Bhavsar

Voltas Ltd: Improvement in Margins Led by Healthy Execution, While Missed Profitability

Voltas (VOLT) reported a mixed set of numbers in Q3FY22. Revenue/PAT de-grew by 10%/25% YoY (below our estimates by 4.6%/22%)

Edelweiss

Voltas Ltd: In-Line Performance with Sustained Margins

Voltas’ (VOLT) reported decent performance in Q2FY22 with Revenue/EBITDA/PAT for the quarter rising 5%/32%/31% YoY (slightly below our estimates by...

Edelweiss

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

The MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EAFE (EFA-US) are testing important intermediate-term support levels of $99, $54, and $76.50...

Vermilion Research

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

Japan (TOPIX, TOPIX Small) was a big focus for us last week, and it remains the focus in today's report; this could be the start of a broad-based...

Vermilion Research

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