External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Tonnage growth in FY24 was hit by a slowdown in agro and textile commodity volume in southern states, which contribute ~40% to tonnage.</li><li>Amid general elections in 1QFY25 and a severe driver shortage, tonnage growth is expected to be subdued.</li><li>However, as normalcy returns in 2QFY25, we expect VRLL to post double-digit volume growth in 2HFY25. We expect FY25 volume growth of 10%.</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.

Tonnage growth in FY24 was hit by a slowdown in agro and textile commodity volume in southern states, which contribute ~40% to tonnage.Amid general elections in 1QFY25 and a severe driver shortage, tonnage growth is expected to be subdued.However, as normalcy returns in 2QFY25, we expect VRLL to post double-digit volume growth in 2HFY25. We expect FY25 volume growth of 10%.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.

VRL Logistics - Muted Activity in 1Q Amid Polls and Driver Shortage

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

CJ Darcl Logistics Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cj-darcl-logistics-limited" target="_blank" data-smartkarma-citation="entities:43862:1" rel="noopener">CJ Darcl Logistics Limited (1506129D IN)</a> is looking to raise around US$100m in its upcoming India IPO.</li>
<li>CJ Darcl Logistics (CJDL) is a diversified logistics company in India, with market leadership in full truck load (FTL) vertical in terms of revenue for FY23, according to CRISIL.</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



CJ Darcl Logistics Limited (1506129D IN) is looking to raise around US$100m in its upcoming India IPO.
CJ Darcl Logistics (CJDL) is a diversified logistics company in India, with market leadership in full truck load (FTL) vertical in terms of revenue for FY23, according to CRISIL.
In this note, we talk about the company’s historical performance.


CJ Darcl Logistics Pre-IPO - Diversifying and Integrating Operations for a Larger Pie

Ethan Aw

TVS Supply Chain Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tvs-supply-chain-solutions" target="_blank" data-smartkarma-citation="entities:36778:1" rel="noopener">TVS Supply Chain Solutions (1915741D IN)</a> is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.</li>
<li>TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. </li>
<li>In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.</li>
</ul>



TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.
TVS SCS is an Indian supply chain logistics solution provider which also has global capabilities and network across the value chain with cross deployment abilities, according to RedSeer. 
In our previous note, we looked at the company’s past performance. In this note, we talk about RHP updates, undertake a peer comparison and provide our thoughts on valuation.


TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

<ul><li>VRL Logistics (VRLL) announced a capex plan of INR5.6b to purchase 1,600 trucks (~25,000t carrying capacity) spread over the next 12-18 months.</li><li>This capex is essential to: a) replace its older fleet that moves out due to the vehicle scraping policy and b) capture the pick-up in demand in the LTL segment.</li><li>We believe VRLL would be very well placed to capitalize on the growth opportunity after this capacity addition.</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.

VRL Logistics (VRLL) announced a capex plan of INR5.6b to purchase 1,600 trucks (~25,000t carrying capacity) spread over the next 12-18 months.This capex is essential to: a) replace its older fleet that moves out due to the vehicle scraping policy and b) capture the pick-up in demand in the LTL segment.We believe VRLL would be very well placed to capitalize on the growth opportunity after this capacity addition.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.

VRL Logistics: New Capex Plan to Capitalize on the Growth Opportunities

<ul><li>The management is optimistic on VRLL’s growth prospects over the next couple of years. A shift towards the organized sector would result in robust business opportunities </li><li>In the near term, stabilization of fuel prices and improved volumes will benefit this sector. </li><li>We expect VRLL to clock a revenue/EBITDA/PAT CAGR of ~19%/19%/45% over FY21- 24E. We reiterate our Buy rating, with a TP of INR540/share (35x 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>

The management is optimistic on VRLL’s growth prospects over the next couple of years. A shift towards the organized sector would result in robust business opportunities In the near term, stabilization of fuel prices and improved volumes will benefit this sector. We expect VRLL to clock a revenue/EBITDA/PAT CAGR of ~19%/19%/45% over FY21- 24E. We reiterate our Buy rating, with a TP of INR540/share (35x FY24E EPS)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.

India

VRL Logistics Limited provides goods and passenger transportation services. The Company offers various goods transportation services, including general parcel and priority parcel delivery, courier, and full-truckload services through its transportation network. VRL Logistics serves customers in India.

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VRL Logistics Ltd (VRLL IN)

VRL Logistics - Muted Activity in 1Q Amid Polls and Driver Shortage

Tonnage growth in FY24 was hit by a slowdown in agro and textile commodity volume in southern states, which contribute ~40% to tonnage.

Motilal Oswal

CJ Darcl Logistics Pre-IPO - Diversifying and Integrating Operations for a Larger Pie

CJ Darcl Logistics Limited is looking to raise around US$100m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

TVS Supply Chain Solutions IPO - RHP Updates, Peer Comparison & Thoughts on Valuation

TVS Supply Chain Solutions (1915741D IN) is looking to raise up to US$110m in its India IPO, after downsizing from an earlier float of up to US$500m.

Ethan Aw

VRL Logistics: New Capex Plan to Capitalize on the Growth Opportunities

VRL Logistics (VRLL) announced a capex plan of INR5.6b to purchase 1,600 trucks (~25,000t carrying capacity) spread over the next 12-18...

Motilal Oswal

VRL Logistics: Well Placed to Capitalize

We hosted the management of VRLL to get an understanding of the current business scenario and its outlook. The management is optimistic on...

Motilal Oswal

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