External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

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>Bata’s premiumisation-volume trade-off strategy proved suboptimal vis-a-vis peers over FY15-23 (lost 10pp+ market share over FY15-23, ~13/16% FY23 revenue/EBITDA share)</li><li>While our initial thesis on Bata’s difficulty in winning volumes played out (highlighted in our footwear thematic dated Dec-21, Link), we interacted with management (Bata India CFO Mr Anil Somani) to understand if Bata has a volume fix up its sleeve</li><li>Key takeaways from the interaction: the focus is on (1) continuing to improve price and product range across channels, (2) improving distributor and franchisee unit economics, and (3) making the cost structures variable (to a point).</li></ul><p><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></p>

Bata’s premiumisation-volume trade-off strategy proved suboptimal vis-a-vis peers over FY15-23 (lost 10pp+ market share over FY15-23, ~13/16% FY23 revenue/EBITDA share)While our initial thesis on Bata’s difficulty in winning volumes played out (highlighted in our footwear thematic dated Dec-21, Link), we interacted with management (Bata India CFO Mr Anil Somani) to understand if Bata has a volume fix up its sleeveKey takeaways from the interaction: the focus is on (1) continuing to improve price and product range across channels, (2) improving distributor and franchisee unit economics, and (3) making the cost structures variable (to a point).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.

Bata India - Can Bata Fix Its Volume Problem? Maintain REDUCE

Bata India Ltd

Bata India - Can Bata Fix Its Volume Problem? Maintain REDUCE