External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

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.

External broker reports(aggregated public sources)

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

<ul><li>ICICI Securities research report onEureka Forbes Smaller players in the water purification market have introduced a differentiated offering – free servicing for initial 24 to 30 months.</li><li>For Eureka Forbes, this may increase the cost of acquisition of new consumers, but we believe the concern is overdone as: 1) most of the variants introduced by smaller players are at a premium price point of INR10,000-plus, whereas Eureka is trying to drive growth at the bottom of pyramid with the launch of variant at INR6,499; 2) The pan-India industry penetration level is still ~5% (urban: 12%), which indicates healthy long-term growth potential for most incumbents; 3) Eureka continues to benefit from strong brand equity and established distribution.</li><li>Outlook We also note players such as Havells, Tata Swacch and V Guard have failed to gain more than 5% market share in water purifiers, indicating Aquaguard’s strong brand equity.</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>

ICICI Securities research report onEureka Forbes Smaller players in the water purification market have introduced a differentiated offering – free servicing for initial 24 to 30 months.For Eureka Forbes, this may increase the cost of acquisition of new consumers, but we believe the concern is overdone as: 1) most of the variants introduced by smaller players are at a premium price point of INR10,000-plus, whereas Eureka is trying to drive growth at the bottom of pyramid with the launch of variant at INR6,499; 2) The pan-India industry penetration level is still ~5% (urban: 12%), which indicates healthy long-term growth potential for most incumbents; 3) Eureka continues to benefit from strong brand equity and established distribution.Outlook We also note players such as Havells, Tata Swacch and V Guard have failed to gain more than 5% market share in water purifiers, indicating Aquaguard’s strong brand equity.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.

Eureka Forbes

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