External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

Aditya Birla Fashion and Retail Ltd / Equity Bottom-Up

Aditya Birla Fashion and Retail Ltd (ABFRL IN)

<p>We have BUY ratings on ABFRL and KNPL. Note: Changes in TP are largely a function of a 1. 6M DCF roll-over (to Dec-22) and 2. marginal EPS upgrades for select companies. Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to clock 34/49% revenue/EBITDA growth YoY (on a low base) in Q2FY22 (two-year revenue/EBITDA CAGRs of 14/15.6%). Pent-up demand stemming from the second wave-led lockdown was a strong underpinning. F&amp;G;, jewellery, paints and apparel (ex-RR) are expected to clock 17%, 32%, 14%, and -9% (two-yr CAGR).</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>

We have BUY ratings on ABFRL and KNPL. Note: Changes in TP are largely a function of a 1. 6M DCF roll-over (to Dec-22) and 2. marginal EPS upgrades for select companies. Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to clock 34/49% revenue/EBITDA growth YoY (on a low base) in Q2FY22 (two-year revenue/EBITDA CAGRs of 14/15.6%). Pent-up demand stemming from the second wave-led lockdown was a strong underpinning. F&amp;G;, jewellery, paints and apparel (ex-RR) are expected to clock 17%, 32%, 14%, and -9% (two-yr CAGR).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.

Consumer Discretionary (2QFY22 Results Preview): Recovery trends healthy