External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

Feng Tay Enterprise: Risks from Higher Inventory at Nike & Unattractive Valuations

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.

Thematic (Sector/Industry)

India Textiles, apparel and luxury goods / Thematic (Sector/Industry)

<ul><li>Footwear, like most F&amp;L categories, is fragmenting, with top businesses within the ecosystem losing revenue/EBITDA share</li><li>Against this backdrop, a company’s ability to connect relevant assortment with relevant distribution at smart price points is key for a long and healthy reinvestment story</li><li>Bata isn’t quite there yet (TP: INR1,400/sh, implying 38x FY24 P/E; trading at 51x); Relaxo is, but is fully priced (TP: INR1,050/sh, implying 55x FY24 P/E; trading at 68x). We initiate coverage on both recommending SELL on both.</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>

Footwear, like most F&amp;L categories, is fragmenting, with top businesses within the ecosystem losing revenue/EBITDA shareAgainst this backdrop, a company’s ability to connect relevant assortment with relevant distribution at smart price points is key for a long and healthy reinvestment storyBata isn’t quite there yet (TP: INR1,400/sh, implying 38x FY24 P/E; trading at 51x); Relaxo is, but is fully priced (TP: INR1,050/sh, implying 55x FY24 P/E; trading at 68x). We initiate coverage on both recommending SELL on both.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.

Footwear: No bargains here!