External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our estimates and its SSG outperformance vs. listed jewelry peers in Q4/FY24.</li><li>Senco delivered 30% retail growth in Q4 (vs. our expectation of 21%), helped by a robust 23%/19% SSG in Q4/FY24. For full-FY24, Senco has delivered 28% topline growth compared with ~20%/34% for TTAN/Kalyan.</li><li>Network expansion has also been solid and in line with our expectations of 21 jewelry stores (16 COCO/5 FOFO) in FY24. </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>

Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our estimates and its SSG outperformance vs. listed jewelry peers in Q4/FY24.Senco delivered 30% retail growth in Q4 (vs. our expectation of 21%), helped by a robust 23%/19% SSG in Q4/FY24. For full-FY24, Senco has delivered 28% topline growth compared with ~20%/34% for TTAN/Kalyan.Network expansion has also been solid and in line with our expectations of 21 jewelry stores (16 COCO/5 FOFO) in FY24. 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.

Senco Gold - Outperformance to Bridge Valuation Gap Vs. Peers; Maintain BUY