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>Titan's domestic jewellery business revenue growth had a strong revival (~25% YoY; LFL: 15% YoY) driven by improved industry demand conditions (though likely to underperform peers) for gold jewellery due to customs duty cut while highervalue studded segment demand was under pressure due to global price uncertainty, leading to ~300bps (~30%) reduction in studded share.</li><li>This led to a material decline of ~270bps in normalised jewellery EBIT margin with management revising its guidance downwards to 11-11.5% (vs 11.5-12.5% earlier).</li><li>Further, current phase of formalisation gains accruing more to competition (availability of growth capital) will likely continue to keep a check on revenue growth performance.</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>

Titan's domestic jewellery business revenue growth had a strong revival (~25% YoY; LFL: 15% YoY) driven by improved industry demand conditions (though likely to underperform peers) for gold jewellery due to customs duty cut while highervalue studded segment demand was under pressure due to global price uncertainty, leading to ~300bps (~30%) reduction in studded share.This led to a material decline of ~270bps in normalised jewellery EBIT margin with management revising its guidance downwards to 11-11.5% (vs 11.5-12.5% earlier).Further, current phase of formalisation gains accruing more to competition (availability of growth capital) will likely continue to keep a check on revenue growth performance.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.

Titan Company - Relative Underperformance to Continue; Margin Guidance Cut

Titan Co Ltd

Titan Company - Relative Underperformance to Continue; Margin Guidance Cut