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

Emkay

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

HDFC Standard Life Insurance Company Limited is a life insurance firm. The Company offers protection, pension, savings and investment, and children's and women's plans to individuals. HDFC Standard Life Insurance serves customers in India and United Arab Emirates.

<ul><li>HDFCLIFE reported broadly in-line results for Q1FY25, with APE at Rs28.6bn (+23% YoY), coming in 4% above our estimates and more than offsetting the slight margin miss at 25% (Emkay est.: 25.6%), leading to a ~2% beat in VNB at Rs7.18bn (Emkay: Rs7bn).</li><li>The margin decline in Q1 was largely due to product-mix changes in favor of ULIP.</li><li>The management is confident of doubling the VNB over the next 4 years, with the heavy lifting of VNB growth being done by APE growth—this will be backed by HDFC Bank and the Agency channel firing up and the margin largely holding up as the limited impact from surrender-value regulatory changes can be offset by various actions by the company; also, focus on riders and sum assured should improve margins for savings products. </li></ul>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.

HDFCLIFE reported broadly in-line results for Q1FY25, with APE at Rs28.6bn (+23% YoY), coming in 4% above our estimates and more than offsetting the slight margin miss at 25% (Emkay est.: 25.6%), leading to a ~2% beat in VNB at Rs7.18bn (Emkay: Rs7bn).The margin decline in Q1 was largely due to product-mix changes in favor of ULIP.The management is confident of doubling the VNB over the next 4 years, with the heavy lifting of VNB growth being done by APE growth—this will be backed by HDFC Bank and the Agency channel firing up and the margin largely holding up as the limited impact from surrender-value regulatory changes can be offset by various actions by the company; also, focus on riders and sum assured should improve margins for savings products. 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.

HDFC Life Insurance - Ingredients in Place for Growth and Margin Delivery

Tata Consultancy Services, a division of Tata Sons Limited, is a global IT services organization that provides a comprehensive range of IT services to its clients in diverse industries. The Company, caters to finance and banking, insurance, telecommunication, transportation, retail, manufacturing, pharmaceutical, and utility industries.

<ul><li>Emkay Global Financial's research report onTCS TCS noted a tad better than expected operating performance in Q1.</li><li>Revenue grew 1.9% QoQ (2.2% CC) to USD7.51bn, slightly surpassing expectations and largely backed by higher than estimated revenue contribution from the BSNL deal (almost half of incremental revenue QoQ).</li><li>EBITM fell by 130bps QoQ to 24.7% due to wage hike.</li></ul>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.

Emkay Global Financial's research report onTCS TCS noted a tad better than expected operating performance in Q1.Revenue grew 1.9% QoQ (2.2% CC) to USD7.51bn, slightly surpassing expectations and largely backed by higher than estimated revenue contribution from the BSNL deal (almost half of incremental revenue QoQ).EBITM fell by 130bps QoQ to 24.7% due to wage hike.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.

Tcs - Steady Performance; Macro Uncertainty Weighs on Growth Visibility

Go Fashion (India) Private Limited retails women's apparel. The Company offers leggings, jeggings, palazzo, pants, tops, t-shirts, and diaper shorts. Go Fashion serves customers in India.

<ul><li>We visited multiple Go Colors (GO) stores across Mumbai to validate our thesis around the bottom-wear category and its TAM.</li><li>Our conviction on category relevance got strengthened when we saw customers walking in with their tops to find their perfect color match.</li><li>GO’s expanding portfolio (&gt;50 styles) enables a strong cross/up-selling opportunity and TAM expansion with focus on Active/Denims/Girls/Plus categories, reflecting in healthy units per bill of ~2.3. We were pleasantly surprised with the kind of traction GO receives in both premium locations (Lokhandwala/Linking Road) and mass hubs (Borivali/ Dadar), suggesting that its consumers are across income brackets.</li></ul>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.

We visited multiple Go Colors (GO) stores across Mumbai to validate our thesis around the bottom-wear category and its TAM.Our conviction on category relevance got strengthened when we saw customers walking in with their tops to find their perfect color match.GO’s expanding portfolio (&gt;50 styles) enables a strong cross/up-selling opportunity and TAM expansion with focus on Active/Denims/Girls/Plus categories, reflecting in healthy units per bill of ~2.3. We were pleasantly surprised with the kind of traction GO receives in both premium locations (Lokhandwala/Linking Road) and mass hubs (Borivali/ Dadar), suggesting that its consumers are across income brackets.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.

Go Fashion - SSG Turnaround in Sight; Other Concerns Exaggerated; BUY

HG Infra Engineering Ltd / Equity Bottom-Up

H.G. Infra Engineering Limited (HGIEL) provides infrastructure construction services. The Company offers highways, roads, bridges, runways, and civil construction, as well as land development, water pipelines, and rehabilitation and upgradation services. HGIEL serves customers in India.

<ul><li>HGIEL‘s makeover from a small subcontractor into a diversified infra play offers best-in-class operating &amp; financial metrics and has supported swift, stress-free growth.</li><li>HGIEL‘s mainstay (roads) saw order slow-down in FY24 in the run up to the elections and due to restrictions on MoRTH-NHAI (cost overrun in Bharatmala, NHAI issues, aggressive past).</li><li>But the GoI‘s new Vision India@2047 plan in a post-election cycle is expected to revive awarding (mgmt.</li></ul>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.

HGIEL‘s makeover from a small subcontractor into a diversified infra play offers best-in-class operating &amp; financial metrics and has supported swift, stress-free growth.HGIEL‘s mainstay (roads) saw order slow-down in FY24 in the run up to the elections and due to restrictions on MoRTH-NHAI (cost overrun in Bharatmala, NHAI issues, aggressive past).But the GoI‘s new Vision India@2047 plan in a post-election cycle is expected to revive awarding (mgmt.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.

HG Infra Engineering - Solid Infra Play in a Post-Election Upcycle

Man Industries (India) / Equity Bottom-Up

Man Industries (India) Ltd. primarily operates through two divisions: Pipe Division and Aluminum Division. The Company's pipe division supplies SAW line pipes and coating systems for high pressure applications like Gas Utilities, Oil Refiners, Water Utilities and other petroleum products. Man Industries also manufactures aluminum and aluminum products.

<ul><li>Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil &amp; gas project.</li><li>This is the largest single order in the company’s history.</li><li>The order is expected to be executed in the next 12- 18 months.</li></ul>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.

Man Industries has announced that it has received an export order worth Rs18.5bn for a mega offshore oil &amp; gas project.This is the largest single order in the company’s history.The order is expected to be executed in the next 12- 18 months.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.

Man Industries - Large Order of Rs18.5bn Reaffirms Our Conviction on the Stock

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.