External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

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>ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after losses in the past 10-quarters.</li><li>We believe the company has reached healthy market share in low double-digits; it will now focus on its dual objectives of growing market share and profitability.</li><li>(2) Commencement of new plant for cables and wires will likely allow higher growth H2FY25 onwards.</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.

ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after losses in the past 10-quarters.We believe the company has reached healthy market share in low double-digits; it will now focus on its dual objectives of growing market share and profitability.(2) Commencement of new plant for cables and wires will likely allow higher growth H2FY25 onwards.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.

Havells - Multiple Growth Tailwinds over FY25-26

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)</li><li>While the B2B portfolio continues to sustain its momentum, the B2C portfolio witnessed early signs of a revival led by a positive start to the summer season and benefits from the real estate uptick</li><li>Lloyd reported a positive EBIT margin (+2.8% vs -1.8% YoY), led by cost savings and business efficiency measures</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.

Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)While the B2B portfolio continues to sustain its momentum, the B2C portfolio witnessed early signs of a revival led by a positive start to the summer season and benefits from the real estate uptickLloyd reported a positive EBIT margin (+2.8% vs -1.8% YoY), led by cost savings and business efficiency measuresContent 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.

Havells India (Q4FY24): Margins on the Mend. Maintain ADD

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>There could be 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).</li>
<li>Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.</li>
</ul>


There could be 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).
Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.


NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

<ul><li>Havells reported a weak Q3 print as feeble consumer sentiment and sustained investment in strategic initiatives (branding, distribution, capability) more than offset the robust momentum seen in the B2B portfolio</li><li>While urban demand has remained steady, demand from Class B/C towns has been sluggish</li><li>However, with early signs of demand recovery visible (supported by abating inflation) and the expectation of a good upcoming summer season (on a low base), we expect improvement both in revenue and profitability from here</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.

Havells reported a weak Q3 print as feeble consumer sentiment and sustained investment in strategic initiatives (branding, distribution, capability) more than offset the robust momentum seen in the B2B portfolioWhile urban demand has remained steady, demand from Class B/C towns has been sluggishHowever, with early signs of demand recovery visible (supported by abating inflation) and the expectation of a good upcoming summer season (on a low base), we expect improvement both in revenue and profitability from hereContent 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.

Havells India (Q3FY24): Near-Term Blip an Opportunity to ADD

<ul><li>We interacted with the management of Havells India (Havells) and remained confident in healthy growth for its core categories along with improving margin print</li><li>Sustained investments (manufacturing, distribution, marketing, etc.) are maintaining their market competitiveness across categories B-C demand is slow but B-B is largely compensating</li><li>A weak summer season will have its bearing on Lloyd and the fan business in the near term</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 interacted with the management of Havells India (Havells) and remained confident in healthy growth for its core categories along with improving margin printSustained investments (manufacturing, distribution, marketing, etc.) are maintaining their market competitiveness across categories B-C demand is slow but B-B is largely compensatingA weak summer season will have its bearing on Lloyd and the fan business in the near termContent 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.

Havells India - Core Remains Healthy Focus on Competitiveness. Maintain ADD

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL IN)

Havells - Multiple Growth Tailwinds over FY25-26

ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after...

ICICI Securities Limited

Havells India (Q4FY24): Margins on the Mend. Maintain ADD

Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)

HDFC Securities

NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

There could be 13 changes for the Nifty200 Momentum 30 Index in June. The potential adds have outpeformed the potential deletes. Results of the...

Brian Freitas

Havells India (Q3FY24): Near-Term Blip an Opportunity to ADD

We cut our FY24/25 EPS by 5/2% to reflect Q3 performance while retaining our FY26 EPS and we value the stock at 50x Dec25 EPS to arrive at a target...

HDFC Securities

Havells India - Core Remains Healthy Focus on Competitiveness. Maintain ADD

We interacted with the management of Havells India (Havells) and remained confident in healthy growth for its core categories along with improving...

HDFC Securities

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