External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

Escorts Kubota Limited / Equity Bottom-Up

Escorts Kubota Limited is among India's leading engineering conglomerates, operating in the high growth sectors of Agri Machinery, Material Handling, Construction Equipment and Railway Equipment. The Group has earned the trust of over 5 million customers by way of product and process innovations over seven decades.

<ul><li>In the backdrop of the company’s positive long-term fundamentals, we value the stock at 24x FY26EPS (earlier 22x FY26E EPS).</li><li>However, in the short term, domestic and export demand for the tractor industry will be under pressure and the construction equipment industry will also witness uncertainty.</li><li>Hence, awaiting more clarity, we maintain our HOLD rating on the stock with a limited upside potential of 2% from the CMP. We suggest a ‘BUY on DIP’ strategy for the stock</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.

In the backdrop of the company’s positive long-term fundamentals, we value the stock at 24x FY26EPS (earlier 22x FY26E EPS).However, in the short term, domestic and export demand for the tractor industry will be under pressure and the construction equipment industry will also witness uncertainty.Hence, awaiting more clarity, we maintain our HOLD rating on the stock with a limited upside potential of 2% from the CMP. We suggest a ‘BUY on DIP’ strategy for the stockContent 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.

Escorts Kubota Ltd - Strong Q4 EBITDA Margins Led by Growth in the CE Business

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

<ul><li>Outlook: We remain positive on the company’s long-term prospects, supported by the following factors: 1) The management’s guidance for continued double-digit volume growth in FY24, buoyed by the long festive season and rural recovery;</li><li>2) Decline in raw material prices; 3) The company’s recent announcement of (a) A vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) plant, (b) Plans of a white cement plant through a joint venture in Fujairah, UAE, to backward-integrate key raw materials, 4) Expansion of manufacturing footprint by more than 30-40%, and d) Launch of differentiated next-generation emulsions and waterproofing products based on nanotechnology.</li><li>These are steps in the right direction to achieve the next phase of growth and secure the company’s market share in the long 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.

Outlook: We remain positive on the company’s long-term prospects, supported by the following factors: 1) The management’s guidance for continued double-digit volume growth in FY24, buoyed by the long festive season and rural recovery;2) Decline in raw material prices; 3) The company’s recent announcement of (a) A vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) plant, (b) Plans of a white cement plant through a joint venture in Fujairah, UAE, to backward-integrate key raw materials, 4) Expansion of manufacturing footprint by more than 30-40%, and d) Launch of differentiated next-generation emulsions and waterproofing products based on nanotechnology.These are steps in the right direction to achieve the next phase of growth and secure the company’s market share in the long term. 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.

Asian Paints - Competitive Intensity to Define Future Course; Maintain HOLD

State Bank of India provides a wide range of banking and financial services to corporate, institutional, commercial, agricultural, industrial and individual customers throughout India.  The Bank also provides international banking to its Indian customers and has operations in other countries.

<ul><li>With growth prospects remaining intact and the management confident to grow AUM at 13- 15% and deposits at 12-13%, we model in advances growth of 13.8% over FY24-26E.</li><li>Opex costs come under control due to actual gratuity being lower than provided for, leading to lower employee expenses.</li><li>Further, with consistent improvement in asset quality, we believe credit costs will remain under control. </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.

With growth prospects remaining intact and the management confident to grow AUM at 13- 15% and deposits at 12-13%, we model in advances growth of 13.8% over FY24-26E.Opex costs come under control due to actual gratuity being lower than provided for, leading to lower employee expenses.Further, with consistent improvement in asset quality, we believe credit costs will remain under control. 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.

State Bank of India - Strong Quarter; No Major Impact of RBI PF Circular Likely!

ABB India Limited undertakes engineering and construction projects and manufactures heavy engineering and industrial equipment. The Company undertakes projects in the field of energy production, power transmission, transportation, process automation and pollution control. ABB India's products include pollution control equipment, switch gears and high current rectifiers.

<ul><li>AILreported revenue growth of 7.1% YoY and outpaced the IPM’s growth of 6% in Q4FY24.</li><li>While Chronic growth halved to 6%, Acute therepy segement continued its muted performance in the last quarter.</li><li>The compnay achieved higher sales growth on accoutnt of a change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones which reported YoY growth of 8.3%, 10.8% and 13.3% respectively. </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.

AILreported revenue growth of 7.1% YoY and outpaced the IPM’s growth of 6% in Q4FY24.While Chronic growth halved to 6%, Acute therepy segement continued its muted performance in the last quarter.The compnay achieved higher sales growth on accoutnt of a change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones which reported YoY growth of 8.3%, 10.8% and 13.3% respectively. 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.

Abbott India Ltd - Highest-Ever EBITDA Margins

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

<ul><li>Company Outlook &amp; Guidance: Given the resilient nature of the Indian economy, the management anticipates achieving double-digit revenue growth by leveraging several strategic initiatives.</li><li>These include launching new products in the premium category, expanding the EV product portfolio, establishing new Premia stores and Vida Hubs, and upgrading existing stores to Hero 2.0 standards.</li><li>Moreover, increased enquiries from rural areas, particularly for vehicles with engine capacities of 125cc and above, instil our confidence in the management to surpass the average industry growth rate in FY25. </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.

Company Outlook &amp; Guidance: Given the resilient nature of the Indian economy, the management anticipates achieving double-digit revenue growth by leveraging several strategic initiatives.These include launching new products in the premium category, expanding the EV product portfolio, establishing new Premia stores and Vida Hubs, and upgrading existing stores to Hero 2.0 standards.Moreover, increased enquiries from rural areas, particularly for vehicles with engine capacities of 125cc and above, instil our confidence in the management to surpass the average industry growth rate in FY25. 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.

Hero Motocorp - Robust Q4FY24 Revenue & EBITDA

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Axis Direct
External broker reports(aggregated public sources)
• Axis Direct

Escorts Kubota Ltd - Strong Q4 EBITDA Margins Led by Growth in the CE Business

Hence, awaiting more clarity, we maintain our HOLD rating on the stock with a limited upside potential of 2% from the CMP. We suggest a ‘BUY on...

Axis Direct

Asian Paints - Competitive Intensity to Define Future Course; Maintain HOLD

The management’s guidance for continued double-digit volume growth in FY24, buoyed by the long festive season and rural recovery

Axis Direct

State Bank of India - Strong Quarter; No Major Impact of RBI PF Circular Likely!

With growth prospects remaining intact and the management confident to grow AUM at 13- 15% and deposits at 12-13%, we model in advances growth of...

Axis Direct

Abbott India Ltd - Highest-Ever EBITDA Margins

The compnay achieved higher sales growth on accoutnt of a change in product mix, and a higher share of the antidiabetics, vitamins, and Hormones...

Axis Direct

Hero Motocorp - Robust Q4FY24 Revenue & EBITDA

Given the resilient nature of the Indian economy, the management anticipates achieving double-digit revenue growth by leveraging several strategic...

Axis Direct