External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette business</li><li>Cigarette revenue growth was a marginal beat at 29% YoY (HSIE 27%, 7% three-year CAGR)</li><li>Cigarette volume growth was at ~26% (2% three-year CAGR)</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>

ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette businessCigarette revenue growth was a marginal beat at 29% YoY (HSIE 27%, 7% three-year CAGR)Cigarette volume growth was at ~26% (2% three-year CAGR)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.

HSIE Results Daily: ITC, NTPC, Ashok Leyland, The Ramco Cements

<div><div><div><div><ul><li>Exchanges: MCX options volume continued to remain strong (+30% QoQ) while futures ADTV remained under stress (-3.6% QoQ).</li><li>BSE has lost market share in all major segments and the exclusive cash segment volume has declined sharply (-39% QoQ), putting pressure on the transaction revenue.</li><li>CDSL: The pace of demat account addition is moderating for CDSL as it added ~1.4mn BO accounts in June-22, which is the lowest in the last 18 months.</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></div></div></div></div>

Exchanges: MCX options volume continued to remain strong (+30% QoQ) while futures ADTV remained under stress (-3.6% QoQ).BSE has lost market share in all major segments and the exclusive cash segment volume has declined sharply (-39% QoQ), putting pressure on the transaction revenue.CDSL: The pace of demat account addition is moderating for CDSL as it added ~1.4mn BO accounts in June-22, which is the lowest in the last 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.

Exchanges, Staffing and Internet - Mixed Bag; Margin Cuts

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

Multi Commodity Exchange India / Equity Bottom-Up

<div><ul><li>Strong operational performance, an exceptional item impacts PAT -<span style="font-size: var(--content-font-size);">Overall futures ADT improved by 4% QoQ and options ADT jumped by 70%, which resulted in a 19% rise in revenue ahead of our estimate.</span></li><li><span style="font-size: var(--content-font-size);">H</span><span style="font-size: var(--content-font-size);">ealthy volume growth driven by Crude Oil - </span><span style="font-size: var(--content-font-size);">Total volumes grew 29% YoY and 21% QoQ to INR26t in 4QFY22.</span></li></ul></div><div><ul><li>Key takeaways from the management commentary - <span style="font-size: var(--content-font-size);">MCX is awaiting approval from the regulators (Sebi and CERC) to launch Electricity derivatives.</span></li></ul></div><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>

Strong operational performance, an exceptional item impacts PAT -Overall futures ADT improved by 4% QoQ and options ADT jumped by 70%, which resulted in a 19% rise in revenue ahead of our estimate.Healthy volume growth driven by Crude Oil - Total volumes grew 29% YoY and 21% QoQ to INR26t in 4QFY22.Key takeaways from the management commentary - MCX is awaiting approval from the regulators (Sebi and CERC) to launch Electricity derivatives.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.

Silver Point

Thomas J. Monaco

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

<ul>
<li><em><strong>SGX FY 1H22 core results were not robust, coming in at SGD 216 mn, improving just SGD 1.0 mn (0.5%) HOH and reflected weakened revenues; </strong></em></li>
<li><em><strong>Derivatives revenue improved 3.4% HOH, resultant of slightly higher contract volumes, and higher rates and lower discounts. HKEX's foray into the A50 will ultimately eat away at SGX’s business; and </strong></em></li>
<li><em><strong>Significant strategic alternatives are needed at SGX, if it is to avoid being hollowed out by the HKEX. </strong></em></li>
</ul>


SGX FY 1H22 core results were not robust, coming in at SGD 216 mn, improving just SGD 1.0 mn (0.5%) HOH and reflected weakened revenues; 
Derivatives revenue improved 3.4% HOH, resultant of slightly higher contract volumes, and higher rates and lower discounts. HKEX's foray into the A50 will ultimately eat away at SGX’s business; and 
Significant strategic alternatives are needed at SGX, if it is to avoid being hollowed out by the HKEX. 


<p>Maintain BUY with a TP of INR 2,150, based on 35x Mar-24E core EPS Exchanges: MCX futures ADTV continued to decline in Q3FY22 (-6.6% QoQ to INR 238bn) due to seasonality and volume decline of 2/12/5% in bullion/energy/metals. Impact of futures decline will be offset by higher index/options volumes (+26/41% QoQ). Revenue is expected to increase 4% QoQ, aided by options revenue (charging from Q3 and realisation is 1/3rd of futures) and margin will expand 51bps QoQ to 41.1%.</p><div class="content-highlight"><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></div>

Maintain BUY with a TP of INR 2,150, based on 35x Mar-24E core EPS Exchanges: MCX futures ADTV continued to decline in Q3FY22 (-6.6% QoQ to INR 238bn) due to seasonality and volume decline of 2/12/5% in bullion/energy/metals. Impact of futures decline will be offset by higher index/options volumes (+26/41% QoQ). Revenue is expected to increase 4% QoQ, aided by options revenue (charging from Q3 and realisation is 1/3rd of futures) and margin will expand 51bps QoQ to 41.1%.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.

Exchanges, Staffing and Internet (Q3FY22E Results Preview): Momentum continues

India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

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Multi Commodity Exchange India (MCX IN)

HSIE Results Daily: ITC, NTPC, Ashok Leyland, The Ramco Cements

ITC: ITC delivered a strong revenue and EBITDA growth and the beat was largely on account of a sharp jump in the non-cigarette business

HDFC Securities

Exchanges, Staffing and Internet - Mixed Bag; Margin Cuts

Exchanges: MCX options volume continued to remain strong (+30% QoQ) while futures ADTV remained under stress (-3.6% QoQ).

HDFC Securities

4QFY22 Results Update - MCX

Overall futures ADT improved by 4% QoQ and options ADT jumped by 70%, which resulted in a 19% rise in revenue ahead of our estimate.

Motilal Oswal

Singapore Exchange – No Real Progress

SGX: SGX reported FY 1H22 core results were not robust. The top-line hiccup was nearly offset by better-than-expected cost control.

Thomas J. Monaco

Exchanges, Staffing and Internet (Q3FY22E Results Preview): Momentum continues

Maintain BUY with a TP of INR 2,150, based on 35x Mar-24E core EPS Exchanges: MCX futures ADTV continued to decline in Q3FY22 (-6.6% QoQ to INR...

HDFC Securities

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