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

<ul><li>Tariff Hike by Jio and Bharti Airtel: Jio and Bharti Airtel (Bharti) will be benefitted from tariff hikes and customer gains however we expect private telcom companies to report QoQ decline in their subscriber base.</li><li>However, the loss is likely to be more at the lower end, i.e., the non-data subs of Airtel/VIL/Hexacom and entry-level subs of Jio (non-JioPhone; Jio has kept JioBharat tariffs unchanged) choosing to shift to BSNL.</li><li>We still expect Bharti/Hexacom to report QoQ increase in 4G subsbase and Jio to see a decline, as its entire base is 4G. </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.

Tariff Hike by Jio and Bharti Airtel: Jio and Bharti Airtel (Bharti) will be benefitted from tariff hikes and customer gains however we expect private telcom companies to report QoQ decline in their subscriber base.However, the loss is likely to be more at the lower end, i.e., the non-data subs of Airtel/VIL/Hexacom and entry-level subs of Jio (non-JioPhone; Jio has kept JioBharat tariffs unchanged) choosing to shift to BSNL.We still expect Bharti/Hexacom to report QoQ increase in 4G subsbase and Jio to see a decline, as its entire base is 4G. 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.

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in Bharti Airtel reaching 15-year highs</li>
<li>Over the past six months, ownership increases have been the highest among Indian peers, propelling Bharti Airtel to the 7th most widely owned stock in India.</li>
<li>In the last six months, 27 funds have initiated new positions, with no closures, and notable new investors include Fidelity, GQG, and Morgan Stanley.</li>
</ul>


The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in Bharti Airtel reaching 15-year highs
Over the past six months, ownership increases have been the highest among Indian peers, propelling Bharti Airtel to the 7th most widely owned stock in India.
In the last six months, 27 funds have initiated new positions, with no closures, and notable new investors include Fidelity, GQG, and Morgan Stanley.


Bharti Airtel Positioning Continues to Strengthen

<ul><li>In Q1FY25, Bharti Airtel Ltd. (Bharti) reported revenue of Rs 38,506 Cr, up 2.4% QoQ and up 2.9% YoY (though slightly below our expectations).</li><li>This was mainly on account of the devaluation of Nigeria's Naira and other currencies during the period.</li><li>The company posted a healthy operating profit of Rs 19,708 Cr, leveraging higher 4G conversions and a better service mix. </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 Q1FY25, Bharti Airtel Ltd. (Bharti) reported revenue of Rs 38,506 Cr, up 2.4% QoQ and up 2.9% YoY (though slightly below our expectations).This was mainly on account of the devaluation of Nigeria's Naira and other currencies during the period.The company posted a healthy operating profit of Rs 19,708 Cr, leveraging higher 4G conversions and a better service mix. 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.

Bharti Airtel Ltd. - Strong Business Matrix; ARPU Gains Continue

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Bharti Airtel has announced a tariff hike of 10-20% across its various plans, effective from 3rd July, 2024.</li><li>This move follows a similar increase by its major competitor, Reliance Jio, and is aimed at bolstering revenue and sustaining the company's investments in network expansion and quality improvement.</li><li>Factoring in this hike, we estimate ARPU change of 13%/14% to Rs 236/269 for FY25/26E.</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.

Bharti Airtel has announced a tariff hike of 10-20% across its various plans, effective from 3rd July, 2024.This move follows a similar increase by its major competitor, Reliance Jio, and is aimed at bolstering revenue and sustaining the company's investments in network expansion and quality improvement.Factoring in this hike, we estimate ARPU change of 13%/14% to Rs 236/269 for FY25/26E.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.

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>With a week left in the review period, <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a> could replace <a href="https://www.smartkarma.com/entities/power-grid-corporation-of-india-limited" target="_blank" data-smartkarma-citation="entities:12621:1" rel="noopener">Power Grid Corporation Of India (PWGR IN)</a> in the Nifty100 Low Volatility 30 Index in June.</li>
<li>Constituent changes, volatility changes and capping changes will result in one-way turnover of 6.4% resulting in a one-way trade of INR 2.3bn.</li>
<li>The flows on the stocks are not very large but there will be same side and offsetting flows from other index trackers at the same time.</li>
</ul>


With a week left in the review period, Bharti Airtel (BHARTI IN) could replace Power Grid Corporation Of India (PWGR IN) in the Nifty100 Low Volatility 30 Index in June.
Constituent changes, volatility changes and capping changes will result in one-way turnover of 6.4% resulting in a one-way trade of INR 2.3bn.
The flows on the stocks are not very large but there will be same side and offsetting flows from other index trackers at the same time.


NIFTY100 Low Volatility 30 Index Rebalance Preview: Bharti Could Replace Power Grid

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Q2FY25 Earnings Preview - Telecom

We still expect Bharti/Hexacom to report QoQ increase in 4G subsbase and Jio to see a decline, as its entire base is 4G.

Axis Direct

Bharti Airtel Positioning Continues to Strengthen

The bull market in Bharti Airtel positioning shows no signs of slowing down, with average fund weights and the percentage of funds invested in...

Steven Holden

Bharti Airtel Ltd. - Strong Business Matrix; ARPU Gains Continue

In Q1FY25, Bharti Airtel Ltd. (Bharti) reported revenue of Rs 38,506 Cr, up 2.4% QoQ and up 2.9% YoY (though slightly below our expectations).

Axis Direct

Bharti Airtel - Tariffs Hiked by 10-20%

This move follows a similar increase by its major competitor, Reliance Jio, and is aimed at bolstering revenue and sustaining the company's...

Prabhudas Lilladhar

NIFTY100 Low Volatility 30 Index Rebalance Preview: Bharti Could Replace Power Grid

Bharti Airtel could replace Power Grid in the Nifty100 Low Volatility 30 Index in June. Constituent, volatility and capping changes result in 1-way...

Brian Freitas

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