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.

Thematic (Sector/Industry)

<ul><li>Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely to be another subdued quarter.</li><li>This subdued performance would be led by a demand slowdown in key export markets and from an inventory destocking situation coupled with a cyclical slowdown in discretionary spending in certain geographic regions (like Europe).</li><li>Domestic demand remains decent. Demand in textiles and dyes is still bleak, with limited green shoots in discretionary spending such as pigments and polymers as they have started to show signs of improvement. </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.

Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely to be another subdued quarter.This subdued performance would be led by a demand slowdown in key export markets and from an inventory destocking situation coupled with a cyclical slowdown in discretionary spending in certain geographic regions (like Europe).Domestic demand remains decent. Demand in textiles and dyes is still bleak, with limited green shoots in discretionary spending such as pigments and polymers as they have started to show signs of improvement. 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.

Chemicals - Q3FY24 - Earnings Preview (Agro-Chem SpChem)

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>We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.</li>
<li>Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> and <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> too.</li>
<li>The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 11 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.
Some stocks were added to global indices last month while some could be added in February. There are potential index implications for the NIFTY Index and Nifty Next 50 Index too.
The upward migrations have continued to outperform the downward migrations. The largest recent outperformance has come from stocks expected to move from the Mid Cap to the Large Cap segment.


AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

<ul><li>Most companies missing our and street estimates: The chemical pack for H1FY24 posted weak results overall, with most companies missing our and street estimates.</li><li>The agrochemical pack continues to expect inventory destocking to continue in the coming quarters.</li><li>This and weaker domestic demand in China, which is leading to higher Chinese exports at reduced prices, continue to affect realisations in some segments. </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.

Most companies missing our and street estimates: The chemical pack for H1FY24 posted weak results overall, with most companies missing our and street estimates.The agrochemical pack continues to expect inventory destocking to continue in the coming quarters.This and weaker domestic demand in China, which is leading to higher Chinese exports at reduced prices, continue to affect realisations in some segments. 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.

<ul>
<li>Z Score: The spread is currently negative between DIVISLAB and AARTIIND, signaling a long signal on the spread, which means we believe it would retrace up towards the mean, which is the Z Score of 0</li>
<li>Lot Size: To ensure rupee neutral strategy, we suggest going long on DIVISLAB with 1 lot(s) and going short on AARTIIND with 1 lot(s)</li>
<li>Returns Expectations: In the last 9 trades over the last 200 days, we have achieved 77.78% hit ratio over an average trade duration of 8.2 days. </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.


Z Score: The spread is currently negative between DIVISLAB and AARTIIND, signaling a long signal on the spread, which means we believe it would retrace up towards the mean, which is the Z Score of 0
Lot Size: To ensure rupee neutral strategy, we suggest going long on DIVISLAB with 1 lot(s) and going short on AARTIIND with 1 lot(s)
Returns Expectations: In the last 9 trades over the last 200 days, we have achieved 77.78% hit ratio over an average trade duration of 8.2 days. 

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.

Parallel Trades - Strategy - We Suggest Going

Equity Bottom-Up

<ul><li>Aarti Industries Q2FY24 numbers surprised us on all fronts with our expectations. Consolidated revenue beat our estimates by 6% (-14%/3% YoY/QoQ).</li><li>EBITDA stood higher on QoQ (-12%/16% YoY/QoQ) on account of volume expansion with stable-to-better realization for some products.</li><li>It also beat our estimates by 33% as we expected lower gross margins.EBITDA margins increased to 16.1%, up 24/180bps YoY/QoQ. </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.

Aarti Industries Q2FY24 numbers surprised us on all fronts with our expectations. Consolidated revenue beat our estimates by 6% (-14%/3% YoY/QoQ).EBITDA stood higher on QoQ (-12%/16% YoY/QoQ) on account of volume expansion with stable-to-better realization for some products.It also beat our estimates by 33% as we expected lower gross margins.EBITDA margins increased to 16.1%, up 24/180bps YoY/QoQ. 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.

Aarti Industries Ltd - Green Shoots of Volume & Value-Led Recovery in Demand

India

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Aarti Industries (ARTO IN)

Chemicals - Q3FY24 - Earnings Preview (Agro-Chem SpChem)

Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely...

Axis Direct

AMFI Stock Reclassification Preview (Dec 2023): MidCap to LargeCap Migrations Outperforming

We see 41 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

Top Sector Ideas - Chemical Q2FY24

Most companies missing our and street estimates: The chemical pack for H1FY24 posted weak results overall, with most companies missing our and...

Axis Direct

Parallel Trades - Strategy - We Suggest Going

To ensure rupee neutral strategy, we suggest going long on DIVISLAB with 1 lot(s) and going short on AARTIIND with 1 lot(s)

Axis Direct

Aarti Industries Ltd - Green Shoots of Volume & Value-Led Recovery in Demand

Aarti Industries Q2FY24 numbers surprised us on all fronts with our expectations. Consolidated revenue beat our estimates by 6% (-14%/3% YoY/QoQ).

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)