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>Tier-1 infrastructure developers are trading at ~16x 1-yr forward valuation.</li><li>The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.</li><li>(2) asset monetisation is fructifying, (3) balance sheets are strong and NWC days are stable, and (4) cash flow generation is likely to be robust.</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.

Tier-1 infrastructure developers are trading at ~16x 1-yr forward valuation.The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.(2) asset monetisation is fructifying, (3) balance sheets are strong and NWC days are stable, and (4) cash flow generation is likely to be robust.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.

Industrials (Q2FY25 Results Preview): Awaiting ordering revival

<ul><li>After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilities</li><li>So far in FY25, the benchmark indices Nifty 50, Nifty midcap 100 and Nifty Small cap 100 have delivered remarkable returns of 9%, 18% and 23% respectively</li><li>These performances follow massive returns of 29%,60% and 70% respectively generated by these indices in FY24</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.

After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilitiesSo far in FY25, the benchmark indices Nifty 50, Nifty midcap 100 and Nifty Small cap 100 have delivered remarkable returns of 9%, 18% and 23% respectivelyThese performances follow massive returns of 29%,60% and 70% respectively generated by these indices in FY24Content 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.

Earnings Vs Multiples: PE re-rating far outweighs earning upgrades

<ul><li>Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries</li><li>As the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segments</li><li>Whilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growth</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.

Budget a big signalling event, though we expect investment continuity: In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiariesAs the final FY25 union budget gets tabled in Jul-24, we expect continued investment in these segmentsWhilst questions have emerged on cut in capex with the expectation of some allocation moving towards social infra, we believe that allocation may remain similar or marginally increase to high single-digit YoY growthContent 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.

Industrials (Q1FY25 Results Preview): All eyes on the budget

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.

Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onABB India We revise our CY24/25E EPS estimates by +16.0%/+21.4% factoring in a robust demand environment and healthy margin improvement.</li><li>ABB India (ABB) reported robust quarterly performance with revenue growing 27.8% YoY and EBITDA margin expanding by 652bps YoY to 18.3%.</li><li>ABB is building a technologically strong portfolio to cater to high growth segments such as data centers, rail &amp; metro and electronics which continue to see good traction.</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.

Prabhudas Lilladher's research report onABB India We revise our CY24/25E EPS estimates by +16.0%/+21.4% factoring in a robust demand environment and healthy margin improvement.ABB India (ABB) reported robust quarterly performance with revenue growing 27.8% YoY and EBITDA margin expanding by 652bps YoY to 18.3%.ABB is building a technologically strong portfolio to cater to high growth segments such as data centers, rail &amp; metro and electronics which continue to see good traction.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.

ABB India (ABB IN) - Stellar Quarter; Outlook Remains Very Robust

<ul><li>ABB India: ABB reported its best-ever quarter with revenue/EBITDA/PAT at INR 30.8/5.6/4.5bn, beating our estimates by 9.5/37.6/35%</li><li>The company achieved a strong Q1CY24 order inflow at INR 36bn (+15%/+14% YoY/QoQ), taking the backlog to INR 89bn</li><li>Base Q1CY24 order inflows grew 3% YoY to INR 32.3bn and a large data centre order aided growth with inflows growing 15% YoY to INR 36.1bn</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.

ABB India: ABB reported its best-ever quarter with revenue/EBITDA/PAT at INR 30.8/5.6/4.5bn, beating our estimates by 9.5/37.6/35%The company achieved a strong Q1CY24 order inflow at INR 36bn (+15%/+14% YoY/QoQ), taking the backlog to INR 89bnBase Q1CY24 order inflows grew 3% YoY to INR 32.3bn and a large data centre order aided growth with inflows growing 15% YoY to INR 36.1bnContent 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: ABB India, Thermax, Aarti Industries, Karur Vysya Bank

India

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.

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ABB India Ltd (ABB IN)

Industrials (Q2FY25 Results Preview): Awaiting ordering revival

The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.

HDFC Securities

Earnings Vs Multiples: PE re-rating far outweighs earning upgrades

After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilities

HDFC Securities

Industrials (Q1FY25 Results Preview): All eyes on the budget

In the interim FY25 union budget, allocation towards capex saw an increase of 7% YoY, with Roads, Railways, Defence and Water as key beneficiaries

HDFC Securities

ABB India (ABB IN) - Stellar Quarter; Outlook Remains Very Robust

Prabhudas Lilladher's research report onABB India We revise our CY24/25E EPS estimates by +16.0%/+21.4% factoring in a robust demand environment...

Prabhudas Lilladhar

HSIE Results Daily: ABB India, Thermax, Aarti Industries, Karur Vysya Bank

ABB India: ABB reported its best-ever quarter with revenue/EBITDA/PAT at INR 30.8/5.6/4.5bn, beating our estimates by 9.5/37.6/35%

HDFC Securities

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