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>Accenture’s Q4FY24 results validated signs of improvement for the IT sector</li><li>The top-end of Accenture’s guidance factors unchanged macro, ‘yet’ there was a 4pp swing in organic growth (from -1% in FY24 to +3% for FY25E)</li><li>While the continuity of strong growth in outsourcing driven by large deals can be construed as a positive indicator for Indian IT, the uptick may not be completely secular due to the high share of public services deals by the company</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.

Accenture’s Q4FY24 results validated signs of improvement for the IT sectorThe top-end of Accenture’s guidance factors unchanged macro, ‘yet’ there was a 4pp swing in organic growth (from -1% in FY24 to +3% for FY25E)While the continuity of strong growth in outsourcing driven by large deals can be construed as a positive indicator for Indian IT, the uptick may not be completely secular due to the high share of public services deals by the companyContent 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.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Accenture’s reported Q1FY24 results stood below street expectations on all financial and operational terms.</li><li>Revenue for the quarter stood at $16.04 Bn, registering a growth of 1% in local currency YoY and 3% in US$ terms.</li><li>It registered GAAP EPS of $3.1 for the quarter while adjusted EPS stood at $3.27, reporting 6% 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.

Accenture’s reported Q1FY24 results stood below street expectations on all financial and operational terms.Revenue for the quarter stood at $16.04 Bn, registering a growth of 1% in local currency YoY and 3% in US$ terms.It registered GAAP EPS of $3.1 for the quarter while adjusted EPS stood at $3.27, reporting 6% YoY growth. 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.

Sector Update: Accenture Q1FY24 Result Update

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>BBIK reported 2Q26 net profit of Bt82mn (+11% YoY, +2% QoQ), making it the only company in the technology sector to deliver continued earnings growth.</li><li>The company's backlog increased significantly to a new record high of Bt1.1bn (+35% YoY, +30% QoQ).</li><li>We upgrade BBIK to Buy from Outperform and raise our fair value (FV) to Bt25 from Bt19, based on a 10.9% required return.</li></ul>

BBIK reported 2Q26 net profit of Bt82mn (+11% YoY, +2% QoQ), making it the only company in the technology sector to deliver continued earnings growth.The company's backlog increased significantly to a new record high of Bt1.1bn (+35% YoY, +30% QoQ).We upgrade BBIK to Buy from Outperform and raise our fair value (FV) to Bt25 from Bt19, based on a 10.9% required return.

BLUEBIK GROUP Plc. (BBIK): Strongest in the Industry - Buy (12M FWD Fair Value Bt25.00)

<ul><li>The IT sector is expected to post a soft quarter, impacted by Q3 seasonality and worsening macro</li><li>The elements of macro volatility is resulting in growth moderating towards pre-COVID even as long-term drivers are unchanged</li><li>Recently, HCLT tweaked its FY23E guidance to the lower end, but Accenture maintained its FY23E growth guidance (outsourcing-led)</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.

The IT sector is expected to post a soft quarter, impacted by Q3 seasonality and worsening macroThe elements of macro volatility is resulting in growth moderating towards pre-COVID even as long-term drivers are unchangedRecently, HCLT tweaked its FY23E guidance to the lower end, but Accenture maintained its FY23E growth guidance (outsourcing-led)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.

Information Technology (Q3FY23E Results Preview): Growth and Valuations ‘normalising’

<ul><li>BBIK offers the strongest growth potential in the technology sector, underpinned by its Digital Excellence and Delivery (Dx) business with one of the largest developer bases in Thailand and a solid outlook.</li><li>Net profit in 2025E is projected to rise 16% YoY to Bt349mn, the highest in the sector, despite a flat industry backdrop.</li><li>We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year PEG of 1.11x.</li></ul>

BBIK offers the strongest growth potential in the technology sector, underpinned by its Digital Excellence and Delivery (Dx) business with one of the largest developer bases in Thailand and a solid outlook.Net profit in 2025E is projected to rise 16% YoY to Bt349mn, the highest in the sector, despite a flat industry backdrop.We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year PEG of 1.11x.

BLUEBIK GROUP Plc. (BBIK): Top Performer In The Sector

Ireland

Accenture PLC provides management and technology consulting services and solutions.  The Company delivers a range of specialized capabilities and solutions to clients across all industries on a worldwide basis.  Accenture's network of businesses provides consulting, technology, outsourcing, and alliances.

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Accenture Plc Cl A (ACN US)

IT Sector: Rate of change validated

The top-end of Accenture’s guidance factors unchanged macro, ‘yet’ there was a 4pp swing in organic growth (from -1% in FY24 to +3% for FY25E)

HDFC Securities

Sector Update: Accenture Q1FY24 Result Update

We believe strong investments in Digital Technologies, Cloud Transformation,Generative AI, and Machine Learning across verticals will support the...

Axis Direct

BLUEBIK GROUP Plc. (BBIK): Strongest in the Industry - Buy (12M FWD Fair Value Bt25.00)

BBIK reported 2Q26 net profit of Bt82mn (+11% YoY, +2% QoQ), making it the only company in the technology sector to deliver continued earnings...

Krungthai XSpring

Information Technology (Q3FY23E Results Preview): Growth and Valuations ‘normalising’

The elements of macro volatility is resulting in growth moderating towards pre-COVID even as long-term drivers are unchanged

HDFC Securities

BLUEBIK GROUP Plc. (BBIK): Top Performer In The Sector

We initiate coverage with a Buy rating and a fair value of Bt27, based on a 7% required return, implying a 2026E P/E of 14x (–1.5SD) and a 3-year...

Krungthai XSpring

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