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>Max Healthcare Institute: EBITDA^ grew 23% YoY, with 21% YoY sales growth (hospital sales up 22% and Max Labs up 17%)</li><li>ARPOB grew 1% YoY (+3% growth in existing units), and occupancy was at 76% (vs 79% YoY)</li><li>Its expansion plan for the next 1-2 years is on track for both brownfield (commissioned 160 beds at Mohali in Q2, to commission 268 beds at Nanavati, Mumbai in mid-Nov 25, and Max Saket 400 beds by Dec 25) and greenfield (Gurgaon 501 in Q4FY26) beds, and margin should be steady for brownfield hospitals (cost synergies) for the next couple of years</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.

Max Healthcare Institute: EBITDA^ grew 23% YoY, with 21% YoY sales growth (hospital sales up 22% and Max Labs up 17%)ARPOB grew 1% YoY (+3% growth in existing units), and occupancy was at 76% (vs 79% YoY)Its expansion plan for the next 1-2 years is on track for both brownfield (commissioned 160 beds at Mohali in Q2, to commission 268 beds at Nanavati, Mumbai in mid-Nov 25, and Max Saket 400 beds by Dec 25) and greenfield (Gurgaon 501 in Q4FY26) beds, and margin should be steady for brownfield hospitals (cost synergies) for the next couple of yearsContent 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: Max Healthcare Institute, Oil India, Ahluwalia Contracts, Ashoka Buildcon

<ul><li>Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset by lower other income</li><li>AUM growth marginally moderated further to +17% YoY (Q3FY25: 19% YoY, FY24: +27% YoY), driven by subdued disbursements (+11% YoY, +9% YoY for FY25) across segments, except cars and CE segments</li><li>Disbursement uptick remains a key monitorable as the overall CV and PV cycles remain soft</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.

Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset by lower other incomeAUM growth marginally moderated further to +17% YoY (Q3FY25: 19% YoY, FY24: +27% YoY), driven by subdued disbursements (+11% YoY, +9% YoY for FY25) across segments, except cars and CE segmentsDisbursement uptick remains a key monitorable as the overall CV and PV cycles remain softContent 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: Sundaram Finance, JK Cement, Metro Brands, Ashoka Buildcon...

<ul><li>Apollo Hospitals Enterprise: EBITDA grew by 24% YoY, driven by a 14% YoY increase in sales</li><li>The hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)</li><li>HealthCo grew by 15% YoY (offline/ online sales up 14%/ 22% YoY) and AHLL grew 15% YoY</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.

Apollo Hospitals Enterprise: EBITDA grew by 24% YoY, driven by a 14% YoY increase in salesThe hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)HealthCo grew by 15% YoY (offline/ online sales up 14%/ 22% YoY) and AHLL grew 15% YoYContent 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: Apollo Hospitals Enterprise, Berger Paints, Century Plyboards India...

<ul><li>Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)</li><li>ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier</li><li>(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)</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.

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by higher gross margin (+330 bps YoY) and cost controls (staff/SG&amp;A +10%/+1%YoY)ALKEM guidance (1) lowered overall revenue growth to mid-single digit in FY25 vs ~10% earlier(2) India business to see growth at par with the IPM growth of 8-9% in FY25 as it expects strong growth H2FY25 (~6% YoY in H1)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: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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

<ul><li>Ashoka has entered into an agreement to sell its BOT asset to India Highway Concession Trust – sponsored by CDPQ, a Canadian pension fund.</li><li>Ashoka shall receive INR 25bn as the deal’s proceeds.</li><li>A major (sizeable) chunk of the proceeds would be earmarked for Macquarie exit – a fund invested in 2012. Delay in asset sale and providing an exit addresses a major concern on the stock.</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.

Ashoka has entered into an agreement to sell its BOT asset to India Highway Concession Trust – sponsored by CDPQ, a Canadian pension fund.Ashoka shall receive INR 25bn as the deal’s proceeds.A major (sizeable) chunk of the proceeds would be earmarked for Macquarie exit – a fund invested in 2012. Delay in asset sale and providing an exit addresses a major concern on the stock.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.

Ashoka Buildcon - Lighter Shoulders, Hitting Stride

India

Ashoka Buildcon Ltd. is a construction company. The Company builds and operates roads and bridges in India on a build, operate and transfer (BOT) basis. Ashoka also engineers and designs, procures the raw materials and equipment for and constructs roads, bridges, commercial buildings, industrial buildings and institutional buildings, and collects tolls on roads and bridges.

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Ashoka Buildcon (ASBL IN)

HSIE Results Daily: Max Healthcare Institute, Oil India, Ahluwalia Contracts, Ashoka Buildcon

Max Healthcare Institute: EBITDA^ grew 23% YoY, with 21% YoY sales growth (hospital sales up 22% and Max Labs up 17%)ARPOB grew 1% YoY (+3% growth...

HDFC Securities

HSIE Results Daily: Sundaram Finance, JK Cement, Metro Brands, Ashoka Buildcon...

Sundaram Finance: Sundaram Finance (SUF) reported a steady set of earnings with sustained reflation in NIMs and muted provisioning (-1bps), offset...

HDFC Securities

HSIE Results Daily: Apollo Hospitals Enterprise, Berger Paints, Century Plyboards India...

The hospital business saw a 13% YoY growth, led by a higher occupancy (of 68% vs 66% in Q3FY24) and ARPOB growth (+8% YoY)

HDFC Securities

HSIE Results Daily: Alkem Laboratories, Galaxy Surfactants, KNR Constructions

Alkem Laboratories: EBITDA (+1% YoY) below consensus estimates due to 1% YoY sales decline (+6% YoY India, -7% QoQ in the US), which was offset by...

HDFC Securities

Ashoka Buildcon - Lighter Shoulders, Hitting Stride

Ashoka has entered into an agreement to sell its BOT asset to India Highway Concession Trust – sponsored by CDPQ, a Canadian pension fund.

ICICI Securities Limited

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