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

ICICI Securities Limited

External broker reports(aggregated public sources)

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>Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment</li><li>It has a pan-India presence with the largest network of retail stores in the footwear industry with 1600+ stores</li><li>Target Price and Valuation: We maintain BUY recommendation on the stock and value Bata at Rs 2360 i.e. 50x FY24E EPS</li></ul><div class="content-highlight"><em>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.</em></div>

Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segmentIt has a pan-India presence with the largest network of retail stores in the footwear industry with 1600+ storesTarget Price and Valuation: We maintain BUY recommendation on the stock and value Bata at Rs 2360 i.e. 50x FY24E EPSContent 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.

Bata India: Building Levers for Sustainable Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>Footwear, like most F&amp;L categories, is fragmenting, with top businesses within the ecosystem losing revenue/EBITDA share</li><li>Against this backdrop, a company’s ability to connect relevant assortment with relevant distribution at smart price points is key for a long and healthy reinvestment story</li><li>Bata isn’t quite there yet (TP: INR1,400/sh, implying 38x FY24 P/E; trading at 51x); Relaxo is, but is fully priced (TP: INR1,050/sh, implying 55x FY24 P/E; trading at 68x). We initiate coverage on both recommending SELL on both.</li></ul><div class="content-highlight"><em>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.</em></div>

Footwear, like most F&amp;L categories, is fragmenting, with top businesses within the ecosystem losing revenue/EBITDA shareAgainst this backdrop, a company’s ability to connect relevant assortment with relevant distribution at smart price points is key for a long and healthy reinvestment storyBata isn’t quite there yet (TP: INR1,400/sh, implying 38x FY24 P/E; trading at 51x); Relaxo is, but is fully priced (TP: INR1,050/sh, implying 55x FY24 P/E; trading at 68x). We initiate coverage on both recommending SELL on both.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.

<p>It has a robust b/s with healthy cash and bank balance worth Rs 865+ crore (as on H1FY22), negative working capital cycle, generating RoCE of 23%+ Q2FY22 Results: Bata India reported strong operational numbers in Q2FY22 with...</p><div class="content-highlight"><em>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.</em></div>

It has a robust b/s with healthy cash and bank balance worth Rs 865+ crore (as on H1FY22), negative working capital cycle, generating RoCE of 23%+ Q2FY22 Results: Bata India reported strong operational numbers in Q2FY22 with...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.

Bata India: Stronger than Expected Revenue Recovery

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.

<p>We upgrade the stock to BUY (HOLD earlier) with revised TP of Rs. 2,300/share (Rs. 1,675/share earlier) with an upward revision in target multiple to 45x (40-45x 5 year average PE band</p><div class="content-highlight"><em>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.</em></div>

We upgrade the stock to BUY (HOLD earlier) with revised TP of Rs. 2,300/share (Rs. 1,675/share earlier) with an upward revision in target multiple to 45x (40-45x 5 year average PE bandContent 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.

<h2>Muhurat Pick – 2021</h2><p>Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.</p><div class="content-highlight"><em>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.</em></div>

Muhurat Pick – 2021Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.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.

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

India

Bata India Limited manufactures a wide range of leather, rubber/canvas and plastic footwear products.  The Company also manufactures sports apparel and leather accessories.  Bata India sells its products through its chain of company owned retail stores in India, as well as to businesses in the USA, United Kingdom, Europe, the Middle East and the Far East.

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Bata India Ltd (BATA IN)

Bata India: Building Levers for Sustainable Growth

It has a robust b/s with healthy cash, bank balance worth Rs 865+ crore (as on H1FY22), negative working capital cycle and generating RoCE of 23%+...

ICICI Securities Limited

Footwear: No bargains here!

Footwear, like most F&L categories, is fragmenting, with top businesses within the ecosystem losing revenue/EBITDA share.

HDFC Securities

Bata India: Stronger than Expected Revenue Recovery

It has a robust b/s with healthy cash and bank balance worth Rs 865+ crore (as on H1FY22), negative working capital cycle, generating RoCE of 23%+...

ICICI Securities Limited

Bata India: Robust Demand Recovery

We upgrade the stock to BUY (HOLD earlier) with revised TP of Rs. 2,300/share (Rs. 1,675/share earlier) with an upward revision in target multiple...

Axis Direct

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry...

ICICI Securities Limited

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