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.

Equity Bottom-Up

<ul><li>BATA result was better than our estimates.</li><li>Revenue grew by 10% YoY (8% on a 3-Year CAGR), largely led by store expansion and casual footwear but the mass portfolio (~22% of sales) continued to remain under pressure.</li><li>The premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.</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.

BATA result was better than our estimates.Revenue grew by 10% YoY (8% on a 3-Year CAGR), largely led by store expansion and casual footwear but the mass portfolio (~22% of sales) continued to remain under pressure.The premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.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 - Premiumisation Driving Growth; Maintain BUY

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a>' Promoter is looking to raise US$239m via trimming a 7% stake in the firm. </li>
<li>The selldown here is to meet the minimum public shareholding requirement of 25% set by SEBI.</li>
<li>The deal would be a large one to process with the base deal alone representing 187 days of the firm’s three month ADV.</li>
</ul>



Vedant Fashions (MANYAVAR IN)' Promoter is looking to raise US$239m via trimming a 7% stake in the firm. 
The selldown here is to meet the minimum public shareholding requirement of 25% set by SEBI.
The deal would be a large one to process with the base deal alone representing 187 days of the firm’s three month ADV.


Vedant Fashion OFS - Well Flagged and Recent Earnings Momentum Has Been Decent

<ul><li>BATA result was a miss on all fronts. Revenue grew by only 7% YoY (3% on a 3-Year CAGR), impacted majorly by mass portfolio (~22% of sales) which remained under pressure owing to GST rate hike in the last year and subdued demand environment in smaller towns.</li><li>However, the premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.</li><li>Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.</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.

BATA result was a miss on all fronts. Revenue grew by only 7% YoY (3% on a 3-Year CAGR), impacted majorly by mass portfolio (~22% of sales) which remained under pressure owing to GST rate hike in the last year and subdued demand environment in smaller towns.However, the premium portfolio (MRP &gt; Rs 1,500) continues to remain strong led by Sneakers and Hush Puppies.Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.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 -Hopeful of Demand Recovery; Maintain BUY

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>Consumer sentiment is soft, but competition is limited for both <a href="https://www.smartkarma.com/entities/bata-india-ltd" target="_blank" data-smartkarma-citation="entities:3051:1" rel="noopener">Bata India Ltd (BATA IN)</a> and <a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear (CAMPUS IN)</a> </li>
<li>Bata enjoys good relationships with its distributors and franchisees, traction for offline sales channels is strong.</li>
<li>Campus is in an aggressive expansion mode, with leadership in the sports shoe segment driving sales.</li>
</ul>


Consumer sentiment is soft, but competition is limited for both Bata India Ltd (BATA IN) and Campus Activewear (CAMPUS IN) 
Bata enjoys good relationships with its distributors and franchisees, traction for offline sales channels is strong.
Campus is in an aggressive expansion mode, with leadership in the sports shoe segment driving sales.


India Channel Insight #46 | Bata India, Campus Activewear

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.

<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 having 1700+ stores.</li><li>Bata has a vision to open 500 franchise stores over the next few years (current: 300).</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.

Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment.It has a pan-India presence with the largest network of retail stores having 1700+ stores.Bata has a vision to open 500 franchise stores over the next few years (current: 300).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 - Casualisation of Product Portfolio Aiding Sales Growth

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 - Premiumisation Driving Growth; Maintain BUY

Revenue grew by 10% YoY (8% on a 3-Year CAGR), largely led by store expansion and casual footwear but the mass portfolio (~22% of sales) continued...

Axis Direct

Vedant Fashion OFS - Well Flagged and Recent Earnings Momentum Has Been Decent

Vedant Fashions (MANYAVAR IN)' Promoter is looking to raise US$239m via trimming a 7% stake in the firm. The selldown here is to meet the minimum...

Clarence Chu

Bata India -Hopeful of Demand Recovery; Maintain BUY

Gross margins stood at 54.8% (up 213bps YoY) while still remaining lower than pre-COVID levels owing to RM inflation and mix.

Axis Direct

India Channel Insight #46 | Bata India, Campus Activewear

We interacted with Bata's Franchise owner and Campus Distributor with the objective to understand the competitive intensity, distributor relations...

Pranav Bhavsar

Bata India - Casualisation of Product Portfolio Aiding Sales Growth

Bata India is a major player in the Indian footwear market with a presence across men’s, women’s and kid’s footwear segment.

ICICI Securities Limited

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