External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ for RJio) and robust incremental margins (~71% vs. 60% for RJio).</li><li>FCF generation (before spectrum prepayments) improved to INR98b as operational cash flows rose and capex moderated further.</li><li>Our FY25-26 earnings estimates are broadly unchanged.</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.

Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ for RJio) and robust incremental margins (~71% vs. 60% for RJio).FCF generation (before spectrum prepayments) improved to INR98b as operational cash flows rose and capex moderated further.Our FY25-26 earnings estimates are broadly unchanged.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.

Bharti Airtel - Strong 2Q on Tariff Hike Flow-Through

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Consolidated revenue stood at Rs 41,473 crore, up 7.7% q-o-q/ 12% y-o-y , marginally beating our estimates of Rs 41,375 crore.</li><li>Consolidated EBITDA margin stood at 52.7%, rising 150 bps q-o-q, but missed our estimates of 54.3%.</li><li>Reported ARPU for India wireless business stood at Rs.</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.

Consolidated revenue stood at Rs 41,473 crore, up 7.7% q-o-q/ 12% y-o-y , marginally beating our estimates of Rs 41,375 crore.Consolidated EBITDA margin stood at 52.7%, rising 150 bps q-o-q, but missed our estimates of 54.3%.Reported ARPU for India wireless business stood at Rs.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.

Bharti Airtel Ltd - Good Q2, Maintain Buy

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Bharti Airtel, Japfa Comfeed</li>
<li>In the US, the Dallas Fed manufacturing index improved to negative 3.0 in October (-9.4 e / -9.0 p).</li>
<li>Treasuries slid yesterday, with yields up 3-5 bps following a soft auction of 2Y and 5Y notes. The yield on the 2Y UST rose 3 bps to 4.14%, while that on the 10Y UST was up 4 bps at 4.28%. Equities edged higher, with the S&amp;P 500 and Nasdaq both rising 0.3% at 5,824 and 18,567, respectively.</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Bharti Airtel, Japfa Comfeed
In the US, the Dallas Fed manufacturing index improved to negative 3.0 in October (-9.4 e / -9.0 p).
Treasuries slid yesterday, with yields up 3-5 bps following a soft auction of 2Y and 5Y notes. The yield on the 2Y UST rose 3 bps to 4.14%, while that on the 10Y UST was up 4 bps at 4.28%. Equities edged higher, with the S&amp;P 500 and Nasdaq both rising 0.3% at 5,824 and 18,567, respectively.


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>Tariff Hike by Jio and Bharti Airtel: Jio and Bharti Airtel (Bharti) will be benefitted from tariff hikes and customer gains however we expect private telcom companies to report QoQ decline in their subscriber base.</li><li>However, the loss is likely to be more at the lower end, i.e., the non-data subs of Airtel/VIL/Hexacom and entry-level subs of Jio (non-JioPhone; Jio has kept JioBharat tariffs unchanged) choosing to shift to BSNL.</li><li>We still expect Bharti/Hexacom to report QoQ increase in 4G subsbase and Jio to see a decline, as its entire base is 4G. </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.

Tariff Hike by Jio and Bharti Airtel: Jio and Bharti Airtel (Bharti) will be benefitted from tariff hikes and customer gains however we expect private telcom companies to report QoQ decline in their subscriber base.However, the loss is likely to be more at the lower end, i.e., the non-data subs of Airtel/VIL/Hexacom and entry-level subs of Jio (non-JioPhone; Jio has kept JioBharat tariffs unchanged) choosing to shift to BSNL.We still expect Bharti/Hexacom to report QoQ increase in 4G subsbase and Jio to see a decline, as its entire base is 4G. 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.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.</li>
<li>The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.</li>
<li>Leverage increases both the strategy's payoff and probability of success.</li>
</ul>


This strategy exploits relative value in implied volatilities and combines it with a long Nifty 50 vs. short Nikkei 225 directional view over a period of two months.
The strategy performs well if the Nifty 50 rises and outperforms the Nikkei 225. If both indices decline, neither profit nor loss is incurred.
Leverage increases both the strategy's payoff and probability of success.


EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Bharti Airtel - Strong 2Q on Tariff Hike Flow-Through

Bharti Airtel (BHARTI) reported a strong 2QFY25, driven by flow-through of tariff hikes in the India wireless business (ARPU: +11% QoQ, vs. 7% QoQ...

Motilal Oswal

Bharti Airtel Ltd - Good Q2, Maintain Buy

Consolidated revenue stood at Rs 41,473 crore, up 7.7% q-o-q/ 12% y-o-y , marginally beating our estimates of Rs 41,375 crore. Consolidated EBITDA...

Sharekhan

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Bharti Airtel, Japfa Comfeed

Lucror Analytics

Q2FY25 Earnings Preview - Telecom

We still expect Bharti/Hexacom to report QoQ increase in 4G subsbase and Jio to see a decline, as its entire base is 4G.

Axis Direct

EQD | Long Nifty 50 Vs. Short Nikkei 225 - A Relative Value Option Strategy with a Kicker

Option strategy: exploit relative value in implied volatilities combined with directional positioning for a leveraged payoff in a long Nifty 50 vs....

Gaudenz Schneider

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