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

Colgate Palmolive (India) / Equity Bottom-Up

<ul><li>The Company’s revenue growth was ~4 (flat volume growth) on account of weak rural demand.</li><li>The management remains cautiously optimistic with demand likely to recover in the upcoming quarters.</li><li>Gross margins remained flat YoY but improved after a few quarters of decline owing to RM decline and price hikes.</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 Company’s revenue growth was ~4 (flat volume growth) on account of weak rural demand.The management remains cautiously optimistic with demand likely to recover in the upcoming quarters.Gross margins remained flat YoY but improved after a few quarters of decline owing to RM decline and price hikes.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.

Colgate Palmolive (India) Ltd - Long Road to Meaningful Recovery; Maintain HOLD

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Blue Jet Healthcare / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/blue-jet-healthcare-ltd" target="_blank" data-smartkarma-citation="entities:36373:1" rel="noopener">Blue Jet Healthcare Ltd (BJHC IN)</a>  is looking to raise about US$300m in its upcoming India IPO.</li>
<li>Blue Jet Healthcare (BJH) is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical companies. </li>
<li>In this note, we look at the company's past performance.</li>
</ul>



Blue Jet Healthcare Ltd (BJHC IN)  is looking to raise about US$300m in its upcoming India IPO.
Blue Jet Healthcare (BJH) is a specialty pharmaceutical and healthcare ingredient and intermediate company, offering niche products targeted toward innovator pharmaceutical companies and multinational generic pharmaceutical companies. 
In this note, we look at the company's past performance.


Blue Jet Healthcare Pre-IPO - Marquee Clients but Inconsistent Growth and Margins

<ul><li>Revenue growth was subdued at ~0.8% YoY (2-3% volume decline) on account of rural slowdown and inflationary pressure.</li><li>The management, however, remains cautiously optimistic with demand likely to recover in the upcoming quarters.</li><li>Gross margins improved QoQ while pressure persists on a YoY basis due to higher YoY raw material inflation.</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.

Revenue growth was subdued at ~0.8% YoY (2-3% volume decline) on account of rural slowdown and inflationary pressure.The management, however, remains cautiously optimistic with demand likely to recover in the upcoming quarters.Gross margins improved QoQ while pressure persists on a YoY basis due to higher YoY raw material inflation.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.

Colgate Palmolive (India) Ltd - Miss on All Fronts

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We expect 5 changes to the <a href="https://www.smartkarma.com/entities/nifty-100-index" target="_blank" data-smartkarma-citation="entities:36051:1" rel="noopener">Nifty 100 Index (NSE100 INDEX)</a> at the March rebalance. The review period ends on 31 January and the announcement should be late February.</li>
<li>The largest impact of passive trading will be on <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a>, <a href="https://www.smartkarma.com/entities/biocon-ltd" target="_blank" data-smartkarma-citation="entities:398:1" rel="noopener">Biocon Ltd (BIOS IN)</a>, <a href="https://www.smartkarma.com/entities/mphasis-ltd" target="_blank" data-smartkarma-citation="entities:7672:1" rel="noopener">Mphasis Ltd (MPHL IN)</a> and <a href="https://www.smartkarma.com/entities/abb-india-ltd" target="_blank" data-smartkarma-citation="entities:8703:1" rel="noopener">ABB India Ltd (ABB IN)</a>. </li>
<li>There are quite a few overlaps with the AMFI reclassification of stocks and there could be buying and selling from active fund managers over the next few weeks.</li>
</ul>


We expect 5 changes to the Nifty 100 Index (NSE100 INDEX) at the March rebalance. The review period ends on 31 January and the announcement should be late February.
The largest impact of passive trading will be on Page Industries (PAG IN), Biocon Ltd (BIOS IN), Mphasis Ltd (MPHL IN) and ABB India Ltd (ABB IN). 
There are quite a few overlaps with the AMFI reclassification of stocks and there could be buying and selling from active fund managers over the next few weeks.


NIFTY100 Index Rebalance Preview: Active Trading Before Passive Trading Kicks In

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

Motilal Oswal

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.

<ul><li>CLGT’s new CEO Prabha Narasimhan unveiled her plans to drive growth in oral care, increase premiumization in the category, and focus on the non-oral care business as part of its annual investor day.</li><li>Key takeaways from the day include the following: India is one of the three key countries for Colgate globally, and thus, highly important from a global perspective.</li><li>From a growth perspective, the company plans to focus on rural areas where 55% of the population do not brush daily and in urban areas where only about 20% of the households brush twice a day.</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.

CLGT’s new CEO Prabha Narasimhan unveiled her plans to drive growth in oral care, increase premiumization in the category, and focus on the non-oral care business as part of its annual investor day.Key takeaways from the day include the following: India is one of the three key countries for Colgate globally, and thus, highly important from a global perspective.From a growth perspective, the company plans to focus on rural areas where 55% of the population do not brush daily and in urban areas where only about 20% of the households brush twice a day.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.

Colgate-Palmolive - Another New Beginning, but Challenges Persist

India

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

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Colgate Palmolive (India) (CLGT IN)

Colgate Palmolive (India) Ltd - Long Road to Meaningful Recovery; Maintain HOLD

The Company’s revenue growth was ~4 (flat volume growth) on account of weak rural demand. The management remains cautiously optimistic with demand...

Axis Direct

Blue Jet Healthcare Pre-IPO - Marquee Clients but Inconsistent Growth and Margins

Blue Jet Healthcare Ltd (BJHC IN) is looking to raise about US$300m in its upcoming India IPO. In this note, we talk about the past performance.

Sumeet Singh

Colgate Palmolive (India) Ltd - Miss on All Fronts

Revenue growth was subdued at ~0.8% YoY (2-3% volume decline) on account of rural slowdown and inflationary pressure. The management, however,...

Axis Direct

NIFTY100 Index Rebalance Preview: Active Trading Before Passive Trading Kicks In

There should be 5 changes to the NIFTY100 in March. Quite a few names overlap with the potential AMFI reclassification of stocks which will result...

Brian Freitas

Colgate-Palmolive - Another New Beginning, but Challenges Persist

CLGT’s new CEO Prabha Narasimhan unveiled her plans to drive growth in oral care, increase premiumization in the category, and focus on the non...

Motilal Oswal

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