External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Crompton Greaves Consumer Electricals / Equity Bottom-Up

<ul><li>We recently met with the management of Crompton, who acknowledged near-term demand softness, particularly in summer products, as there was an advancement in demand during 1HCY24 due to rising temperatures and heat waves</li><li>However, the non-summer portfolio continues to show a gradual recovery</li><li>The management reaffirmed their commitment to an absolute profit-led growth strategy</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.

We recently met with the management of Crompton, who acknowledged near-term demand softness, particularly in summer products, as there was an advancement in demand during 1HCY24 due to rising temperatures and heat wavesHowever, the non-summer portfolio continues to show a gradual recoveryThe management reaffirmed their commitment to an absolute profit-led growth strategyContent 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.

Crompton Consumer  - Demand Softness in the near Term

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics</a>’s India business IPO could be valued above USD 7 billion, exceeding market expectations, driven by its dominant position in India's growing home appliances market and strong sector valuations.</li>
<li>Favourable market conditions and robust sector growth make now an ideal time for <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> to launch its India IPO, securing high investor interest and compelling valuations.</li>
<li>In a recent interview, <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics(066570 KS)</a>  CEO William Cho mentioned that an Indian market debut is one of several options being considered to revitalise the company’s consumer electronics business.</li>
</ul>



LG Electronics’s India business IPO could be valued above USD 7 billion, exceeding market expectations, driven by its dominant position in India's growing home appliances market and strong sector valuations.
Favourable market conditions and robust sector growth make now an ideal time for LG Electronics (066570 KS) to launch its India IPO, securing high investor interest and compelling valuations.
In a recent interview, LG Electronics(066570 KS)  CEO William Cho mentioned that an Indian market debut is one of several options being considered to revitalise the company’s consumer electronics business.


LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

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>This Insight is focued on <a href="https://www.smartkarma.com/entities/whirlpool-of-india-ltd" target="_blank" data-smartkarma-citation="entities:7270:1" rel="noopener">Whirlpool of India (WHIRL IN)</a> ; <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> ; <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a> &amp; <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a>. </li>
<li>As per ARs, the Indian durables industry is poised for significant growth due to increasing consumer demand, premiumization trends, and government support.</li>
<li>SYML and WHIRL are the ones that warrant attention. Challenges faced by TTKPT are likely to continue.</li>
</ul>


This Insight is focued on Whirlpool of India (WHIRL IN) ; Crompton Greaves Consumer Electricals (CROMPTON IN) ; TTK Prestige (TTKPT IN) &amp; Symphony Ltd (SYML IN). 
As per ARs, the Indian durables industry is poised for significant growth due to increasing consumer demand, premiumization trends, and government support.
SYML and WHIRL are the ones that warrant attention. Challenges faced by TTKPT are likely to continue.


Narrative and Numbers | Household Durables | FY24

Thematic (Sector/Industry)

<ul><li>In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)</li><li>The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer season</li><li>White goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr CAGR)</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.

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer seasonWhite goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr CAGR)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.

Consumer Durables & EMS: Decoding Q1FY25 Trends

<ul><li>With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supply</li><li>Ex of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentiment</li><li>Rising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under check</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.

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supplyEx of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentimentRising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under checkContent 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.

Consumer Durables & EMS: Summer Season Drives Demand Uptick

India

Crompton Greaves Consumer Electricals Limited manufactures consumer electrical products. The Company offers fans, lamps, luminaires, and pumps, as well as a variety of other household appliances.

Crompton Greaves Consumer Electricals (CROMPTON IN)

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Crompton Greaves Consumer Electricals (CROMPTON IN)

Crompton Consumer - Demand Softness in the near Term

We have reduced our FY25-27 earnings estimates by 2-3% to account for near-term weakness. We roll forward to Sep’26 EPS and assign a 40x multiple...

HDFC Securities

LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

LG's India business IPO could unlock significant value, estimated between USD 6.7 to 9 billion given it's dominant presence in India's booming home...

Devi Subhakesan

Narrative and Numbers | Household Durables | FY24

Indian durables industry set for growth. Symphony Ltd and Whirlpool of India are the ones to watch, while TTK Prestige faces ongoing challenges.

Pranav Bhavsar

Consumer Durables & EMS: Decoding Q1FY25 Trends

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR). The growth was driven by the summer portfolio (room AC, air...

HDFC Securities

Consumer Durables & EMS: Summer Season Drives Demand Uptick

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Crompton Consumer - Demand Softness in the near Term

We have reduced our FY25-27 earnings estimates by 2-3% to account for near-term weakness. We roll forward to Sep’26 EPS and assign a 40x multiple...

HDFC Securities

LG Electronics India IPO: Potential Big Gains. Booming Demand, Buoyant Valuations

LG's India business IPO could unlock significant value, estimated between USD 6.7 to 9 billion given it's dominant presence in India's booming home...

Devi Subhakesan

Narrative and Numbers | Household Durables | FY24

​Indian durables industry set for growth. Symphony Ltd and Whirlpool of India are the ones to watch, while TTK Prestige faces ongoing challenges.

Pranav Bhavsar

Consumer Durables & EMS: Decoding Q1FY25 Trends

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR). The growth was driven by the summer portfolio (room AC, air...

HDFC Securities

Consumer Durables & EMS: Summer Season Drives Demand Uptick

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory...

HDFC Securities

Indian durables industry set for growth. Symphony Ltd and Whirlpool of India are the ones to watch, while TTK Prestige faces ongoing challenges.