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>Weak growth prospects: The weak outlook for the vertical business, impacted by first-quarter challenges, along with slower ramp-ups in the DET vertical, diminishes our confidence in the company's growth prospects for the upcoming quarters.</li><li>Stable order intake amidst tough times: TCV of $182.5 Mn with 5 large deals in Q2FY25 indicates stable order intake even in challenging times. </li><li>Multiple order wins in recent quarters: The management is confident of achieving demand momentum and margin improvement in the medium term, supported by orders secured in recent quarters. </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.

Weak growth prospects: The weak outlook for the vertical business, impacted by first-quarter challenges, along with slower ramp-ups in the DET vertical, diminishes our confidence in the company's growth prospects for the upcoming quarters.Stable order intake amidst tough times: TCV of $182.5 Mn with 5 large deals in Q2FY25 indicates stable order intake even in challenging times. Multiple order wins in recent quarters: The management is confident of achieving demand momentum and margin improvement in the medium term, supported by orders secured in recent quarters. 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.

Cyient Ltd - Results Inline with Estimates; Weak Outlook

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>Cyient DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY) and aerospace (up 20% YoY) verticals.</li><li>Margins were flat YoY at 8.1%.</li><li>However, the order book continued its downward trend, with 13% YoY/ 7% QoQ decline in 2Q to INR19.8b.</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.

Cyient DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY) and aerospace (up 20% YoY) verticals.Margins were flat YoY at 8.1%.However, the order book continued its downward trend, with 13% YoY/ 7% QoQ decline in 2Q to INR19.8b.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.

Cyient DLM - Defense Momentum Fuels Growth Trajectory

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

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, we looked at a number of upcoming listings in India.</li>
<li>There was a revival in placement flows during the week, after a lull over the past few weeks.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, we looked at a number of upcoming listings in India.
There was a revival in placement flows during the week, after a lull over the past few weeks.


ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

<ul><li>CYL reported a broad-based decline in revenues across verticals in 1QFY25.DET business revenue declined 5.0% QoQ in CC vs. our estimate of a 1.5%fall.</li><li>EBIT margin of the DET business declined 20% QoQ/19% YoY to 13.5%,below our estimates. Service order intake was muted at USD182.7m, down5.5% YoY.</li><li>PAT declined 19% QoQ/17% YoY to INR1410m (est. INR1,860m).</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.

CYL reported a broad-based decline in revenues across verticals in 1QFY25.DET business revenue declined 5.0% QoQ in CC vs. our estimate of a 1.5%fall.EBIT margin of the DET business declined 20% QoQ/19% YoY to 13.5%,below our estimates. Service order intake was muted at USD182.7m, down5.5% YoY.PAT declined 19% QoQ/17% YoY to INR1410m (est. INR1,860m).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.

Cyient - Broad-Based Miss on Revenue and Profitability

Event-Driven

<ul>
<li>Tata Technologies (TT) raised around US$370m in its India IPO in Dec 2023.</li>
<li>Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>


Tata Technologies (TT) raised around US$370m in its India IPO in Dec 2023.
Tata Technologies is a global engineering services company offering product development and digital solutions, including turnkey solutions, to global original equipment manufacturers (OEMs) and their tier 1 suppliers.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Tata Technologies IPO Lockup Expiry - US$1.5bn Lockup Release, Some Funds Are Sitting on 40x Gains

India

Cyient is an Indian multinational technology company specializing in engineering, manufacturing, and digital transformation solutions. It provides services across various industries, including aerospace, defense, transportation, communications, and healthcare. Cyient was established in 1991 in Hyderabad, India.

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Cyient (CYL IN)

Cyient Ltd - Results Inline with Estimates; Weak Outlook

Stable order intake amidst tough times: TCV of $182.5 Mn with 5 large deals in Q2FY25 indicates stable order intake even in challenging times.

Axis Direct

Cyient DLM - Defense Momentum Fuels Growth Trajectory

Cyient DLM (CYIENTDL) reported a strong quarter, with revenue growth of ~33% YoY in 2QFY25, led by significant traction in the defense (up 82% YoY)...

Motilal Oswal

ECM Weekly (26th Aug 2024) - Zomato, Colowide, Star Asia, Yamaha, 99Speed, Hero Fin, Bajaj Housing

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Cyient - Broad-Based Miss on Revenue and Profitability

CYL reported a broad-based decline in revenues across verticals in 1QFY25.DET business revenue declined 5.0% QoQ in CC vs. our estimate of a 1.5%fall.

Motilal Oswal

Tata Technologies IPO Lockup Expiry - US$1.5bn Lockup Release, Some Funds Are Sitting on 40x Gains

Tata Technologies raised around US$370m in its India IPO in Dec 2023. In this note, we talk about its upcoming US$1.5bn lockup release.

Sumeet Singh

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