External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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

Dixon Technologies India Ltd / Equity Bottom-Up

<ul><li>Dixon’s mobile division continued to drive overall topline growth as it doubled in revenues both in Q4 and FY24</li><li>Post the acquisition of a controlling stake in Ismartu (Itel, Infinix, Techno) and partnership with Longcheer (BBK Group brands – Realme, Oppo, Vivo, etc), Dixon now caters to almost all the top 6 brands within the country</li><li>With Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes with existing customers and new customer addition, we expect the momentum in the mobile division to sustain</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.

Dixon’s mobile division continued to drive overall topline growth as it doubled in revenues both in Q4 and FY24Post the acquisition of a controlling stake in Ismartu (Itel, Infinix, Techno) and partnership with Longcheer (BBK Group brands – Realme, Oppo, Vivo, etc), Dixon now caters to almost all the top 6 brands within the countryWith Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes with existing customers and new customer addition, we expect the momentum in the mobile division to sustainContent 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.

Dixon Technologies (Q4FY24): Accelerated Growth Momentum to Sustain. Maintain ADD

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>The company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.</li><li>The growth was backed by robust growth in the mobile &amp; EMS segment, which grew by 251% YoY to Rs 3,214 Cr.</li><li>The Consumer Electronics segment witnessed a moderate growth of 8% YoY to Rs 929Cr. </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 grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.The growth was backed by robust growth in the mobile &amp; EMS segment, which grew by 251% YoY to Rs 3,214 Cr.The Consumer Electronics segment witnessed a moderate growth of 8% YoY to Rs 929Cr. 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.

Dixon Technolog. - Steady Growth Momentum Backed by Mobile Business & Customer Addition

<ul><li>Dixon Technologies revenues grew 4% YoY to Rs 3,067 Cr, which stood almost in line with our estimates of Rs 3,094 Cr. </li><li>It reported Gross Margins of 10.3%, which stood lower than our estimates of 11.2%, while EBITDA margins increased by 110bps to 5.2%.</li><li> This was led by operating leverage, cost optimization measures, and an improved sales 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.

Dixon Technologies revenues grew 4% YoY to Rs 3,067 Cr, which stood almost in line with our estimates of Rs 3,094 Cr. It reported Gross Margins of 10.3%, which stood lower than our estimates of 11.2%, while EBITDA margins increased by 110bps to 5.2%. This was led by operating leverage, cost optimization measures, and an improved sales 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.

Dixon Technologies - Revenue Growth Moderates

Thematic (Sector/Industry)

<ul><li>With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4</li><li>Stable commodity prices and improving op-lev will enable sequential improvement in margins</li><li>We expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year 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.

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support growth for consumer durables in Q4Stable commodity prices and improving op-lev will enable sequential improvement in marginsWe expect our consumer durable universe to register a revenue/EBITDA/PAT growth of 22/12/18% YoY (13/9/8% five-year 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 (Q4FY24 Results Preview): Summer portfolio to shine

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>Government of India raised around US$513m via selling some of its stake in <a href="https://www.smartkarma.com/entities/bharti-hexacom" target="_blank" data-smartkarma-citation="entities:40858:1" rel="noopener">Bharti Hexacom's</a> IPO.</li>
<li>Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.</li>
<li>We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.</li>
</ul>


Government of India raised around US$513m via selling some of its stake in Bharti Hexacom's IPO.
Bharti Hexacom (BH) is a communications solutions provider offering consumer mobile services, fixed-line telephone and broadband services to customers in the Rajasthan and the North East telecommunication circles in India.
We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.


Bharti Hexacom IPO Trading - Strong Insti and Anchor, Retail Gave It a Miss

India

Dixon Technologies (India) Limited manufactures consumer durables, lighting products, and mobile phones. The Company offers LED TVs, washing machines, LED and CFL bulbs and tubelights, and downlighters, as well as provides repair and refurbishment services of set top boxes, mobile phones, and LED TV panels. Dixon Technologies operates in India.

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Dixon Technologies India Ltd (DIXON IN)

Dixon Technologies (Q4FY24): Accelerated Growth Momentum to Sustain. Maintain ADD

With Dixon having expanded its Smartphone/Feature phone capacity to 45mn/40mn units (50% of India’s opportunity) coupled with a ramp of volumes

HDFC Securities

Dixon Technolog. - Steady Growth Momentum Backed by Mobile Business & Customer Addition

The company’s revenue grew by 100% YoY to Rs 4,818 Cr, 5% above our estimates.The growth was backed by robust growth in the mobile & EMS segment,...

Axis Direct

Dixon Technologies - Revenue Growth Moderates

Dixon Technologies revenues grew 4% YoY to Rs 3,067 Cr, which stood almost in line with our estimates of Rs 3,094 Cr. It reported Gross Margins of...

Axis Direct

Consumer Durables & EMS (Q4FY24 Results Preview): Summer portfolio to shine

With consumer sentiment witnessing a gradual improvement, rising temperatures and the expectation of a hot summer season are expected to support...

HDFC Securities

Bharti Hexacom IPO Trading - Strong Insti and Anchor, Retail Gave It a Miss

Government of India raised around US$513m via selling some of its stake in Bharti Hexacom's IPO. In this note, we talk about the demand and trading...

Sumeet Singh

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