External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Thematic (Sector/Industry)

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPG</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q1FY25 reported EBITDA at INR 86bn (-61% YoY, -17% QoQ) and APAT at INR 26bn (-81% YoY, -45% QoQ) came in below our estimatesEarnings were impacted by weak performance from lower refining &amp; marketing margins and absorption of under-recovery on LPGContent 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.

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Equity Bottom-Up

Dixon Technologies India Ltd / Equity Bottom-Up

<ul>
<li>Being a key beneficiary of the government’s most successful PLI scheme, the Dixon Technologies (Dixon) stock price has nearly doubled over the past 6M, led by accelerated growth momentum seen in the mobile segment (HSIE: c.22x over FY20)</li>
<li>Staying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool</li>
<li>Moreover, their agreement with HKC Corporation to manufacture display modules will further deepen value addition (c.10% of BoM), ensuring customer stickiness</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.


Being a key beneficiary of the government’s most successful PLI scheme, the Dixon Technologies (Dixon) stock price has nearly doubled over the past 6M, led by accelerated growth momentum seen in the mobile segment (HSIE: c.22x over FY20)
Staying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool
Moreover, their agreement with HKC Corporation to manufacture display modules will further deepen value addition (c.10% of BoM), ensuring customer stickiness

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: Opulently Valued, Downgrade to REDUCE

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>There are 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn (US$384m). There are 13 stocks with over 0.5x ADV to trade, mostly on the deletes.</li>
<li>After steady outperformance over the last few months, there was a selloff in momentum names following the announcement of the election results. There has been a recovery since then.</li>
</ul>


There are 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn (US$384m). There are 13 stocks with over 0.5x ADV to trade, mostly on the deletes.
After steady outperformance over the last few months, there was a selloff in momentum names following the announcement of the election results. There has been a recovery since then.


NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Forensic Accounting

Dixon Technologies India Ltd / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> growth is driven by mobile and EMS segment; majority of other businesses are muted in the last two years.  </li>
<li>The company is able to convert earnings to cash quickly but cash yield is close to zero.</li>
<li>The company has reported significant amount of refund liability, but is silent on its accounting policy. Other forensics takeaways include non-reconciliation of asset disposals, high forex risk, etc.</li>
</ul>



Dixon Technologies India Ltd (DIXON IN) growth is driven by mobile and EMS segment; majority of other businesses are muted in the last two years.  
The company is able to convert earnings to cash quickly but cash yield is close to zero.
The company has reported significant amount of refund liability, but is silent on its accounting policy. Other forensics takeaways include non-reconciliation of asset disposals, high forex risk, etc.


Dixon Technologies- Forensic Analysis (Update)

<ul>
<li>There could be 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).</li>
<li>Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.</li>
</ul>


There could be 13 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 27 June.
If all changes are on expected lines, one-way turnover is estimated at 48.8% and that will result in a one-way trade of INR 35.5bn (US$426m).
Since January, the potential adds to the index have outperformed the potential deletes by a big margin. Watch out for the general election results on 4 June for momentum change.


NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

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)

HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem...

HDFC Securities

Dixon Technologies: Opulently Valued, Downgrade to REDUCE

taying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool.

HDFC Securities

NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

There are 13 changes for the Nifty200 Momentum 30 Index. Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn. The adds...

Brian Freitas

Dixon Technologies- Forensic Analysis (Update)

Dixon's growth is fueled by mobile and EMS segments, while other businesses have been stagnant. Key forensic concerns pertain to cash yield,...

Nitin Mangal

NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

There could be 13 changes for the Nifty200 Momentum 30 Index in June. The potential adds have outpeformed the potential deletes. Results of the...

Brian Freitas

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52-week Range

Market Cap (USDm)

P/E

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HSIE Results Daily: Indian Oil Corporation, Dixon Technologies, Kalpataru Projects International

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 163, is premised on margin pressure due to increasing petchem...

HDFC Securities

Dixon Technologies: Opulently Valued, Downgrade to REDUCE

taying true to their DNA, Dixon’s mobile capacity (45 million smartphones/40 million feature phones) can cater to 50% of the opportunity pool.

HDFC Securities

NIFTY200 Momentum30 Index Rebalance: 13 Changes, 42% Turnover, Momentum Recovers After Selloff

There are 13 changes for the Nifty200 Momentum 30 Index. Estimated one-way turnover is 42.3% resulting in a one-way trade of INR 32bn. The adds...

Brian Freitas

Dixon Technologies- Forensic Analysis (Update)

​Dixon's growth is fueled by mobile and EMS segments, while other businesses have been stagnant. Key forensic concerns pertain to cash yield,...

Nitin Mangal

NIFTY200 Momentum30 Index Rebalance Preview: 49% Turnover; US$850m Trade; Election Results Coming

There could be 13 changes for the Nifty200 Momentum 30 Index in June. The potential adds have outpeformed the potential deletes. Results of the...

Brian Freitas

Dixon's growth is fueled by mobile and EMS segments, while other businesses have been stagnant. Key forensic concerns pertain to cash yield,...