External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>DLF in FY23 recorded its highest-ever annual presales of INR 150.6bn (+107% YoY), beating its annual guidance of INR 80bn</li><li>This was mainly due to strong demand for its luxury project—The Arbour—which recorded presales of more than INR 80bn</li><li>For FY24, it expects to achieve INR 120-130bn in presales, backed by 11.2msf of launches with a sale potential of INR 197bn</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.

DLF in FY23 recorded its highest-ever annual presales of INR 150.6bn (+107% YoY), beating its annual guidance of INR 80bnThis was mainly due to strong demand for its luxury project—The Arbour—which recorded presales of more than INR 80bnFor FY24, it expects to achieve INR 120-130bn in presales, backed by 11.2msf of launches with a sale potential of INR 197bnContent 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.

DLF Ltd -  A Transformational Year. Maintain BUY

Thematic (Sector/Industry)

<ul><li>DLF: DLF recorded decent presales of INR 20.4bn (+0/-76% YoY/QoQ), given there were no new launches during the quarter</li><li>It announced its re-entry into the MMR market with a slum rehabilitation project in Andheri</li><li>The total project size is expected to be around 3.5msf with DLF executing the first phase with a saleable area of 0.9msf and GDV of around INR 20bn+</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.

DLF: DLF recorded decent presales of INR 20.4bn (+0/-76% YoY/QoQ), given there were no new launches during the quarterIt announced its re-entry into the MMR market with a slum rehabilitation project in AndheriThe total project size is expected to be around 3.5msf with DLF executing the first phase with a saleable area of 0.9msf and GDV of around INR 20bn+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.

HSIE Results Daily: DLF, TVS Motor, Ashok Leyland, PNB Housing Finance

<ul><li>Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)</li><li>In the absence of major new launches, sustenance sales are likely to remain robust</li><li>We expect new project launches to come to market in H2FY24</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.

Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)In the absence of major new launches, sustenance sales are likely to remain robustWe expect new project launches to come to market in H2FY24Content 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.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Oil & Natural Gas Corp / Technical Analysis

<ul>
<li>MSCI EM (EEM-US) has continued to hold above our $37-$37.50 line-in-the-sand, meaning we are constructive from a price perspective.</li>
<li>We have maintained an underweight to emerging markets, and we are overweight developed international (MSCI EAFE, Europe, Japan) as discussed in in Int’l Compass and ETF Pathfinder reports throughout 2023.</li>
<li>Still, there are plenty of attractive countries and Sectors within the EM landscape, which is what we are focusing on today.</li>
</ul>


MSCI EM (EEM-US) has continued to hold above our $37-$37.50 line-in-the-sand, meaning we are constructive from a price perspective.
We have maintained an underweight to emerging markets, and we are overweight developed international (MSCI EAFE, Europe, Japan) as discussed in in Int’l Compass and ETF Pathfinder reports throughout 2023.
Still, there are plenty of attractive countries and Sectors within the EM landscape, which is what we are focusing on today.


EM Strategy: MSCI EM Financials & Energy Improving-Overweight; Overweights: Taiwan, India, Mexico

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

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn (US$2.6bn) was from its retail assets.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.</li>
</ul>



Nexus Select Trust (NST IN) raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn (US$2.6bn) was from its retail assets.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.


Nexus Select Trust IPO Trading - Decent but Mostly Domestic Demand

India

DLF Ltd. is a real estate development company. The Company develops residential, commercial, and retail properties.

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DLF Ltd (DLFU IN)

DLF Ltd - A Transformational Year. Maintain BUY

DLF in FY23 recorded its highest-ever annual presales of INR 150.6bn (+107% YoY), beating its annual guidance of INR 80bn. This was mainly due to...

HDFC Securities

HSIE Results Daily: DLF, TVS Motor, Ashok Leyland, PNB Housing Finance

The total project size is expected to be around 3.5msf with DLF executing the first phase with a saleable area of 0.9msf and GDV of around INR 20bn+

HDFC Securities

Real Estate: Presale momentum continues

After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)

HDFC Securities

EM Strategy: MSCI EM Financials & Energy Improving-Overweight; Overweights: Taiwan, India, Mexico

MSCI EM Financials & Energy Improving -- Upgrading to Overweight; MSCI EM Technology remains an Overweight. Top Country Overweights: Taiwan, India,...

Vermilion Research

Nexus Select Trust IPO Trading - Decent but Mostly Domestic Demand

Nexus Select Trust (NST IN) raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn...

Sumeet Singh

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