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.

Thematic (Sector/Industry)

<ul><li>Topline growth remains muted: Staple companies have reported muted topline growth due to weak urban consumer demand, heavy rainfall across major parts of the country, and heightened competitive intensity.</li><li>On a positive note, rural demand continues to show signs of revival and remains resilient. </li><li>Urban weakness was a surprising element: Urban which accounts for 50-60% of FMCG sales came under pressure as highlighted by most of the consumer companies owing to – 1) Slowdown in discretionary spends, 2) Muted wage growth, 3) Higher interest rate coupled with increase in rentals and EMIs, 3) Higher competitive intensity from other D2C brands as Qcommerce penetration increase in the recent time leading to overall weakness in overall urban.</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.

Topline growth remains muted: Staple companies have reported muted topline growth due to weak urban consumer demand, heavy rainfall across major parts of the country, and heightened competitive intensity.On a positive note, rural demand continues to show signs of revival and remains resilient. Urban weakness was a surprising element: Urban which accounts for 50-60% of FMCG sales came under pressure as highlighted by most of the consumer companies owing to – 1) Slowdown in discretionary spends, 2) Muted wage growth, 3) Higher interest rate coupled with increase in rentals and EMIs, 3) Higher competitive intensity from other D2C brands as Qcommerce penetration increase in the recent time leading to overall weakness in overall urban.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.

Top Conviction Ideas – “FMCG” - November 2024

<ul><li>Topline Growth Driven by Volume Recovery: Most staple companies posted mid to high single-digit revenue growth despite facing challenges such as severe heatwaves in the northern region, heightened competitive intensity, and the general election impact.</li><li>The growth was primarily led by a rural recovery, with rural markets outpacing urban growth.</li><li>Sustained Rural Recovery: Rural demand continues to show steady improvement, with the rural market now surpassing urban areas, largely due to distribution expansion and region-specific launches. </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.

Topline Growth Driven by Volume Recovery: Most staple companies posted mid to high single-digit revenue growth despite facing challenges such as severe heatwaves in the northern region, heightened competitive intensity, and the general election impact.The growth was primarily led by a rural recovery, with rural markets outpacing urban growth.Sustained Rural Recovery: Rural demand continues to show steady improvement, with the rural market now surpassing urban areas, largely due to distribution expansion and region-specific launches. 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.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Emmvee Photovoltaic Power / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) raised around US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) raised around US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Equity Bottom-Up

<ul><li>Robust Performance: DOMS reported strong revenue growth of over 26% YoY, reflecting the benefits of timely capacity expansion, strategic initiatives, and brand strength.</li><li>The growth was primarily volume-led, with a marginal ASP increase driven by product mix changes. </li><li>Expanding Portfolio; Crafting Relevance across Categories: DOMS expanded its portfolio across core categories and high-growth segments such as Hobby &amp; Craft, Baby Hygiene, and Back-to-School, registering strong consumer uptake. </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.

Robust Performance: DOMS reported strong revenue growth of over 26% YoY, reflecting the benefits of timely capacity expansion, strategic initiatives, and brand strength.The growth was primarily volume-led, with a marginal ASP increase driven by product mix changes. Expanding Portfolio; Crafting Relevance across Categories: DOMS expanded its portfolio across core categories and high-growth segments such as Hobby &amp; Craft, Baby Hygiene, and Back-to-School, registering strong consumer uptake. 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.

DOMS Industries Ltd - DOMS Sharpens Its Growth Story; Maintain BUY

<ul><li>Resilient growth: Amid macro headwinds and shifting market conditions, DOMS delivered a resilient 26% YoY revenue growth, slightly ahead of estimates, driven by consistent performance across core categories, product innovation, and the effective integration of Uniclan.</li><li>FY25 saw steady expansion across product lines and categories: In FY25, DOMS expanded its product portfolio and scaled operations through phased capacity additions in pens, geometry boxes, and paper stationery</li><li>It launched a premium range of markers and highlighters, introduced scholastic adhesives with ergonomic designs, and entered the branded school bag segment.</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.

Resilient growth: Amid macro headwinds and shifting market conditions, DOMS delivered a resilient 26% YoY revenue growth, slightly ahead of estimates, driven by consistent performance across core categories, product innovation, and the effective integration of Uniclan.FY25 saw steady expansion across product lines and categories: In FY25, DOMS expanded its product portfolio and scaled operations through phased capacity additions in pens, geometry boxes, and paper stationeryIt launched a premium range of markers and highlighters, introduced scholastic adhesives with ergonomic designs, and entered the branded school bag segment.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.

DOMS Ltd - Growth Moderates; Structural Story Intact; Maintain BUY

India

DOMS Industries is an Indian company specializing in the design, development, manufacturing, and sale of a wide range of stationery and art materials. Their product portfolio includes pencils, crayons, marker pens, erasers, and other scholastic and office supplies. The company is headquartered in Umbergaon, Gujarat, India, and was founded in 1975.

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DOMS Industries (DOMS IN)

Top Conviction Ideas – “FMCG” - November 2024

Staple companies have reported muted topline growth due to weak urban consumer demand, heavy rainfall across major parts of the country, and...

Axis Direct

Top Sector Ideas - FMCG (Q1FY25)

Rural demand continues to show steady improvement, with the rural market now surpassing urban areas, largely due to distribution expansion

Axis Direct

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

DOMS Industries Ltd - DOMS Sharpens Its Growth Story; Maintain BUY

Robust Performance: DOMS reported strong revenue growth of over 26% YoY, reflecting the benefits of timely capacity expansion, strategic...

Axis Direct

DOMS Ltd - Growth Moderates; Structural Story Intact; Maintain BUY

Amid macro headwinds and shifting market conditions, DOMS delivered a resilient 26% YoY revenue growth, slightly ahead of estimates, driven by...

Axis Direct

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