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. 

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Thematic (Sector/Industry)

<ul><li>As we turn the final page of 2024, we extend our warmest wishes for a 'Happy New Year' to all our valued readers.</li><li>With great excitement, we welcome 2025, looking forward to a year filled with prosperity, peace, and happiness for you and your family.</li><li>At this juncture, we are delighted to unveil our New Year Picks for this year, curated to support and strengthen your investment journey in the year ahead.</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.

As we turn the final page of 2024, we extend our warmest wishes for a 'Happy New Year' to all our valued readers.With great excitement, we welcome 2025, looking forward to a year filled with prosperity, peace, and happiness for you and your family.At this juncture, we are delighted to unveil our New Year Picks for this year, curated to support and strengthen your investment journey in the year ahead.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.

<ul><li>Consumer demand remains tepid: The discretionary demand remains tepid with a greater impact seen on QSR, Footwear, and Apparel while the value segment has seen some recovery.</li><li>Premium vs. value segment: While the premium/luxury segment remains strong, the value segment saw some recovery. However, it remains a mixed bag.</li><li>Store expansion continues: Despite the muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.</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.

Consumer demand remains tepid: The discretionary demand remains tepid with a greater impact seen on QSR, Footwear, and Apparel while the value segment has seen some recovery.Premium vs. value segment: While the premium/luxury segment remains strong, the value segment saw some recovery. However, it remains a mixed bag.Store expansion continues: Despite the muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.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.

<ul><li>FMCG companies under our coverage are expected to experience a recovery in volume growth.</li><li>Revenue growth will primarily be driven by volume growth in the low to mid-single digits, led by improved rural sentiments.</li><li>Rural growth is expected to outpace urban growth. </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.

FMCG companies under our coverage are expected to experience a recovery in volume growth.Revenue growth will primarily be driven by volume growth in the low to mid-single digits, led by improved rural sentiments.Rural growth is expected to outpace urban growth. 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.

<ul><li>Consumer demand remains sluggish: Prolonged heat waves, a slowdown in discretionary spending, and a lighter wedding season in Q1 have kept consumption demand in the discretionary space subdued.</li><li>Premium vs. Value: While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.</li><li>Going forward, volume growth is expected to pick up in rural regions, driven by a better monsoon and rural recovery.</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.

Consumer demand remains sluggish: Prolonged heat waves, a slowdown in discretionary spending, and a lighter wedding season in Q1 have kept consumption demand in the discretionary space subdued.Premium vs. Value: While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.Going forward, volume growth is expected to pick up in rural regions, driven by a better monsoon and rural recovery.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.

Equity Bottom-Up

<ul><li>Robust Results: Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment (above Rs 2.5 Lc grew 9.5% YoY), resulting in its ASP increasing by 25% YoY to Rs 2.2 Lc.</li><li>The management highlighted some challenges in Q1FY25, including extreme heatwaves (leading to extended holiday durations outside India and reduced footfall), restrictions on cash movement above Rs 0.5 Lc during elections, ERP implementation (causing a three-day store shutdown across the network), election-related restrictions, and shipment delays due to unfavourable weather conditions in Switzerland.</li><li>However, the management noted strong growth (28%) and record-high margins in July and remains optimistic about future growth prospects, supported by new luxury watch additions and continued store expansion (targeting 22-23 stores in FY25)</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 Results: Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment (above Rs 2.5 Lc grew 9.5% YoY), resulting in its ASP increasing by 25% YoY to Rs 2.2 Lc.The management highlighted some challenges in Q1FY25, including extreme heatwaves (leading to extended holiday durations outside India and reduced footfall), restrictions on cash movement above Rs 0.5 Lc during elections, ERP implementation (causing a three-day store shutdown across the network), election-related restrictions, and shipment delays due to unfavourable weather conditions in Switzerland.However, the management noted strong growth (28%) and record-high margins in July and remains optimistic about future growth prospects, supported by new luxury watch additions and continued store expansion (targeting 22-23 stores in FY25)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.

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

India

Ethos Limited operates a chain of luxury watch boutiques. The Company retails new and used watches for men and women, as well as accessories such as bags, cufflinks, jewellery, wallets, and wolf watch boxes. Ethos serves customers in India.

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Ethos (ETHOSLTD IN)

New Year Picks 2025

At this juncture, we are delighted to unveil our New Year Picks for this year, curated to support and strengthen your investment journey in the...

Axis Direct

Top Conviction Ideas – “Retail”

Consumer demand remains tepid: The discretionary demand remains tepid with a greater impact seen on QSR, Footwear, and Apparel while the value...

Axis Direct

Q2FY25 Earnings Preview - FMCG & RETAIL

Revenue growth will primarily be driven by volume growth in the low to mid-single digits, led by improved rural sentiments. Rural growth is...

Axis Direct

Top Sector Ideas - Retail (Q1FY25)

Premium vs. Value: While the premium segment remains strong, the value segment has shown some recovery but remains a mixed bag.

Axis Direct

Ethos Ltd - Growth Story Remains Intact; Maintain BUY

Ethos delivered robust results in Q1FY25 with ~19% YoY revenue growth and 12.3% SSSG, driven by strong demand in the higher price-point luxury segment

Axis Direct

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