External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<h2>Muhurat Pick – 2021</h2><p>Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.</p><div class="content-highlight"><em>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.</em></div>

Muhurat Pick – 2021Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry be it the second Covid wave in the country in April-May 2021 or the third wave expectations during August-September 2021. This was due to a confluence of fundamental factors: First and foremost, equity as an asset class is being widely and rightly recognised as an asset generating inflation beating returns or real returns over a long period of time and is indeed very much liquid in nature; the TINA (there is no alternative) factor is at play. Secondly, with the increase in pace of digitisation, a set of efficiencies have creeped into organisations as well as the economy, indicating better corporate earnings/GDP growth. Thirdly, with new age technology platforms, the reach of equities has increased with record number of demat accounts being opened over the last 18 months, indicating enhanced retail participation.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.

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>LIC Housing Finance: LICHF disappointed, driven by elevated provisioning (1.1% of loans, annualised) and interest reversals (INR1.35bn). While asset quality improved across buckets, aggregate stressed pool (GS-II + GS-III + restructured) still remains elevated (12.6% vs. 13.6% in Jun'21), indicating that the path to normalisation is likely to be prolonged. The company shored up its GS-III provisions significantly to 43%, driving credit costs higher, although GS-II provisioning coverage continues to be subdued (0.2% PCR).</p>
<div class="content-highlight"><em>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.</em></div>

LIC Housing Finance: LICHF disappointed, driven by elevated provisioning (1.1% of loans, annualised) and interest reversals (INR1.35bn). While asset quality improved across buckets, aggregate stressed pool (GS-II + GS-III + restructured) still remains elevated (12.6% vs. 13.6% in Jun'21), indicating that the path to normalisation is likely to be prolonged. The company shored up its GS-III provisions significantly to 43%, driving credit costs higher, although GS-II provisioning coverage continues to be subdued (0.2% PCR).
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: Mphasis, Container Corporation, LIC Housing Finance and More

<p>HSIE Results Daily Tech Mahindra: We maintain a BUY rating on Tech Mahindra (TechM), based on better-than-expected revenue performance, healthy net-new deal wins (in both telecom and enterprise segments), and in-line margins. TechM delivered 3.9% QoQ CC growth, which was broad-based across verticals. The focus on large deal wins (net-new TCV of USD 815mn), following a healthy Q4 (Telefonica deal), improves growth visibility. The key attributes that underscore our positive outlook are (1) the largest deal win in the healthcare vertical (patient care modernisation); (2) healthy growth in BPS; (3) increase in intake of freshers after six quarters; (4) improvement in 5G related deals (~50% of telecom deals are related to 5G); and (5) continued growth momentum in enterprise segment, led by technology, BFSI and manufacturing verticals.</p><div class="content-highlight"><em>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.</em></div>

HSIE Results Daily Tech Mahindra: We maintain a BUY rating on Tech Mahindra (TechM), based on better-than-expected revenue performance, healthy net-new deal wins (in both telecom and enterprise segments), and in-line margins. TechM delivered 3.9% QoQ CC growth, which was broad-based across verticals. The focus on large deal wins (net-new TCV of USD 815mn), following a healthy Q4 (Telefonica deal), improves growth visibility. The key attributes that underscore our positive outlook are (1) the largest deal win in the healthcare vertical (patient care modernisation); (2) healthy growth in BPS; (3) increase in intake of freshers after six quarters; (4) improvement in 5G related deals (~50% of telecom deals are related to 5G); and (5) continued growth momentum in enterprise segment, led by technology, BFSI and manufacturing verticals.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 30 July 2021: Tech Mahindra, SRF Ltd, Colgate Palmolive and More

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

<p><span lang="EN-GB">As India gets ready to implement GST, all eyes are on the logistics industry which until now had been dominated by the unorganised sector. A paradigm shift in taxation is expected to result in industry-wide consolidation, while well-established companies in niche sectors are expected to experience healthy topline growth and margins.</span></p><p><span lang="EN-GB"> Gateway Distriparks has established a pan-India presence with CFSs (container freight stations), ICDs (inland container depots) and TCL (temperature controlled logistics). The company trades at a trailing PE of 24.9x which is short of its closest competitor CONCOR (29.2x). However, we think the stock is valued cheaply as its well-established infrastructure will help it reap the benefits of GST and growing EXIM trade.</span></p>

As India gets ready to implement GST, all eyes are on the logistics industry which until now had been dominated by the unorganised sector. A paradigm shift in taxation is expected to result in industry-wide consolidation, while well-established companies in niche sectors are expected to experience healthy topline growth and margins. Gateway Distriparks has established a pan-India presence with CFSs (container freight stations), ICDs (inland container depots) and TCL (temperature controlled logistics). The company trades at a trailing PE of 24.9x which is short of its closest competitor CONCOR (29.2x). However, we think the stock is valued cheaply as its well-established infrastructure will help it reap the benefits of GST and growing EXIM trade.

Gateway Distriparks: "Diversified Presence to Help Company Ride Growth in Containerisation"

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

Thematic (Sector/Industry)

<p>In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.</p>

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September 2016, the government was 7 million short of its goal with the odds of achieving it in less than a year seeming very low. Increasing PNG and CNG (compressed natural gas) connections are part of the government’s wider plan to more than double the share of natural gas in India’s energy mix to 20% by 2025. To achieve this goal, the government needs to ramp up transmission infrastructure and increase capacity of import infrastructure to cater to the expected surge in natural gas imports, apart from introducing key policies with regards to pricing, taxation and regulation. Based on past evidence and the information provided within this report, we think the government will fall short of its energy mix targets, just like it did in the PNG segment.

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

India

Gateway Distriparks Limited provides integrated logistics services both in domestic and international areas. The Company offers cargo loading and unloading, transportation, and cargo storage management services to shipping lines, freight forwarders, and buying houses.

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Gateway Distriparks (GDPL IN)

Muhurat Picks 2021: Bata India, TCNS Clothing, Bank of Baroda & More

Indian markets have been one of the best performing markets this calendar year and are up 25% YTD CY21. They have deftly climbed the wall of worry...

ICICI Securities Limited

HSIE Results Daily: Mphasis, Container Corporation, LIC Housing Finance and More

LIC Housing Finance: LICHF disappointed, driven by elevated provisioning (1.1% of loans, annualised) and interest reversals (INR1.35bn). While...

HDFC Securities

HSIE Results Daily 30 July 2021: Tech Mahindra, SRF Ltd, Colgate Palmolive and More

HSIE Results Daily Tech Mahindra: We maintain a BUY rating on Tech Mahindra (TechM), based on better-than-expected revenue performance, healthy net...

HDFC Securities

Gateway Distriparks: "Diversified Presence to Help Company Ride Growth in Containerisation"

As India gets ready to implement GST, all eyes are on the logistics industry which until now had been dominated by the unorganised sector. A...

Mio Kato

Falling Natural Gas Production and Poor Import Infra Make PNG a Distant Dream for Most Indians

In July 2015, the Indian government set a target of 10 million PNG (piped natural gas) connections to be made within two years. But as of September...

Speeda Research

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