External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

Equity Bottom-Up

Godrej Consumer Products / Equity Bottom-Up

<ul><li>GCPL has been a play on execution for a couple of years now.</li><li>Our downgrade (to Reduce) after the Q3 business update factored in concerns on slowdown in/waning of execution.</li><li>Two-third of the India business is likely to be stressed in the near term, with India margin to be strained given inflationary pressure.</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.

GCPL has been a play on execution for a couple of years now.Our downgrade (to Reduce) after the Q3 business update factored in concerns on slowdown in/waning of execution.Two-third of the India business is likely to be stressed in the near term, with India margin to be strained given inflationary pressure.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.

Godrej Consumer Products - Near-Term Outlook Weak; Step up in Execution Is Key

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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.

<ul><li>GCPL eyes a weak Q3FY25 in its mid-quarter update with standalone sales volume to remain flat, while a hike in palm oil prices would stress margins.</li><li>Domestic volume growth to recover gradually with price hikes in soaps to be absorbed in the coming months, while introduction of RNF in LV would improve HI growth prospects.</li><li>Company maintained its thrust on strategic investments in media and distribution expansion in the rural market in view of long-term growth opportunities in India.</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.

GCPL eyes a weak Q3FY25 in its mid-quarter update with standalone sales volume to remain flat, while a hike in palm oil prices would stress margins.Domestic volume growth to recover gradually with price hikes in soaps to be absorbed in the coming months, while introduction of RNF in LV would improve HI growth prospects.Company maintained its thrust on strategic investments in media and distribution expansion in the rural market in view of long-term growth opportunities in India.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.

Godrej Consumer Products Ltd - Weak Q3 Likely; Long-Term Growth Avenues Intact

<ul><li>Godrej Consumer Products Limited’s (GCPL’s) Q2FY2025 performance was in line with expectations with revenue rising ~2% y-o-y (high single-digit domestic volume growth), OPM rising by 70 bps y-o-y to 20.8% and adjusted PAT growing by 12% y-o-y.</li><li>India business volume growth of 7% is much better as compared with some large FMCG peers in the current muted demand environment.</li><li>International biz continues see margin expansion supporting overall profitability.</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.

Godrej Consumer Products Limited’s (GCPL’s) Q2FY2025 performance was in line with expectations with revenue rising ~2% y-o-y (high single-digit domestic volume growth), OPM rising by 70 bps y-o-y to 20.8% and adjusted PAT growing by 12% y-o-y.India business volume growth of 7% is much better as compared with some large FMCG peers in the current muted demand environment.International biz continues see margin expansion supporting overall profitability.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.

Godrej Consumer Products Ltd - Good Q2; with India/Indonesia Performing Well

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<ul><li>GCPL’s 2QFY25 results were below our estimates, owing to the lower-than-expected performance of the domestic business (EBITDA margin contracted 170 bps YoY)</li><li>Management highlighted a spike in palm oil and slower-than-expected pick-up in Raymond’s business as key reasons for sub-par performance</li><li>However, subdued domestic performance was partially compensated via the margin uptick seen in Indonesia (up 140 bps YoY) and Africa (up 590 bps YoY).</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.

GCPL’s 2QFY25 results were below our estimates, owing to the lower-than-expected performance of the domestic business (EBITDA margin contracted 170 bps YoY)Management highlighted a spike in palm oil and slower-than-expected pick-up in Raymond’s business as key reasons for sub-par performanceHowever, subdued domestic performance was partially compensated via the margin uptick seen in Indonesia (up 140 bps YoY) and Africa (up 590 bps YoY).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.

Godrej Consumer (2QFY25): Growth to Be Back-Ended. Maintain BUY

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

Bharat Heavy Electricals / Index Rebalance

<ul>
<li>There are 7 changes for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">NSE Nifty Next 50 Index (NIFTYJR INDEX)</a> that will be implemented at the close on 27 September. Changes are on expected lines.</li>
<li>Estimated one-way turnover for the <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index (NIFTYJR INDEX)</a> is 19.6% resulting in a one-way trade of INR 63.64bn (US$759m). Many stocks have over 1x ADV to trade.</li>
<li>The adds have outperformed the deletes this year but there has been big underperformance over the last month as stocks expected to benefit from rural spending have rallied.</li>
</ul>


There are 7 changes for the NSE Nifty Next 50 Index (NIFTYJR INDEX) that will be implemented at the close on 27 September. Changes are on expected lines.
Estimated one-way turnover for the Nifty Next 50 Index (NIFTYJR INDEX) is 19.6% resulting in a one-way trade of INR 63.64bn (US$759m). Many stocks have over 1x ADV to trade.
The adds have outperformed the deletes this year but there has been big underperformance over the last month as stocks expected to benefit from rural spending have rallied.


NIFTY NEXT50 Index Rebalance: 7 Changes on Expected Lines

India

Godrej Consumer Products Limited manufactures personal care, hair care, household care and fabric care products. The Company's products include toilet soaps, cosmetics, shaving creams, talcum powder, household cleaners and fabric detergents.

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Godrej Consumer Products (GCPL IN)

Godrej Consumer Products - Near-Term Outlook Weak; Step up in Execution Is Key

GCPL has been a play on execution for a couple of years now. Our downgrade (to Reduce) after the Q3 business update factored in concerns on...

Emkay

Godrej Consumer Products Ltd - Weak Q3 Likely; Long-Term Growth Avenues Intact

GCPL eyes a weak Q3FY25 in its mid-quarter update with standalone sales volume to remain flat, while a hike in palm oil prices would stress margins.

Sharekhan

Godrej Consumer Products Ltd - Good Q2; with India/Indonesia Performing Well

India business volume growth of 7% is much better as compared with some large FMCG peers in the current muted demand environment.

Sharekhan

Godrej Consumer (2QFY25): Growth to Be Back-Ended. Maintain BUY

GCPL’s 2QFY25 results were below our estimates, owing to the lower-than-expected performance of the domestic business (EBITDA margin contracted 170...

HDFC Securities

NIFTY NEXT50 Index Rebalance: 7 Changes on Expected Lines

There are 7 changes for the NIFTY Next50 Index. Estimated 1-way turnover is 19.6% resulting in a 1-way trade of INR 63.64bn (US$759m). There are...

Brian Freitas

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