External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen in Q3FY24</li><li>While urban markets continue to outgrow rural markets, price rollbacks on softening commodity inflation have aided the narrowing of the gap</li><li>Nonetheless, we expect a gradual recovery in CY2024, led by (1) moderating inflation, (2) government spending, (3) a positive outlook for rabi crop harvest, (4) conducive consumer pricing across categories, and (5) expectation of normal monsoon</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.

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen in Q3FY24While urban markets continue to outgrow rural markets, price rollbacks on softening commodity inflation have aided the narrowing of the gapNonetheless, we expect a gradual recovery in CY2024, led by (1) moderating inflation, (2) government spending, (3) a positive outlook for rabi crop harvest, (4) conducive consumer pricing across categories, and (5) expectation of normal monsoonContent 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/Alco Bev & QSR - Challenging Demand Environment

<ul><li>Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year CAGR in revenue in Q3FY24 (vs 4/9% in Q2FY24 and 8/9% in Q3FY23)</li><li>Mirroring the trends seen in Q2FY24, the demand has remained stable during the quarter</li><li>Recovery in rural markets remained below expectations while urban demand was steady</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.

Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year CAGR in revenue in Q3FY24 (vs 4/9% in Q2FY24 and 8/9% in Q3FY23)Mirroring the trends seen in Q2FY24, the demand has remained stable during the quarterRecovery in rural markets remained below expectations while urban demand was steadyContent 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 & Alco Bev (Q3FY24 Results Preview): Uninspiring demand recovery

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

Event-Driven

<ul>
<li>There are 18 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 28 December. We had forecast all the index changes.</li>
<li>Estimated one-way turnover is 57.7% resulting in a one-way trade of INR 21.75bn (US$261m). 8 stocks have over 1x ADV to trade; 21 stocks have atleast 0.5x ADV to trade.</li>
<li>The adds have continued to outperform the deletes and the index and there could be further outperformance heading into year-end and buying from passive trackers.</li>
</ul>


There are 18 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 28 December. We had forecast all the index changes.
Estimated one-way turnover is 57.7% resulting in a one-way trade of INR 21.75bn (US$261m). 8 stocks have over 1x ADV to trade; 21 stocks have atleast 0.5x ADV to trade.
The adds have continued to outperform the deletes and the index and there could be further outperformance heading into year-end and buying from passive trackers.


NIFTY200 Momentum30 Index Rebalance: 18 Changes a Side, 58% Turnover, Momentum Intact

<ul>
<li>There were a lot of rebalance implementations in China on Friday, plus a few upcoming index changes that were announced during the week.</li>
<li>There are a lot of implementations this week, with <a href="https://www.smartkarma.com/entities/korea-stock-exchange-kospi-200" target="_blank" data-smartkarma-citation="entities:26021:1" rel="noopener">KOSPI 200</a> and <a href="https://www.smartkarma.com/entities/kosdaq-150-index" target="_blank" data-smartkarma-citation="entities:31077:1" rel="noopener">KOSDAQ 150</a> on Thursday and then others across a bunch of countries on Friday.</li>
<li>There were big inflows to <a href="https://www.smartkarma.com/entities/tracker-fund-of-hong-kong-ltd" target="_blank" data-smartkarma-citation="entities:29257:1" rel="noopener">Tracker Fund of Hong Kong (2800 HK)</a> during the week taking units outstanding to a new high. ETF inflows continue even as the market drops.</li>
</ul>


There were a lot of rebalance implementations in China on Friday, plus a few upcoming index changes that were announced during the week.
There are a lot of implementations this week, with KOSPI 200 and KOSDAQ 150 on Thursday and then others across a bunch of countries on Friday.
There were big inflows to Tracker Fund of Hong Kong (2800 HK) during the week taking units outstanding to a new high. ETF inflows continue even as the market drops.


Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

<ul>
<li>There could be 18 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 28 December.</li>
<li>If all changes are on expected lines, one-way turnover is estimated at 58.2% and that will result in a one-way trade of INR 20bn (US$240m).</li>
<li>Since July, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.</li>
</ul>


There could be 18 changes for the Nifty200 Momentum 30 Index that will be implemented at the close on 28 December.
If all changes are on expected lines, one-way turnover is estimated at 58.2% and that will result in a one-way trade of INR 20bn (US$240m).
Since July, the potential adds to the index have outperformed the index and the potential deletes by a big margin. Momentum could keep the outperformance going till implementation date.


NIFTY200 Momentum30 Index Rebalance Preview: 58% Turnover & Strong Momentum

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)

FMCG/Alco Bev & QSR - Challenging Demand Environment

Demand environment continues to remain challenging: FMCG demand sentiment has stayed consistent during the quarter, largely mirroring trends seen...

HDFC Securities

FMCG & Alco Bev (Q3FY24 Results Preview): Uninspiring demand recovery

Slow pick-up in demand, revenue to grow by 4/9% on YoY/four-year CAGR: Our FMCG coverage universe is expected to deliver 4/9% growth YoY/four-year...

HDFC Securities

NIFTY200 Momentum30 Index Rebalance: 18 Changes a Side, 58% Turnover, Momentum Intact

The adds and deletes have performed in line since announcement of the changes a little over a week ago. With 10 trading days to implementation,...

Brian Freitas

Index Rebalance & ETF Flow Recap: NKY, TW Div+, ASX200, NZX50, Mom30, Top10EW, MVW, Rakuten Bank

This recap highlights Insights covering Asian index rebalances (announcements/ forecasts/ IPO Fast Entry/ M&A driven changes). We also highlight...

Brian Freitas

NIFTY200 Momentum30 Index Rebalance Preview: 58% Turnover & Strong Momentum

There could be 18 changes for the Nifty200 Momentum30 Index resulting in 1-way turnover of 58.2% and in a 1-way trade of INR 20bn (US$240m). Adds...

Brian Freitas

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