External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)</li><li>Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the base</li><li>Our high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)</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.

SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the baseOur high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)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: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

<ul><li>Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarter</li><li>LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2</li><li>These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.</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.

Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarterLODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.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.

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023</li>
<li>As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves </li>
<li>TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts</li>
</ul>


Our outlook remains neutral on global equities (MSCI ACWI) as of our August 8, 2024 Int’l Compass, after being bullish since early-November 2023
As discussed since late-July, we believe we're still within a 4- to 6-month pullback/consolidation from our selected July 17 starting point, until the market decides which was this consolidation resolves 
TOPIX is below 2740-2820 resistance. Europe is testing resistance, though near potential breakouts on the EURO STOXX 50, STOXX Europe 600, and STOXX Europe 50. Watch for false breakouts


Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

<ul>
<li>We believe a 1-4-month pullback/consolidation is ongoing, and we would look for an important low to be made near the U.S. election.</li>
<li>Supports to watch continue to be $110 on $ACWI and $41-42 on MSCI EM $EEM, and whether these levels hold or not will determine the severity of the pullback.</li>
<li>Primary reasons for this bearish expectation include major bullish RS inflections for defensive Sectors, and bearish price action in the U.S. (SPX), Japan (TOPIX/Nikkei 225), and Europe (EURO STOXX 50)</li>
</ul>


We believe a 1-4-month pullback/consolidation is ongoing, and we would look for an important low to be made near the U.S. election.
Supports to watch continue to be $110 on $ACWI and $41-42 on MSCI EM $EEM, and whether these levels hold or not will determine the severity of the pullback.
Primary reasons for this bearish expectation include major bullish RS inflections for defensive Sectors, and bearish price action in the U.S. (SPX), Japan (TOPIX/Nikkei 225), and Europe (EURO STOXX 50)


Pullback Continues $ACWI; Stick With Defensives; More Countries With Improving Price and RS Trends

<ul><li>Launches getting absorbed, presales conversion cycle contracting: We continue to witness strong demand undercurrent with real estate developers reporting record presales during Q4FY24 either sustenance/new launch driven: Sobha (INR 15bn, growth of 3% YoY), Prestige (INR 47bn, growth of 21% YoY), Macrotech (INR 42.1bn, growth of 39% YoY), and GPL (INR 95bn, growth of 135% YoY)</li><li>We expect this momentum to continue in 1QFY25 as multiple new launches are planned by developers</li><li>Within micro-markets, we expect the consolidation story to continue in the top six cities with strong volume/muted price-driven growth in Bengaluru, MMR and Pune, while NCR growth will be driven largely by higher price appreciation in the luxury 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.

Launches getting absorbed, presales conversion cycle contracting: We continue to witness strong demand undercurrent with real estate developers reporting record presales during Q4FY24 either sustenance/new launch driven: Sobha (INR 15bn, growth of 3% YoY), Prestige (INR 47bn, growth of 21% YoY), Macrotech (INR 42.1bn, growth of 39% YoY), and GPL (INR 95bn, growth of 135% YoY)We expect this momentum to continue in 1QFY25 as multiple new launches are planned by developersWithin micro-markets, we expect the consolidation story to continue in the top six cities with strong volume/muted price-driven growth in Bengaluru, MMR and Pune, while NCR growth will be driven largely by higher price appreciation in the luxury segmentContent 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.

Real Estate (Q4FY24 Results Preview): Strong demand aiding presales momentum

India

Godrej Properties, Ltd. is a real estate development company.

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Godrej Properties (GPL IN)

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in...

HDFC Securities

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2

HDFC Securities

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI Ex-US, EAFE (Local Curr) Below Resistance

Japan and Europe Holding Below Resistance; MSCI ACWI, ACWI ex-US, and EAFE (local currency) Also Below Resistance Though Testing Now; $EEM breakout...

Vermilion Research

Pullback Continues $ACWI; Stick With Defensives; More Countries With Improving Price and RS Trends

Pullback Continues $ACWI; Stick With Defensives. We continue to believe a 1- to 4-month pullback/consolidation is ongoing, and would look for an...

Vermilion Research

Real Estate (Q4FY24 Results Preview): Strong demand aiding presales momentum

Launches getting absorbed, presales conversion cycle contracting: We continue to witness strong demand undercurrent with real estate developers...

HDFC Securities

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