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>After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilities</li><li>So far in FY25, the benchmark indices Nifty 50, Nifty midcap 100 and Nifty Small cap 100 have delivered remarkable returns of 9%, 18% and 23% respectively</li><li>These performances follow massive returns of 29%,60% and 70% respectively generated by these indices 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.

After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilitiesSo far in FY25, the benchmark indices Nifty 50, Nifty midcap 100 and Nifty Small cap 100 have delivered remarkable returns of 9%, 18% and 23% respectivelyThese performances follow massive returns of 29%,60% and 70% respectively generated by these indices in FY24Content 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.

Earnings Vs Multiples: PE re-rating far outweighs earning upgrades

<ul><li>With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supply</li><li>Ex of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentiment</li><li>Rising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under check</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.

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supplyEx of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentimentRising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under checkContent 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 Durables & EMS: Summer Season Drives Demand Uptick

<ul><li>Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)</li><li>During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants</li><li>Weak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)</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.

Ambuja Cement: We maintain ADD with an unchanged TP of INR 620/share (16.5x its consolidated FY26E EBITDA)During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plantsWeak pricing across markets drove down NSR by INR 394/MT QoQ (-7%)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: Ambuja Cement, Havells India, Dabur, ACC

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

ICICI Securities Limited

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. 

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

<ul><li>ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after losses in the past 10-quarters.</li><li>We believe the company has reached healthy market share in low double-digits; it will now focus on its dual objectives of growing market share and profitability.</li><li>(2) Commencement of new plant for cables and wires will likely allow higher growth H2FY25 onwards.</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.

ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after losses in the past 10-quarters.We believe the company has reached healthy market share in low double-digits; it will now focus on its dual objectives of growing market share and profitability.(2) Commencement of new plant for cables and wires will likely allow higher growth H2FY25 onwards.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.

Havells - Multiple Growth Tailwinds over FY25-26

<ul><li>Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)</li><li>While the B2B portfolio continues to sustain its momentum, the B2C portfolio witnessed early signs of a revival led by a positive start to the summer season and benefits from the real estate uptick</li><li>Lloyd reported a positive EBIT margin (+2.8% vs -1.8% YoY), led by cost savings and business efficiency measures</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.

Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)While the B2B portfolio continues to sustain its momentum, the B2C portfolio witnessed early signs of a revival led by a positive start to the summer season and benefits from the real estate uptickLloyd reported a positive EBIT margin (+2.8% vs -1.8% YoY), led by cost savings and business efficiency measuresContent 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.

Havells India (Q4FY24): Margins on the Mend. Maintain ADD

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL IN)

Earnings Vs Multiples: PE re-rating far outweighs earning upgrades

After a meteoric rise of benchmark indices in FY24, the bull run continues unabated in FY25, notwithstanding general election-led market volatilities

HDFC Securities

Consumer Durables & EMS: Summer Season Drives Demand Uptick

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory...

HDFC Securities

HSIE Results Daily: Ambuja Cement, Havells India, Dabur, ACC

During Q4FY24, consolidated volumes rose 17% YoY owing to the low base and ramp-up of recently acquired Sanghi plants. Weak pricing across markets...

HDFC Securities

Havells - Multiple Growth Tailwinds over FY25-26

ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after...

ICICI Securities Limited

Havells India (Q4FY24): Margins on the Mend. Maintain ADD

Havells’ Q4 revenue aligned with our estimate while it positively surprised operationally with EBITDAM expanding by 80bps to 11.7% (HSIE: 9.8%)

HDFC Securities

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