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>Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)</li><li>During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summer</li><li>Demand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demand</li></ul><p><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></p>

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summerDemand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demandContent 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 - Demand Remains Strong; Margin Recovery on the Cards

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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Equity Bottom-Up

<div><div><div><div><ul><li>Strong demand to continue; Capex plans announced: Management highlighted that the underlying demand is strong despite price hikes.</li></ul><div><div><div><div><ul><li>Strong summer season for Lloyds: The company is witnessing a good season in the AC segment on the back of early onset of summer, pent-up demand of the last two years.</li></ul><div><div><div><div><ul><li>Other takeaways: (1) The company has set exports target of 10% of revenue over the medium term.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Strong demand to continue; Capex plans announced: Management highlighted that the underlying demand is strong despite price hikes.Strong summer season for Lloyds: The company is witnessing a good season in the AC segment on the back of early onset of summer, pent-up demand of the last two years.Other takeaways: (1) The company has set exports target of 10% of revenue over the medium term.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 India - Results Above Expectations; Strong Demand Trends to Drive Growth in near Term

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.

<ul><li>Havells India (HIL) is India’s leading electrical appliances &amp; equipment manufacturer with a diversified product portfolio</li><li>In all its business segments, Havells has a strong presence in the organised product category with market share ranging between 6% and 20%</li><li>We value the stock at 53x FY24 EPS and revise the target price to Rs 1515/share</li><li 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></li></ul>

Havells India (HIL) is India’s leading electrical appliances &amp; equipment manufacturer with a diversified product portfolioIn all its business segments, Havells has a strong presence in the organised product category with market share ranging between 6% and 20%We value the stock at 53x FY24 EPS and revise the target price to Rs 1515/shareContent 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: Slower Price Hikes Delay Margin Recovery

<p>Havells India: Havells delivered a strong Q2FY22 revenue performance; however, margin was a miss. Revenue grew by 31% YoY (20% two-year CAGR, HSIE 21%), driven by broad-based performance across segments. Given that Havells has a large product range, healthy mix of B-C and B-B, and pan-India presence, it has managed to capitalise on the improving demand scenario. We believe that, in this kind of inflation, leading players will continue to tap the share gain opportunity. The miss in margin does not reflect any weakness in the business; we believe it is more temporary in nature.</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>

Havells India: Havells delivered a strong Q2FY22 revenue performance; however, margin was a miss. Revenue grew by 31% YoY (20% two-year CAGR, HSIE 21%), driven by broad-based performance across segments. Given that Havells has a large product range, healthy mix of B-C and B-B, and pan-India presence, it has managed to capitalise on the improving demand scenario. We believe that, in this kind of inflation, leading players will continue to tap the share gain opportunity. The miss in margin does not reflect any weakness in the business; we believe it is more temporary in nature.
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: Asian Paints, Havells India

<p>About the stock: Havells India (HIL) is India’s leading electrical appliances &amp; equipment manufacturer with a diversified product portfolio consisting of switchgears, cables, electrical consumer durables and lighting &amp; fixtures. Apart from ‘Havells’, HIL’s other major brands include Crabtree, Standard, Reo, and Lloyd.</p><ul><li>At all its business segment, Havells has a strong presence in the organised product category with market share ranging between 6% and 20%</li><li>Robust balance sheet with RoE &amp; RoCE of 20% &amp; 25%, respectively (five year average), with stringent working capital policy</li></ul><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>

About the stock: Havells India (HIL) is India’s leading electrical appliances &amp; equipment manufacturer with a diversified product portfolio consisting of switchgears, cables, electrical consumer durables and lighting &amp; fixtures. Apart from ‘Havells’, HIL’s other major brands include Crabtree, Standard, Reo, and Lloyd.At all its business segment, Havells has a strong presence in the organised product category with market share ranging between 6% and 20%Robust balance sheet with RoE &amp; RoCE of 20% &amp; 25%, respectively (five year average), with stringent working capital policyContent 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: Strong Performance Amid Challenging Scenario

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)

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs....

HDFC Securities

Havells India - Results Above Expectations; Strong Demand Trends to Drive Growth in near Term

Havells India reported 4QFY22 revenue of Rs44.2bn, up 32.6% YoY, beating our/consensus estimates by 14.4%/16.2% due to healthy growth across all...

Nirmal Bang

Havells India: Slower Price Hikes Delay Margin Recovery

Havells India (HIL) is India’s leading electrical appliances & equipment manufacturer with a diversified product portfolio. In all its business...

ICICI Securities Limited

HSIE Results Daily: Asian Paints, Havells India

Havells India: Havells delivered a strong Q2FY22 revenue performance; however, margin was a miss. Revenue grew by 31% YoY (20% two-year CAGR, HSIE...

HDFC Securities

Havells India: Strong Performance Amid Challenging Scenario

Havells India (HIL) is India’s leading electrical appliances & equipment manufacturer with a diversified product portfolio

ICICI Securities Limited

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