External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

<ul><li>Hero Motocorp Ltd. (HMCL) reported a weak set of numbers with a marginal beat on the revenue front while EBITDA/PAT stood below our estimates.</li><li>Revenue (2% beat) grew by 7.4%/8% YoY/QoQ, led by higher Average Sales Price (ASP), beat by 2%, which increased by 8%/5% YoY/QoQ, while sales volumes were almost flat YoY but were up 2.7% QoQ.</li><li>ASP beat was on account of a richer product mix and a higher share of XTEC variants in the entry-level 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.

Hero Motocorp Ltd. (HMCL) reported a weak set of numbers with a marginal beat on the revenue front while EBITDA/PAT stood below our estimates.Revenue (2% beat) grew by 7.4%/8% YoY/QoQ, led by higher Average Sales Price (ASP), beat by 2%, which increased by 8%/5% YoY/QoQ, while sales volumes were almost flat YoY but were up 2.7% QoQ.ASP beat was on account of a richer product mix and a higher share of XTEC variants in the entry-level segment.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.

Hero Motocorp - Weak Numbers with EBITDA Miss; Downgrade to HOLD

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.

Thematic (Sector/Industry)

<ul><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industries</li><li>EBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA margin</li><li>Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)</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.

SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industriesEBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA marginConsolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)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: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

<ul><li>The domestic PV wholesale volumes grew 31% YoY in Oct’22 fueled by robust festive demand and OEMs deliveringto cater the strong order books.</li><li>Moreover, the domestic CV registered positive sales momentum of 17% YoY during the month driven by economic activity and a pick-up in infrastructure spends.</li><li>The festive season led by normal monsoons, higher water reservoir levels, and increased MSP for Rabi crops by the government also led to strong demand in the tractor and farm equipment segment which grew by 11% 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.

The domestic PV wholesale volumes grew 31% YoY in Oct’22 fueled by robust festive demand and OEMs deliveringto cater the strong order books.Moreover, the domestic CV registered positive sales momentum of 17% YoY during the month driven by economic activity and a pick-up in infrastructure spends.The festive season led by normal monsoons, higher water reservoir levels, and increased MSP for Rabi crops by the government also led to strong demand in the tractor and farm equipment segment which grew by 11% 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.

Automotive Industry - Strong Momentum in PV & CV Sales

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>In this insight, we take a look at the potential ADDs/DELs for the NIFTY 50, 100, and 500 Indices in the run up to the March 2023 Rebalance.</li>
<li>The completion of the <a href="https://www.smartkarma.com/entities/housing-development-finance" target="_blank" data-smartkarma-citation="entities:252:1" rel="noopener">HDFC Limited (HDFC IN)</a> - <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> merger is the most significant event that can trigger intra-review changes in the next few months.</li>
<li>NIFTY Indices Limited also initiated a market consultation recently on the "treatment of merger/demerger in Nifty equity indices" and the outcome could have important index consequences for such intra-review changes.</li>
</ul>


In this insight, we take a look at the potential ADDs/DELs for the NIFTY 50, 100, and 500 Indices in the run up to the March 2023 Rebalance.
The completion of the HDFC Limited (HDFC IN) - HDFC Bank (HDFCB IN) merger is the most significant event that can trigger intra-review changes in the next few months.
NIFTY Indices Limited also initiated a market consultation recently on the "treatment of merger/demerger in Nifty equity indices" and the outcome could have important index consequences for such intra-review changes.


NIFTY Quiddity Leaderboard Mar 23: HDFC Merger, Pidilite, and Adani Power Leading the Race, and More

<ul><li>We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate</li><li>The meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry experts</li><li>Our primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.</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.

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estateThe meetings were represented by senior and experienced channel partners, CXOs of unlisted companies, and industry expertsOur primary objective was to check festive season demand along with overall consumption environment, particularly since industries have seen one of the toughest retail inflation environments.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.

Reality Check: Festive checks—positive trend

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Hero Motocorp - Weak Numbers with EBITDA Miss; Downgrade to HOLD

Hero Motocorp Ltd. (HMCL) reported a weak set of numbers with a marginal beat on the revenue front while EBITDA/PAT stood below our estimates.

Axis Direct

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)

HDFC Securities

Automotive Industry - Strong Momentum in PV & CV Sales

The domestic PV wholesale volumes grew 31% YoY in Oct’22 fueled by robust festive demand and OEMs deliveringto cater the strong order books.

Axis Direct

NIFTY Quiddity Leaderboard Mar 23: HDFC Merger, Pidilite, and Adani Power Leading the Race, and More

HDFC could get deleted from NIFTY 50 and 100 in 1H 2023. Currently, Pidilite and Adani Power are leading the race to become intra-review...

Janaghan Jeyakumar, CFA

Reality Check: Festive checks—positive trend

We hosted a multi-sector channel check, wherein we hosted participants from auto, FMCG, durable, building materials, jewellery, cement and real estate

HDFC Securities

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