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.

Thematic (Sector/Industry)

<ul><li>Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.</li><li>Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate 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.

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill and GST collection, and d) Strong pickup in electricity demand.Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate 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.

<ul><li>We anticipate margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).</li><li>We expect another good quarter for base metal stocks under our coverage.</li><li>Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.</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 anticipate margin contraction for steel companies within our coverage due to decreased steel price realizations (average HRC benchmark prices down 7% YoY and 5% QoQ in Q4FY24) and increased coking coal consumption costs (largely flat YoY but higher QoQ), despite a QoQ recovery in sales volumes driven by seasonally strong performance in Q4 (although volumes remain largely flat YoY).We expect another good quarter for base metal stocks under our coverage.Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.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.

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

Quantitative Analysis

<ul>
<li>During 1Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +8.7%y/y, down slightly from the +10.1% reported during 4Q2023.</li>
<li>Only 47% of companies delivered positive EPS surprises, and only 44% delivered positive Sales surprises, a sharp correction from the positive trend witnessed during 2023.</li>
<li>Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.</li>
</ul>


During 1Q2024, the 200 largest weighted companies in the GEM index reported average EPS growth of +8.7%y/y, down slightly from the +10.1% reported during 4Q2023.
Only 47% of companies delivered positive EPS surprises, and only 44% delivered positive Sales surprises, a sharp correction from the positive trend witnessed during 2023.
Historically, there has been a significant difference in relative share price performance between the largest positive versus negative surprise generators, for 3 months after the reporting date.


Global Emerging Markets: Reporting Season Summary, 1Q2024

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

<ul>
<li>Copper, known as the "red metal" and vital in modern civilization, has seen a significant surge in demand globally, especially in sectors like electrical, electronics, construction, and transportation.</li>
<li>Global and Indian reserves of copper, use cases, production process and government push towards Copper mining and overall analysis of existing new entrants in the industry.</li>
<li>India possessing only 0.25% of the world's reserves, the overall view from mining to distribution and consumption of copper across India and companies involved in the space.</li>
</ul>


Copper, known as the "red metal" and vital in modern civilization, has seen a significant surge in demand globally, especially in sectors like electrical, electronics, construction, and transportation.
Global and Indian reserves of copper, use cases, production process and government push towards Copper mining and overall analysis of existing new entrants in the industry.
India possessing only 0.25% of the world's reserves, the overall view from mining to distribution and consumption of copper across India and companies involved in the space.


Copper Is the New "GOLD": India's Rush for Rare Minerals

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Motilal Oswal's research report onHindalco Hindalco (HNDL) is undertaking ~USD6b (revised upwards from USD4.6b) multi locational-multi product growth capex over the next five years.</li><li>The initiative aims to augment its capacity across various regions, including the USA (FRP and recycling mill), Utkal (alumina debottlenecking), Aditya (can recycling and battery foil mill), and Silvassa (extrusion).</li><li>HNDL recently also announced its plan to set up a 25kt battery foil manufacturing facility at Odisha at a total capex of ~INR8b, which will cater to the growing domestic EV requirements.</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.

Motilal Oswal's research report onHindalco Hindalco (HNDL) is undertaking ~USD6b (revised upwards from USD4.6b) multi locational-multi product growth capex over the next five years.The initiative aims to augment its capacity across various regions, including the USA (FRP and recycling mill), Utkal (alumina debottlenecking), Aditya (can recycling and battery foil mill), and Silvassa (extrusion).HNDL recently also announced its plan to set up a 25kt battery foil manufacturing facility at Odisha at a total capex of ~INR8b, which will cater to the growing domestic EV requirements.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.

Hindalco - Capacity Expansion to Drive Performance

India

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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Hindalco Industries (HNDL IN)

Q4FY24 Consolidated Earnings Preview

Q4FY24 earnings season was marked by a) Strong domestic macroeconomic environment, b) Robust PMI manufacturing and Services, c) Stronger E-way bill...

Axis Direct

Metals - Q4FY24 Earnings Preview

Both Hindalco and NALCO are expected to report margin expansion YoY/QoQ on higher shipments, stable LME, and lower coal/power costs.

Axis Direct

Global Emerging Markets: Reporting Season Summary, 1Q2024

In this quarterly insight, we analyse recent GEM reporting trends by looking at Sales and EPS growth, size and percentage of positive surprises,...

Wium Malan, CFA

Copper Is the New "GOLD": India's Rush for Rare Minerals

LME Copper prices at 7 month high, above $8840 a ton - New York Copper at 16 mth high - Shanghai copper hits 2 year high Copper prices : +4% on...

Nimish Maheshwari

Hindalco - Capacity Expansion to Drive Performance

Motilal Oswal's research report onHindalco Hindalco (HNDL) is undertaking ~USD6b (revised upwards from USD4.6b) multi locational-multi product...

Motilal Oswal

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