External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>HUL’s Q3FY25 performance was in line with expectations, as revenues rose 1.4% y-o-y (volume growth flat y-o-y), OPM stayed stable at 23.2% and adjusted PAT was flat y-o-y.</li><li>Demand remained subdued as urban growth continued to moderate, while rural sustained its gradual recovery.</li><li>Management expects moderation in consumption trends to continue in the near term.</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.

HUL’s Q3FY25 performance was in line with expectations, as revenues rose 1.4% y-o-y (volume growth flat y-o-y), OPM stayed stable at 23.2% and adjusted PAT was flat y-o-y.Demand remained subdued as urban growth continued to moderate, while rural sustained its gradual recovery.Management expects moderation in consumption trends to continue in the near 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.

Hindustan Unilever Ltd - Soft Q3; Multiple Growth Levers in Long Run

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.

<ul><li>Hindustan Unilever’s (HUL) 3QFY25 results were below our estimates, as performance was subdued across segments except home care</li><li>It managed to show flat EBITDA, as it drastically cut down brand-building spends (down 8% YoY)</li><li>The home care segment was an outlier and saw the second consecutive quarter of high single-digit volume growth, owing to management's focus on premiumization</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.

Hindustan Unilever’s (HUL) 3QFY25 results were below our estimates, as performance was subdued across segments except home careIt managed to show flat EBITDA, as it drastically cut down brand-building spends (down 8% YoY)The home care segment was an outlier and saw the second consecutive quarter of high single-digit volume growth, owing to management's focus on premiumizationContent 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.

Hindustan Unilever - Growth Likely to Be More Back-Ended

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Subdued demand: Demand conditions remained weak, with urban growth continuing to remain weak while rural continue to recover.</li><li>Sales grew by 2% (volume flat), led by a price hike. The increased salience of smaller SKUs and the higher salience of premium products impact the overall volume growth.</li><li>Prices of key raw materials such as palm oil and tea remained elevated, leading to a decline in gross margins. </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.

Subdued demand: Demand conditions remained weak, with urban growth continuing to remain weak while rural continue to recover.Sales grew by 2% (volume flat), led by a price hike. The increased salience of smaller SKUs and the higher salience of premium products impact the overall volume growth.Prices of key raw materials such as palm oil and tea remained elevated, leading to a decline in gross margins. 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.

Hindustan Unilever Ltd - Moderation in Consumption Trend to Continue

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Travel Food Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/travel-food-services-ltd" target="_blank" data-smartkarma-citation="entities:44175:1" rel="noopener">Travel Food Services Ltd (1450229D IN)</a> is looking to raise about US$233m in its India IPO.</li>
<li>Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vodafone-idea-ltd" target="_blank" data-smartkarma-citation="entities:15678:1" rel="noopener">Vodafone Idea (IDEA IN)</a> plans to raise around US$2.2bn via a follow-on public offering.</li>
<li>The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>



Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering.
The deal has been in the works for years and proceeds will be used for capex and short-term debt repayment.
In this note, we will run the deal through our ECM framework and talk about the deal dynamics.


Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

India

Hindustan Unilever Limited manufactures and distributes consumer products. The Company offers soap, detergent, personal care products and processed food, ice creams, cooking oils, and other related products. Hindustan Unilever serves customers worldwide.

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Hindustan Unilever (HUVR IN)

Hindustan Unilever Ltd - Soft Q3; Multiple Growth Levers in Long Run

HUL’s Q3FY25 performance was in line with expectations, as revenues rose 1.4% y-o-y (volume growth flat y-o-y), OPM stayed stable at 23.2% and...

Sharekhan

Hindustan Unilever - Growth Likely to Be More Back-Ended

Hindustan Unilever’s (HUL) 3QFY25 results were below our estimates, as performance was subdued across segments except home care

HDFC Securities

Hindustan Unilever Ltd - Moderation in Consumption Trend to Continue

Subdued demand: Demand conditions remained weak, with urban growth continuing to remain weak while rural continue to recover.

Axis Direct

Travel Food Services IPO - RHP Updates & Thoughts on Valuation

Travel Food Services (TFS) is looking to raise about US$233m in its India IPO. In this note, we will talk about the RHP updates and IPO valuations.

Akshat Shah

Vodafone Idea Placement - Very Well Flagged but Its Not Going to Fix a Whole Lot of Issues

Vodafone Idea (IDEA IN) plans to raise around US$2.2bn via a follow-on public offering. In this note, we talk about the deal dyanmics.

Sumeet Singh

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