External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)</li><li>Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levels</li><li>Footfalls density is normalising too; esp in categories/companies with a higher urban presence</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>

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levelsFootfalls density is normalising too; esp in categories/companies with a higher urban presenceContent 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 Discretionary (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

<ul><li>State Bank of India: Despite a multi-quarter high loan growth (~16% YoY) and lower credit costs at 0.7% (annualised), SBIN missed expectations, driven by one-off MTM losses (INR65bn)</li><li>Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)</li><li>The management is confident of a sustained business momentum from improving utilisation of corporate credit limits and traction in SMEs, which should likely support incremental loan growth</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>

State Bank of India: Despite a multi-quarter high loan growth (~16% YoY) and lower credit costs at 0.7% (annualised), SBIN missed expectations, driven by one-off MTM losses (INR65bn)Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)The management is confident of a sustained business momentum from improving utilisation of corporate credit limits and traction in SMEs, which should likely support incremental loan growthContent 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: State Bank of India, Titan, Bharat Petroleum Corporation

<ul><li>Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue/EBITDA CAGRs of 16/11% resp)</li><li>F&amp;G, jewellery, paints, apparel, and footwear are expected to clock 19%, 25%, 15%, 8%, and 2% (3-year CAGRs)</li><li>Ticket sizes in retail, though normalising, remain elevated vs pre-COVID levels.</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>

Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue/EBITDA CAGRs of 16/11% resp)F&amp;G, jewellery, paints, apparel, and footwear are expected to clock 19%, 25%, 15%, 8%, and 2% (3-year CAGRs)Ticket sizes in retail, though normalising, remain elevated vs pre-COVID levels.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.

Consumer Discretionary -  Margin Recovery to Lag that in Topline

Equity Bottom-Up

<div><div><div><ul><li>Q4FY22 highlights: Standalone revenue grew 6% YoY to INR 14.1bn (in-line).</li><li>In decorative segment, volume declined 7-8%/value remained flat YoY in Q4; performance continued to lag the top two.</li><li>FY22 price hikes in decorative/industrial coatings stood at ~21/18%.</li></ul></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>

Q4FY22 highlights: Standalone revenue grew 6% YoY to INR 14.1bn (in-line).In decorative segment, volume declined 7-8%/value remained flat YoY in Q4; performance continued to lag the top two.FY22 price hikes in decorative/industrial coatings stood at ~21/18%.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.

Kansai Nerolac - Results Reviews - Weakest Among Peers; Pain Seems Priced In

<div><div><div><ul><li>Q4FY22 highlights: Standalone revenue grew 6% YoY to INR 14.1bn (in-line).</li><li>In decorative segment, volume declined 7-8%/value remained flat YoY in Q4; performance continued to lag the top two.</li><li>FY22 price hikes in decorative/industrial coatings stood at ~21/18%. Product portfolio continued to expand. Distribution grew 10% YoY in FY22.</li></ul></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>

Q4FY22 highlights: Standalone revenue grew 6% YoY to INR 14.1bn (in-line).In decorative segment, volume declined 7-8%/value remained flat YoY in Q4; performance continued to lag the top two.FY22 price hikes in decorative/industrial coatings stood at ~21/18%. Product portfolio continued to expand. Distribution grew 10% YoY in FY22.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.

Kansai Nerolac - Weakest Among Peers; Pain Seems Priced In

India

Kansai Nerolac Paints Limited manufactures paints, varnishes and enamels. The Company also fabricates synthetic resins, organic & inorganic pigments and oils. Kansai Nerolac's products are used for decorative, marine and industrial purposes.

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Kansai Nerolac Paints (KNPL IN)

Consumer Discretionary (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)

HDFC Securities

HSIE Results Daily: State Bank of India, Titan, Bharat Petroleum Corporation

Slippages were elevated QoQ (~1.5%), driven by SME, agri and retail including INR20bn from the restructured portfolio (~1% of loans)

HDFC Securities

Consumer Discretionary - Margin Recovery to Lag that in Topline

Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue...

HDFC Securities

Kansai Nerolac - Results Reviews - Weakest Among Peers; Pain Seems Priced In

Kansai Nerolac’s (KNPL) standalone revenue, at 6.2% YoY (INR14.1bn, 3-year CAGR: 8%), was largely in line. In decorative segment, volume declined 7...

HDFC Securities

Kansai Nerolac - Weakest Among Peers; Pain Seems Priced In

Kansai Nerolac’s (KNPL) standalone revenue, at 6.2% YoY (INR14.1bn, 3-year CAGR: 8%), was largely in line. In decorative segment, volume declined 7...

HDFC Securities

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