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>Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.</li><li>This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.</li><li>Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. </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.

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. 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: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

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.

Equity Bottom-Up

<ul><li>Robust order book: As of 30th Sep’24, the company's order book stands at Rs 34,088 Cr.</li><li>This, combined with an order inflow of Rs 13,482 Cr, provides robust revenue growth visibility for the next 18-24 months.</li><li>Additionally, the company holds the L1 position in projects valued at over Rs 8,400 Cr, primarily in the T&amp;D (Transmission and Distribution) business. </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.

Robust order book: As of 30th Sep’24, the company's order book stands at Rs 34,088 Cr.This, combined with an order inflow of Rs 13,482 Cr, provides robust revenue growth visibility for the next 18-24 months.Additionally, the company holds the L1 position in projects valued at over Rs 8,400 Cr, primarily in the T&amp;D (Transmission and Distribution) business. 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.

KEC International Ltd - Robust Orderbook & Gradual Improvement in Margins to Drive Growth

<ul><li>Tier-1 infrastructure developers are trading at ~16x 1-yr forward valuation.</li><li>The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.</li><li>(2) asset monetisation is fructifying, (3) balance sheets are strong and NWC days are stable, and (4) cash flow generation is likely to be robust.</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.

Tier-1 infrastructure developers are trading at ~16x 1-yr forward valuation.The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.(2) asset monetisation is fructifying, (3) balance sheets are strong and NWC days are stable, and (4) cash flow generation is likely to be robust.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.

Industrials (Q2FY25 Results Preview): Awaiting ordering revival

<ul><li>The Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.</li><li>Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.</li><li>Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. </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 Q2FY25 earnings season was marked by a) Good rainfall across the country 2) Stronger E-way bill, GST collection and cargo traffic, 3) Resilient macro-economic outlook, 4) Full-year Union Budget, 5) Moderation in power demand, PMI manufacturing and Services and 6) Volatile Oil prices.Based on the normal monsoon, higher reservoir levels, government budgetary allocations are indicating green shoots in the rural recovery for the second half of FY25.Earnings growth for the quarter will be driven by Financials, IT, Telecom, Healthcare and Utilities while earnings for cyclical sectors like Oil &amp; Gas and Metals is likely to see some decline. 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>The road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.</li><li>EBITDA is expected to decline by 2.5%, while APAT is projected to be 1.5% higher YoY.</li><li>EBITDA margins are estimated at 14.2%, compared to 14.8% in the same period last year. </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 road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.EBITDA is expected to decline by 2.5%, while APAT is projected to be 1.5% higher YoY.EBITDA margins are estimated at 14.2%, compared to 14.8% in the same period last year. 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.

India

KEC International Limited is a power transmission company which is involved in the design, manufacture, supply and construction of turnkey projects of power transmission lines. The company also installs fiber optical cable and provides services for Satellite/GPRS surveys.

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KEC International (KECI IN)

HSIE Results Daily: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24...

HDFC Securities

KEC International Ltd - Robust Orderbook & Gradual Improvement in Margins to Drive Growth

As of 30th Sep’24, the company's order book stands at Rs 34,088 Cr. This, combined with an order inflow of Rs 13,482 Cr, provides robust revenue...

Axis Direct

Industrials (Q2FY25 Results Preview): Awaiting ordering revival

The sector has witnessed re-rating as (1) ordering may remain strong with the emergence of new segments like water, railway, etc.

HDFC Securities

Q2FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver a Revenue/EBITDA/PAT growth of 4.5%/6%/4.1% respectively for the quarter.

Axis Direct

Q2FY25 Earnings Preview - INFRA-ROAD

The road construction companies under coverage are anticipated to report flattish revenue as the execution was affected by extreme rainfall.

Axis Direct

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