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>Strategic consolidation across regions: The residential segment continued to witness stable demand, particularly in the mid-income and luxury housing categories</li><li>This trend is supported by favorable economic conditions and positive buyer sentiment</li><li>Real estate sector is entering a phase of strategic consolidation post a blockbuster FY24</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.

Strategic consolidation across regions: The residential segment continued to witness stable demand, particularly in the mid-income and luxury housing categoriesThis trend is supported by favorable economic conditions and positive buyer sentimentReal estate sector is entering a phase of strategic consolidation post a blockbuster FY24Content 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.

Real Estate (Q4FY25 Results Preview): Consolidation coming

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem supplies/capacity, lower refining margins, and moderation in auto fuel marketing margins</li><li>IOCL’s Q3FY25 reported EBITDA at INR 71bn (-54% YoY, +89% QoQ) and APAT at INR 28.7bn (-64% YoY, +14.9x QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from petchem segment, lower refining margins, inventory loss and absorption of under-recovery on LPG</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 124, is premised on margin pressure due to increasing petchem supplies/capacity, lower refining margins, and moderation in auto fuel marketing marginsIOCL’s Q3FY25 reported EBITDA at INR 71bn (-54% YoY, +89% QoQ) and APAT at INR 28.7bn (-64% YoY, +14.9x QoQ) came in below our estimatesEarnings were impacted by weak performance from petchem segment, lower refining margins, inventory loss and absorption of under-recovery on LPGContent 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: Indian Oil Corporation, DLF, Macrotech Developers, Balkrishna Industries

<ul><li>Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarter</li><li>LODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2</li><li>These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.</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.

Presales momentum remains strong despite seasonally weak quarter: Few developers came out with their operational updates where they have delivered strong performances in Q2FY25, despite the challenging market sentiment and seasonally weak quarterLODHA reported a 22% YoY increase in presales, while GPL saw a 3% YoY rise, marking their best-ever quarterly performances for Q2These results are particularly impressive, as both companies achieved growth not only on a high base from the previous year but also during the traditionally slow shraadhh period, which occurred in September this year as opposed to October in FY24.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.

Real Estate (Q2FY25 Results Preview): Bracing for a Launch-Heavy Year Ahead

<ul><li>Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with robust AUM growth (+34% YoY) despite a regulatory embargo on select products, offset by sharp NIM compression (21bps) and elevated credit costs (1.6% annualised)</li><li>While the regulatory embargo led to muted traction in customer acquisitions and loan volumes, a shift towards secured assets helped drive loan growth</li><li>On the back of its omnichannel strategy, the widest product suite and focus on cross-selling, we believe BAF is poised for ~23% AUM CAGR over the medium term, while also simultaneously delivering steady profitability</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.

Bajaj Finance: Bajaj Finance (BAF) reported a mixed set of earnings with robust AUM growth (+34% YoY) despite a regulatory embargo on select products, offset by sharp NIM compression (21bps) and elevated credit costs (1.6% annualised)While the regulatory embargo led to muted traction in customer acquisitions and loan volumes, a shift towards secured assets helped drive loan growthOn the back of its omnichannel strategy, the widest product suite and focus on cross-selling, we believe BAF is poised for ~23% AUM CAGR over the medium term, while also simultaneously delivering steady profitabilityContent 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: Bajaj Finance, LTIMindtree, Macrotech Developers

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

Equity Bottom-Up

<ul><li>ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of INR 42.3bn (up 40% YoY).</li><li>Hence, the company has achieved FY24 sales bookings of INR 145bn, exactly in line with its FY24 sales booking guidance.</li><li>With the recent equity raise of ~INR 33bn, LODHA has pared net debt to INR 30.1bn (net D/E of 0.1x).</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.

ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of INR 42.3bn (up 40% YoY).Hence, the company has achieved FY24 sales bookings of INR 145bn, exactly in line with its FY24 sales booking guidance.With the recent equity raise of ~INR 33bn, LODHA has pared net debt to INR 30.1bn (net D/E of 0.1x).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.

Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive

India

Macrotech Developers Limited operates as a real estate company. The Company owns and develops commercial and industrial properties. Macrotech Developers serves customers worldwide.

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