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)

<div><div><div><div><ul><li>Strong complimentary credentials: LTI has strong credentials in client mining (USD 20mn+ and USD 1mn+ logos have doubled in five years) and it has scaled competencies (SAP, AWS, Temenos) significantly, supported by improved tiering in partnerships and strong solutioning (MOSAIC, Leni).</li></ul><div><div><div><div><ul><li>Risk mitigation is work in progress: In our opinion, there are risks of senior level and high-performer attrition in a tight supply market and client attrition in short cycle deals, with possibility of increased competition.</li></ul><div><div><div><div><ul><li>While the companies have been operating under L&amp;T’s parentage, cultural alignment will be work in progress (MTCL scores slightly higher on some of the supply side metrics).</li></ul></div></div></div></div></div></div></div></div></div></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>

Strong complimentary credentials: LTI has strong credentials in client mining (USD 20mn+ and USD 1mn+ logos have doubled in five years) and it has scaled competencies (SAP, AWS, Temenos) significantly, supported by improved tiering in partnerships and strong solutioning (MOSAIC, Leni).Risk mitigation is work in progress: In our opinion, there are risks of senior level and high-performer attrition in a tight supply market and client attrition in short cycle deals, with possibility of increased competition.While the companies have been operating under L&amp;T’s parentage, cultural alignment will be work in progress (MTCL scores slightly higher on some of the supply side metrics).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.

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>IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughs</li><li>IT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentially</li><li>Furthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forward</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>

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the previous quarter despite seasonality furloughsIT spending in North America and Europe has gained momentum and demand for digital transformation has increased exponentiallyFurthermore, improved macro-economic opportunities across the globe are expected to provide further growth impetus to the sector moving forwardContent 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.

IT: Supply-Side Constraints Persist; Demand Robust

<ul>
<li>IT index is up &gt;40% (mid-tier &gt;100%) over the past year, supported by (1) earnings upgrade of ~5% for tier-1 IT and ~20% for mid-tier IT and (2) IT index rerating from 23x to 28x</li>
<li>The absolute return potential for the sector is likely to be moderate (in line with earnings growth), basis: (1) growth reverting to medium-term baseline, (2) lower growth dispersion in FY23E as compared to FY22E, and (3) headwinds to multiple expansion based on increase in cost of capital &amp; geopolitical risk premium, inflationary factors, and the lead-lag cycle of cost and pricing</li>
<li>The upside risk is on the longevity of high growth rate and downside risk is the second order impact from a prolonged inflationary environment and geopolitical dislocation.</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>


IT index is up &gt;40% (mid-tier &gt;100%) over the past year, supported by (1) earnings upgrade of ~5% for tier-1 IT and ~20% for mid-tier IT and (2) IT index rerating from 23x to 28x
The absolute return potential for the sector is likely to be moderate (in line with earnings growth), basis: (1) growth reverting to medium-term baseline, (2) lower growth dispersion in FY23E as compared to FY22E, and (3) headwinds to multiple expansion based on increase in cost of capital &amp; geopolitical risk premium, inflationary factors, and the lead-lag cycle of cost and pricing
The upside risk is on the longevity of high growth rate and downside risk is the second order impact from a prolonged inflationary environment and geopolitical dislocation.

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.

Information Technology: Moderating, yet Strong

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Shanghai Stock Exchange Composite Index / Technical Analysis

Shanghai Stock Exchange Composite Index (SHCOMP INDEX)

<p>While there are always exceptions at the individual stock level, MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs of positive change and we recommend adding exposure to emerging markets and Japan.</p>

While there are always exceptions at the individual stock level, MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs of positive change and we recommend adding exposure to emerging markets and Japan.

Buying Opportunities Within Emerging Markets and Japan; US Dollar Failing At 93.50

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-India in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries, Hindalco Industries, HDFC Bank.</li>
</ul>


We analysed the earning revision of component stocks of MS-India in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries, Hindalco Industries, HDFC Bank.


MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

India

LTM Limited is an Indian multinational information technology services and consulting company. It provides a range of IT services including cloud and infrastructure, cybersecurity, data and insights, digital engineering, and platform operations services to clients across diverse industries. The company was founded on December 23, 1996, and is headquartered in Mumbai, India.

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LTM (LTM IN)

Information Technology - Two to Tango

Mindtree (MTCL) will merge into L&T Infotech (LTI) to form the amalgamated entity ‘LTIMindtree’ in a deal that has been widely speculated and...

HDFC Securities

IT: Supply-Side Constraints Persist; Demand Robust

IT Services sector is expected to report strong growth in Q4FY22 primarily on account of the new large deal wins and a ramp-up of deals won in the...

Axis Direct

Information Technology: Moderating, yet Strong

IT index is up >40% (mid-tier >100%) over the past year, supported by (1) earnings upgrade of ~5% for tier-1 IT and ~20% for mid-tier IT and...

HDFC Securities

Buying Opportunities Within Emerging Markets and Japan; US Dollar Failing At 93.50

MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs...

Vermilion Research

MS-India Index Earning Revision (May): Vedanta, Hindustan Petroleum, Bharat Petroleum, HDFC Bank

We analyzed MS-India's consensus for May 2026 and highlighted changes of EPS in Vedanta, Hindustan Petroleum, Bharat Petroleum, Grasim Industries,...

Ke Yan, CFA, FRM

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