External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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<ul><li>We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</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.

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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.

Festive temperature check: Festive mood sombre

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)</li><li>Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of deposits</li><li>With limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lower</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 Bank: ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of depositsWith limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lowerContent 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: ICICI Bank, Kotak Mahindra Bank, Metro Brands, CreditAccess Grameen

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands

Equity Bottom-Up

<ul><li>We recently interacted with Metro Brands’ (MBL) CFO Mr Kaushal Parekh</li><li>The focus remains on strengthening the value proposition across all brands</li><li>This is reflected in MBL’s best-in-class growth and capital allocation choices (10-year revenue/EBITDA CAGR of 14/18% with FCF/PAT conversion of ~80%</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.

We recently interacted with Metro Brands’ (MBL) CFO Mr Kaushal ParekhThe focus remains on strengthening the value proposition across all brandsThis is reflected in MBL’s best-in-class growth and capital allocation choices (10-year revenue/EBITDA CAGR of 14/18% with FCF/PAT conversion of ~80%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.

Metro Brands - KPI Normalisation to Continue, Thesis on Track. Maintain SELL

<ul><li>If one were to write a rubric on retailing, Metro Brands (MBL) should certainly be consulted</li><li>It’s among the elite few to have balanced growth and capital allocation well</li><li>It sports a decadal revenue/EBITDA CAGR of 14/18% with FCF/PAT conversion of ~80% (organized EBITDA share: 17%)</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.

If one were to write a rubric on retailing, Metro Brands (MBL) should certainly be consultedIt’s among the elite few to have balanced growth and capital allocation wellIt sports a decadal revenue/EBITDA CAGR of 14/18% with FCF/PAT conversion of ~80% (organized EBITDA share: 17%)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.

Metro Brands (Initiating Coverage): In-Sync Product-Market Fit, Oversized Valuation. SELL

India

Metro Brands Ltd. is a major Indian footwear specialty retailer, operating a diverse portfolio of in-house and international brands for men, women, unisex, and children. The company offers footwear across various categories, including casual, formal, festive, and athleisure, alongside fashion accessories like handbags, belts, and wallets. Headquartered in Mumbai, Maharashtra, the company was founded in 1955.

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Metro Brands (METROBRA IN)

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands, CreditAccess Grameen

ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans)

HDFC Securities

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands

ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans)

HDFC Securities

Metro Brands - KPI Normalisation to Continue, Thesis on Track. Maintain SELL

We recently interacted with Metro Brands’ (MBL) CFO Mr Kaushal Parekh. The focus remains on strengthening the value proposition across all brands

HDFC Securities

Metro Brands (Initiating Coverage): In-Sync Product-Market Fit, Oversized Valuation. SELL

If one were to write a rubric on retailing, Metro Brands (MBL) should certainly be consulted. It’s among the elite few to have balanced growth and...

HDFC Securities

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