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.

Equity Bottom-Up

<ul><li>Mphasis’ (MPHL) growth trajectory is expected to improve, supported by large non-BFS deal wins, bottoming out of the BFS portfolio (biggest vertical), and traction in new client acquisition</li><li>MPHL, at its Analyst Meet, indicated to some revival in BFS, which has been a headwind recently</li><li>MPHL’s growth is expected to recover ahead, supported by (1) stellar deal bookings in Q1FY24, (2) lower dent from DXC/Digital Risk, and (3) broadening of growth mix beyond large BFS accounts (TMT, Healthcare, Canada geography)</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.

Mphasis’ (MPHL) growth trajectory is expected to improve, supported by large non-BFS deal wins, bottoming out of the BFS portfolio (biggest vertical), and traction in new client acquisitionMPHL, at its Analyst Meet, indicated to some revival in BFS, which has been a headwind recentlyMPHL’s growth is expected to recover ahead, supported by (1) stellar deal bookings in Q1FY24, (2) lower dent from DXC/Digital Risk, and (3) broadening of growth mix beyond large BFS accounts (TMT, Healthcare, Canada geography)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.

Mphasis - Growth Trajectory to Improve with Strong Exit to FY24E

Mphasis: Growth Trajectory to Improve with Strong Exit to FY24E.

Thematic (Sector/Industry)

<ul><li>State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by lower credit costs</li><li>Loan growth was healthy (+15% YoY) with domestic margins being stable at 3.4%</li><li>Deposit growth lagged loan growth with the CASA ratio (39.5%, -72bps QoQ) continuing to drift lower, however, SBIN continued to maintain surplus SLR</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.

State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by lower credit costsLoan growth was healthy (+15% YoY) with domestic margins being stable at 3.4%Deposit growth lagged loan growth with the CASA ratio (39.5%, -72bps QoQ) continuing to drift lower, however, SBIN continued to maintain surplus SLRContent 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, Indian Hotels, Mphasis, Aptus Value Housing Finance India

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Over a third of the way through the review period of the June rebalance, we see one potential index change with <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> in deletion zone.</li>
<li>There are a bunch of stocks that could be added to the index as a replacement and price changes over the rest of the review period are important.</li>
<li>Passive trackers will need to trade over 1x ADV and over 7x of delivery volume on the index changes, so there will be decent impact on the stocks.</li>
</ul>


Over a third of the way through the review period of the June rebalance, we see one potential index change with Wipro Ltd (WPRO IN) in deletion zone.
There are a bunch of stocks that could be added to the index as a replacement and price changes over the rest of the review period are important.
Passive trackers will need to trade over 1x ADV and over 7x of delivery volume on the index changes, so there will be decent impact on the stocks.


SENSEX Index Rebalance Preview: Likely Wipro Deletion Opens an Index Spot

India

Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

Mphasis Ltd (MPHL IN)

Mphasis - Growth Trajectory to Improve with Strong Exit to FY24E

Mphasis’ (MPHL) growth trajectory is expected to improve, supported by large non-BFS deal wins, bottoming out of the BFS portfolio (biggest...

HDFC Securities

Mphasis: Growth Trajectory to Improve with Strong Exit to FY24E.

Mphasis’ (MPHL) growth trajectory is expected to improve, supported by large non-BFS deal wins, bottoming out of the BFS portfolio (biggest...

HDFC Securities

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis, Aptus Value Housing Finance India

SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by...

HDFC Securities

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis

State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA...

HDFC Securities

SENSEX Index Rebalance Preview: Likely Wipro Deletion Opens an Index Spot

Wipro is a potential deletion from the SENSEX in June. Adani Enterprises is in pole position, just ahead of Coal India. Passives need to trade over...

Brian Freitas