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

ICICI Securities Limited

External broker reports(aggregated public sources)

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

Multi Commodity Exchange India / Equity Bottom-Up

<ul><li>ICICI Securities research report onMCX India MCX’s Q4FY24 results had two main takeaways – 1) slightly higher software cost profile than expected; and 2) the company taking more time before launching new products to gain confidence on new software.</li><li>Going ahead, upside risk to earnings may arise from volume surges basis commodity volatility.</li><li>This can be seen through (1) overall revenue growth of 33% in FY24 driven by rising volumes, (2) April futures/options volumes are 44%/24% higher compared to Q4 average.</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 onMCX India MCX’s Q4FY24 results had two main takeaways – 1) slightly higher software cost profile than expected; and 2) the company taking more time before launching new products to gain confidence on new software.Going ahead, upside risk to earnings may arise from volume surges basis commodity volatility.This can be seen through (1) overall revenue growth of 33% in FY24 driven by rising volumes, (2) April futures/options volumes are 44%/24% higher compared to Q4 average.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.

MCX India - Current Volume Tailwinds Notwithstanding

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>Hindustan Unilever: HUL reported 2% UVG with flat value growth as pricing remained negative (passing on softening RM benefits to consumers)</li><li>Mirroring trends of previous quarters, demand recovery remains gradual with the urban market leading growth with premium portfolio sustaining outperformance over the mass portfolio</li><li>Given the benign input cost environment, local competitive intensity remains high</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.

Hindustan Unilever: HUL reported 2% UVG with flat value growth as pricing remained negative (passing on softening RM benefits to consumers)Mirroring trends of previous quarters, demand recovery remains gradual with the urban market leading growth with premium portfolio sustaining outperformance over the mass portfolioGiven the benign input cost environment, local competitive intensity remains highContent 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: Hindustan Unilever, Axis Bank,

<ul><li>India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030</li><li>This will be a result of inherent demographic advantages along with consistent policy support</li><li>We observe that there are decadal economic trends underway in the country, which are fueling the business growth of companies in various sectors</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.

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030This will be a result of inherent demographic advantages along with consistent policy supportWe observe that there are decadal economic trends underway in the country, which are fueling the business growth of companies in various sectorsContent 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.

Long Term Compounders: Decadal Economic Trends Present Opportunities

<ul><li>MCX has successfully executed one of the most complex technology transitions, and the new CDP is running smoothly, with volumes scaling new highs</li><li>We believe it’s a new beginning for MCX, with a focus on introducing new products, increasing participation and volume, and improving profitability</li><li>The options volume has increased by 4x YoY and is currently &gt;INR 1,400bn</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.

MCX has successfully executed one of the most complex technology transitions, and the new CDP is running smoothly, with volumes scaling new highsWe believe it’s a new beginning for MCX, with a focus on introducing new products, increasing participation and volume, and improving profitabilityThe options volume has increased by 4x YoY and is currently &gt;INR 1,400bnContent 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>Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)</li><li>The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24E</li><li>MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal level</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.

Exchanges: MCX revenue is expected to increase by 12% QoQ, led by growth in options revenue (+30% QoQ)The higher payout to erstwhile tech vendors will impact profitability for Q2 and Q3 of FY24EMCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal levelContent 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.

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

India

Multi Commodity Exchange of India Limited is an independent and de-mutualized exchange.  The Exchange has permanent recognition from the Government of India for facilitating online trading, clearing, and settlement operations for commodity futures markets across the country.

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Multi Commodity Exchange India (MCX IN)

MCX India - Current Volume Tailwinds Notwithstanding

ICICI Securities research report onMCX India MCX’s Q4FY24 results had two main takeaways – 1) slightly higher software cost profile than expected

ICICI Securities Limited

HSIE Results Daily: Hindustan Unilever, Axis Bank,

Hindustan Unilever: HUL reported 2% UVG with flat value growth as pricing remained negative (passing on softening RM benefits to consumers)

HDFC Securities

Long Term Compounders: Decadal Economic Trends Present Opportunities

India’s GDP is expected to double from its current level of USD 3.57trn (in FY24E) to USD 7trn in 2030. This will be a result of inherent...

HDFC Securities

MCX: A New Beginning. BUY

MCX has successfully executed one of the most complex technology transitions, and the new CDP is running smoothly, with volumes scaling new highs

HDFC Securities

Exchanges, Staffing and Internet (Q2FY24E Results Preview): On growth path

MCX will post an EBITDA/PAT loss in Q2. Post the tech transition the focus is on stabilising the new system and getting the volume back to normal...

HDFC Securities

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