External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Sharekhan's research report onCoforge Fund-raising through QIP to assist the company in acquiring horizontal capability, forging partnerships/alliances and expansion in existing verticals or building new verticals.</li><li>The company expects a complete reversal of furloughs and deal ramp-ups to contribute to a sharp uptick in margins in Q4FY24.</li><li>Further, moderating attrition, peaking out of SG&amp;A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.</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>

Sharekhan's research report onCoforge Fund-raising through QIP to assist the company in acquiring horizontal capability, forging partnerships/alliances and expansion in existing verticals or building new verticals.The company expects a complete reversal of furloughs and deal ramp-ups to contribute to a sharp uptick in margins in Q4FY24.Further, moderating attrition, peaking out of SG&amp;A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.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.

Coforge Ltd - Well Placed to Deliver Top Quadrant Performance

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coforge-ltd" target="_blank" data-smartkarma-citation="entities:8639:1" rel="noopener">Coforge (COFORGE IN)</a> is looking to raise around US$386m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Saturday, Coforge had mentioned its board’s approval to raise up to INR32bn via a QIP. Since then, the shares have corrected 9.1%.</li>
<li>The deal would be a large one to digest at 14 days of three month ADV. That being said, the company’s last selldown did well.</li>
</ul>



Coforge (COFORGE IN) is looking to raise around US$386m in its upcoming qualified institutional placement (QIP).
In an announcement released on Saturday, Coforge had mentioned its board’s approval to raise up to INR32bn via a QIP. Since then, the shares have corrected 9.1%.
The deal would be a large one to digest at 14 days of three month ADV. That being said, the company’s last selldown did well.


Coforge QIP Early Look - Shares Have Corrected Since the Announcement, Last Deal Did Well

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>In Q2FY24, Coforge Ltd (Coforge) reported revenue of Rs 2,276 Cr, up 2.5% QoQ and 2.8% QoQ (in CC terms) which stood above our expectations.</li><li>The company’s operating profit stood at Rs 347 Cr, up 4.8% QoQ due to moderated operating expenses.</li><li>Its operating margins improved by 30bps to 15.3%, which was largely led by moderated operating expenses as well as due to higher utilization during the quarter. </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>

In Q2FY24, Coforge Ltd (Coforge) reported revenue of Rs 2,276 Cr, up 2.5% QoQ and 2.8% QoQ (in CC terms) which stood above our expectations.The company’s operating profit stood at Rs 347 Cr, up 4.8% QoQ due to moderated operating expenses.Its operating margins improved by 30bps to 15.3%, which was largely led by moderated operating expenses as well as due to higher utilization during the quarter. 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.

Coforge Ltd. - Strong Execution; Robust Outlook

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Equity Capital Markets

<ul>
<li>Baring aims to raise around US$900m by selling its remaining 26.6% stake in <a href="https://www.smartkarma.com/entities/coforge-ltd" target="_blank" data-smartkarma-citation="entities:8639:1" rel="noopener">Coforge (COFORGE IN)</a> .</li>
<li>Baring has been paring down its stake since 2020 and hence, the selldown is somewhat well flagged.</li>
<li>In this note, we run the deal through our ECM framework and talk about the deal dynamics.</li>
</ul>


Baring aims to raise around US$900m by selling its remaining 26.6% stake in Coforge (COFORGE IN) .
Baring has been paring down its stake since 2020 and hence, the selldown is somewhat well flagged.
In this note, we run the deal through our ECM framework and talk about the deal dynamics.


Coforge Placement - US$900m Cleanup, Well Flagged but the Stock Is Toppish

<div><div><div><div><ul><li><p>In Q1FY24, Coforge Ltd (Coforge) reported revenue of Rs 2,221 Cr, up 2.4% QoQ and 2.8% QoQ (in CC terms) which stood below than our expectations.</p></li><li><p>The company’s operating profit stood at Rs 332 Cr, reporting a decline of 16.8% on a QoQ basis due to higher operating expenses.</p></li><li><p>Its operating margins declined by 386bps to 14.9%, which was largely led by higher operating expenses, wage hikes, and a higher onsite expenses during the quarter.</p></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></div></div></div></div>

In Q1FY24, Coforge Ltd (Coforge) reported revenue of Rs 2,221 Cr, up 2.4% QoQ and 2.8% QoQ (in CC terms) which stood below than our expectations.The company’s operating profit stood at Rs 332 Cr, reporting a decline of 16.8% on a QoQ basis due to higher operating expenses.Its operating margins declined by 386bps to 14.9%, which was largely led by higher operating expenses, wage hikes, and a higher onsite expenses during the quarter.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.

Coforge Ltd. - Superior Execution; Robust Outlook

India

Coforge Limited provides information technology services. The Company serves customers in India.

Coforge (COFORGE IN)

Coforge Ltd - Well Placed to Deliver Top Quadrant Performance

Further, moderating attrition, peaking out of SG&A expenses, higher offshoring and better utilization would aid in margins uptick in FY25.

Sharekhan

Coforge QIP Early Look - Shares Have Corrected Since the Announcement, Last Deal Did Well

Coforge (COFORGE IN) is looking to raise around US$386m in its upcoming QIP. In an announcement, Coforge mentioned its board’s approval to raise up...

Clarence Chu

Coforge Ltd. - Strong Execution; Robust Outlook

We recommend a BUY rating on the stock and assign a 24x P/E multiple to its FY25E earnings of Rs 238.7/share to arrive at a TP of Rs 5,615/share,...

Axis Direct

Coforge Placement - US$900m Cleanup, Well Flagged but the Stock Is Toppish

Baring aims to raise around US$900m by selling its remaining 26.6% stake in Coforge (COFORGE IN) . In this note, we talk about the deal dynamics...

Sumeet Singh

Coforge Ltd. - Superior Execution; Robust Outlook

In Q1FY24, Coforge Ltd (Coforge) reported revenue of Rs 2,221 Cr, up 2.4% QoQ and 2.8% QoQ (in CC terms) which stood below than our expectations.

Axis Direct