External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul>
<li>Below our estimates: PAGE Q4FY24 results were below our estimates on continued demand pressure.</li>
<li>Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product launches and increased marketing efforts.</li>
<li>Despite subdued gross margin performance, EBITDA grew by 24.5% YoY while EBITDA margins stood at 16.8%, up 294bps YoY led stringent cost efficiency measures. </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.


Below our estimates: PAGE Q4FY24 results were below our estimates on continued demand pressure.
Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product launches and increased marketing efforts.
Despite subdued gross margin performance, EBITDA grew by 24.5% YoY while EBITDA margins stood at 16.8%, up 294bps YoY led stringent cost efficiency measures. 

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.

Page Industries Ltd - Miss On All Front; Maintain HOLD

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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/honasa-consumer-ltd" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (HONASA IN)</a> raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.</li>
<li>HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.</li>
<li>In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.</li>
</ul>



Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.
HC’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments.
In this note, we talk about the upcoming lock-up expiry and possible deal dynamics.


Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

<ul><li>Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.</li><li>Weak demand has resulted in excess inventory at channel partners.</li><li>Management is taking several initiatives to optimize channel inventory.</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.

Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.Weak demand has resulted in excess inventory at channel partners.Management is taking several initiatives to optimize channel inventory.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.

Page Industries - All Eyes on Inventory Liquidation; the Moat Remains Unchanged

Index Rebal/Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal/Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.</li>
<li>As things stand, there could be one index change for the SENSEX index but there is room for these names to change during the remainder of the reference period.</li>
<li>Separately, there could be five ADDs/DELs for the BSE 100 index and six ADDs/DELs for the BSE 200 index.</li>
</ul>


In this insight, we take a look at the Potential ADDs/DELs for the BSE SENSEX, 100, and 200 Indices in the June 2024 index rebal event.
As things stand, there could be one index change for the SENSEX index but there is room for these names to change during the remainder of the reference period.
Separately, there could be five ADDs/DELs for the BSE 100 index and six ADDs/DELs for the BSE 200 index.


Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Who Will Replace Wipro?

<ul><li>Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.</li><li>Moreover, the athleisure segment remained subdued as sales volume continued to remain sluggish, hence there is an accumulation of excess inventory.</li><li>Gross margins stood at 53.1%, up 70bps YoY while EBITDA grew 19% YoY while EBITDA margins stood at 18.7%, up 293bps YoY on account of stringent cost efficiency measures. </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.

Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.Moreover, the athleisure segment remained subdued as sales volume continued to remain sluggish, hence there is an accumulation of excess inventory.Gross margins stood at 53.1%, up 70bps YoY while EBITDA grew 19% YoY while EBITDA margins stood at 18.7%, up 293bps YoY on account of stringent cost efficiency measures. 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.

Page Industries Ltd - Cost Efficiency Measures Drive Profitability; Maintain HOLD

India

Page Industries Limited develops, produces, and distributes branded underwear for men, women, and children in India and Sri Lanka.

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52-week Range	0.00 - 0.00
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Page Industries (PAG IN)

Page Industries Ltd - Miss On All Front; Maintain HOLD

Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product...

Axis Direct

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

Page Industries - All Eyes on Inventory Liquidation; the Moat Remains Unchanged

Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.

Motilal Oswal

Quiddity Leaderboard BSE/SENSEX Jun 24: Who Will Replace Wipro?

I see Wipro as a high conviction DEL for SENSEX in June 2024 but there are questions marks over who will replace Wipro as size-based rankings and...

Janaghan Jeyakumar, CFA

Page Industries Ltd - Cost Efficiency Measures Drive Profitability; Maintain HOLD

Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Page Industries Ltd - Miss On All Front; Maintain HOLD

Revenue growth showed a moderate increase of 3%YoY (~6% volume growth) led by recovery in both innerwear and at leisure segment through new product...

Axis Direct

Honasa Consumer IPO Lock-Up Expiry - US$500m+ Lockup Expiry with Everyone Well in the Money

Honasa Consumer (HONASA IN) raised about US$200m in its India IPO. Its pre-IPO investors will be released from its IPO linked lockup soon.

Sumeet Singh

Page Industries - All Eyes on Inventory Liquidation; the Moat Remains Unchanged

Motilal Oswal's research report onPage Industries PAGE continues to experience a weakness in growth amid subdued demand in the apparel industry.

Motilal Oswal

Quiddity Leaderboard BSE/​​​​SENSEX Jun 24: Who Will Replace Wipro?

I see Wipro as a high conviction DEL for SENSEX in June 2024 but there are questions marks over who will replace Wipro as size-based rankings and...

Janaghan Jeyakumar, CFA

Page Industries Ltd - Cost Efficiency Measures Drive Profitability; Maintain HOLD

Q3FY24 results were slightly above our estimates. Revenue growth remained flat at 0.4% as the demand environment remained subdued.

Axis Direct

Quiddity Leaderboard BSE/SENSEX Jun 24: Who Will Replace Wipro?