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. 

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Equity Bottom-Up

<ul><li>Page Industries (PAGE) Q3FY22 topline was a healthy beat to our and street estimates, EBITDA &amp; PAT were however a slight miss on account of high RM price inflation</li><li>The management’s efforts to increase distribution, product expansion across categories of men’s, women’s innerwear, athleisure, kid wear, and strong traction from the e-commerce front</li><li>Maintaining the management’s long-term target of USD1 Bn in sales over the next 5 years with a guideline to return to its historical EBITDA Margin band of 20-21%.</li></ul><div class="content-highlight"><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></div>

Page Industries (PAGE) Q3FY22 topline was a healthy beat to our and street estimates, EBITDA &amp; PAT were however a slight miss on account of high RM price inflationThe management’s efforts to increase distribution, product expansion across categories of men’s, women’s innerwear, athleisure, kid wear, and strong traction from the e-commerce frontMaintaining the management’s long-term target of USD1 Bn in sales over the next 5 years with a guideline to return to its historical EBITDA Margin band of 20-21%.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: Margin Drag Short Term Blip; Long Term Growth Visible

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.

Equity Capital Markets

<ul>
<li>Vedant Fashions is looking to raise up to US$420m in its India IPO.</li>
<li>It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal background.</li>
</ul>


Vedant Fashions is looking to raise up to US$420m in its India IPO.
It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.
In this note, we will run the deal through our ECM framework and talk about the deal background.


Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

<ul>
<li>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, we will undertake a peer comparison and talk about valuations.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, we will undertake a peer comparison and talk about valuations.


Metro Brands IPO - Don't See Any Reason to Pay a Premium

<ul>
<li>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, will look at the company's background and past performance.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, will look at the company's background and past performance.


Metro Brands IPO - Core Brands Aren’t Growing

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>For this insight, we interacted with channels of <a href="https://www.smartkarma.com/entities/marico-ltd" target="_blank" data-smartkarma-citation="entities:16903:1" rel="noopener">Marico Ltd (MRCO IN)</a> , <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries (PAG IN)</a> and <a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a>.</li>
<li>For MRCO, the drop in volumes is not a concern, PAG competitive positing and consumer demand is encouraging. For JUBI everyday value remains the core traffic driver. </li>
<li>These checks are anecdotal in nature conducted with a primary objective of channel surveillance and are not designed to build earnings forecasts.  </li>
</ul>


For this insight, we interacted with channels of Marico Ltd (MRCO IN) , Page Industries (PAG IN) and Jubilant Foodworks (JUBI IN).
For MRCO, the drop in volumes is not a concern, PAG competitive positing and consumer demand is encouraging. For JUBI everyday value remains the core traffic driver. 
These checks are anecdotal in nature conducted with a primary objective of channel surveillance and are not designed to build earnings forecasts.  


India Channel Insight #18 | Marico, Page, Jubilant Food

India

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

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Page Industries (PAG IN)

Page Industries: Margin Drag Short Term Blip; Long Term Growth Visible

Page Industries (PAGE) Q3FY22 topline was a healthy beat to our and street estimates, EBITDA & PAT were however a slight miss on account of high RM...

Axis Direct

Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

Vedant Fashions is looking to raise up to US$420m in its India IPO. In this note we will talk about the company background and run the deal through...

Sumeet Singh

Metro Brands IPO - Don't See Any Reason to Pay a Premium

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO.

Sumeet Singh

Metro Brands IPO - Core Brands Aren’t Growing

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO.

Sumeet Singh

India Channel Insight #18 | Marico, Page, Jubilant Food

We interact with channels of Marcio, Page, & Jubilant Food with the objective of understanding the current demand environment.

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)