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.

Thematic (Sector/Industry)

<ul><li>We hosted over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conference</li><li>Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand</li><li>(2) stable to upward bias in pricing and some improvement in the decision cycle</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.

We hosted over 15 companies and several industry experts at the HDFC Securities’ 8th annual IT conferenceKey takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand(2) stable to upward bias in pricing and some improvement in the decision cycleContent 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.

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>Recovery Trends in Q1FY25: Most IT companies have shown improved performance in Q1FY25, indicating a revision in demand and stabilization of uncertainties in major global economies.</li><li>The Indian IT services sector is witnessing a faster recovery in AI use cases, ER&amp;D, and other emerging technologies, although discretionary spending remains subdued due to ongoing macroeconomic concerns.</li><li>Revenue growth from the North America business continues to trail behind Europe for Tier-1 tech companies, maintaining the trend observed in recent quarters However North America showed a recovery and likely to improve further.</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.

Recovery Trends in Q1FY25: Most IT companies have shown improved performance in Q1FY25, indicating a revision in demand and stabilization of uncertainties in major global economies.The Indian IT services sector is witnessing a faster recovery in AI use cases, ER&amp;D, and other emerging technologies, although discretionary spending remains subdued due to ongoing macroeconomic concerns.Revenue growth from the North America business continues to trail behind Europe for Tier-1 tech companies, maintaining the trend observed in recent quarters However North America showed a recovery and likely to improve further.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.

Top Sector Ideas – IT Services (Q1FY25)

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>Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-December and/or end-March.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 12 stocks with passive inflows from global trackers while 5 could see passive outflows in August.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-June in July. There are companies with significant float changes from end-December and/or end-March.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 12 stocks with passive inflows from global trackers while 5 could see passive outflows in August.


India: Potential Free Float Changes & Passive Flows in August

<ul><li>The IT Services sector is anticipated to exhibit moderated growth in Q1FY25, primarily due to weaker discretionary spending, driven by uncertainties in macroeconomic conditions and upcoming elections in the US.</li><li>However, non-discretionary spending is expected to see some improvement.</li><li>Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and reduced discretionary spending.</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.

The IT Services sector is anticipated to exhibit moderated growth in Q1FY25, primarily due to weaker discretionary spending, driven by uncertainties in macroeconomic conditions and upcoming elections in the US.However, non-discretionary spending is expected to see some improvement.Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and reduced discretionary spending.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.

It Services Q1fy25 Result Preview – Moderated Growth; Recovery Expected

<ul><li>IT sector (coverage universe) continues to transition from a protracted IT upgrade cycle and low discretionary spending to some normalisation in H2FY25E which is our ‘base’ case</li><li>We believe that the growth/earnings cut cycle has bottomed out, but the pace of recovery remains uncertain, especially with lingering macro events over the next couple of quarters</li><li>The relative under-ownership in the sector can still provide tactical opportunities, even as valuations relative to benchmarks are not compelling enough in aggregate—remain selective with preference for TCS within tier-1 and Persistent Systems within mid-tier IT.</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.

IT sector (coverage universe) continues to transition from a protracted IT upgrade cycle and low discretionary spending to some normalisation in H2FY25E which is our ‘base’ caseWe believe that the growth/earnings cut cycle has bottomed out, but the pace of recovery remains uncertain, especially with lingering macro events over the next couple of quartersThe relative under-ownership in the sector can still provide tactical opportunities, even as valuations relative to benchmarks are not compelling enough in aggregate—remain selective with preference for TCS within tier-1 and Persistent Systems within mid-tier IT.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

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

IT Sector: Recovery Signs

Key takeaways included (1) continued (prosaic) commentary on cost optimisation focus but signs of improvement in demand (2) stable to upward bias...

HDFC Securities

Top Sector Ideas – IT Services (Q1FY25)

Recovery Trends in Q1FY25: Most IT companies have shown improved performance in Q1FY25, indicating a revision in demand and stabilization of...

Axis Direct

India: Potential Free Float Changes & Passive Flows in August

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 4...

Brian Freitas

It Services Q1fy25 Result Preview – Moderated Growth; Recovery Expected

Many large enterprises are likely to prioritize cost optimizations, resulting in an increase in cost take-out deals, vendor consolidation, and...

Axis Direct

IT: More of the same is good news

IT sector (coverage universe) continues to transition from a protracted IT upgrade cycle and low discretionary spending to some normalisation in...

HDFC Securities

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