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

<ul><li>ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox.</li><li>Takeaways: 1) Rental cost may come down to 16-17% of revenue (from 19-20% at present) over the next 12-18 months.</li><li>2) Company is entering capex sharing contracts with landlords to increase RoCE.</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>

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox.Takeaways: 1) Rental cost may come down to 16-17% of revenue (from 19-20% at present) over the next 12-18 months.2) Company is entering capex sharing contracts with landlords to increase RoCE.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.

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

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>
<a href="https://www.smartkarma.com/entities/pvr-ltd" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">PVR Ltd (PVRL IN)</a> &amp; <a href="https://www.smartkarma.com/entities/inox-leisure-ltd" target="_blank" data-smartkarma-citation="entities:1999:1" rel="noopener">Inox Leisure (INOL IN)</a> announced a stock merger. The merger would be in a ratio of 3:10, creating the largest multiplex company in India. </li>
<li>Synergies include more bargaining power, better F&amp;B margins and more ad revenues </li>
<li>Thanks to COVID's impact, the merger may not require approval from CCI. </li>
</ul>



PVR Ltd (PVRL IN) &amp; Inox Leisure (INOL IN) announced a stock merger. The merger would be in a ratio of 3:10, creating the largest multiplex company in India. 
Synergies include more bargaining power, better F&amp;B margins and more ad revenues 
Thanks to COVID's impact, the merger may not require approval from CCI. 


PVR & Inox Merger | Leveraging COVID Impact to Gain Dominance in Indian Multiplex Market

SBI Cards & Payment Services / Equity Bottom-Up

<ul>
<li>We screen our coverage universe for earnings disappointments, EPS downgrades, and management narratives to identify fundamental shorts.</li>
<li>Stocks in focus include <a href="https://www.smartkarma.com/entities/sbi-cards-payment-services-limited" target="_blank" data-smartkarma-citation="entities:28662:1" rel="noopener">SBI Cards &amp; Payment Services (SBICARD IN)</a> , <a href="https://www.smartkarma.com/entities/pvr-inox-limited" target="_blank" data-smartkarma-citation="entities:10144:1" rel="noopener">Pvr Inox (PVRINOX IN)</a>, and <a href="https://www.smartkarma.com/entities/escorts-kubota-ltd" target="_blank" data-smartkarma-citation="entities:6773:1" rel="noopener">Escorts Kubota Limited (ESCORTS IN)</a>. </li>
<li>Credit Cost for SBI is expected to remain elevated, PVR management seems to be misreading consumer preferences, and Macro uncertainties cloud ESCORTS.</li>
</ul>


We screen our coverage universe for earnings disappointments, EPS downgrades, and management narratives to identify fundamental shorts.
Stocks in focus include SBI Cards &amp; Payment Services (SBICARD IN) , Pvr Inox (PVRINOX IN), and Escorts Kubota Limited (ESCORTS IN). 
Credit Cost for SBI is expected to remain elevated, PVR management seems to be misreading consumer preferences, and Macro uncertainties cloud ESCORTS.


Fundamental Shorts - SBI Cards | PVR Inox | Escorts Kubota

<ul>
<li>While the earnings season continues, this will be the final dedicated earnings edition.</li>
<li>For reference, the previous earnings editions are <a href="https://www.smartkarma.com/insights/week-8-namaste-india-earnings-edition-part-i" target="_blank" data-smartkarma-citation="insights:115688" rel="noopener">[Week 8] Namaste India 🙏 | Earnings Edition - Part I</a> &amp; <a href="https://www.smartkarma.com/insights/week-9-namaste-india-earnings-edition-part-ii" target="_blank" data-smartkarma-citation="insights:116224" rel="noopener">[Week 9] Namaste India 🙏 | Earnings Edition - Part II</a> </li>
<li>At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.</li>
</ul>


While the earnings season continues, this will be the final dedicated earnings edition.
For reference, the previous earnings editions are [Week 8] Namaste India 🙏 | Earnings Edition - Part I &amp; [Week 9] Namaste India 🙏 | Earnings Edition - Part II 
At the bottom, we provide a consolidated view of all earnings (~ 50) tracked so far and we would be happy to engage in discussions on any of them.


[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

<ul>
<li>Our earnings coverage continues for the second edition and is expected to continue for one more week.</li>
<li>At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.</li>
<li>We also highlight the earnings of some of the global companies that have significant operations or growth in India.</li>
</ul>


Our earnings coverage continues for the second edition and is expected to continue for one more week.
At the bottom, we provide a consolidated view of all earnings tracked so far (Bullish / Bearish) and would be happy to engage on any of them.
We also highlight the earnings of some of the global companies that have significant operations or growth in India.


[Week 9] Namaste India 🙏 | Earnings Edition - Part II

India

PVR INOX Limited operates cinemas. The Company owns and manages multiplex movie theaters.

Pvr Inox (PVRINOX IN)

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox. Takeaways: 1) Rental cost may come down to 16...

ICICI Securities Limited

PVR & Inox Merger | Leveraging COVID Impact to Gain Dominance in Indian Multiplex Market

PVR Ltd (PVRL IN) & Inox Leisure (INOL IN) announced a stock merger. Thanks to COVID, the merger may not require CCI approvals paving way for...

Pranav Bhavsar

Fundamental Shorts - SBI Cards | PVR Inox | Escorts Kubota

This Insight highlights fundamental shorts identified in our coverage universe including SBI Cards, Pvr Inox, and Escorts Kubota.

Pranav Bhavsar

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox. Takeaways: 1) Rental cost may come down to 16...

ICICI Securities Limited

PVR & Inox Merger | Leveraging COVID Impact to Gain Dominance in Indian Multiplex Market

PVR Ltd (PVRL IN) & Inox Leisure (INOL IN) announced a stock merger. Thanks to COVID, the merger may not require CCI approvals paving way for...

Pranav Bhavsar

Fundamental Shorts - SBI Cards | PVR Inox | Escorts Kubota

This Insight highlights ​fundamental shorts identified in our coverage universe including SBI Cards, Pvr Inox, and Escorts Kubota.

Pranav Bhavsar

[Week 10] Namaste India 🙏 | Earnings Edition - Final Part

​This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Pranav Bhavsar

[Week 9] Namaste India 🙏 | Earnings Edition - Part II

​Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...

Pranav Bhavsar

This Insight highlights fundamental shorts identified in our coverage universe including SBI Cards, Pvr Inox, and Escorts Kubota.

This Insight is the final dedicated earnings edition, providing a consolidated view of all earnings tracked so far. At the end we also provide...

Deviation from the normal weekly, this insight continues to focus on earnings coverage with a consolidated view of tracked earnings and focus on...