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>Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was offset by higher GM (+195 bps) and steady costs (staff/R&amp;D/SG&amp;A was up +2/16/11% YoY)</li><li>SUNP expects growth to improve in subsequent quarters and retains high-single-digit sales growth guidance for FY25</li><li>SUNP sees further headroom for growth in Ilumya and incremental sales from the additional indication (psoriatic arthritis) on approval</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.

Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was offset by higher GM (+195 bps) and steady costs (staff/R&amp;D/SG&amp;A was up +2/16/11% YoY)SUNP expects growth to improve in subsequent quarters and retains high-single-digit sales growth guidance for FY25SUNP sees further headroom for growth in Ilumya and incremental sales from the additional indication (psoriatic arthritis) on approvalContent 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.

HSIE Results Daily: Sun Pharmaceutical Industries, Prestige Estates, Phoenix Mills

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.

Equity Bottom-Up

<ul>
<li>The company’s revenue increased marginally by 1.3% YoY, but volume declined by 2% to 5 Cr pairs.</li>
<li>EBITDA decreased by 8% YoY to Rs 99 Cr, with margins dropping by 134 bps YoY to 13.2% due to higher other expenses and staff costs.</li>
<li>Gross margins improved by 460 bps YoY to 62% due to a 10% YoY reduction in input costs. PAT fell by 21% YoY to Rs 44 Cr in Q1FY25, impacted by higher depreciation expenses.</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 company’s revenue increased marginally by 1.3% YoY, but volume declined by 2% to 5 Cr pairs.
EBITDA decreased by 8% YoY to Rs 99 Cr, with margins dropping by 134 bps YoY to 13.2% due to higher other expenses and staff costs.
Gross margins improved by 460 bps YoY to 62% due to a 10% YoY reduction in input costs. PAT fell by 21% YoY to Rs 44 Cr in Q1FY25, impacted by higher depreciation expenses.

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.

Relaxo Footwears Ltd. - Looking for Sustained Signs of Recovery

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</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.

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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.

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

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

Housing and Urban Development Corporation Limited / Event-Driven

Housing and Urban Development Corporation Limited

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.</li>
<li>The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.</li>
<li>Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.
The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.
Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.


AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

<ul><li>Consumer demand remain tepid: The discretionary demand remains tepid with a greater impact seen on QSR, while value segment has seen some recovery.</li><li>Premium vs. Value segment: While the premium segment remains strong, the value segment saw some recovery but remain a mixed bag.</li><li>Store expansion continues: Despite muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.</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.

Consumer demand remain tepid: The discretionary demand remains tepid with a greater impact seen on QSR, while value segment has seen some recovery.Premium vs. Value segment: While the premium segment remains strong, the value segment saw some recovery but remain a mixed bag.Store expansion continues: Despite muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.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

Relaxo Footwears Ltd. is the marketing company for Relaxo Group.  The Group manufactures Hawai and lightweight chappals.

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Relaxo Footwears (RLXF IN)

HSIE Results Daily: Sun Pharmaceutical Industries, Prestige Estates, Phoenix Mills

Sun Pharmaceutical Industries: EBITDA grew 10% YoY as sales growth was moderate at 6% YoY (US and global specialty: -2% QoQ, India: +16% YoY) was...

HDFC Securities

Relaxo Footwears Ltd. - Looking for Sustained Signs of Recovery

Gross margins improved by 460 bps YoY to 62% due to a 10% YoY reduction in input costs. PAT fell by 21% YoY to Rs 44 Cr in Q1FY25, impacted by...

Axis Direct

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new adds...

Brian Freitas

Top Sector Ideas - Retail Q4FY24

Consumer demand remain tepid: The discretionary demand remains tepid with a greater impact seen on QSR, while value segment has seen some recovery.

Axis Direct

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