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.

Thematic (Sector/Industry)

A Vote-of-Account-Budget sets the Narrative of “Viksit Bharat”: We believe that the Budget has proactively set the tone for economic development in the upcoming years. It envisions a "Viksit Bharat" by 2047, following a transformation similar to the one witnessed in the last decade. The market borrowing is projected to be ~11.75 Lc Cr for FY25, and the bond market responded positively to this budgeted figure. Our key takeaways from the Interim Budget are as follows: 1) Reasonable Fiscal Math; 2) Significant positive for infrastructure; 3) Enhanced allocation to the PM AwasYojana; 4) Rooftop solarization (SuryodayaYojna), and 5) Boost to Nano DAP and Aquaculture Production.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.

A Vote-of-Account-Budget sets the Narrative of “Viksit Bharat”: We believe that the Budget has proactively set the tone for economic development in the upcoming years. It envisions a "Viksit Bharat" by 2047, following a transformation similar to the one witnessed in the last decade. The market borrowing is projected to be ~11.75 Lc Cr for FY25, and the bond market responded positively to this budgeted figure. Our key takeaways from the Interim Budget are as follows: 1) Reasonable Fiscal Math; 2) Significant positive for infrastructure; 3) Enhanced allocation to the PM AwasYojana; 4) Rooftop solarization (SuryodayaYojna), and 5) Boost to Nano DAP and Aquaculture Production.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.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul><li>Technically, the SET Index is expected to move sideways down, with the support at 1,394/1,390 points (50-day and 10-day EMA) and the resistance at 1,404/1,416 points.</li><li>Our recommendation has been to buy at an MRP of 4.64%, surpassing the 90-day average (4.15%) by more than 2 S.D., aiming to mitigate risks linked to the slowdown in the Thai economy and potential foreign fund outflows.</li><li>We recommend stocks with positive news stories: SAWAD, TIDLOR and PTT.</li></ul>

Technically, the SET Index is expected to move sideways down, with the support at 1,394/1,390 points (50-day and 10-day EMA) and the resistance at 1,404/1,416 points.Our recommendation has been to buy at an MRP of 4.64%, surpassing the 90-day average (4.15%) by more than 2 S.D., aiming to mitigate risks linked to the slowdown in the Thai economy and potential foreign fund outflows.We recommend stocks with positive news stories: SAWAD, TIDLOR and PTT.

Keep a Close Watch on Earnings Results and US Economic Figures

<ul><li>A Vote-of-Account-Budget sets the Narrative of “Viksit Bharat”: We believe that the Budget has proactively set the tone for economic development in the upcoming years.</li><li>It envisions a "Viksit Bharat" by 2047, following a transformation similar to the one witnessed in the last decade.</li><li>The market borrowing is projected to be ~11.75 Lc Cr for FY25, and the bond market responded positively to this budgeted figure. </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.

A Vote-of-Account-Budget sets the Narrative of “Viksit Bharat”: We believe that the Budget has proactively set the tone for economic development in the upcoming years.It envisions a "Viksit Bharat" by 2047, following a transformation similar to the one witnessed in the last decade.The market borrowing is projected to be ~11.75 Lc Cr for FY25, and the bond market responded positively to this budgeted figure. 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.

<ul><li>KTX expects the SET to recover, with the resistance at 1,650/1,666 points and the support at 1,600/1,580 points.</li><li>We maintain our SET Index target for March at 1,650 points, but foresee a positive outlook in 2Q-4Q23E – in 2Q23E, the index is expected to increase to 1,663 points as the required rate of return has fallen in line with the lower US 10Y bond yield (from 3.6% previously), while the 2023E EPS is forecast to improve to Bt116.27/share (vs. Bt113.7/share previously).</li><li>We view that the weakening of the index would present a good opportunity to buy, based on the expectation for a rebound in 2Q23E thanks to the following reasons: First, the global interest rate trend may not be "hike-and-hold" in the long term – this view is based on the expectation that the US labor market in March will loosen, suggesting that the strong US economic growth may be transient.</li></ul>

KTX expects the SET to recover, with the resistance at 1,650/1,666 points and the support at 1,600/1,580 points.We maintain our SET Index target for March at 1,650 points, but foresee a positive outlook in 2Q-4Q23E – in 2Q23E, the index is expected to increase to 1,663 points as the required rate of return has fallen in line with the lower US 10Y bond yield (from 3.6% previously), while the 2023E EPS is forecast to improve to Bt116.27/share (vs. Bt113.7/share previously).We view that the weakening of the index would present a good opportunity to buy, based on the expectation for a rebound in 2Q23E thanks to the following reasons: First, the global interest rate trend may not be "hike-and-hold" in the long term – this view is based on the expectation that the US labor market in March will loosen, suggesting that the strong US economic growth may be transient.

Outlook: To Recover, With the Support at 1,600/1,580 Points and the Resistance at 1,650/1,666 Points

<ul><li>The Union Budget 2023-24 lived up to all the market expectations, which was driven primarily by capital expenditure while simultaneously providing an adequate thrust to rural welfare and agriculture.</li><li>While the government successfully achieved the fiscal deficit target for FY23, it has now pegged a fiscal deficit target of 5.9% for FY24, which seems achievable.</li><li>This year’s Budget rightly focused more on Capex spending (to the tune of Rs 10 Lc Cr) with the government’s plans to provide a significant thrust to the country’s infrastructure development including impetus to the Roads, Railways, Airways, Ports, Mass Transports, Waterways, and Logistics Infra development.</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 Union Budget 2023-24 lived up to all the market expectations, which was driven primarily by capital expenditure while simultaneously providing an adequate thrust to rural welfare and agriculture.While the government successfully achieved the fiscal deficit target for FY23, it has now pegged a fiscal deficit target of 5.9% for FY24, which seems achievable.This year’s Budget rightly focused more on Capex spending (to the tune of Rs 10 Lc Cr) with the government’s plans to provide a significant thrust to the country’s infrastructure development including impetus to the Roads, Railways, Airways, Ports, Mass Transports, Waterways, and Logistics Infra development.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.

United States

The S&P 500® is widely regarded as the best single gauge of large-cap U.S. equities and serves as the foundation for a wide range of investment products. The index includes 500 leading companies and captures approximately 80% coverage of available market capitalization.

S&P 500 INDEX (SPX INDEX)

Multi Asset Strategy - March 2024

A Vote-of-Account-Budget sets the Narrative of “Viksit Bharat”: We believe that the Budget has proactively set the tone for economic development in...

Axis Direct

Keep a Close Watch on Earnings Results and US Economic Figures

Technically, the SET Index is expected to move sideways down, with the support at 1,394/1,390 points (50-day and 10-day EMA) and the resistance at...

Krungthai XSpring

Multi Asset Strategy - February 2024

A Vote-of-Account-Budget sets the Narrative of “Viksit Bharat”: We believe that the Budget has proactively set the tone for economic development in...

Axis Direct

Outlook: To Recover, With the Support at 1,600/1,580 Points and the Resistance at 1,650/1,666 Points

KTX expects the SET to recover, with the resistance at 1,650/1,666 points and the support at 1,600/1,580 points. We maintain our SET Index target...

Krungthai XSpring

Multi Asset Strategy - February 2023

While the government successfully achieved the fiscal deficit target for FY23, it has now pegged a fiscal deficit target of 5.9% for FY24, which...

Axis Direct