External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We recently interacted with SSKL’s management</li><li>Key takes were: (1) Competitive intensity in core markets (AP/Telangana) has inched up</li><li>However, management highlighted that these are momentary bursts of aggression in terms of discounts and are likely to taper off</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 recently interacted with SSKL’s managementKey takes were: (1) Competitive intensity in core markets (AP/Telangana) has inched upHowever, management highlighted that these are momentary bursts of aggression in terms of discounts and are likely to taper offContent 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.

Sai Silk (Kalamandir): Competitive Intensity in Core Markets Rising. Maintain BUY

<ul><li>We recently interacted with SSKL’s management to understand where the company is in its recovery journey</li><li>Key takes were: (1) Q2 growth is likely to be largely expansion-led, (2) Demand in core markets (AP/Telangana) remains weak but management is taking initiatives for a speedy recovery, and (3) Tamil Nadu (TN) performance remains broadly on track</li><li>Evidently, (a) the pace of recovery among organised players isn’t inspiring and (b) cash position across key players remains anaemic, ergo, peers endowed with capital may have an edge in terms of scaling over the next two years – advantage SSKL</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 recently interacted with SSKL’s management to understand where the company is in its recovery journeyKey takes were: (1) Q2 growth is likely to be largely expansion-led, (2) Demand in core markets (AP/Telangana) remains weak but management is taking initiatives for a speedy recovery, and (3) Tamil Nadu (TN) performance remains broadly on trackEvidently, (a) the pace of recovery among organised players isn’t inspiring and (b) cash position across key players remains anaemic, ergo, peers endowed with capital may have an edge in terms of scaling over the next two years – advantage SSKLContent 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.

Sai Silks (Kalamandir): Remains an H2FY25 and Onwards Story. Maintain BUY

<ul><li>SSKL reported a dismal performance in Q1 (revenue declined 12.3%)</li><li>As per channel checks: (1) Demand pangs are palpable across the saree/wedding-heavy apparel retailers, (2) Cash position across key players remains weak, suggesting that competitors endowed with capital may enjoy an advantage in scaling operations over the next 2-3 years, (3) The weavers' network appears to be facing financial constraints, potentially favouring retailers who can make quick payments—advantage SSKL</li><li>SSKL’s TN performance continues to track well (in terms of expansion and sales density) but the core market (Telangana) needs fixing</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.

SSKL reported a dismal performance in Q1 (revenue declined 12.3%)As per channel checks: (1) Demand pangs are palpable across the saree/wedding-heavy apparel retailers, (2) Cash position across key players remains weak, suggesting that competitors endowed with capital may enjoy an advantage in scaling operations over the next 2-3 years, (3) The weavers' network appears to be facing financial constraints, potentially favouring retailers who can make quick payments—advantage SSKLSSKL’s TN performance continues to track well (in terms of expansion and sales density) but the core market (Telangana) needs fixingContent 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.

Sai Silks (Kalamandir): Q1 demand weak; TN performance on track. Maintain BUY

<ul><li>We recently conducted a comprehensive assessment of the saree ecosystem through management meetings and store visits across various Chennai-based saree companies</li><li>Our findings reveal several key insights: (1) Category growth and pace of growth among major organised players are not encouraging, except for Pothys</li><li>(2) The cash position across key players remains weak, suggesting that competitors with ample capital may enjoy an advantage in scaling operations over the next 2-3 years</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 recently conducted a comprehensive assessment of the saree ecosystem through management meetings and store visits across various Chennai-based saree companiesOur findings reveal several key insights: (1) Category growth and pace of growth among major organised players are not encouraging, except for Pothys(2) The cash position across key players remains weak, suggesting that competitors with ample capital may enjoy an advantage in scaling operations over the next 2-3 yearsContent 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.

Sai Silks (Kalamandir): VML’s TN Debut—a Mixed Bag. Maintain BUY

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Tata Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-technologies" target="_blank" data-smartkarma-citation="entities:23700:1" rel="noopener">Tata Technologies (TATATECH IN)</a> priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.</li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:117597" rel="noopener">Tata Technologies IPO: The Investment Case</a> and <a href="https://www.smartkarma.com/insights/tata-technologies-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:117850" rel="noopener">Tata Technologies IPO: Valuation Insights</a>. </li>
<li>The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  </li>
</ul>



Tata Technologies (TATATECH IN) priced its IPO at Rs500 per share to raise gross proceeds of US$365 million. The shares will start trading tomorrow.
We previously discussed the IPO in Tata Technologies IPO: The Investment Case and Tata Technologies IPO: Valuation Insights. 
The market sentiment on the sector has improved. In 2023, Indian IPOs with a &gt;US$100 million raise had an average first-day gain of 28.3%. The IPO price is attractive.  


India

Sai Silks (Kalamandir) Limited retails clothing. The Company sells men's, women's, and children's clothing and jewelry. Sai Silks (Kalamandir) serves customers in India.

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Sai Silk Kalamandir (SSKL IN)

Sai Silk (Kalamandir): Competitive Intensity in Core Markets Rising. Maintain BUY

We recently interacted with SSKL’s management. Key takes were: (1) Competitive intensity in core markets (AP/Telangana) has inched up.

HDFC Securities

Sai Silks (Kalamandir): Remains an H2FY25 and Onwards Story. Maintain BUY

We recently interacted with SSKL’s management to understand where the company is in its recovery journey. Key takes were: (1) Q2 growth is likely...

HDFC Securities

Sai Silks (Kalamandir): Q1 demand weak; TN performance on track. Maintain BUY

SSKL’s TN performance continues to track well (in terms of expansion and sales density) but the core market (Telangana) needs fixing

HDFC Securities

Sai Silks (Kalamandir): VML’s TN Debut—a Mixed Bag. Maintain BUY

We recently conducted a comprehensive assessment of the saree ecosystem through management meetings and store visits across various Chennai-based...

HDFC Securities

Tata Technologies IPO: Trading Debut

The market sentiment on the sector has improved. In 2023, Indian IPOs with a >US$100 million raise had an average first-day gain of 28.3%. The IPO...

Arun George

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