External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our estimates and its SSG outperformance vs. listed jewelry peers in Q4/FY24.</li><li>Senco delivered 30% retail growth in Q4 (vs. our expectation of 21%), helped by a robust 23%/19% SSG in Q4/FY24. For full-FY24, Senco has delivered 28% topline growth compared with ~20%/34% for TTAN/Kalyan.</li><li>Network expansion has also been solid and in line with our expectations of 21 jewelry stores (16 COCO/5 FOFO) in FY24. </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>

Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our estimates and its SSG outperformance vs. listed jewelry peers in Q4/FY24.Senco delivered 30% retail growth in Q4 (vs. our expectation of 21%), helped by a robust 23%/19% SSG in Q4/FY24. For full-FY24, Senco has delivered 28% topline growth compared with ~20%/34% for TTAN/Kalyan.Network expansion has also been solid and in line with our expectations of 21 jewelry stores (16 COCO/5 FOFO) in FY24. 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.

Senco Gold - Outperformance to Bridge Valuation Gap Vs. Peers; Maintain BUY

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

<ul>
<li>Regulatory Tangles:Promoters faced cricket betting allegations, SEBI penalties, debarment from financial markets and a litany of investigations. Legal and financial risks loom due to regulatory delays and unresolved litigations.</li>
<li>Operational and Financial Hurdles:Excessive inventory, delayed payments, and opaque related-party transactions.Weaker margins, ROE, and underutilized manufacturing hint at broader governance frailty.</li>
<li>Debt Dilemmas and Transparency Concerns: Heavy reliance on high-interest promoter loans. Governance lapses are reflected in financial metrics, raising questions about transparency and conflicts of interest.</li>
</ul>


Regulatory Tangles:Promoters faced cricket betting allegations, SEBI penalties, debarment from financial markets and a litany of investigations. Legal and financial risks loom due to regulatory delays and unresolved litigations.
Operational and Financial Hurdles:Excessive inventory, delayed payments, and opaque related-party transactions.Weaker margins, ROE, and underutilized manufacturing hint at broader governance frailty.
Debt Dilemmas and Transparency Concerns: Heavy reliance on high-interest promoter loans. Governance lapses are reflected in financial metrics, raising questions about transparency and conflicts of interest.


All That Glitters Is Not Gold: Forensic Analysis of Motisons

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>We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 13 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.</li>
<li>Some stocks are expected to be inclusions to global indices later this month while others are potential <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index</a> and/or <a href="https://www.smartkarma.com/entities/nse-nifty-next-50-index" target="_blank" data-smartkarma-citation="entities:36053:1" rel="noopener">Nifty Next 50 Index</a> changes in March.</li>
<li>On average, the upward migrating stocks have outperformed the downward migrating stocks by close to 100% over the last 8 months. The passive flow can be used as an exit.</li>
</ul>


We see 8 stocks moving from MidCap to LargeCap, 8 stocks moving from LargeCap to MidCap, 13 stocks from SmallCap to MidCap, and 14 stocks from MidCap to SmallCap.
Some stocks are expected to be inclusions to global indices later this month while others are potential NIFTY Index and/or Nifty Next 50 Index changes in March.
On average, the upward migrating stocks have outperformed the downward migrating stocks by close to 100% over the last 8 months. The passive flow can be used as an exit.


AMFI Stock Reclassification Preview (Dec 2023): HUGE Outperformance as Active and Passive Meet

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/senco-gold-ltd" target="_blank" data-smartkarma-citation="entities:39895:1" rel="noopener">Senco Gold (0655443D IN)</a> 's long awaited IPO is scheduled to open this week.</li>
<li>The company is the largest organized retail jewellery player in the East and has a pan India presence. </li>
<li>A look at its IPO filing and current financials reveal several key takeaways, including ongoing litigations, inability to generate cash and register key trademarks, etc.</li>
</ul>



Senco Gold (0655443D IN) 's long awaited IPO is scheduled to open this week.
The company is the largest organized retail jewellery player in the East and has a pan India presence. 
A look at its IPO filing and current financials reveal several key takeaways, including ongoing litigations, inability to generate cash and register key trademarks, etc.


India

Senco Gold Limited operates as a jewelry store. The Company offers gold and diamond jewelry including earrings, necklaces, bangles, coins, bars, pendants, rings, bracelets, and chains, as well as gold coins. Senco Gold serves customers in India.

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Senco Gold (SENCO IN)

Senco Gold - Outperformance to Bridge Valuation Gap Vs. Peers; Maintain BUY

Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our...

Emkay

All That Glitters Is Not Gold: Forensic Analysis of Motisons

Forensic Analysis of Motisons - Promoters faced cricket betting allegations, regulatory penalties, SEBI debarment along with operational hurdles,...

Nimish Maheshwari

AMFI Stock Reclassification Preview (Dec 2023): HUGE Outperformance as Active and Passive Meet

We see 43 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

Senco Gold Ltd IPO- Forensic Analysis

A look at its IPO filing and current financials reveal several key takeaways, including ongoing litigations, inability to generate cash and...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Senco Gold - Outperformance to Bridge Valuation Gap Vs. Peers; Maintain BUY

Emkay Global Financial's research report onSenco Gold The Senco stock reacted positively (+18% intra-day) on the back of a significant beat to our...

Emkay

All That Glitters Is Not Gold: Forensic Analysis of Motisons

​Forensic Analysis of Motisons - Promoters faced cricket betting allegations, regulatory penalties, SEBI debarment along with operational hurdles,...

Nimish Maheshwari

AMFI Stock Reclassification Preview (Dec 2023): HUGE Outperformance as Active and Passive Meet

We see 43 stocks migrating between different market cap segments in Jan. A lot of stocks will have passive flows from NIFTY, NIFTYJR and global...

Brian Freitas

Senco Gold Ltd IPO- Forensic Analysis

A look at its IPO filing and current financials reveal several key takeaways, including ongoing litigations, inability to generate cash and...

Nitin Mangal

Forensic Analysis of Motisons - Promoters faced cricket betting allegations, regulatory penalties, SEBI debarment along with operational hurdles,...