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>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing margins</li><li>IOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimates</li><li>Earnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected 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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem supplies/capacity, moderation in refining margins, and lower auto-fuel marketing marginsIOCL’s Q4FY24 reported EBITDA at INR 104bn (-32% YoY, -33% QoQ) and APAT at INR 48bn (-52% YoY, -40% QoQ) came in below our estimatesEarnings were impacted by weak performance from the petchem segment, lower refining margins, inventory loss and higher-than-expected expensesContent 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: Indian Oil Corporation, Star Health and Allied Insurance

<ul><li>Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)</li><li>Q4 is likely to be the last quarter contending with a high base</li><li>Wedding season hasn’t been as upbeat as expected</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 ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%)Q4 is likely to be the last quarter contending with a high baseWedding season hasn’t been as upbeat as expectedContent 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  - Soft Quarter, Green Shoots Visible in Value Fashion

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

<ul><li>We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories</li><li>Despite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze button</li><li>Several factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtrading</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 numerous store managers and companies to assess the festive performance and demand in discretionary categoriesDespite a promising start to the festive season, most categories (excluding jewellery and travel) seem to have hit the snooze buttonSeveral factors contribute to this, including (1) the normalisation of ticket sizes and purchase frequencies, (2) weak footfalls (on a per sq foot basis), and (3) a trend towards downtradingContent 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.

Festive temperature check: Festive mood sombre

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)</li><li>Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of deposits</li><li>With limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lower</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.

ICICI Bank: ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans), maintaining its robust asset quality alongside a healthy PCR (~83%)Loan growth was driven by healthy deposit growth (+19% YoY), largely retail TDs as the CASA ratio eased to 40.8% (-222bps QoQ), resulting in a 22-bps QoQ spike in the cost of depositsWith limited yield reflation despite improving retail mix, NIMs softened by 25bps QoQ to 4.53% and are likely to trend further lowerContent 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: ICICI Bank, Kotak Mahindra Bank, Metro Brands

India

Shoppers Stop is a leading Indian retailer that operates department stores, specialty beauty outlets, and value fashion formats, focusing on a "premiumisation" strategy. The company offers a wide range of household and consumer products, including apparel, cosmetics, personal accessories, home wares, and electronics, and distributes international beauty brands. Shoppers Stop was founded in 1991 and is headquartered in Mumbai, Maharashtra, India.

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Shoppers Stop (SHOP IN)

HSIE Results Daily: Indian Oil Corporation, Star Health and Allied Insurance

Our REDUCE rating on Indian Oil Corporation (IOCL), with a target price of INR 145, is premised on margin pressure due to increasing petchem...

HDFC Securities

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

Consumer Discretionary - Soft Quarter, Green Shoots Visible in Value Fashion

Our discretionary universe is expected to grow by ~13.1% YoY in Q4FY24 (ex-jewellery: ~12%). Q4 is likely to be the last quarter contending with a...

HDFC Securities

Festive temperature check: Festive mood sombre

We recently interacted with numerous store managers and companies to assess the festive performance and demand in discretionary categories

HDFC Securities

HSIE Results Daily: ICICI Bank, Kotak Mahindra Bank, Metro Brands

ICICI Bank (ICICIBC) clocked another steady quarter on the back of consistent loan growth (+18% YoY) and lower credit costs (23bps of loans)

HDFC Securities

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