External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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>Shoppers Stop (SHOP) reported an 8% YoY decline in EBITDA (12% miss) due to weak SSSG and GM contraction.</li><li>Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY decline in private brands revenue.</li><li>The management indicated that LFL growth recovered in Sep (+9% YoY) and remains optimistic on demand recovery in 2HFY25 on account of the higher number of weddings and recovery in discretionary spends.</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.

Shoppers Stop (SHOP) reported an 8% YoY decline in EBITDA (12% miss) due to weak SSSG and GM contraction.Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY decline in private brands revenue.The management indicated that LFL growth recovered in Sep (+9% YoY) and remains optimistic on demand recovery in 2HFY25 on account of the higher number of weddings and recovery in discretionary spends.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.

Shoppers Stop - Soft Revenue Growth Takes a Toll on Profitability

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shoppers-stop-ltd" target="_blank" data-smartkarma-citation="entities:12804:1" rel="noopener">Shoppers Stop (SHOP IN)</a> is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,</li>
<li>SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. </li>
<li>It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.</li>
</ul>



Shoppers Stop (SHOP IN) is a leading retailer in India specializing in fashion and beauty brands with 12 department stores, 7 premium home stores, and 87 specialty beauty outlets,
SHOP has also launched its value retail format INTUNE in June 2023 generating excitement and interest around the same. 
It seems SHOP is trying to play all cards of the retail game, i.e., premium, beauty, and value fast fashion, but so far has shown no signs of success.


Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

<ul>
<li>As we progress in earnings season in line with our previous Playbook, this one focuses on select consumer names. </li>
<li>Names discussed include <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>, <a href="https://www.smartkarma.com/entities/vedant-fashions-limited" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions (MANYAVAR IN)</a> , <a href="https://www.smartkarma.com/entities/go-fashion-india-private-limited" target="_blank" data-smartkarma-citation="entities:36625:1" rel="noopener">Go Fashion India (GOCOLORS IN)</a> &amp; <a href="https://www.smartkarma.com/entities/shoppers-stop-ltd" target="_blank" data-smartkarma-citation="entities:12804:1" rel="noopener">Shoppers Stop (SHOP IN)</a>.  </li>
<li>Most names expect a soft Q1, and SHOP is targeting the most aggressive expansion.</li>
</ul>


As we progress in earnings season in line with our previous Playbook, this one focuses on select consumer names. 
Names discussed include Titan Co Ltd (TTAN IN), Vedant Fashions (MANYAVAR IN) , Go Fashion India (GOCOLORS IN) &amp; Shoppers Stop (SHOP IN).  
Most names expect a soft Q1, and SHOP is targeting the most aggressive expansion.


Earnings Playbook | Shoppers Stop (SHOP IN) | Target of Quadrupling Network

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>If one zooms out and assesses STOP’s historical performance, it’s been among the weaker retailers in our apparel retail pack</li><li>Its decadal revenue CAGR of ~6% is largely premiumization-led with no volume (bill cut) growth to speak of</li><li>This is despite it scaling its Beauty segment during this phase</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.

If one zooms out and assesses STOP’s historical performance, it’s been among the weaker retailers in our apparel retail packIts decadal revenue CAGR of ~6% is largely premiumization-led with no volume (bill cut) growth to speak ofThis is despite it scaling its Beauty segment during this phaseContent 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.

Shoppers Stop: ‘Intune’—the only exciting thing to watch out for. Maintain SELL

Thematic (Sector/Industry)

<ul><li>L&amp;T Technology Services: L&amp;T Technology Services’ (LTTS) Q3 growth came in lower than our estimates, but a steep acceleration in Q4 is likely (due to SWC seasonality)</li><li>While the organic growth outlook for FY25E was revised to 8%, down from the earlier 8-10% (as expected), management’s commentary indicated “better growth in FY26E vs FY25E.” We reckon this is likely to include the Intelliswift acquisition, but is unlikely to be organic</li><li>Headwinds in the automotive subsegment of Mobility (32% of revenue) are likely to disrupt growth in the near term</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.

L&amp;T Technology Services: L&amp;T Technology Services’ (LTTS) Q3 growth came in lower than our estimates, but a steep acceleration in Q4 is likely (due to SWC seasonality)While the organic growth outlook for FY25E was revised to 8%, down from the earlier 8-10% (as expected), management’s commentary indicated “better growth in FY26E vs FY25E.” We reckon this is likely to include the Intelliswift acquisition, but is unlikely to be organicHeadwinds in the automotive subsegment of Mobility (32% of revenue) are likely to disrupt growth in the near termContent 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: L&T Technology Services, Shoppers Stop

India

Shoppers Stop Ltd. operates a chain of retail shops.  The Company retails men's, women's, and children's clothing; cosmetics and skin and hair care products;  home appliances; housewares; linens; luggage; jewelry; and accessories.

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Shoppers Stop (SHOP IN)

Shoppers Stop - Soft Revenue Growth Takes a Toll on Profitability

Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY...

Motilal Oswal

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Pranav Bhavsar

Earnings Playbook | Shoppers Stop (SHOP IN) | Target of Quadrupling Network

We focus on select consumer names in the earnings season. Most names expect a soft Q1, with Shoppers Stop targeting aggressive expansion.

Pranav Bhavsar

Shoppers Stop: ‘Intune’—the only exciting thing to watch out for. Maintain SELL

If one zooms out and assesses STOP’s historical performance, it’s been among the weaker retailers in our apparel retail pack

HDFC Securities

HSIE Results Daily: L&T Technology Services, Shoppers Stop

L&T Technology Services: L&T Technology Services’ (LTTS) Q3 growth came in lower than our estimates, but a steep acceleration in Q4 is likely (due...

HDFC Securities

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Market Cap (USDm)

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Shoppers Stop - Soft Revenue Growth Takes a Toll on Profitability

Revenue was up 4% YoY as store additions and the robust 11% YoY growth in the Beauty segment was offset by an overall SSSG decline and a 15% YoY...

Motilal Oswal

Narrative and Numbers | Shoppers Stop (SHOP IN) | FY24

​Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...

Pranav Bhavsar

Earnings Playbook | Shoppers Stop (SHOP IN) | Target of Quadrupling Network

We focus on select consumer names in the earnings season. Most names expect a soft Q1, with Shoppers Stop targeting aggressive expansion.

Pranav Bhavsar

Shoppers Stop: ‘Intune’—the only exciting thing to watch out for. Maintain SELL

If one zooms out and assesses STOP’s historical performance, it’s been among the weaker retailers in our apparel retail pack

HDFC Securities

HSIE Results Daily: L&T Technology Services, Shoppers Stop

L&T Technology Services: L&T Technology Services’ (LTTS) Q3 growth came in lower than our estimates, but a steep acceleration in Q4 is likely (due...

HDFC Securities

Shoppers Stop in India expands with new value retail format INTUNE, but faces challenges in capturing success across premium, beauty, and fast...