External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)</li><li>The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)</li><li>All the projects were bid at a discount over the NHAI cost</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.

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four projects (vs ten projects in Q1FY23), of which two were HAM projects worth INR 20.6bn (vs nine projects worth INR 98.1bn in Q1FY23) and two were EPC projects worth INR 19.4bn (vs one project worth INR 7.7bn in Q1FY23)The total project stretch stood at ~104 km (vs ~367 km in Q1FY23)All the projects were bid at a discount over the NHAI costContent 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.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.</li>
<li>In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.</li>
<li>We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.</li>
</ul>


Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.
In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.
We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.


MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

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

Equity Bottom-Up

<ul>
<li>In this Insight, we review the recent performance of <a href="https://www.smartkarma.com/entities/abb-india-ltd" target="_blank" data-smartkarma-citation="entities:8703:1" rel="noopener">ABB India Ltd (ABB IN)</a> , <a href="https://www.smartkarma.com/entities/siemens-ltd" target="_blank" data-smartkarma-citation="entities:6440:1" rel="noopener">Siemens Ltd (SIEM IN)</a> , <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a>. </li>
<li>ABB posted a strong start, SIEM has a black dot with respect to its recent sale of subsidiary. POLYCAB continues to perform, and HAVL is back to capex mode. </li>
<li>Our picks remain the same, ABB instead of SIEM, POLYCAB instead of HAVL.</li>
</ul>


In this Insight, we review the recent performance of ABB India Ltd (ABB IN) , Siemens Ltd (SIEM IN) , Polycab India (POLYCAB IN) and Havells India (HAVL IN). 
ABB posted a strong start, SIEM has a black dot with respect to its recent sale of subsidiary. POLYCAB continues to perform, and HAVL is back to capex mode. 
Our picks remain the same, ABB instead of SIEM, POLYCAB instead of HAVL.


India Industrials | Quarterly Update - ABB, SIEM, HAVELLS, POLYCAB

<ul><li>Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%</li><li>SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)</li><li>This consideration was 2.1x the FY22 revenue and 15.5x the FY22 EBITDA</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.

Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)This consideration was 2.1x the FY22 revenue and 15.5x the FY22 EBITDAContent 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: Siemens, United Spirits, The Ramco Cements

<ul>
<li>India's strong growth projections are widely agreed upon, therefore warranting a deeper analysis of the key factors driving this growth, to identify potential deviations from projections.</li>
<li>The Industrials sector, supported by government initiatives, plays a critical role in the growth of the Indian economy and is currently benefiting from a strong tailwind.</li>
<li>While <a href="https://www.smartkarma.com/entities/abb-india-ltd" target="_blank" data-smartkarma-citation="entities:8703:1" rel="noopener">ABB India Ltd (ABB IN)</a> and <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> are compelling investment ideas, caution is advised for <a href="https://www.smartkarma.com/entities/siemens-ltd" target="_blank" data-smartkarma-citation="entities:6440:1" rel="noopener">Siemens Ltd (SIEM IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a>.  </li>
</ul>


India's strong growth projections are widely agreed upon, therefore warranting a deeper analysis of the key factors driving this growth, to identify potential deviations from projections.
The Industrials sector, supported by government initiatives, plays a critical role in the growth of the Indian economy and is currently benefiting from a strong tailwind.
While ABB India Ltd (ABB IN) and Polycab India (POLYCAB IN) are compelling investment ideas, caution is advised for Siemens Ltd (SIEM IN) and Havells India (HAVL IN).  


India

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

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Siemens Ltd (SIEM IN)

Industrials: Muted start for the year

FY24 started off with a muted quarter in terms of road project awarding amidst high competitive intensity: In Q1FY24, the NHAI awarded just four...

HDFC Securities

MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

MSCI EM Improving; Buys in Value & Large-Cap EM $TSM #Samsung $BABA; Remain Overweight Japan, India, Taiwan, and Greece. $ACWI break above $93 and...

Vermilion Research

India Industrials | Quarterly Update - ABB, SIEM, HAVELLS, POLYCAB

ABB strong, SIEM's subsidiary sale a concern. POLYCAB performing, HAVL in capex mode. Picks: ABB over SIEM, POLYCAB over HAVL.

Pranav Bhavsar

HSIE Results Daily: Siemens, United Spirits, The Ramco Cements

Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%

HDFC Securities

India Industrials | Riding the Tailwind

India's strong growth projections require deeper analysis. The industrials sector plays a critical role. ABB IN and POLYCAB IN are compelling,...

Pranav Bhavsar

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