External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>In our Sobha (SDL) deep dive note ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating, we had premised our investment thesis on a strong demand undercurrent in the Bengaluru market and SDL hitting the Reset-Restart button</li><li>There is a clear focus on deleveraging, tying up new business development (15msf new launch pipeline, 20msf advance stage tie-up), and ramping up new launches (with minimal incremental INR 8-10bn of residual capex)</li><li>Q2FY24 operational data further strengthens our thesis as Sobha reported lifetime high presales of INR 17.2bn (+48.1%/+17.7% YoY/QoQ).</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.

In our Sobha (SDL) deep dive note ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating, we had premised our investment thesis on a strong demand undercurrent in the Bengaluru market and SDL hitting the Reset-Restart buttonThere is a clear focus on deleveraging, tying up new business development (15msf new launch pipeline, 20msf advance stage tie-up), and ramping up new launches (with minimal incremental INR 8-10bn of residual capex)Q2FY24 operational data further strengthens our thesis as Sobha reported lifetime high presales of INR 17.2bn (+48.1%/+17.7% YoY/QoQ).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.

Sobha: Presales run rate reset. Maintain BUY

<ul><li>Over the last year, SOBHA Ltd (SDL) has underperformed the Nifty Realty Index by 38% and peers Brigade and Prestige Estates by 33%/53%</li><li>Whilst negative news flow on enforcement agencies’ (ED/IT) actions (during FY23) has led to de-rating, SDL judiciously strengthened its balance sheet by reducing INR 15bn net debt</li><li>SDL scale/size has lagged peers over FY20-23 with the Bengaluru presales CAGR of 16% vs 29%/34% for Brigade/Prestige</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.

Over the last year, SOBHA Ltd (SDL) has underperformed the Nifty Realty Index by 38% and peers Brigade and Prestige Estates by 33%/53%Whilst negative news flow on enforcement agencies’ (ED/IT) actions (during FY23) has led to de-rating, SDL judiciously strengthened its balance sheet by reducing INR 15bn net debtSDL scale/size has lagged peers over FY20-23 with the Bengaluru presales CAGR of 16% vs 29%/34% for Brigade/PrestigeContent 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.

Sobha: ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating. Maintain BUY

Thematic (Sector/Industry)

<ul><li>Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%</li><li>SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)</li><li>Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railways</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 India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railwaysContent 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, Deepak Nitrite, Century Plyboards India, Sobha

<ul><li>Siemens: Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%</li><li>SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)</li><li>Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railways</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 weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railwaysContent 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, Deepak Nitrite, Century Plyboards India

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Kolte Patil Developers / Equity Bottom-Up

<div>
Residential real estate sector in India presents a decadal opportunity led by the shift to Organized from Unorganized. Our top pick in the space is <a href="https://www.smartkarma.com/entities/kolte-patil-developers-ltd" target="_blank" data-smartkarma-citation="entities:6819:1" rel="noopener">Kolte Patil Developers (KPDL IN)</a>, a branded developer based out of Pune.
<div id="annotable-executive_summary-1">For detailed thematic insights into the changing landscape of residential real estate development in India, please refer to our insight: <a href="https://www.smartkarma.com/insights/a-fat-theme-organized-real-estate-developers-in-india-a-decadal-opportunity" target="_blank" data-smartkarma-citation="insights:56658" rel="noopener">A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity</a>.</div>
</div>


Residential real estate sector in India presents a decadal opportunity led by the shift to Organized from Unorganized. Our top pick in the space is Kolte Patil Developers (KPDL IN), a branded developer based out of Pune.
For detailed thematic insights into the changing landscape of residential real estate development in India, please refer to our insight: A Fat Theme | Organized Real Estate Developers in India - A Decadal Opportunity.


Kolte Patil: A Fat Bet on Booming Residential Real Estate in India

India

Sobha Limited provides construction services. The Company offers design and architecture, mechanical, plumbing, interiors, landscape, residential, commercial, and civil construction services. Sobha serves customers in India, Singapore, and United Arab Emirates.

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Sobha Ltd (SOBHA IN)

Sobha: Presales run rate reset. Maintain BUY

Q2FY24 operational data further strengthens our thesis as Sobha reported lifetime high presales of INR 17.2bn (+48.1%/+17.7% YoY/QoQ).

HDFC Securities

Sobha: ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating. Maintain BUY

Over the last year, SOBHA Ltd (SDL) has underperformed the Nifty Realty Index by 38% and peers Brigade and Prestige Estates by 33%/53%

HDFC Securities

HSIE Results Daily: Siemens, Deepak Nitrite, Century Plyboards India, Sobha

Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%

HDFC Securities

HSIE Results Daily: Siemens, Deepak Nitrite, Century Plyboards India

Siemens: Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%

HDFC Securities

Kolte Patil: A Fat Bet on Booming Residential Real Estate in India

Business development activity, pace of execution and new launches are at all time high, leading to all-time high sales velocity. The stock has...

Ankit Agrawal, CFA

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