External broker reports(aggregated public sources), HDFC Securities

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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.

Equity Bottom-Up

<ul><li>Symphony: While Symphony's domestic revenue (c.70% of consolidated revenue) was in line, sustained weakness in its RoW portfolio led to an overall miss</li><li>Domestic revenue grew 23% YoY to INR 2.1bn (highest-ever quarterly revenue)</li><li>However, the delayed onset of summer has led to high channel inventory</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>

Symphony: While Symphony's domestic revenue (c.70% of consolidated revenue) was in line, sustained weakness in its RoW portfolio led to an overall missDomestic revenue grew 23% YoY to INR 2.1bn (highest-ever quarterly revenue)However, the delayed onset of summer has led to high channel inventoryContent 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.

Symphony - Weak RoW Performance; Downgrade to REDUCE

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul><li>Symphony is the world’s largest manufacturer of air coolers with a presence in over 60 countries </li><li>Symphony is the market leader in the air-cooling business with a strong distribution network</li><li>Target Price &amp; Valuation: We roll over valuation on FY24E and value Symphony at 25x P/E on FY24E EPS with revised target price of Rs 975/share</li></ul><div class="content-highlight"><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></div>

Symphony is the world’s largest manufacturer of air coolers with a presence in over 60 countries Symphony is the market leader in the air-cooling business with a strong distribution networkTarget Price &amp; Valuation: We roll over valuation on FY24E and value Symphony at 25x P/E on FY24E EPS with revised target price of Rs 975/shareContent 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.

Symphony Ltd: Weak Demand, High Inflation Drag Performance

<p>Increased rural electrification and urbanisation will augment growth in the Indian air cooler market. Residential air cooler industry will get a boost from ~1.7 crore new houses under PMAY Industrial air-cooling market is worth ~Rs 10,000 crore and Symphony being the only branded player in this segment stands to take advantage of it...</p><div class="content-highlight"><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></div>

Increased rural electrification and urbanisation will augment growth in the Indian air cooler market. Residential air cooler industry will get a boost from ~1.7 crore new houses under PMAY Industrial air-cooling market is worth ~Rs 10,000 crore and Symphony being the only branded player in this segment stands to take advantage of it...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.

Symphony: Improved Performance on Favourable Base

<p>Better gross margins (up 452 bps YoY) helped turned EBITDA positive at 4.3% vs. -3.2% in Q1FY21. However, lower-than-expected EBITDA margin is mainly due to higher advertisement expense (3x jump YoY)...</p><div class="content-highlight"><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></div>

Better gross margins (up 452 bps YoY) helped turned EBITDA positive at 4.3% vs. -3.2% in Q1FY21. However, lower-than-expected EBITDA margin is mainly due to higher advertisement expense (3x jump YoY)...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.

Symphony Ltd: Slow Recovery on Favourable Base

<p>HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of continued funding cost tailwinds resulting in sequentially stronger NIMs even as loans shrank 2.8% QoQ. Annualised slippages were up at 2.8% (FY21: 2.4%) as collections were affected during Apr-May21 on account of the second wave (as witnessed by peers), with most of the stress emerging from secured retail portfolio. KMB maintained its stock of COVID provisions and the loan loss coverage at ~65%.</p><div class="content-highlight"><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></div>

HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of continued funding cost tailwinds resulting in sequentially stronger NIMs even as loans shrank 2.8% QoQ. Annualised slippages were up at 2.8% (FY21: 2.4%) as collections were affected during Apr-May21 on account of the second wave (as witnessed by peers), with most of the stress emerging from secured retail portfolio. KMB maintained its stock of COVID provisions and the loan loss coverage at ~65%.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.

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank and More

India

Symphony Limited is an Indian multinational electronics and home appliances company specializing in manufacturing residential, commercial, and industrial air coolers. It is the world's largest manufacturer of air coolers, offering evaporative cooling solutions and other appliances like tower fans. The company is headquartered in Ahmedabad, India, and was established in 1988.

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Symphony (SYML IN)

Symphony - Weak RoW Performance; Downgrade to REDUCE

Symphony: While Symphony's domestic revenue (c.70% of consolidated revenue) was in line, sustained weakness in its RoW portfolio led to an overall...

HDFC Securities

Symphony Ltd: Weak Demand, High Inflation Drag Performance

About the stock: Symphony is the world's largest manufacturer of air coolers with Symphony is the market leader in the air-cooling business...

ICICI Securities Limited

Symphony: Improved Performance on Favourable Base

Increased rural electrification and urbanisation will augment growth in the Indian air cooler market. Residential air cooler industry will get a...

ICICI Securities Limited

Symphony Ltd: Slow Recovery on Favourable Base

Better gross margins (up 452 bps YoY) helped turned EBITDA positive at 4.3% vs. -3.2% in Q1FY21. However, lower-than-expected EBITDA margin is...

ICICI Securities Limited

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank and More

HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of...

HDFC Securities

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52-week Range

Market Cap (USDm)

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Symphony - Weak RoW Performance; Downgrade to REDUCE

Symphony: While Symphony's domestic revenue (c.70% of consolidated revenue) was in line, sustained weakness in its RoW portfolio led to an overall...

HDFC Securities

Symphony Ltd: Weak Demand, High Inflation Drag Performance

About the stock: Symphony is the world&#x27;s largest manufacturer of air coolers with Symphony is the market leader in the air-cooling business...

ICICI Securities Limited

Symphony: Improved Performance on Favourable Base

Increased rural electrification and urbanisation will augment growth in the Indian air cooler market. Residential air cooler industry will get a...

ICICI Securities Limited

Symphony Ltd: Slow Recovery on Favourable Base

Better gross margins (up 452 bps YoY) helped turned EBITDA positive at 4.3% vs. -3.2% in Q1FY21. However, lower-than-expected EBITDA margin is...

ICICI Securities Limited

HSIE Results Daily: Kotak Mahindra Bank, Axis Bank and More

HSIE Results Daily Kotak Mahindra Bank: Kotak Mahindra Banks (KMB) 1QFY22 performance was broadly in line with our estimates on the back of...

HDFC Securities

About the stock: Symphony is the world's largest manufacturer of air coolers with Symphony is the market leader in the air-cooling business...