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.

Equity Bottom-Up

<p>Tanla is expected to grow strongly, based on: (1) continued growth in enterprise messaging volumes; (2) increasing Trubloq platform volumes (higher margins); (3) scaling up of Wisely platform (developed by Tanla in partnership with Microsoft); and (4) up-selling and client addition. Over FY21-24E, we project revenue/EBITDA/EPS CAGRs of +26/30/27%. We initiate coverage on Tanla with a TP of INR 1,600, valuing it at 30x FY24E EPS, supported by its top quartile growth, higher RoE of 44%, excellent cash generation, and net cash of INR 8.5bn (~5% of market cap).</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>

Tanla is expected to grow strongly, based on: (1) continued growth in enterprise messaging volumes; (2) increasing Trubloq platform volumes (higher margins); (3) scaling up of Wisely platform (developed by Tanla in partnership with Microsoft); and (4) up-selling and client addition. Over FY21-24E, we project revenue/EBITDA/EPS CAGRs of +26/30/27%. We initiate coverage on Tanla with a TP of INR 1,600, valuing it at 30x FY24E EPS, supported by its top quartile growth, higher RoE of 44%, excellent cash generation, and net cash of INR 8.5bn (~5% of market cap).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.

Tanla Platforms (Initiating Coverage): Version 2.0. BUY

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

FSN E-Commerce Ventures (Nykaa) / Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (1003622D IN)</a> provides e-retailing of beauty and fashion products through two verticals Nykaa (beauty and personal care) and Nykaa Fashion (apparel and accessories). Nykaa is the largest speciality beauty and personal care platform in India as measured by the value of products sold in the FY21 and in 5MFY22 (five months ending August), according to RedSeer.   </p></div><div>
<p>Nykaa will launch its IPO on 28 October. The IPO comprises a primary raise of Rs6,300 million ($84 million) with the remainder 42.0 million secondary shares. At the indicative price range of Rs1,085-1,125 per share, the gross proceeds are Rs51.8-53.2 billion ($691-714 million). An anchor placement of up to Rs23.4 billion ($312 million) will open on 27 October, and the IPO will close on 1 November. </p>
<p>In <a href="https://www.smartkarma.com/insights/nykaa-ipo-initiation-beauty-parade" target="_blank" data-smartkarma-citation="insights:58791" rel="noopener">Nykaa IPO Initiation: Beauty Parade</a>, we stated that Nykaa has a strong positioning in India’s e-commerce beauty products industry, underpinned by the strong brand recognition of the ‘Nykaa’ brand. The financial performance is solid with strong growth, rising margins and cash generation. These characteristics should enable Nykaa to hold its own against intensifying competition. We concluded that Nykaa has attractive fundamentals.</p>
</div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/nykaa-ipo-on-trend" target="_blank" data-smartkarma-citation="insights:59407" rel="noopener">Nykaa IPO: On Trend</a>, we stated that the recent results from the updated prospectus reinforce our view that Nykaa has the ability to deliver strong profitable growth. Our valuation analysis suggests that the IPO price range is attractive.</p></div></div>

FSN E-Commerce Ventures (Nykaa) (1003622D IN) provides e-retailing of beauty and fashion products through two verticals Nykaa (beauty and personal care) and Nykaa Fashion (apparel and accessories). Nykaa is the largest speciality beauty and personal care platform in India as measured by the value of products sold in the FY21 and in 5MFY22 (five months ending August), according to RedSeer.   
Nykaa will launch its IPO on 28 October. The IPO comprises a primary raise of Rs6,300 million ($84 million) with the remainder 42.0 million secondary shares. At the indicative price range of Rs1,085-1,125 per share, the gross proceeds are Rs51.8-53.2 billion ($691-714 million). An anchor placement of up to Rs23.4 billion ($312 million) will open on 27 October, and the IPO will close on 1 November. 
In Nykaa IPO Initiation: Beauty Parade, we stated that Nykaa has a strong positioning in India’s e-commerce beauty products industry, underpinned by the strong brand recognition of the ‘Nykaa’ brand. The financial performance is solid with strong growth, rising margins and cash generation. These characteristics should enable Nykaa to hold its own against intensifying competition. We concluded that Nykaa has attractive fundamentals.
In Nykaa IPO: On Trend, we stated that the recent results from the updated prospectus reinforce our view that Nykaa has the ability to deliver strong profitable growth. Our valuation analysis suggests that the IPO price range is attractive.

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<div><p>The Indian mutual fund industry has assets of almost INR 6.6 trillion across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.</p></div><div>
<p>The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.</p>
<p>At the next recategorization in July 2021, we see 7 stocks moving from the mid cap segment to the large cap segment with an equal number of stocks moving the other way, and 13 stocks are expected to move from the small cap segment to the mid cap segment with the 16 stocks moving from the mid cap to the small cap segment. There are 3 recent listings that will enter the mid cap segment with over 18 joining the small cap segment.</p>
<p>Historically, the stocks migrating upward to a higher market cap segment have outperformed stocks that migrate to a lower market cap segment over the 1 month and 2 month period post the publishing of the AMFI list. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.</p>
</div>

The Indian mutual fund industry has assets of almost INR 6.6 trillion across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.
The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.
At the next recategorization in July 2021, we see 7 stocks moving from the mid cap segment to the large cap segment with an equal number of stocks moving the other way, and 13 stocks are expected to move from the small cap segment to the mid cap segment with the 16 stocks moving from the mid cap to the small cap segment. There are 3 recent listings that will enter the mid cap segment with over 18 joining the small cap segment.
Historically, the stocks migrating upward to a higher market cap segment have outperformed stocks that migrate to a lower market cap segment over the 1 month and 2 month period post the publishing of the AMFI list. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.


India: Stock Reclassification & Active Portfolio Management

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Thematic (Sector/Industry)

<p>The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. </p>
<p>Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.</p>

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

Forensic Accounting

<p><a href="https://www.smartkarma.com/entities/tanla-solutions-ltd" target="_blank" data-smartkarma-citation="entities:17422:1" rel="noopener">Tanla Solutions (TANS IN)</a> (now known as Tanla Platforms), is a tech company primarily engaged in cloud-based solutions. Its platforms are deployed with all major telecom operators in India, providing access to the entire subscriber base of the operators. The company also serves enterprise customers spread across a diverse spectrum of businesses including but not limited to BFSI, social media, e-commerce, government sector. </p><p>Through these insights, we highlight our preliminary forensic checks that hint out certain red flags which provide some kind of discomfort on the overall financial position of the company. It should also be noted that these checks are more like an overview and we do not dwell deep into the red flags.</p>

Tanla Solutions (TANS IN) (now known as Tanla Platforms), is a tech company primarily engaged in cloud-based solutions. Its platforms are deployed with all major telecom operators in India, providing access to the entire subscriber base of the operators. The company also serves enterprise customers spread across a diverse spectrum of businesses including but not limited to BFSI, social media, e-commerce, government sector. Through these insights, we highlight our preliminary forensic checks that hint out certain red flags which provide some kind of discomfort on the overall financial position of the company. It should also be noted that these checks are more like an overview and we do not dwell deep into the red flags.

India

Tanla Platforms Limited develops and markets computer software.  The Company develops software for wireless communications.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Tanla Platforms (TANS IN)

Tanla Platforms (Initiating Coverage): Version 2.0. BUY

Tanla is expected to grow strongly, based on: (1) continued growth in enterprise messaging volumes; (2) increasing Trubloq platform volumes (higher...

HDFC Securities

Nykaa IPO: Valuation Insights

Nykaa will launch its IPO on 28 October to raise gross proceeds of $691-714 million. Our valuation analysis suggests that the IPO price range is...

Arun George

India: Stock Reclassification & Active Portfolio Management

There are a lot of segment changes expected in July when AMFI recategorizes stocks and mutual funds start to rebalance their portfolios. We...

Brian Freitas

Review for the Year 2020

We review our entire cloud of insights covered in 2020, and give a snapshot of how did they pay out in the market, including future prospects.

Nitin Mangal

Tanla Platforms Limited- Forensic Review

Through these insights, we highlight our preliminary forensic checks that hint out certain red flags which provide some kind of discomfort on the...

Nitin Mangal

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)