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>IT sector is expected to post a soft Q4 on increased macro uncertainty</li><li>We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic</li><li>Deal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clients</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.

IT sector is expected to post a soft Q4 on increased macro uncertaintyWe expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organicDeal flow is expected to be strongly supported by increased cost optimisation deals and vendor consolidation by enterprise clientsContent 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.

IT (Q4FY23E Results Preview) - Soft Quarter; Outlook Holds the Key

Equity Long-Short Analyst

Pyari Menon

<ul>
<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/tata-consultancy-svcs-ltd" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Svcs (TCS IN)</a> , <a href="https://www.smartkarma.com/entities/lg-chem-ltd" target="_blank" data-smartkarma-citation="entities:3583:1" rel="noopener">LG Chem Ltd (051910 KS)</a> and <a href="https://www.smartkarma.com/entities/cj-cheiljedang-corp" target="_blank" data-smartkarma-citation="entities:1970:1" rel="noopener">CJ Cheiljedang (097950 KS)</a>   </li>
<li>For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms</li>
<li>For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%</li>
</ul>


The three companies we write about this week are Tata Consultancy Svcs (TCS IN) , LG Chem Ltd (051910 KS) and CJ Cheiljedang (097950 KS)   
For the nineteen weeks since inception ended 31 March the combined innovation portfolio was +2.4%, versus DJIA -1.4%, S&amp;P500 +3.6%, Nasdaq +9.7%, Russell2000 -2.6%, MSCI-ACWI-ETF +4.9%, all in US$ terms
For the nineteen since inception ended 31 March the small cap portfolio was up 8.0%, the mid cap portfolio was up 3.2% and the large cap portfolio was up 2.1%


The Innovations Portfolios - Week Nineteen

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.</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.

We hosted over 15 companies at the HDFC Securities’ 7th annual IT conferenceKey takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact (2) improved outlook on Europe geography (relative to earlier pessimism) (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.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.

IT Sector: Looking beyond near-term macro stress

<ul><li>We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference.</li><li>Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.</li><li>We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.</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.

We hosted over 15 companies at the HDFC Securities’ 7th annual IT conference.Key takeaways include the following: (1) mixed near-term outlook on increased macro risk, but medium-term drivers for the technology upgrade cycle are intact; (2) improved outlook on Europe geography (relative to earlier pessimism); (3) higher cost optimisation deals in the pipeline that has implications on deal bookings, margins but is expected to be net positive; and (4) upward bias to margins due to favourable outlook and trend on the cost of delivery and optimisation levers.We prefer Infosys, LTI Mindtree and Persistent Systems from our coverage universe.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.

IT Sector - Looking Beyond Near-Term Macro Stress

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

National Stock Exchange of India / Equity Capital Markets

National Stock Exchange of India (NSE IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/national-stock-exchange" target="_blank" data-smartkarma-citation="entities:23751:1" rel="noopener">National Stock Exchange (NSEIN IN)</a> is looking to raise upto US$2.5bn in its India IPO.</li>
<li>NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.</li>
<li>We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.</li>
</ul>



National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO.
NSE operates electronic platforms for trading equities, derivatives, currencies, and debt securities, also earning revenue from clearing and settlement services, market data, index licensing, listing fees, connectivity, and technology services.
We have looked at the company’s past performance in our previous note. In this note, we will undertake a peer comparison.


Aequitas:  NSE Pre-IPO - Peer Comparison

India

Tata Consultancy Services (TCS) is an Indian multinational information technology (IT) services and consulting company. It offers a comprehensive portfolio of services including IT infrastructure services, engineering and industrial services, business intelligence, and cloud services, along with various business solutions to multiple industries. TCS is headquartered in Mumbai, Maharashtra, India, and was founded in 1968.

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Tata Consultancy Services (TCS IN)

IT (Q4FY23E Results Preview) - Soft Quarter; Outlook Holds the Key

We expect tier-1 IT to post growth in the range of -2% to +1% QoQ and mid-tier IT to post growth in the range of -1.4% to 2.6% QoQ CC organic

HDFC Securities

The Innovations Portfolios - Week Nineteen

For the nineteen since inception ended 31 March the innovation small cap portfolio was up 8.0%, the innovation mid cap portfolio was up 3.2% and...

Pyari Menon

IT Sector: Looking beyond near-term macro stress

BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.

HDFC Securities

IT Sector - Looking Beyond Near-Term Macro Stress

BFSI vertical and Hi-Tech vertical can be soft in the near term on delayed decision-making and rationalisation of discretionary tech spend.

HDFC Securities

Aequitas: NSE Pre-IPO - Peer Comparison

National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. In this note, we undertake a peer comparison.

Sumeet Singh

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