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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brands</li><li>TCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoIC</li><li>EBITDA grew 64% YoY to Rs 63.0 crore (93% of pre-Covid levels) with EBITDA margins expanding 300 bps YoY to 19.2% (Q3FY20: 20.6%) </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>

Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brandsTCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoICEBITDA grew 64% YoY to Rs 63.0 crore (93% of pre-Covid levels) with EBITDA margins expanding 300 bps YoY to 19.2% (Q3FY20: 20.6%) 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.

TCNS Clothing: Revenue Recovery Reaches 100% of Pre-Covid Levels

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

<ul>
<li>Vedant Fashions raised around US$420m in its India IPO. While insti demand was decent, retail investor gave it a miss. </li>
<li>It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.</li>
<li>In this note, we will talk about the trading updates and other deal dynamics.</li>
</ul>


Vedant Fashions raised around US$420m in its India IPO. While insti demand was decent, retail investor gave it a miss. 
It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.
In this note, we will talk about the trading updates and other deal dynamics.


Vedant Fashions IPO Trading - Liked by Instis While Retail Gave It a Miss

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vedant-fashions" target="_blank" data-smartkarma-citation="entities:34260:1" rel="noopener">Vedant Fashions</a>, owner of India's leading homegrown brand for premium ethnic wear for men - Manyavar, will launch its IPO on Feb 4th at a price range of Rs824-866/share.</li>
<li>The USD420 mn IPO suggests an equity valuation of USD2.8 bn implying forward P/E of around 70X at a premium to apparel peers but in line with consumer good companies.</li>
<li>The rapid growth in demand for premium ethnic-branded-wear for men have helped Vedant Fashions emerge as a segment leader with a pan India presence and attractive growth outlook.</li>
</ul>



Vedant Fashions, owner of India's leading homegrown brand for premium ethnic wear for men - Manyavar, will launch its IPO on Feb 4th at a price range of Rs824-866/share.
The USD420 mn IPO suggests an equity valuation of USD2.8 bn implying forward P/E of around 70X at a premium to apparel peers but in line with consumer good companies.
The rapid growth in demand for premium ethnic-branded-wear for men have helped Vedant Fashions emerge as a segment leader with a pan India presence and attractive growth outlook.


Vedant Fashions IPO: Regal Ware Deserves a Premium. India's Leading Men's Ethnic Apparel Brand Play.

<ul>
<li>Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space</li>
<li>Revenue recovery rate improved gradually to ~75% of pre-Covid levels in Q2FY22. Festive season witnessed healthy 100% revenue recovery rate</li>
<li>We maintain BUY recommendation on the stock. We value TCNS at Rs 1120 i.e. 4x FY24E EV/Sales</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>


Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space
Revenue recovery rate improved gradually to ~75% of pre-Covid levels in Q2FY22. Festive season witnessed healthy 100% revenue recovery rate
We maintain BUY recommendation on the stock. We value TCNS at Rs 1120 i.e. 4x FY24E EV/Sales

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.

TCNS Clothing: Building Levers for Sustainable Growth

<ul><li>TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brands</li><li>TCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoIC</li><li>We maintain BUY recommendation on the stock. We value TCNS at Rs 1120 i.e. 4x FY24E EV/Sales</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>

TCNS has emerged as the market leader in women’s ethnic space through its three popular home grown brandsTCNS follows an asset light business model, with production outsourced on a job work basis. This enables the company to generate high RoICWe maintain BUY recommendation on the stock. We value TCNS at Rs 1120 i.e. 4x FY24E EV/SalesContent 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.

India

TCNS Clothing Co. Limited is an Indian company that designs, manufactures, markets, and retails women's apparel and accessories. It offers a portfolio of products including top wear, bottom wear, drapes, combination sets, and accessories across brands like W, Aurelia, Elleven, and Wishful, catering to everyday, casual, work, and occasion wear. The company was founded in New Delhi in 1997.

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TCNS Clothing Co. (TCNSBR IN)

TCNS Clothing: Revenue Recovery Reaches 100% of Pre-Covid Levels

EBITDA grew 64% YoY to Rs 63.0 crore (93% of pre-Covid levels) with EBITDA margins expanding 300 bps YoY to 19.2% (Q3FY20: 20.6%)

ICICI Securities Limited

Vedant Fashions IPO Trading - Liked by Instis While Retail Gave It a Miss

Vedant Fashions raised around US$420m in its India IPO. While institutional demand was decent, retail investor gave it a miss.

Sumeet Singh

Vedant Fashions IPO: Regal Ware Deserves a Premium. India's Leading Men's Ethnic Apparel Brand Play.

A niche player in the premium Indian ethnic wear segment with clear leadership in the men's category. Superior operating margins, return ratios,...

Devi Subhakesan

TCNS Clothing: Building Levers for Sustainable Growth

Given its multi-distribution channel approach and robust supply chain infrastructure, TCNS has emerged as the market leader in women’s ethnic space

ICICI Securities Limited

TCNS Clothing: Building Levers for Sustainable Growth

Revenue recovery rate improved gradually to ~75% of pre-Covid levels in Q2FY22. Festive season witnessed healthy 100% revenue recovery rate On the...

ICICI Securities Limited

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