External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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>CME segment drives growth</p><div><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>

CME segment drives growthContent 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.

<ul><li>We maintain our ‘Tactical Buy’ call on Tech Mahindra and raise TP to INR2,050 by rolling over to FY24 earnings estimate (from TP of INR1,670 earlier, refer September-2021 note).</li><li>Our thesis of pick up in 5G deal momentum aid to already strong growth momentum in the Enterprise segment driven by digitization along with stable margins is playing out along expected lines.</li><li>The company indicated that ~20% of Communications business is now 5G based and is likely to increase further. We estimate FY22E, FY23E and FY24E EPS to be INR62, INR73 and INR82, respectively. We maintain our ‘Tactical Buy’ call and raise target price to INR2,050.</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>

We maintain our ‘Tactical Buy’ call on Tech Mahindra and raise TP to INR2,050 by rolling over to FY24 earnings estimate (from TP of INR1,670 earlier, refer September-2021 note).Our thesis of pick up in 5G deal momentum aid to already strong growth momentum in the Enterprise segment driven by digitization along with stable margins is playing out along expected lines.The company indicated that ~20% of Communications business is now 5G based and is likely to increase further. We estimate FY22E, FY23E and FY24E EPS to be INR62, INR73 and INR82, respectively. We maintain our ‘Tactical Buy’ call and raise target price to INR2,050.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.

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.

<p>The company has been focusing on margin improvement as EBIT margins have improved 260 bps in FY21 vs. FY20. TechM also indicated that margin trajectory would continue to improve, going forward on elevated freshers...</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>

The company has been focusing on margin improvement as EBIT margins have improved 260 bps in FY21 vs. FY20. TechM also indicated that margin trajectory would continue to improve, going forward on elevated freshers...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.

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>As expected, the December review of the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a> sees <a href="https://www.smartkarma.com/entities/wipro-ltd" target="_blank" data-smartkarma-citation="entities:15360:1" rel="noopener">Wipro Ltd (WPRO IN)</a> added and <a href="https://www.smartkarma.com/entities/bajaj-auto-ltd" target="_blank" data-smartkarma-citation="entities:3613:1" rel="noopener">Bajaj Auto Ltd (BJAUT IN)</a> deleted.</li>
<li>Buying on Wipro is 2.5 days of ADV and 8.2 days of delivery volume, while selling on Bajaj Auto is 4.5 days of ADV and 8.9 days of delivery volume.</li>
<li>The overweight of the Information Technology sector in the Sensex gets even bigger and the Consumer Discretionary sector gets even more underweighted vs the BSE All Cap Index.</li>
</ul>


As expected, the December review of the S&amp;P BSE SENSEX Index (SENSEX INDEX) sees Wipro Ltd (WPRO IN) added and Bajaj Auto Ltd (BJAUT IN) deleted.
Buying on Wipro is 2.5 days of ADV and 8.2 days of delivery volume, while selling on Bajaj Auto is 4.5 days of ADV and 8.9 days of delivery volume.
The overweight of the Information Technology sector in the Sensex gets even bigger and the Consumer Discretionary sector gets even more underweighted vs the BSE All Cap Index.


SENSEX Dec 21 Index Rebalance: Wipro Added, Bajaj Auto Deleted

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

<p>We recommend a BUY rating on the stock and assign a 21x P/E multiple to the company's FY24E earnings of Rs 82.6/share to arrive at a TP of Rs 1,700/share. TP implies an upside of 12% from CMP.</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>

We recommend a BUY rating on the stock and assign a 21x P/E multiple to the company's FY24E earnings of Rs 82.6/share to arrive at a TP of Rs 1,700/share. TP implies an upside of 12% from CMP.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.

Tech Mahindra: Efficient Execution Leads To Better-Than-Expected Performance

India

Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

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Tech Mahindra (TECHM IN)

Tech Mahindra Ltd | Q3FY22 Result Update

CME segment drives growth

Edelweiss

Tech Mahindra Ltd | Company Update

We maintain our ‘Tactical Buy’ call on Tech Mahindra and raise TP to INR2,050 by rolling over to FY24 earnings estimate (from TP of INR1,670...

Edelweiss

Tech Mahindra

The company has been focusing on margin improvement as EBIT margins have improved 260 bps in FY21 vs. FY20. TechM also indicated that margin...

ICICI Securities Limited

SENSEX Dec 21 Index Rebalance: Wipro Added, Bajaj Auto Deleted

Wipro will be added to the Sensex in December while Bajaj Auto will be deleted. Impact on both stocks is over 8 days of delivery volume to trade....

Brian Freitas

Tech Mahindra: Efficient Execution Leads To Better-Than-Expected Performance

We recommend a BUY rating on the stock and assign a 21x P/E multiple to the company's FY24E earnings of Rs 82.6/share to arrive at a TP of Rs 1,700...

Axis Direct

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