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

<ul><li>Titan’s acquisition of a 67% stake in century-old Damas Jewellery, one of the largest retailer in the GCC with 146 stores, is a high margin of safety bet which gives Titan immediate regional dominance, access to a premium brand and broad customer base, and a platform that would have taken years to build organically</li><li>While Damas has faced a decade of financial stress including declining revenues, margin squeezes, and low profits, the acquisition, valued at AED 1,038mn with an effective EV/Sales (CY24) multiple of ~0.9x excluding the Graff monobrand sales, provides a steep margin of safety to stage a turnaround from</li><li>Through integration, operational discipline, and cross-brand synergies, Titan appears to be well-positioned to unlock profitability, drive growth, and solidify market leadership in the high-potential GCC jewellery market</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.

Titan’s acquisition of a 67% stake in century-old Damas Jewellery, one of the largest retailer in the GCC with 146 stores, is a high margin of safety bet which gives Titan immediate regional dominance, access to a premium brand and broad customer base, and a platform that would have taken years to build organicallyWhile Damas has faced a decade of financial stress including declining revenues, margin squeezes, and low profits, the acquisition, valued at AED 1,038mn with an effective EV/Sales (CY24) multiple of ~0.9x excluding the Graff monobrand sales, provides a steep margin of safety to stage a turnaround fromThrough integration, operational discipline, and cross-brand synergies, Titan appears to be well-positioned to unlock profitability, drive growth, and solidify market leadership in the high-potential GCC jewellery marketContent 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.

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Titan Company (TTAN) posted consolidated sales growth of 25% YoY in 3QFY25 (in line).</li><li>Standalone jewelry sales (excl. bullion) rose 26% YoY, driven by strong festive demand, higher gold prices, and a 29% surge in wedding purchases.</li><li>Studded jewelry grew 21% YoY, though its mix declined by 100bp YoY to 23%.</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.

Titan Company (TTAN) posted consolidated sales growth of 25% YoY in 3QFY25 (in line).Standalone jewelry sales (excl. bullion) rose 26% YoY, driven by strong festive demand, higher gold prices, and a 29% surge in wedding purchases.Studded jewelry grew 21% YoY, though its mix declined by 100bp YoY to 23%.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.

Titan Company - Steady Performance; EBIT Margin Guidance Intact

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line.</li><li>Jewelry retail growth improved to 28% vs 21% in Q2, led by SSG improving to 22% vs 15% in Q2.</li><li>Studded retail growth was also healthy, at 23%, aided by continued traction in the sub-100K Studded segment.</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.

TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line.Jewelry retail growth improved to 28% vs 21% in Q2, led by SSG improving to 22% vs 15% in Q2.Studded retail growth was also healthy, at 23%, aided by continued traction in the sub-100K Studded segment.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.

Titan Company - Robust Q3; Focus Is on Revenue-Led Earnings Growth; Maintain BUY

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

Singtel (Singapore Telecommunications) / Event-Driven

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kalyan-jewellers" target="_blank" data-smartkarma-citation="entities:29714:1" rel="noopener">Kalyan Jewellers (KALYANKJ IN)</a> Management paused INR 350-400 crore debt reduction after 90 days, now planning INR 2,700 crore capital consumption without clear justification.</li>
<li>Candere losses increased 5X while management admits e-commerce isn't their strength, yet continues expanding with new regional brand initiatives.</li>
<li>Stock trades at 44x P/E NTM above 3-year average despite questionable capital allocation and non-quantifiable efficiency claims from management.</li>
</ul>



Kalyan Jewellers (KALYANKJ IN) Management paused INR 350-400 crore debt reduction after 90 days, now planning INR 2,700 crore capital consumption without clear justification.
Candere losses increased 5X while management admits e-commerce isn't their strength, yet continues expanding with new regional brand initiatives.
Stock trades at 44x P/E NTM above 3-year average despite questionable capital allocation and non-quantifiable efficiency claims from management.


Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole

India

Titan Co. Ltd. manufactures and retails jewelry and watches. The Company also produces perfume for men and women.

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Titan Co Ltd (TTAN IN)

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE

We revise our FY27/28 revenue estimates by ~3% each, however, our EPS estimates remain unchanged. We maintain REDUCE with an unchanged DCF-based TP...

HDFC Securities

Titan Company - Steady Performance; EBIT Margin Guidance Intact

Standalone jewelry sales (excl. bullion) rose 26% YoY, driven by strong festive demand, higher gold prices, and a 29% surge in wedding purchases.

Motilal Oswal

Titan Company - Robust Q3; Focus Is on Revenue-Led Earnings Growth; Maintain BUY

TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line. Jewelry retail growth improved to 28% vs 21% in Q2, led...

Emkay

Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

We review how value is being unlocked in Singapore, why Indian jewellery retail merits due diligence, and Taiwan's largest ETF's impact on flows

Pranav Rao

Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole

Kalyan Jewellers pauses debt reduction, plans significant capital consumption without clear justification. Stock trades at high P/E despite...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Titan: Damas Bet: Heads It Wins, Tails It Doesn’t Lose Much. Maintain REDUCE

We revise our FY27/28 revenue estimates by ~3% each, however, our EPS estimates remain unchanged. We maintain REDUCE with an unchanged DCF-based TP...

HDFC Securities

Titan Company - Steady Performance; EBIT Margin Guidance Intact

Standalone jewelry sales (excl. bullion) rose 26% YoY, driven by strong festive demand, higher gold prices, and a 29% surge in wedding purchases.

Motilal Oswal

Titan Company - Robust Q3; Focus Is on Revenue-Led Earnings Growth; Maintain BUY

TTAN's Q3 EBITDA beat our estimate by 5%, helped by better margins as revenue came in line. Jewelry retail growth improved to 28% vs 21% in Q2, led...

Emkay

Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

We review how value is being unlocked in Singapore, why Indian jewellery retail merits due diligence, and Taiwan's largest ETF's impact on flows

Pranav Rao

Kalyan Jewellers (KALYANKJ IN) | The Capital Sinkhole

​Kalyan Jewellers pauses debt reduction, plans significant capital consumption without clear justification. Stock trades at high P/E despite...

Pranav Bhavsar

Kalyan Jewellers pauses debt reduction, plans significant capital consumption without clear justification. Stock trades at high P/E despite...