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>Cadila Healthcare: Cadila's Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&amp;D and other expenses. The company expects its India business to grow in strong double digits in FY23. While it guides for a flattish FY23 in the US, it aspires to take US revenue to ~USD1bn (vs. ~USD800mn in FY22e) by FY24e. However, we believe this is far-fetched, given that it hinges on multiple factors like Moraiya resolution in CY22, normalised price erosion in FY23, and timely launch of two high-value products.</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>

Cadila Healthcare: Cadila's Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&amp;D and other expenses. The company expects its India business to grow in strong double digits in FY23. While it guides for a flattish FY23 in the US, it aspires to take US revenue to ~USD1bn (vs. ~USD800mn in FY22e) by FY24e. However, we believe this is far-fetched, given that it hinges on multiple factors like Moraiya resolution in CY22, normalised price erosion in FY23, and timely launch of two high-value products.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.

HSIE Results Daily: ITC, Titan, Dabur, GAIL (India), Cadila Healthcare, Emami, Balaji Amines, JK...

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 is looking to raise up to US$420m in its India IPO.</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 run the deal through our ECM framework and talk about the deal background.</li>
</ul>


Vedant Fashions is looking to raise up to US$420m in its India IPO.
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 run the deal through our ECM framework and talk about the deal background.


Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

<ul>
<li>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, we talk about the demand and trading dynamics.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, we talk about the demand and trading dynamics.


Metro Brands IPO Trading - Lukewarm Demand, Peers Have Corrected

<ul>
<li>Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. </li>
<li>As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.</li>
<li>In this note, we will undertake a peer comparison and talk about valuations.</li>
</ul>


Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO. 
As of Sep 21, it operated 598 stores across 136 cities spread across 30 states and union territories in India.
In this note, we will undertake a peer comparison and talk about valuations.


Metro Brands IPO - Don't See Any Reason to Pay a Premium

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

Edelweiss

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.

<p>Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.</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>

Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.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.

India

Titan Company Limited is an Indian fashion accessories company that primarily manufactures jewellery, watches, and eyewear. The company also offers fragrances, fashion accessories, and Indian dress wear under various brands. It is part of the Tata Group and was founded in 1984, with its corporate headquarters in Bengaluru, India.

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Titan (TTAN IN)

HSIE Results Daily: ITC, Titan, Dabur, GAIL (India), Cadila Healthcare, Emami, Balaji Amines, JK...

Cadila Healthcare: Cadila's Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&D and...

HDFC Securities

Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

Vedant Fashions is looking to raise up to US$420m in its India IPO. In this note we will talk about the company background and run the deal through...

Sumeet Singh

Metro Brands IPO Trading - Lukewarm Demand, Peers Have Corrected

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. In this...

Sumeet Singh

Metro Brands IPO - Don't See Any Reason to Pay a Premium

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO.

Sumeet Singh

Pick of the Week - Titan Company Limited

Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.

Edelweiss

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52-week Range

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HSIE Results Daily: ITC, Titan, Dabur, GAIL (India), Cadila Healthcare, Emami, Balaji Amines, JK...

Cadila Healthcare: Cadila&#x27;s Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&D and...

HDFC Securities

Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

Vedant Fashions is looking to raise up to US$420m in its India IPO. In this note we will talk about the company background and run the deal through...

Sumeet Singh

Metro Brands IPO Trading - Lukewarm Demand, Peers Have Corrected

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, raised around US$182m in its India IPO. In this...

Sumeet Singh

Metro Brands IPO - Don't See Any Reason to Pay a Premium

Metro Brands (MB), an Indian footwear retailer targeting the economy, mid and premium segments, aims to raise up to US$182m in its India IPO.

Sumeet Singh

Pick of the Week - Titan Company Limited

Titan was incorporated in 1984 as a JV between the TATA Group and TIDCO.

Edelweiss

Cadila Healthcare: Cadila's Q3 revenue/EBITDA missed our estimates by ~3%/9% due to lower-than-expected sales in India/EMs and higher R&D and...