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.

Thematic (Sector/Industry)

<ul><li>Siemens: Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%</li><li>EBITDA margin was 12.8%(+148bps/-207bps YoY/QoQ) vs our estimate of 14.2%</li><li>SIL received new orders worth INR 62.5bn (+18/+17.1% YoY/QoQ), which is strong, considering the slowdown in bid/order process amid election season</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.

Siemens: Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%EBITDA margin was 12.8%(+148bps/-207bps YoY/QoQ) vs our estimate of 14.2%SIL received new orders worth INR 62.5bn (+18/+17.1% YoY/QoQ), which is strong, considering the slowdown in bid/order process amid election seasonContent 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: Siemens, Trent, Infoedge, Balkrishna Industries, Astral, Gujarat State Petronet

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles, Adani Enterprises, Grasim Industries, State Bank of India, ITC.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles, Adani Enterprises, Grasim Industries, State Bank of India, ITC.


NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</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.

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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.

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

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.

<ul><li>Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.</li><li>On the other hand, export-oriented themes are likely to showcase relatively weaker performance.</li><li>Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate 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.

Q1FY25 earnings season was marked by a) Robust PMI manufacturing and Services, b) Stronger E-way bill and GST collection, d) Heat waves and electricity demand, and e) Election campaigns and rallies. Domestic-facing sectors largely enjoyed the economic recovery backed by these factors and hence, margins may surprise positively.On the other hand, export-oriented themes are likely to showcase relatively weaker performance.Most of the domestic high-frequency indicators have trended higher during the quarter which is likely to translate into good demand momentum for the domestic corporate 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.

<ul><li>Consumer demand remain tepid: The discretionary demand remains tepid with a greater impact seen on QSR, while value segment has seen some recovery.</li><li>Premium vs. Value segment: While the premium segment remains strong, the value segment saw some recovery but remain a mixed bag.</li><li>Store expansion continues: Despite muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.</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.

Consumer demand remain tepid: The discretionary demand remains tepid with a greater impact seen on QSR, while value segment has seen some recovery.Premium vs. Value segment: While the premium segment remains strong, the value segment saw some recovery but remain a mixed bag.Store expansion continues: Despite muted environment, most companies in our coverage universe have maintained/increased store opening guidance as they move into smaller towns and long-term growth levers remain strong.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

Trent Limited is an Indian retail company and a part of the Tata Group, primarily engaged in the retailing of apparel, footwear, accessories, beauty products, and home decor. It operates various retail formats, including Westside for fashion and lifestyle, Zudio for value fashion, Utsa for Indian ethnic wear, and Star Bazaar for groceries. The company is headquartered in Mumbai, Maharashtra, India, and was originally incorporated in 1952 as Lakme Limited before being renamed Trent Limited in 1998.

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Trent (TRENT IN)

HSIE Results Daily: Siemens, Trent, Infoedge, Balkrishna Industries, Astral, Gujarat State Petronet

Siemens India Ltd (SIL) delivered weak standalone Q3FY24 revenue/EBITDA/APAT of INR 47.6/6.1/5.3bn, missing our estimates by 13.3/22.1/18.9%

HDFC Securities

NIFTY Index Earning Revision (Aug): Hindalco Industries, Tata Steel, Tata Motors Passenger Vehicles

We analyzed NIFTY's consensus for Aug 2026 and highlighted changes of EPS in Hindalco Industries (HNDL IN), Tata Steel (TATA IN), Tata Motors...

Ke Yan, CFA, FRM

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

Q1FY25 - Consolidated Earnings Preview

Based on our and consensus estimates, we forecast Nifty to deliver Revenue/EBITDA/PAT growth of 7.8%/3%/1.2% respectively for the quarter.

Axis Direct

Top Sector Ideas - Retail Q4FY24

Consumer demand remain tepid: The discretionary demand remains tepid with a greater impact seen on QSR, while value segment has seen some recovery.

Axis Direct

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