External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>The company’s revenue grew 53% YoY (40% on a 4-year CAGR basis) to Rs 3,312 Cr led by increased footfalls, strong growth across categories and channels, and continued store expansion.</li><li>Its fashion concept registered encouraging LFL growth of 10% YoY. The company’s EBITDA grew by 86% YoY.</li><li>Its EBITDA margins expanded by 336bps YoY to 18.8% on account of strong operating leverage. </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.

The company’s revenue grew 53% YoY (40% on a 4-year CAGR basis) to Rs 3,312 Cr led by increased footfalls, strong growth across categories and channels, and continued store expansion.Its fashion concept registered encouraging LFL growth of 10% YoY. The company’s EBITDA grew by 86% YoY.Its EBITDA margins expanded by 336bps YoY to 18.8% on account of strong operating leverage. 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.

Trent Ltd - Juggernaut on a Roll; Strong Performance Continue – Maintain BUY

<ul><li>The company’s revenue grew 59% YoY (37% on a 4-year CAGR basis) to Rs 2,891 Cr, led by strong LTL growth of 10% (despite a challenging environment), increased footfalls, strong growth across categories and channels, and continued store expansion.</li><li>The company’s EBITDA grew by 72% YoY. Its EBITDA margins expanded by 119bps YoY to 15.9% despite gross margin pressure on account of strong operating leverage benefits.</li><li>However, increasing the share of the low-margin Zudio portfolio resulted in a gross margin decline of 230bps YoY to 44.7%. PAT was at Rs 290 Cr, up 56% YoY.</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.

The company’s revenue grew 59% YoY (37% on a 4-year CAGR basis) to Rs 2,891 Cr, led by strong LTL growth of 10% (despite a challenging environment), increased footfalls, strong growth across categories and channels, and continued store expansion.The company’s EBITDA grew by 72% YoY. Its EBITDA margins expanded by 119bps YoY to 15.9% despite gross margin pressure on account of strong operating leverage benefits.However, increasing the share of the low-margin Zudio portfolio resulted in a gross margin decline of 230bps YoY to 44.7%. PAT was at Rs 290 Cr, up 56% YoY.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.

Trent Ltd - Strong Performance; Rapid Store Expansion Leads Growth

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>Trent’s relentless focus on improving its value proposition is evident in its financials</li><li>Across formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have significantly decreased</li><li>That said, CMP suggests investors seem to have suspended disbelief regarding the sustenance of KPIs/earnings power because (1) Zudio’s sales density seems stretched at ~INR18k/sq ft</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.

Trent’s relentless focus on improving its value proposition is evident in its financialsAcross formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have significantly decreasedThat said, CMP suggests investors seem to have suspended disbelief regarding the sustenance of KPIs/earnings power because (1) Zudio’s sales density seems stretched at ~INR18k/sq ftContent 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.

Trent: Suspended disbelief! Maintain SELL

Trent - Suspended Disbelief! Maintain SELL

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>NSE Indices has continued to use the current index methodology to come up with the 5 adds/deletes. The proposed methodology seems to be put on ice for reasons unknown.</li>
<li>
<a href="https://www.smartkarma.com/entities/punjab-national-bank" target="_blank" data-smartkarma-citation="entities:542:1" rel="noopener">Punjab National Bank</a>, <a href="https://www.smartkarma.com/entities/shriram-transport-finance" target="_blank" data-smartkarma-citation="entities:253:1" rel="noopener">Shriram Transport Finance</a>, <a href="https://www.smartkarma.com/entities/trent-ltd" target="_blank" data-smartkarma-citation="entities:8410:1" rel="noopener">Trent</a>, <a href="https://www.smartkarma.com/entities/tvs-motor-co-ltd" target="_blank" data-smartkarma-citation="entities:16123:1" rel="noopener">TVS Motor</a> and <a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences</a> will replace <a href="https://www.smartkarma.com/entities/acc-ltd" target="_blank" data-smartkarma-citation="entities:183:1" rel="noopener">ACC</a>, <a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures</a>, <a href="https://www.smartkarma.com/entities/hdfc-asset-management-co-ltd" target="_blank" data-smartkarma-citation="entities:27027:1" rel="noopener">HDFC Asset Management</a>, <a href="https://www.smartkarma.com/entities/indus-towers-ltd" target="_blank" data-smartkarma-citation="entities:8922:1" rel="noopener">Indus Towers</a> and <a href="https://www.smartkarma.com/entities/page-industries-ltd" target="_blank" data-smartkarma-citation="entities:4940:1" rel="noopener">Page Industries</a>.</li>
<li>The adds, deletes, capping and funding changes will result in one-way turnover of 13% and in a one-way trade of INR 20.77bn. The impact on the adds/deletes is big.</li>
</ul>


NSE Indices has continued to use the current index methodology to come up with the 5 adds/deletes. The proposed methodology seems to be put on ice for reasons unknown.

Punjab National Bank, Shriram Transport Finance, Trent, TVS Motor and Zydus Lifesciences will replace ACC, FSN E-Commerce Ventures, HDFC Asset Management, Indus Towers and Page Industries.
The adds, deletes, capping and funding changes will result in one-way turnover of 13% and in a one-way trade of INR 20.77bn. The impact on the adds/deletes is big.


NIFTY NEXT50 Index Rebalance: Five Changes; Big Impact; Cross Index Flow

India

Trent Limited operates a chain of retail stores that sell fashion apparel, cosmetics, perfumery products and toiletry items. The Company sells apparel for men, women and children. Trent sells its cosmetics products under the "Westside" and "Trent" brand names.

Trent Ltd (TRENT IN)

Trent Ltd - Juggernaut on a Roll; Strong Performance Continue – Maintain BUY

The company’s revenue grew 53% YoY (40% on a 4-year CAGR basis) to Rs 3,312 Cr led by increased footfalls, strong growth across categories and...

Axis Direct

Trent Ltd - Strong Performance; Rapid Store Expansion Leads Growth

The company’s EBITDA grew by 72% YoY. Its EBITDA margins expanded by 119bps YoY to 15.9% despite gross margin pressure on account of strong...

Axis Direct

Trent: Suspended disbelief! Maintain SELL

Across formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have...

HDFC Securities

Trent - Suspended Disbelief! Maintain SELL

Across formats (Westside, Zudio and Star), the benefits of sourcing margins continue to be passed on to end consumers, and retailing costs have...

HDFC Securities

NIFTY NEXT50 Index Rebalance: Five Changes; Big Impact; Cross Index Flow

There are 5 changes for the NEXT50 Index as the existing methodology is used. Turnover is huge and there will be big impact on a lot of stocks....

Brian Freitas