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>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisation</li><li>Q1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other income</li><li>Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 print</li></ul><p><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></p>

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisationQ1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other incomeCrude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 printContent 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: ONGC, Trent, Phoenix Mills, Fine Organic Industries

<ul><li>Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue/EBITDA CAGRs of 16/11% resp)</li><li>F&amp;G, jewellery, paints, apparel, and footwear are expected to clock 19%, 25%, 15%, 8%, and 2% (3-year CAGRs)</li><li>Ticket sizes in retail, though normalising, remain elevated vs pre-COVID levels.</li></ul><p><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></p>

Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue/EBITDA CAGRs of 16/11% resp)F&amp;G, jewellery, paints, apparel, and footwear are expected to clock 19%, 25%, 15%, 8%, and 2% (3-year CAGRs)Ticket sizes in retail, though normalising, remain elevated vs pre-COVID levels.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 Discretionary -  Margin Recovery to Lag that in Topline

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.

Equity Bottom-Up

<div><div><div><div><ul><li>Despite the adverse impact of COVID-19 over the last two years, Trent’s standalone revenue/PAT reported an encouraging CAGR of 11%/27% over FY20 to reach INR39b/INR2.5b, respectively, which was by far the best among peers.</li><li>However, due to the increased losses in its subsidiary (Booker India), Trent’s consolidated PAT (post-minority interest) contracted to INR346m in FY22 from INR1.0b in FY20.</li><li>Consolidated EBITDA (Pre IND-AS 116) posted a 7% CAGR to INR2.3b over FY20-22.</li></ul></div></div></div></div><p><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></p>

Despite the adverse impact of COVID-19 over the last two years, Trent’s standalone revenue/PAT reported an encouraging CAGR of 11%/27% over FY20 to reach INR39b/INR2.5b, respectively, which was by far the best among peers.However, due to the increased losses in its subsidiary (Booker India), Trent’s consolidated PAT (post-minority interest) contracted to INR346m in FY22 from INR1.0b in FY20.Consolidated EBITDA (Pre IND-AS 116) posted a 7% CAGR to INR2.3b over FY20-22.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.

Index Rebal Trades & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Index Rebal Trades & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. </li>
<li>There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. </li>
<li>These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.</li>
</ul>


After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. 
There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. 
These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.


S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

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.

<div><div><div><div><ul><li>Standalone revenue grew 53% YoY to Rs11.9bn on low base and robust store additions, but dipped 12% QoQ as business was impacted in Jan/Feb’22 by the third wave of the pandemic.</li></ul><div><div><div><ul><li>Online revenue grew 74% YoY in FY22, with 7% of Westside revenue coming through online channels.</li></ul><div><div><div><div><ul><li>Accelerated store expansion plans: The company added 26 Westside stores in FY22, taking the total Westside store count to 200.</li></ul></div></div></div></div></div></div></div></div></div></div></div><p><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></p>

Standalone revenue grew 53% YoY to Rs11.9bn on low base and robust store additions, but dipped 12% QoQ as business was impacted in Jan/Feb’22 by the third wave of the pandemic.Online revenue grew 74% YoY in FY22, with 7% of Westside revenue coming through online channels.Accelerated store expansion plans: The company added 26 Westside stores in FY22, taking the total Westside store count to 200.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 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.

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Trent Ltd (TRENT IN)

HSIE Results Daily: ONGC, Trent, Phoenix Mills, Fine Organic Industries

Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a...

HDFC Securities

Consumer Discretionary - Margin Recovery to Lag that in Topline

Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue...

HDFC Securities

Trent - Pursuing Aggressive Growth

Despite the adverse impact of COVID-19 over the last two years, Trent’s standalone revenue/PAT reported an encouraging CAGR of 11%/27% over FY20 to...

Motilal Oswal

S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

S&P BSE Index changes for June 2022 were announced last week. No changes for SENSEX. 7 Adds/Deletes for BSE 100 including some negative and...

Janaghan Jeyakumar, CFA

Trent Ltd - Earnings Upgrade Continues

Trent’s Q4FY22 revenue of Rs11.9bn (up 53% YoY) was ahead of our / consensus estimates, while EBITDA of Rs1.52bn was below our expectation owing to...

ICICI Securities Limited

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