External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Trent is India’s leading retailer with a presence across various consumer categories (400+ stores)</li><li>Inherent strength of brands (Westside, Zudio, Star, Zara) and accelerated store additions have led Trent to be among the fastest growing companies in our retail coverage universe</li><li>Westside' (75% of revenues) has proven to be one of the most profitable business models as it primarily focuses on selling private label brands </li></ul><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>

Trent is India’s leading retailer with a presence across various consumer categories (400+ stores)Inherent strength of brands (Westside, Zudio, Star, Zara) and accelerated store additions have led Trent to be among the fastest growing companies in our retail coverage universeWestside' (75% of revenues) has proven to be one of the most profitable business models as it primarily focuses on selling private label brands 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: Another Quarter of Industry Leading Revenue Growth

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>Trent Ltd. is a part of the Tata Group of companies and has been an early entrant in India’s organized Retail sector.</li>
<li>Trent primarly operates stores through 5 formats namely. In Fashion Retail it functions through stores Westside, Zudio (value fashion retail), Zara JV (premium fashion retail).</li>
<li>Trent Hypermarket operates in the competitive food, grocery and daily needs segment under the Star Bazaar JV and Landmark Stores, a family entertainment format store.</li>
</ul>
<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>


Trent Ltd. is a part of the Tata Group of companies and has been an early entrant in India’s organized Retail sector.
Trent primarly operates stores through 5 formats namely. In Fashion Retail it functions through stores Westside, Zudio (value fashion retail), Zara JV (premium fashion retail).
Trent Hypermarket operates in the competitive food, grocery and daily needs segment under the Star Bazaar JV and Landmark Stores, a family entertainment format store.

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.

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.

<p>TRENT saw a strong recovery in revenue (beating our estimate, up 2.3x YoY, and 25% above pre-COVID or 2QFY20 levels) on the back of a 46% addition in its store footprint. On a LTL basis, sales came in ~20% below pre-COVID levels. Westside/Zudio grew 3%/3x from its pre-COVID base. EBITDA/PAT saw a strong 67%/3.3x jump from pre-COVID levels. Despite revenue being below pre-COVID levels on a LTL basis, margin has been much better. Zudio has grown 3x in the last two years, despite the impact of the COVID-19 outbreak, and is expected to contribute over onethird by FY23E.</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>

TRENT saw a strong recovery in revenue (beating our estimate, up 2.3x YoY, and 25% above pre-COVID or 2QFY20 levels) on the back of a 46% addition in its store footprint. On a LTL basis, sales came in ~20% below pre-COVID levels. Westside/Zudio grew 3%/3x from its pre-COVID base. EBITDA/PAT saw a strong 67%/3.3x jump from pre-COVID levels. Despite revenue being below pre-COVID levels on a LTL basis, margin has been much better. Zudio has grown 3x in the last two years, despite the impact of the COVID-19 outbreak, and is expected to contribute over onethird by FY23E.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.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Shanghai Stock Exchange Composite Index / Technical Analysis

<p>While there are always exceptions at the individual stock level, MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs of positive change and we recommend adding exposure to emerging markets and Japan.</p>

While there are always exceptions at the individual stock level, MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs of positive change and we recommend adding exposure to emerging markets and Japan.

Buying Opportunities Within Emerging Markets and Japan; US Dollar Failing At 93.50

<p>We maintain our SOTP based TP to Rs 990 (Rs 790, previously) and maintain our current rating to HOLD given the negative impact of the second COVID-19 wave leading to lockdowns across states.</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>

We maintain our SOTP based TP to Rs 990 (Rs 790, previously) and maintain our current rating to HOLD given the negative impact of the second COVID-19 wave leading to lockdowns across states.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: Lockdown Impacts Operations; Recovery Stands Protracted

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)

Trent Ltd: Another Quarter of Industry Leading Revenue Growth

Westside' (75% of revenues) has proven to be one of the most profitable business models as it primarily focuses on selling private label brands...

ICICI Securities Limited

Pick of the Week: Trent Ltd.

Trent Ltd. is a part of the Tata Group of companies and has been an early entrant in India’s organized Retail sector.Trent Ltd. is a part of the...

Axis Direct

Aggressive store additions drive growth

TRENT saw a strong recovery in revenue (beating our estimate, up 2.3x YoY, and 25% above pre-COVID or 2QFY20 levels) on the back of a 46% addition...

Motilal Oswal

Buying Opportunities Within Emerging Markets and Japan; US Dollar Failing At 93.50

MSCI Emerging Markets (EEM-US) and Japan (TOPIX, TOPIX Small) have been some of the weaker areas to invest throughout 2021. We now see early signs...

Vermilion Research

Trent: Lockdown Impacts Operations; Recovery Stands Protracted

We maintain our SOTP based TP to Rs 990 (Rs 790, previously) and maintain our current rating to HOLD given the negative impact of the second COVID...

Axis Direct

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