External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We have interacted with TTK Prestige's management</li><li>Management noted that demand is picking up, with festive season demand remaining critical to monitor, while product prices remain stable</li><li>Urban demand is decent, while rural is weak</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.

We have interacted with TTK Prestige's managementManagement noted that demand is picking up, with festive season demand remaining critical to monitor, while product prices remain stableUrban demand is decent, while rural is weakContent 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.

TTK Prestige: Driving Strategic Initiatives Amid Headwinds. Maintain REDUCE

Thematic (Sector/Industry)

<ul><li>Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing margins</li><li>IOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumes</li><li>Reported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x QoQ)</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.

Indian Oil Corporation: Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies/capacity and moderation in auto fuel marketing marginsIOCL’s Q2FY26 reported EBITDA at INR 146bn (+286.6% YoY, +15.7% QoQ) and APAT at INR76bn (+41.2x YoY, +33.8% QoQ) came in below our estimates due to lower-than-expected refining margin and marketing volumesReported GRMs came in at USD 10.66/bbl (+5.7x YoY, +3.9x QoQ)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: Indian Oil Corporation, TVS Motor, SRF...

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (LGEIL)</a> ’s USD 1.3 bn IPO, which opened on October 6, closes for subscription today, October 9, and is expected to list on October 14th.</li>
<li>LGEIL has secured Rs34.7 bn from anchor investors ahead of its Rs116.1 bn IPO, signaling a likely strong oversubscription at close today.</li>
<li>LGEIL IPO, priced at a steep discount to peers do not fully reflect company's comparative strengths - strong market leadership, high returns and growth potential. Expect listing pop of 30%+.</li>
</ul>



LG Electronics India (LGEIL) ’s USD 1.3 bn IPO, which opened on October 6, closes for subscription today, October 9, and is expected to list on October 14th.
LGEIL has secured Rs34.7 bn from anchor investors ahead of its Rs116.1 bn IPO, signaling a likely strong oversubscription at close today.
LGEIL IPO, priced at a steep discount to peers do not fully reflect company's comparative strengths - strong market leadership, high returns and growth potential. Expect listing pop of 30%+.


LG Electronics India IPO: The Good,The Bad and Valuations. Expect Listing Pop

<ul><li>Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflation</li><li>The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies</li><li>The focus is to improve field force productivity with new divisions for launches and expand market reach</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.

Torrent Pharma: EBITDA grew 13% YoY (in line with our/consensus estimates), with 11% YoY sales growth, led by 11% YoY growth in India, and 19% YoY growth in the US markets, steady gross margin, and moderate cost inflationThe company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapiesThe focus is to improve field force productivity with new divisions for launches and expand market reachContent 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: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries

India

TTK Prestige Limited manufactures a range of domestic appliances.  The Group's products include pressure cookers and non-stick cookware, stainless steel and glass vacuum flasks, and gas stoves.

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TTK Prestige (TTKPT IN)

TTK Prestige: Driving Strategic Initiatives Amid Headwinds. Maintain REDUCE

Management noted that demand is picking up, with festive season demand remaining critical to monitor, while product prices remain stable

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, TVS Motor, SRF...

Our REDUCE rating on Indian Oil Corporation (IOCL) with a target price of INR 150 is premised on margin pressure due to increasing petchem supplies...

HDFC Securities

LG Electronics India IPO: The Good,The Bad and Valuations. Expect Listing Pop

High-return operations, strong sector fundamentals, attractive IPO pricing, and robust anchor investor participation point to likely...

Devi Subhakesan

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries...

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

HSIE Results Daily: Torrent Pharma, Lodha, IndusInd Bank, Balkrishna Industries

The company expects: (1) India to outperform IPM growth, driven by price increases, steady volumes, and new launches in focused therapies

HDFC Securities

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