External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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

<ul><li>United Breweries (UBBL) delivered revenue growth of 10% YoY (est. 12%), aided by policy changes in Andhra Pradesh (AP).</li><li>Volume growth was 8% YoY (est. 6%). The Premium portfolio continued to deliver strong performance, posting 33% YoY growth (27% in 2QFY25).</li><li>North, West, East and South regions reported volume growth of 16%, 4%, 3% and 8%, respectively. </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.

United Breweries (UBBL) delivered revenue growth of 10% YoY (est. 12%), aided by policy changes in Andhra Pradesh (AP).Volume growth was 8% YoY (est. 6%). The Premium portfolio continued to deliver strong performance, posting 33% YoY growth (27% in 2QFY25).North, West, East and South regions reported volume growth of 16%, 4%, 3% and 8%, respectively. 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.

United Breweries - Premiumization Trend Continues; Uncertainty on Margins

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>United Breweries resumed beer supplies in Telangana after earlier suspending them due to unprofitable pricing and unpaid dues.</li>
<li>Resolution ensures vital revenues for both state and brewery, while highlighting persistent regulatory and pricing hurdles in India’s top beer market.</li>
<li>This standoff reveals the leverage breweries hold in regulated regions, where strategic halts can push authorities toward fairer policies and improved business conditions.</li>
</ul>


United Breweries resumed beer supplies in Telangana after earlier suspending them due to unprofitable pricing and unpaid dues.
Resolution ensures vital revenues for both state and brewery, while highlighting persistent regulatory and pricing hurdles in India’s top beer market.
This standoff reveals the leverage breweries hold in regulated regions, where strategic halts can push authorities toward fairer policies and improved business conditions.


United Breweries On and Off with Telangana Government

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.

Budweiser Brewing  APAC  / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a>'s  performance could improve from 2H2024, driven by a likely recovery in China's premium beer market and favourable commodity prices.</li>
<li>Stock's upside potential from current price levels seem to outweigh downside risk.</li>
<li>With a high dividend payout and strong free cash flow generation, Budweiser trades at a 5% dividend yield and an 11% FCF yield.</li>
</ul>



Budweiser Brewing APAC (1876 HK)'s  performance could improve from 2H2024, driven by a likely recovery in China's premium beer market and favourable commodity prices.
Stock's upside potential from current price levels seem to outweigh downside risk.
With a high dividend payout and strong free cash flow generation, Budweiser trades at a 5% dividend yield and an 11% FCF yield.


Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Thematic (Sector/Industry)

<ul>
<li>Spirits brands continued growing through premium products, while brewers faced weaker demand due to heavy rains and pricing issues in some states.</li>
<li>India’s liquor market is expanding quickly, but uneven state rules and taxes are creating two separate growth paths- premium spirits rising, mass beer struggling.</li>
<li>The winning strategy is to move up the value chain and manage state regulations well. Premium brands with strong presence across states look best positioned ahead.</li>
</ul>


Spirits brands continued growing through premium products, while brewers faced weaker demand due to heavy rains and pricing issues in some states.
India’s liquor market is expanding quickly, but uneven state rules and taxes are creating two separate growth paths- premium spirits rising, mass beer struggling.
The winning strategy is to move up the value chain and manage state regulations well. Premium brands with strong presence across states look best positioned ahead.


Thematic Report on India’s Alcohol Market: Premiumization Trends and Regulatory Obstacles

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/oswal-pumps" target="_blank" data-smartkarma-citation="entities:43952:1" rel="noopener">Oswal Pumps (1019841D IN)</a> is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.</li>
<li>Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.</li>
</ul>



Oswal Pumps (1019841D IN) is looking to raise about US$162m in its upcoming India IPO. The deal has been downsized from an earlier size of around US$250m.
Oswal Pumps Ltd (OPL) specializes in the manufacturing of solar-powered and conventional pumps, electric motors, and related components for agricultural, residential, and industrial applications.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.


Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

India

United Breweries Limited manufactures alcoholic beverages. The Company produces beer, as well as offers malt liquor and other beverages. United Breweries serves customers worldwide.

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United Breweries (UBBL IN)

United Breweries - Premiumization Trend Continues; Uncertainty on Margins

Volume growth was 8% YoY (est. 6%). The Premium portfolio continued to deliver strong performance, posting 33% YoY growth (27% in 2QFY25).

Motilal Oswal

United Breweries On and Off with Telangana Government

United Breweries resumed beer supplies in Telangana after a standoff over pricing and unpaid dues, highlighting the power breweries have in...

Nimish Maheshwari

Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

Worst could be past - expect a likely recovery in China premium beer market in 2H2024 and ongoing commodity tail winds to uplift company's...

Devi Subhakesan

Thematic Report on India’s Alcohol Market: Premiumization Trends and Regulatory Obstacles

Premium spirits are thriving in India's liquor market, while mass beer struggles due to state regulations and taxes. Moving up the value chain and...

Sudarshan Bhandari

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

United Breweries - Premiumization Trend Continues; Uncertainty on Margins

Volume growth was 8% YoY (est. 6%). The Premium portfolio continued to deliver strong performance, posting 33% YoY growth (27% in 2QFY25).

Motilal Oswal

United Breweries On and Off with Telangana Government

​United Breweries resumed beer supplies in Telangana after a standoff over pricing and unpaid dues, highlighting the power breweries have in...

Nimish Maheshwari

Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

Worst could be past - expect a likely recovery in China premium beer market in 2H2024 and ongoing commodity tail winds to uplift company's...

Devi Subhakesan

Thematic Report on India’s Alcohol Market: Premiumization Trends and Regulatory Obstacles

​Premium spirits are thriving in India's liquor market, while mass beer struggles due to state regulations and taxes. Moving up the value chain and...

Sudarshan Bhandari

Oswal Pumps IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Oswal Pumps is looking to raise about US$162m in its upcoming India IPO. We have looked at the company’s past performance in our previous notes. In...

Akshat Shah

United Breweries resumed beer supplies in Telangana after a standoff over pricing and unpaid dues, highlighting the power breweries have in...

Premium spirits are thriving in India's liquor market, while mass beer struggles due to state regulations and taxes. Moving up the value chain and...