External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor any sign of further deceleration.</li><li>On the other hand, demand momentum in B2B portfolio has sustained.</li><li>However, challenges witnessed in the past 12 months is expected to near its end (inflation, fan rating change). </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.

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor any sign of further deceleration.On the other hand, demand momentum in B2B portfolio has sustained.However, challenges witnessed in the past 12 months is expected to near its end (inflation, fan rating change). 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 Durables: Unchanged demand trend, margin likely bottoming out

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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/r-r-kabel" target="_blank" data-smartkarma-citation="entities:39810:1" rel="noopener">R R Kabel (2333180Z IN)</a> raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th Sep 2023.</li>
<li>R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).</li>
<li>We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.</li>
</ul>



R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th Sep 2023.
R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
We have looked at various aspects of the deal in our previous notes. In this note, we talk about demand and trading dynamics.


R R Kabel IPO Trading - Average Subscription Rates but Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/r-r-kabel" target="_blank" data-smartkarma-citation="entities:39810:1" rel="noopener">R R Kabel (2333180Z IN)</a> is looking to raise up to US$238m in its India IPO.</li>
<li>R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).</li>
<li>In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.</li>
</ul>



R R Kabel (2333180Z IN) is looking to raise up to US$238m in its India IPO.
R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG).
In our previous notes, we looked at the company’s past performance. In this note, we undertake a quick peer comparison and share our thoughts on valuation.


R R Kabel IPO - Peer Comp & Thoughts on Valuation - Fifth in Market Share but First in Sales Growth

<ul><li>In Q1FY24, the HSIE CD index revenue (ex-OEM) grew by 11% YoY (+9% four-year CAGR)</li><li>The growth was largely led by C&amp;W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and export tailwinds</li><li>Ex of C&amp;W, performance remained weak, given (1) high inflation impacting demand and (2) erratic weather impacting the sale of cooling products in April-May (June saw some recovery)</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.

In Q1FY24, the HSIE CD index revenue (ex-OEM) grew by 11% YoY (+9% four-year CAGR)The growth was largely led by C&amp;W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and export tailwindsEx of C&amp;W, performance remained weak, given (1) high inflation impacting demand and (2) erratic weather impacting the sale of cooling products in April-May (June saw some recovery)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 Durables: Recovery visible on growth and margin

<ul><li>Trent: Trent's topline growth continues to be stellar</li><li>Standalone revenue grew 53.5% YoY to INR25.4bn (HSIE: INR21.4bn)</li><li>Zudio continues to anchor this exceptional growth. All fashion formats delivered 12% SSSG</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: Trent's topline growth continues to be stellarStandalone revenue grew 53.5% YoY to INR25.4bn (HSIE: INR21.4bn)Zudio continues to anchor this exceptional growth. All fashion formats delivered 12% SSSGContent 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: Trent, V-Guard Industries, CDSL

India

V-Guard Industries Limited produces and manufacturers stabilizers, pumps, cables, fans, and electrical and solar water heaters.

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V-Guard Industries Ltd (VGRD IN)

Consumer Durables: Unchanged demand trend, margin likely bottoming out

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor...

HDFC Securities

R R Kabel IPO Trading - Average Subscription Rates but Strong Insti Demand

R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th...

Ethan Aw

Consumer Durables: Recovery visible on growth and margin

The growth was largely led by C&W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and...

HDFC Securities

HSIE Results Daily: Trent, V-Guard Industries, CDSL

Standalone revenue grew 53.5% YoY to INR25.4bn (HSIE: INR21.4bn). Zudio continues to anchor this exceptional growth. All fashion formats delivered...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Consumer Durables: Unchanged demand trend, margin likely bottoming out

With Q2 being one of the weakest quarters for the industry, neither is there any real sequential improvement seen in B2C demand environment, nor...

HDFC Securities

R R Kabel IPO Trading - Average Subscription Rates but Strong Insti Demand

R R Kabel (2333180Z IN) raised around US$238m in its India IPO, after the deal was priced at INR1,035/share. It will begin trading tomorrow on 20th...

Ethan Aw

R R Kabel IPO - Peer Comp & Thoughts on Valuation - Fifth in Market Share but First in Sales Growth

R R Kabel (2333180Z IN) is looking to raise up to US$238m in its India IPO. In this note, we undertake a quick peer comparison and share our...

Ethan Aw

Consumer Durables: Recovery visible on growth and margin

The growth was largely led by C&W categories, which grew by 29% YoY (18% four-year CAGR), given sustained momentum in domestic infra/industrial and...

HDFC Securities

HSIE Results Daily: Trent, V-Guard Industries, CDSL

Standalone revenue grew 53.5% YoY to INR25.4bn (HSIE: INR21.4bn). Zudio continues to anchor this exceptional growth. All fashion formats delivered...

HDFC Securities