External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

Equity Bottom-Up

<ul><li>In our June-25 deep-dive on Trent, we highlighted (1) signs of fatigue in Westside and (2) Zudio’s peak efficiency, which kept us at bay from being constructive on an otherwise top-class franchise</li><li>Post a near 50% price correction (from peak to trough), it may perhaps be time to pivot as risk-reward turns favourable</li><li>However, we first test the inputs to operational KPIs (SSSG and store expansion) – (1) ~54% of the Zudio network has been added in the past 18 months, a lion’s share of these will be included in SSSG computation FY27 onwards, (2) 60% of incremental store adds (73 stores added) from FY25 to Oct-25 have come in under-retailed catchments of North and East (N and E) – another SSSG-friendly move, (3) Westside’s &gt;50% jump in memberships in FY25 may also provide a healthy SSSG lever, going forward, and (4) store expansion may still have legs (170-180 stores annually), given that 139 out of Zudio’s 225 district presence are catchments where number of stores are ≤ 5 and its store share (within value fashion peers) in these catchments is &gt;15%, indicating the lack of an alternative.</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>

In our June-25 deep-dive on Trent, we highlighted (1) signs of fatigue in Westside and (2) Zudio’s peak efficiency, which kept us at bay from being constructive on an otherwise top-class franchisePost a near 50% price correction (from peak to trough), it may perhaps be time to pivot as risk-reward turns favourableHowever, we first test the inputs to operational KPIs (SSSG and store expansion) – (1) ~54% of the Zudio network has been added in the past 18 months, a lion’s share of these will be included in SSSG computation FY27 onwards, (2) 60% of incremental store adds (73 stores added) from FY25 to Oct-25 have come in under-retailed catchments of North and East (N and E) – another SSSG-friendly move, (3) Westside’s &gt;50% jump in memberships in FY25 may also provide a healthy SSSG lever, going forward, and (4) store expansion may still have legs (170-180 stores annually), given that 139 out of Zudio’s 225 district presence are catchments where number of stores are ≤ 5 and its store share (within value fashion peers) in these catchments is &gt;15%, indicating the lack of an alternative.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.

トレント：方向転換の時だ！ADDにアップグレードしよう

Trent Ltd

トレント：方向転換の時だ！ADDにアップグレードしよう