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

Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

<ul><li>ICICI Securities research report onTata Power Tata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses.</li><li>It has built: a) Renewable assets of 10GW b) solar manufacturing of 4GW, c) solar EPC arm d) rooftop solar and e) is currently developing two pumped storage systems.</li><li>It also has the first mover advantage in electric vehicle charging market.</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.

ICICI Securities research report onTata Power Tata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses.It has built: a) Renewable assets of 10GW b) solar manufacturing of 4GW, c) solar EPC arm d) rooftop solar and e) is currently developing two pumped storage systems.It also has the first mover advantage in electric vehicle charging market.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.

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

<ul><li>ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after losses in the past 10-quarters.</li><li>We believe the company has reached healthy market share in low double-digits; it will now focus on its dual objectives of growing market share and profitability.</li><li>(2) Commencement of new plant for cables and wires will likely allow higher growth H2FY25 onwards.</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.

ICICI Securities research report onHavells We remain constructive on Havells given: (1) Lloyd reporting profits at EBIT level in Q4FY24, after losses in the past 10-quarters.We believe the company has reached healthy market share in low double-digits; it will now focus on its dual objectives of growing market share and profitability.(2) Commencement of new plant for cables and wires will likely allow higher growth H2FY25 onwards.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.

Havells - Multiple Growth Tailwinds over FY25-26

Fedbank Financial Services / Equity Bottom-Up

Fedbank Financial Services Limited provides consumer and commercial financial services. The Company offers loans for home, auto, car, gold, and personal purposes, as well as mortgage services. Fedbank Financial Services serves customers in India.

<ul><li>ICICI Securities research report onFedbank Financial Services Fedbank Financial services (Fedfina) delivered strong Q4FY24 financial performance as reflected in 14% QoQ AUM growth, with core NII growing 6% QoQ and credit cost moderating to 0.6% vs 0.9% QoQ.</li><li>Change in accounting policy on income recognition of DA portfolio to net basis vs gross basis earlier and lower assigned AUM in Q4FY24 temporarily impacted the top line.</li><li>The same resulted in negative income of INR 180mn (unwinding of DA income recognised in previous quarter) vs INR 165mn DA income in Q3FY24. Outlook As a result, net revenue fell 3% 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.

ICICI Securities research report onFedbank Financial Services Fedbank Financial services (Fedfina) delivered strong Q4FY24 financial performance as reflected in 14% QoQ AUM growth, with core NII growing 6% QoQ and credit cost moderating to 0.6% vs 0.9% QoQ.Change in accounting policy on income recognition of DA portfolio to net basis vs gross basis earlier and lower assigned AUM in Q4FY24 temporarily impacted the top line.The same resulted in negative income of INR 180mn (unwinding of DA income recognised in previous quarter) vs INR 165mn DA income in Q3FY24. Outlook As a result, net revenue fell 3% 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.

Fedbank Financial Services - Expect AUM Growth to Remain at 25%

YES BANK Limited provides banking services. The Bank offers deposits, personal loans, e-banking, trade finance, corporate, and business banking services. YES BANK serves the food and agribusiness, life sciences, healthcare, biotechnology, telecommunications, media, information technology, and infrastructure development industries in India.

<ul><li>ICICI Securities research report onYes Bank Yes Bank (YES) has reported in-line Q4FY24 PAT of INR 4.5bn, with RoA rising to 0.5%.</li><li>Loan growth was healthy at 5% QoQ but deposits growth was strong at 10% QoQ.</li><li>Stock of net NPA and net SR improved sharply to 1.1% vs 1.7% QoQ and 2.4% YoY.</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.

ICICI Securities research report onYes Bank Yes Bank (YES) has reported in-line Q4FY24 PAT of INR 4.5bn, with RoA rising to 0.5%.Loan growth was healthy at 5% QoQ but deposits growth was strong at 10% QoQ.Stock of net NPA and net SR improved sharply to 1.1% vs 1.7% QoQ and 2.4% YoY.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.

Yes Bank - Commendable Turnaround but Valuation Remains Expensive

Craftsman Automation Limited produces automobile parts. The Company offers gears, heavy parts, sheet metal equipment, special purpose machines, engineered components, and assembly. Craftsman Automation serves customers in India.

<ul><li>ICICI Securities research report onCraftsman Automation Craftsman Automation (CFTM)’s Q4FY24 EBITDA came in at INR 2.1bn, down 6% QoQ (vs consensus estimate of INR 2.4bn).</li><li>Powertrain (PT) segment’s EBITM at ~15% was ~300bps lower QoQ due to i) lower capacity utilisation on weaker off-take by domestic and global customers in CV segment, ii) development expenses for OHT/stationary engines segment and iii) refurbishment-related activities.</li><li>As against the likely weakness in domestic CV/tractor segment in FY25, management is confident of delivering mid-to-high single-digit growth in FY25 in PT segment with stronger focus on construction equipment and genset engine cylinder block demand.</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.

ICICI Securities research report onCraftsman Automation Craftsman Automation (CFTM)’s Q4FY24 EBITDA came in at INR 2.1bn, down 6% QoQ (vs consensus estimate of INR 2.4bn).Powertrain (PT) segment’s EBITM at ~15% was ~300bps lower QoQ due to i) lower capacity utilisation on weaker off-take by domestic and global customers in CV segment, ii) development expenses for OHT/stationary engines segment and iii) refurbishment-related activities.As against the likely weakness in domestic CV/tractor segment in FY25, management is confident of delivering mid-to-high single-digit growth in FY25 in PT segment with stronger focus on construction equipment and genset engine cylinder block demand.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.

Craftsman Automation - Going Through Consolidation

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.