Long-Term Drivers Intact The total hospitality industry in India currently comprises 212,000 rooms, translating to an industry size of ~Rs 82,000 Cr. The industry is projected to experience a CAGR of 10.5% over the next three financial years. This growth is expected to generate an annual incremental demand of Rs 8,200 Cr.
We believe Thangamayil Jewellery, a leading jewellery player in Tamil Nadu, is set to achieve 26%, 33%, and 41% revenue, EBITDA, and PAT CAGR, respectively, over FY24-27. This growth will be driven by the benefits of formalisation, accelerated store expansion, its value-for-money offerings, and the easy availability of capital at competitive interest rates
The dividend yield is computed based on the closing price of 29th August 2024. We have considered companies that have consistently paid dividend in the last 3 years – i.e FY24/CY23, FY23/CY22 and FY22/CY21. The * mark indicates data for FY23/CY22.
We recently met with MCX management. We gained more confidence in their strategic direction, which includes (1) launching new products such as monthly series and index options, (2) continuously enhancing the technology stack, and (3) focusing on increasing institutional participation and hedging activity on the platform
Archean Chemical Industries Ltd (ACIL) is the leading player in marine speciality chemicals manufacturing & exporting bromine, industrial Salts & SOP to its global customers. The company’s competitive edge in the global market is because of its low cost & high efficiency processes, making it unique & standout player amongst its competitors.
SENCO is one of the most promising players in the organized retail jewelry market. The company has a pan-India presence with a strong network in the east region (store/revenue mix of 75%/ 80%). SENCO operated a total of 165 stores across India, with 97 company-owned stores and 68 franchise stores as of Jun’24. SENCO holds ~4% market share in the eastern region, predominately in West Bengal, where 75% of its eastern region stores are located.
Model Portfolio: We are cutting weights on ICICI, KMB, Maruti, ABB, L&T, HDFC AMC and ITC. We are increasing weights on M&M, Ambuja Cement, Ultratech, Interglobe Aviation, Britannia Inds and LTI Mindtree. We are adding Indusind Bank in model portfolio while we remove Apollo Hospitals. We are increasing weights in Consumer, Cement, IT and Banks while cut weights in Capital Goods, Healthcare and AMC
Mphasis has rallied 25% in the last three months, fuelled by expectations of interest rate cuts in US and early signs of a recovery in US-BFS. We see Mphasis at an inflection point – where the factors that led to its underperformance over the last two years – are now likely to reverse, leading to outperformance. We are upgrading FY25E/26E EPS by 2%/4% and target valuation to 30x Sep-26 PE (from 27x) – on better growth visibility; upgrade to ‘BUY’ with a target price of INR3,500
Favorable market dynamics, flex seat demand to grow at 23.3% CAGR over 2023-26E, led by i. Sharp increase in the number of start-ups ii. Influx of GCCs given the strong, diverse and relatively low-cost talent pool iii. Rising need for a flexible workspace on hybrid mode of working, ‘return to office’, decentralization iv. Mutual commercial benefits of flex workspaces for both, owner and tenant v. Supply to lag demand growth, inventory set to grow at 16.6% CAGR over 2023-26E
In Q1FY25, the Pharma Coverage universe posted robust revenue growth of 11%/4% YoY/QoQ, driven by a strong domestic market, new launches (especially Darunavir, DDR D, gMyrbetriq, and gSpiriva), lower price erosion, gross margin expansion through cost optimization, and growth in the US base business portfolio. EBITDA margin improved by a healthy ~250bps/120bps YoY/QoQ amidst normalizing cost inflation and stabilizing prices.
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