Motilal Oswal

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​Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance. 

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

Abhijit Tibrewal
  • Abhijit Tibrewal
EUR 120.00
HOMEFIRST Home First Fina...

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained im...

HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality (HOMEFIRS IN, Mkt Cap USD0.9b, CMP INR802, TP INR1025, 28% Upside, Buy) HomeFirst’s 2QFY23 PAT grew 21% YoY/6% QoQ to INR543m (in-line). Credit costs grew 37% QoQ to INR50m (MOFSLe: INR31m). Underlying this, the NII grew 58% YoY to ~INR1b (in-line). ‘Other income’ grew 13% QoQ, driven primarily by higher treasury gains and investment income. Opex was 7% higher than estimated and grew 47% YoY and 14% QoQ...

HOMEFIRST HOME FIRST FINANCE COMPANY INDIA
10/21/22 October 21, 2022 12 EN
Aliasgar Shakir
  • Aliasgar Shakir
EUR 120.00
SHOPERSTOP SHOPPERS STOP

MOSL : SHOPPERS STOP: Ticking the right boxes

.  SHOPPERS STOP: Ticking the right boxes (SHOP IN, Mkt Cap USD1b, CMP INR780, TP INR805, 3% Upside, Neutral) Aided by price hikes, SHOP reported a healthy 19% revenue growth in 2QFY23 from pre-COVID levels (8% beat) on healthy (+10%) SSSG and sustained volumes. EBITDA grew 2.3x YoY (22% over pre-COVID levels), with a 540bp margin improvement. 1) A strong recovery in revenue, backed by an improved pricing; 2) expansion within the Beauty and Private Label segment; and 3) healthy annual 12/15...

10/21/22 October 21, 2022 13 EN
Tushar Manudhane
  • Tushar Manudhane
EUR 120.00
ERIS Eris Lifescienc...

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-rela...

ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities (ERIS IN, Mkt Cap USD1.2b, CMP INR708, TP INR860, 21% Upside, Buy) Eris Lifesciences (ERIS) delivered better than expected 2QFY23 performance, led by superior traction in new launches and improved operating leverage. ERIS is notonly sustaining the momentum in its recently launched products, but it is also preparing itself for an aggressive pace of new introductions. We reiterate our earnings estimate for FY23/FY24 ...

ERIS ERIS LIFESCIENCES
10/21/22 October 21, 2022 11 EN
Prayesh Jain
  • Prayesh Jain
EUR 120.00
IIFLWAM IIFL Wealth Man...

MOSL : IIFL WEALTH: Revenue in line; PAT misses

.  IIFL WEALTH: Revenue in line; PAT misses by 3% (IIFLWAM IN, Mkt Cap USD2b, CMP INR1822, TP INR2300, 26% Upside, Buy) IIFL Wealth (IIFLWAM)’s PAT increased 20% YoY and 10% QoQ to INR1.7b (3% miss) in 2QFY23. The miss on profitability was led by 4% higher-than-estimated operating expenses (OPEX; up 7% QoQ). The sequential increase in OPEX was attributable to a sharp 18% rise in variable employee expenses. Administration costs grew 12% QoQ. The cost/income (C/I) ratio of IIFLWAM contracted...

IIFLWAM IIFL WEALTH MANAGEMENT
10/21/22 October 21, 2022 10 EN
Swarnendu Bhushan
  • Swarnendu Bhushan
EUR 120.00

MOSL : CLEAN SCIENCE & TECHNOLOGY: Remains confident in the new serie...

CLEAN SCIENCE & TECHNOLOGY: Remains confident in the new series of products (CLEAN IN, Mkt Cap USD2.1b, CMP INR1610, TP INR1589, 1% Downside, Neutral) CLEAN reported a beat on our EBITDA estimate, while gross margin expanded to 62.5% (est. 59.2%). EBITDAM was flat at 39.4% (v/s 39% in 1QFY23). The Performance and FMCG Chemicals segment performed better QoQ, led by increased realizations across all products. Input prices remain volatile and a short-term concern for the company. The prices of...

10/21/22 October 21, 2022 10 EN
Abhijit Tibrewal
  • Abhijit Tibrewal
EUR 120.00
HOMEFIRST Home First Fina...

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained im...

HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality (HOMEFIRS IN, Mkt Cap USD0.9b, CMP INR802, TP INR1025, 28% Upside, Buy) HomeFirst’s 2QFY23 PAT grew 21% YoY/6% QoQ to INR543m (in-line). Credit costs grew 37% QoQ to INR50m (MOFSLe: INR31m). Underlying this, the NII grew 58% YoY to ~INR1b (in-line). ‘Other income’ grew 13% QoQ, driven primarily by higher treasury gains and investment income. Opex was 7% higher than estimated and grew 47% YoY and 14% QoQ...

HOMEFIRST HOME FIRST FINANCE COMPANY INDIA
10/21/22 October 21, 2022 12 EN
Aliasgar Shakir
  • Aliasgar Shakir
EUR 120.00
SHOPERSTOP SHOPPERS STOP

MOSL : SHOPPERS STOP: Ticking the right boxes

.  SHOPPERS STOP: Ticking the right boxes (SHOP IN, Mkt Cap USD1b, CMP INR780, TP INR805, 3% Upside, Neutral) Aided by price hikes, SHOP reported a healthy 19% revenue growth in 2QFY23 from pre-COVID levels (8% beat) on healthy (+10%) SSSG and sustained volumes. EBITDA grew 2.3x YoY (22% over pre-COVID levels), with a 540bp margin improvement. 1) A strong recovery in revenue, backed by an improved pricing; 2) expansion within the Beauty and Private Label segment; and 3) healthy annual 12/15...

10/21/22 October 21, 2022 13 EN
Tushar Manudhane
  • Tushar Manudhane
EUR 120.00
ERIS Eris Lifescienc...

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-rela...

ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities (ERIS IN, Mkt Cap USD1.2b, CMP INR708, TP INR860, 21% Upside, Buy) Eris Lifesciences (ERIS) delivered better than expected 2QFY23 performance, led by superior traction in new launches and improved operating leverage. ERIS is notonly sustaining the momentum in its recently launched products, but it is also preparing itself for an aggressive pace of new introductions. We reiterate our earnings estimate for FY23/FY24 ...

ERIS ERIS LIFESCIENCES
10/21/22 October 21, 2022 11 EN
Prayesh Jain
  • Prayesh Jain
EUR 120.00
IIFLWAM IIFL Wealth Man...

MOSL : IIFL WEALTH: Revenue in line; PAT misses

.  IIFL WEALTH: Revenue in line; PAT misses by 3% (IIFLWAM IN, Mkt Cap USD2b, CMP INR1822, TP INR2300, 26% Upside, Buy) IIFL Wealth (IIFLWAM)’s PAT increased 20% YoY and 10% QoQ to INR1.7b (3% miss) in 2QFY23. The miss on profitability was led by 4% higher-than-estimated operating expenses (OPEX; up 7% QoQ). The sequential increase in OPEX was attributable to a sharp 18% rise in variable employee expenses. Administration costs grew 12% QoQ. The cost/income (C/I) ratio of IIFLWAM contracted...

IIFLWAM IIFL WEALTH MANAGEMENT
10/21/22 October 21, 2022 10 EN
Swarnendu Bhushan
  • Swarnendu Bhushan
EUR 120.00

MOSL : CLEAN SCIENCE & TECHNOLOGY: Remains confident in the new serie...

CLEAN SCIENCE & TECHNOLOGY: Remains confident in the new series of products (CLEAN IN, Mkt Cap USD2.1b, CMP INR1610, TP INR1589, 1% Downside, Neutral) CLEAN reported a beat on our EBITDA estimate, while gross margin expanded to 62.5% (est. 59.2%). EBITDAM was flat at 39.4% (v/s 39% in 1QFY23). The Performance and FMCG Chemicals segment performed better QoQ, led by increased realizations across all products. Input prices remain volatile and a short-term concern for the company. The prices of...

10/21/22 October 21, 2022 10 EN
Nikhil Gupta
  • Nikhil Gupta

MOSL: ECOSCOPE-States remain frugal; Immense potential to support 4QFY...

ECOSCOPE: States remain frugal; Immense potential to support 4QFY18 GDP growth   Based on data for 20 states, we find that state governments continue to be cautious in their total spending, which grew only 6.9% YoY during April-November 2017 against an average growth of ~16% in the past five years. Slower growth was primarily due to continued decline in capex - down ~14% against budget estimate (BE) of a decline of ~1% in FY18. Slower spending growth up to November 2017 implies that if stat...

01/16/18 January 16, 2018 10 EN
Nikhil Gupta
  • Nikhil Gupta

MOSL: ECONOMY (THEMATIC) | Employment-Broken Link or...?-A study of th...

​ECONOMY (THEMATIC) | Employment: Broken Link Or...?; A study of the relevance of employment in India’s economic growthThe conventional view serves to protect us from the painful job of thinking.- John Kenneth GalbraithThe theory of virtuous/vicious cycle of employment is given God-like status in economic literature and is rarely questioned. However, when we looked at the Indian economy from this perspective, we found a Ghost lurking – contrary to the widely-held view, employment and GDP g...

01/11/18 January 11, 2018 78 EN
Nikhil Gupta
  • Nikhil Gupta

MOSL: Fuel or Engines (Economy)-What does RBI’s consumer confidence ...

​Fuel or Engines (Economy): What does RBI’s consumer confidence survey suggest?; Adjustments to widening divergences key to future growth“Fuel or Engines” is our new monthly product, in which we intend to expand our consumption v/s investment theme. This is an extension to our ‘India 2020’ report released in June 2016.Inflationary expectations, as reflected by the households survey conducted by Reserve Bank of India (RBI), has always been an important variable taken into consideratio...

01/06/18 January 6, 2018 6 EN
Nikhil Gupta
  • Nikhil Gupta

MOSL: ECOSCOPE-Employment grew 2.03% in FY17-Notwithstanding demonetiz...

​A. ECOSCOPE: - Employment grew 2.03% in FY17; Notwithstanding demonetization, employment gains quickened during 2HFY17As against a total addition of 231,000 jobs in three first three quarters of FY17, eight selected sectors that constitute ~81% of the total employment of units with 10 or more workers, added 185,000 jobs in 4QFY17. In total, employment increased from 20.52m at FY16-end to 20.94m at FY17-end, implying a growth of 2%.With real non-farm GVA growth (excluding public administration...

01/03/18 January 3, 2018 4 EN
Nikhil Gupta
  • Nikhil Gupta

MOSL: ECOSCOPE - Strong all-round economic recovery in November 2017-3...

​MOSL: ECOSCOPE - Strong all-round economic recovery in November 2017-3QFY18 GDP growth projections face upside potentialIndia's monthly economic activity index (EAI) grew at a strong 10% YoY in November 2017, marking the highest growth in 17 months. Favorable base and very high growth in fiscal spending supported the acceleration in November.While the acceleration was broad-based, a 21-month high growth of 9.5% in investments - driven by construction activities, commercial auto sales and firs...

01/03/18 January 3, 2018 8 EN
Team Research
  • Team Research

MOSL: Morning India (22/Mar/17): 1. Delta Corp (Initiating Coverage); ...

​MOrning India (22/Mar/17): 1. Delta Corp (Initiating Coverage); 2. Dr. Reddy’s; 3. Divi’s Lab; 4. Marico; 5. Oil & Gas; 6. Aviation MonthlyToday’s top research ideaDelta Corp: Favorable odds; Dominating in ‘brick world’, entering ‘click world’Delta Corp is the leading player in India's underpenetrated gaming market. Gaming is an emerging industry in India; given its paltry size of ~USD150m (Global size of USD183b), the growth potential is huge. Approval of its casino in Daman is...

03/22/17 March 22, 2017 30 EN
Nitin Aggarwal
  • Nitin Aggarwal
PREMIUM
DCB DCB BANK

MOSL: DCB BANK (Neutral)-Income beat offset by elevated opex; advances...

DCB Bank: Income beat offset by elevated opex; advances growth picks up (DCBB IN, Mkt Cap USD0.9b, CMP INR184, TP INR188, 2% Upside, Neutral)  DCB Bank (DCBB) reported PPoP growth of 12% YoY (1% above estimate), as 8% beat on total income was offset by 23% growth in opex. NII growth of 20% YoY was led by 17bp expansion in reported NIM, while other income grew 17% YoY (core fee income increased 41% YoY). However, total income growth trailed opex growth (+20% YoY adjusted for INR50m of bond i...

01/19/18 January 19, 2018 12 EN
Team Research
  • Team Research

MOSL: Morning India (18/January/18): 1. Hindustan Unilever 2. Larsen &...

MOrning India (18/January/18): 1. Hindustan Unilever; 2. Larsen & Toubro; 3. Bharti Infratel; 4. Zee Entertainment; 5. Jubilant Life; 6. Mindtree; 7. Delta Corp; 8. Jyothy Labs; 9. DCB Bank; 10. S H Kelkar; 11. Healthcare Today’s top research idea Hindustan Unilever: Impressive volumes; Strong margin expansion despite high adspend HUVR’s 3QFY18 net sales rose 11.5% YoY to INR85.9b. Domestic consumer business grew 17% YoY, with 11% underlying volume growth. EBITDA increased by 23.9% YoY to I...

01/18/18 January 18, 2018 36 EN
Team Research
  • Team Research

MOSL: Morning India (11/January/18)-1. Economy (Thematic | Employment:...

MOrning India (11/January/18): 1. Economy (Thematic | Employment: Broken Link Or...?); 2. Financials; 3. Capital Goods; 4. Tata Motors; 6. South Indian BankToday’s top research themeEconomy | Thematic: Employment: Broken Link Or...? A study of the relevance of employment in India’s economic growthWe study the relevance of employment in India's economic growth and its political landscape. Our key findings are:In stark contrast to established economic literature, we found an inverse, non-posit...

01/11/18 January 11, 2018 30 EN
Team Research
  • Team Research

MOSL: Morning India (10/January/18)-1. Emami- 2 Infosys- 3 Metal - 4 M...

​MOrning India (10/January/18): 1. Emami; 2. Infosys; 3. Metal; 4. Motherson Sumi; 5. Results Flash: South India BankToday’s top research ideaEMAMI: Rural recovery just the beginning of growth revival; Valuations attractive; maintain BuyWe maintain our BUY rating on Emami, as: It is a great play on rural demand growth and wholesale recovery.Before the slowdown caused by extraordinary factors like demonetization, Emami had the best track record among peers on consistency of earnings growth, w...

01/10/18 January 10, 2018 26 EN
Team Research
  • Team Research

MOSL: Morning India (9/January/18): 1. Jubilant Life Sciences (Pharma ...

​MOrning India (9/January/18): 1. Jubilant Life Sciences (Pharma segment doing well); 2. Telecom; 3. Metals WeeklyToday’s top research ideaJubilant Life Sciences: Pharma segment doing well; Life Science Ingredient segment to catch-up soonThe outlook for JLS remains promising. While specialty pharma (28% of total revenue) remains the key growth driver for JLS, the outlook for the Life Science Ingredient (LSI) segment (45% of total revenue) has also improved. This bodes well for overall revenu...

01/09/18 January 9, 2018 22 EN
Team Research
  • Team Research

MOSL: FUND FOLIO (August 2017)-Indian Mutual Fund Tracker — AUM touc...

FUND FOLIO (August 2017): Indian Mutual Fund Tracker — AUM touched new high of INR6.3t; quickest INR1t jump; Net inflows in July at INR127b – highest since Jan 2008 Equity AUM witnesses quickest INR1t jumpEquity AUM of the MF industry grew 6.4% MoM to INR6.3t in July to a new high, also marking the quickest INR1t jump. The increase in equity AUM was led by a rise in market indices (Nifty up 5.8% MoM). While gross inflows remained steady (INR280b, up 6% MoM), redemptions fell 16% MoM to INR153b....

08/16/17 August 16, 2017 27 EN
Deven Mistry
  • Deven Mistry

MOSL: FUND FOLIO (April 2017)-Indian Mutual Fund Tracker— AUM increa...

​FUND FOLIO (April 2017): Indian Mutual Fund Tracker— AUM increases for fifth straight year to scale new highs; cyclicals preferred in FY17MF’s average AUM increased for the fifth straight yearDomestic mutual fund (MF) industry average AUM increased (by 35% YoY or INR4.8t in FY17) for the fifth straight year to touch an all-time high of INR18.3t.The rise can be primarily attributed to inflows in income, equities, liquid and balanced categories, as domestic investors preferred SIPs and inco...

04/18/17 April 18, 2017 27 EN
Jinesh Gandhi
  • Jinesh Gandhi
TATAMOTORS Tata Motors Lim...

MOSL: TATA MOTORS (Buy)-JLR Jul-17 volumes in-line at 51,425 units (+1...

​Tata Motors: JLR Jul-17 volumes in-line at 51,425 units (+17% YoY); JLR volumes up 25% led by Discovery and RR Velar; Jaguar volumes flat(TTMT IN, Mkt Cap USD23.0b, CMP INR430, TP INR666, 55% Upside, Buy)JLR Jul-17 wholesale volumes grew ~17% YoY (+4% MoM) to 51,425 units (including China JV volumes of 6,805 units; +87% YoY), in line with our estimate of 51,591 units.Jaguar volumes remained flat at 14,452 units (est. of 15,343 units), led by lower sales of XE.Land Rover (LR) volumes were up b...

TATAMOTORS TATA MOTORS LIMITED
08/09/17 August 9, 2017 6 EN

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