26 Nov , 2024 By : Debdeep Gupta
Jefferies On Reliance Industries
Buy Call, Target At `1,700/Sh
Expect Singapore Gross Refining Margin To Improve YoY In CY25
Expect Singapore GRM To Improve As With 1 mbpd Of Closures Announced, Aiding O2C Profitability
jio's Strong Traction In-Home Broadband Subscription Additions Position It Well For 5G Monetisation
See The Likelihood Of A Public Listing Of Jio In CY25
Retail Saw A Strong October But Sustained Recovery Could Be 2 Quarters Away
Current Valuation Imputes $57 Bn For Retail- Pessimistic In Our View
HSBC On MFI
Limits Announced By Microfinance Ind On MFI Lending Will Likely Lead To Slowdown In AUM Growth
Limits Announced By Microfinance Ind Will Lead To High Credit Costs In Near-term
Expect Q3 To Provide Clarity
Believe Bank Owned Microfinance (MFI) Lenders Will Be Better Placed Hereon
HSBC On Credit Card
Post Recovery In Sep’24, Credit Card Spending Growth Moderated In Oct’24
Net Credit Card Issuance For The Industry Declined 54% YoY In Oct’24
Net Credit Card Issuance Declined As Lenders Remain Conservative Following Stress Build-up
Top Three Issuers Added 78% Of Net Card Issuance
SBI Card’s Net Issuance Improved Versus Its Recent Run-Rate
Jefferies On Real Estate
Residential Markets Have Seen Festive Upmove With Sales In October Rising To A 6-mth High
Value Sales Are Trending 20% Helped By Mix And Pricing
Large New Launches Are Planned & There Are Ongoing Launches By The Listed Developers In H2
Expect Good Offtake To Help The Listed Cost Post Nearly 25% Pre-sales Growth For FY25
Realty Index Is Down Nearly 11% From Peak, With Select Stocks Down More
Prefer Godrej Properties, Macrotech Developers (Lodha) And DLF
Jefferies On Consumer Staples
Q2 Was A Largely Muted Quarter Marked By Slower Revenue Growth And Margin Pressure
Weak Performance Was Also Evident With 6 Out Of 12 Companies Missing Estimates
Key Misses- Honasa & Dabur (Inventory Correction), Nestle (Weak Vols) & Britannia (Margin Miss)
Concerns Persist On Demand, Especially In Urban, Which Has Also Weighed On The Stocks
Colgate, Marico, GCPL Are Now Our Top Picks
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