BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Systematix Research Report
A strong summer season drove the demand for cooling products (air conditioners, fans, air coolers, and stabilisers) during Q1 FY23, before the softening began from mid May on inflation concerns.
Falling copper prices weakened the trade sentiment, and led to channel de-stocking. Companies hope to improve demand ahead of the festive season, and are expecting channel restocking, once commodity prices stabilise.
We have broadly retained our earnings estimates at the aggregate level, post Q1 results (in contrast to our expectation of further cuts at the time of the preview), on anticipation of healthy pick-up in demand, and margin expansion in the coming quarters.
Amid the challenging times, we continue to prefer companies with strong brands and distribution networks, expanding product portfolios and improving balance sheets.
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