MJune23,202408:58PMGMTAsiaPacificInsightIndiaTechnology:InternetStrategyMorganStanleyIndiaCompanyPrivateLimited++91226118-2237+91226118-2249StayingbullishGauravRateria+91226118-1002+91226118-2234Despiteasharpre-ratingwearestillconstructiveonIndiaEquityAnalyst+91226118-2235internetstocks.WescreennamesthatlookattractivebasedonGaurav.Rateria@morganstanley.com+91226118-2224ourstockselectionframework.SulabhGovila,CFAKeyTakeawaysEquityAnalystMacroandmicrofactorsarealignedforIndiainternetstocks,buttherisingSulabh.Govila@morganstanley.comdispersionofstockreturnsimpliesevengreaterfocusonstockselection.SakshiRanaFrameworkweighsoperatingenvironment,trackrecord,outlook,andvaluation.ZomatoandPBFintechaheadofothers.ResearchAssociateSakshi.Rana@morganstanley.comMacroandmicroalignedforIndiainternetstocks:SinceJan-23,Indiainternetstockshavedelivered88%+returns(vsNifty50+32%).WeseeasimilartrendinSubramanianIyertheUS(internetindexup119%vsNASDAQ+69%).Toacertainextent,weseemacrofactorsaligning(multiplere-ratingforgrowthstocksinIndiaandotherEquityAnalystregions,tightPE/VCmoneykeepingthecompetitiveenvironmentbenign)withSubramanian.Iyer@morganstanley.commicrofactors(strongexecutionreflectedinmarketsharegains,marginimprovementdrivingprofitupgradecycle)andsupportingshareprices.Asatheme,SumeetKariwalaweexpectthisstrongalignmenttocontin...
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