Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

Equity Bottom-Up

Shougang Fushan Resources / Equity Bottom-Up

Shougang Fushan Resources Group Ltd. produces and sells coking coal products and side products in China. The Company is principally engaged in mining of coking coal and production and sales of raw and clean coking coal,

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shougang-fushan-resources-group-ltd" target="_blank" data-smartkarma-citation="entities:19494:1" rel="noopener">Shougang Fushan Resources (639 HK)</a> is a play on strengthening coking coal prices with downside protection due to its net cash reserves of 1.1 bn USD (Vs. Mkt Cap 2.1).</li>
<li>At the lower end of the cost curve, its EBITDA margins have averaged 54% (last 16 years), with its lowest EBITDA number of 19% in FY15.</li>
<li>With an 80% payout, the company trades at a trailing yield of 9% (the average spot price assumed is 1900 RMB/ton).</li>
</ul>



Shougang Fushan Resources (639 HK) is a play on strengthening coking coal prices with downside protection due to its net cash reserves of 1.1 bn USD (Vs. Mkt Cap 2.1).
At the lower end of the cost curve, its EBITDA margins have averaged 54% (last 16 years), with its lowest EBITDA number of 19% in FY15.
With an 80% payout, the company trades at a trailing yield of 9% (the average spot price assumed is 1900 RMB/ton).


Fushan Energy (639 HK): Coking Coal Prices To Strengthen With Anglo Accident

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Galaxy Surfactants Ltd / Equity Bottom-Up

Galaxy Surfactants Limited manufactures specialty chemicals. The Company produces fatty alcohol sulfates, lauryl alcohol ethoxylates, foam and viscosity boosters, surfactant blends, fatty alcohol ether sulfates, and pearlising agents. Galaxy Surfactants serves the personal, home care, and manufacturing industries worldwide.

<ul><li>Galaxy Surfactants’ (GSL) volume growth momentum has the potential to accelerate, accompanied by margin expansion</li><li>Global home and personal care leaders have increased the volume growth outlook for 2024 after strong volumes in Q1</li><li>Demand for premium specialty care products is expected to rebound as demand in Europe and North America rebounds with the easing of inflation and the end of inventory destocking</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Galaxy Surfactants’ (GSL) volume growth momentum has the potential to accelerate, accompanied by margin expansionGlobal home and personal care leaders have increased the volume growth outlook for 2024 after strong volumes in Q1Demand for premium specialty care products is expected to rebound as demand in Europe and North America rebounds with the easing of inflation and the end of inventory destockingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Galaxy Surfactant: Growth and Quality. Maintain BUY

J.K. Lakshmi Cement Ltd. manufactures cement, which it sells under the brand name JK Lakshmi.

<ul><li>We maintain our BUY rating on JK Lakshmi (JKLC) with an unchanged target price of INR 1,015/share</li><li>We value the company at 9x Sep-26E consolidated EBITDA. We expect JKLC to fire on all cylinders</li><li>The ramp-up of its north expansion and upcoming east capacities should support ~10% volume CAGR during FY24-27E</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our BUY rating on JK Lakshmi (JKLC) with an unchanged target price of INR 1,015/shareWe value the company at 9x Sep-26E consolidated EBITDA. We expect JKLC to fire on all cylindersThe ramp-up of its north expansion and upcoming east capacities should support ~10% volume CAGR during FY24-27EContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

JK Lakshmi Cement: Firing on All Cylinders. Maintain BUY

Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Omai Gold Mines Corp. operates as an exploration and development company. The Company focuses on gold properties. Omai Gold Mines serves customers worldwide.

<ul>
<li>As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months.</li>
<li>This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover.</li>
<li>The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%).</li>
</ul>


As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have published in the last three months.
This period has been marked by dynamic performance across various sectors, with notable highlights in the companies we cover.
The best performers from our coverage universe include, ADF Group (+74%), Trigon Metals (+39%), BQE Water (+29%), and Dynacor Group (+12%).


Omai Gold Mines Corp - Q4/24 Recap: All Our Research in One Place!

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

<ul><li>We maintain a Buy on UltraTech with a revised PT of Rs. 13,000, considering long-term growth potential led by structural demand drivers.</li><li>The company makes financial investment in India Cements acquiring ~23% stake for Rs. 1885 crore, valuing India Cements at ~$90/tonne.</li><li>Further, stake acquisition could not be ruled out at this stage. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain a Buy on UltraTech with a revised PT of Rs. 13,000, considering long-term growth potential led by structural demand drivers.The company makes financial investment in India Cements acquiring ~23% stake for Rs. 1885 crore, valuing India Cements at ~$90/tonne.Further, stake acquisition could not be ruled out at this stage. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

UltraTech Cement Ltd - Strategic Move to Secure Regional & Pan-India Leadership

Materials
Insights in the Materials Space

Fushan Energy (639 HK): Coking Coal Prices To Strengthen With Anglo Accident

We highlight Fushan Energy (639 HK) as a way to play the recent Anglo-American coking coal mine disaster. Fushan is a pure play on coking coal,...

Sameer Taneja

Galaxy Surfactant: Growth and Quality. Maintain BUY

Demand for premium specialty care products is expected to rebound as demand in Europe and North America rebounds with the easing of inflation and...

HDFC Securities

JK Lakshmi Cement: Firing on All Cylinders. Maintain BUY

We maintain our BUY rating on JK Lakshmi (JKLC) with an unchanged target price of INR 1,015/share. We value the company at 9x Sep-26E consolidated...

HDFC Securities

Omai Gold Mines Corp - Q4/24 Recap: All Our Research in One Place!

As we conclude Q2/24, we are excited to release our inaugural quarterly recap report to update our readers on all the research content we have...

Atrium Research

UltraTech Cement Ltd - Strategic Move to Secure Regional & Pan-India Leadership

We maintain a Buy on UltraTech with a revised PT of Rs. 13,000, considering long-term growth potential led by structural demand drivers.

Sharekhan