External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Equity Bottom-Up

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

<ul><li>Siemens India’s (SIL) standalone results Q4FY24 recap— revenue/EBITDA/APAT of INR 59.74/8.5/7.7bn beat our estimates by 0.1/2.7/11.5%</li><li>SIL highlighted Government capex recovery in H1FY25 and private capex from H2FY25 (this is a two-quarter delay vs expectations)</li><li>Demerger of energy business is expected during the latter half of CY25</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.

Siemens India’s (SIL) standalone results Q4FY24 recap— revenue/EBITDA/APAT of INR 59.74/8.5/7.7bn beat our estimates by 0.1/2.7/11.5%SIL highlighted Government capex recovery in H1FY25 and private capex from H2FY25 (this is a two-quarter delay vs expectations)Demerger of energy business is expected during the latter half of CY25Content 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.

Siemens: Capex Recovery to Drive Growth. Maintain BUY

GAIL India Limited processes and distributes natural gas and liquefied petroleum gas. The Company is a Government of India undertaking.

<ul><li>The GAIL stock price has corrected 8% and underperformed the Sensex by 3% in the last three months</li><li>Our BUY recommendation for GAIL with a target price of INR 260 is based on (1) an increase in gas transmission volume to 154mmscmd by FY27E (three-year CAGR of 8.6%), supported by higher domestic gas production and softer LNG prices resulting in improved volumes, (2) completion of major pipelines, and (3) improvement in earnings from the petchem segment.</li><li>At the current price, GAIL is trading at 11.5x Mar-26E EPS, a 4% discount to its five-year average despite the stronger volume growth outlook in its core business of gas transmission.</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.

The GAIL stock price has corrected 8% and underperformed the Sensex by 3% in the last three monthsOur BUY recommendation for GAIL with a target price of INR 260 is based on (1) an increase in gas transmission volume to 154mmscmd by FY27E (three-year CAGR of 8.6%), supported by higher domestic gas production and softer LNG prices resulting in improved volumes, (2) completion of major pipelines, and (3) improvement in earnings from the petchem segment.At the current price, GAIL is trading at 11.5x Mar-26E EPS, a 4% discount to its five-year average despite the stronger volume growth outlook in its core business of gas transmission.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.

GAIL (India): Transmission Volume Growth on Track, Reiterate BUY

Clean Science and Technology / Equity Bottom-Up

Clean Science and Technology Private Limited operates as a chemical company. The Company offers butylated hydroxy anisole, mono methyl ether of hydroquinone, guaiacol, and dimethyl carbonate. Clean Science and Technology serves customers worldwide.

<ul><li>Clean Science and Technology (CSTL) is launching two performance chemicals and a pharma intermediatory over the next year</li><li>It has introduced four new Hindered Amine Light Stabilisers (HALS) in 1HFY25</li><li>The ramp-up in these new products not only drives revenue but also mitigates product concentration risk for the company</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.

Clean Science and Technology (CSTL) is launching two performance chemicals and a pharma intermediatory over the next yearIt has introduced four new Hindered Amine Light Stabilisers (HALS) in 1HFY25The ramp-up in these new products not only drives revenue but also mitigates product concentration risk for the companyContent 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.

Clean Science and Technology: Balancing revenue stream. Maintain SELL

Bombay Stock Exchange Limited provides market for trading in equity, debt instruments, derivatives, and mutual funds. The Company offers services including risk management, clearing, settlement, market data services, and education. Bombay Stock Exchange serves customers in India. ... More

<ul><li>Following the implementation of regulatory changes mandating one weekly expiry per exchange, the notional volume has seen a significant decline across equity exchanges</li><li>The equity notional volume is down ~19% in Q3FY25E and ~37% in Dec 2024</li><li>Conversely, premium volumes have only decreased by 4% in Q3 and about 8% in Dec 2024, driven by a higher P/N ratio, which has risen from 15bps to ~23bps currently</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.

Following the implementation of regulatory changes mandating one weekly expiry per exchange, the notional volume has seen a significant decline across equity exchangesThe equity notional volume is down ~19% in Q3FY25E and ~37% in Dec 2024Conversely, premium volumes have only decreased by 4% in Q3 and about 8% in Dec 2024, driven by a higher P/N ratio, which has risen from 15bps to ~23bps currentlyContent 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.

BSE: Shift Towards Better-Margin Volumes. Maintain REDUCE

Godfrey Phillips India / Equity Bottom-Up

Godfrey Phillips India Limited manufactures and distributes cigarettes, smoking tobacco and cigars.  The Group's brands include Black & White Kingsize Filter, Four Square Kingsize Filter, Cavanders Navy Cut Regular, Red & White, Anand and Leader.  The Company also manufactures Virgin Gold and Philip's Gold cigarette tobacco.

<ul><li>Godfrey Phillips India’s (GPI) cigarette volumes have been growing at a scorching rate</li><li>The main reason behind its success is the performance of the Marlboro brand (40-45% of overall volumes)</li><li>However, GPI is a contract manufacturer and distributor for the Marlboro range of products, with the majority of the profit surge being captured in the joint venture, IPM India Wholesale Trading Ltd</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.

Godfrey Phillips India’s (GPI) cigarette volumes have been growing at a scorching rateThe main reason behind its success is the performance of the Marlboro brand (40-45% of overall volumes)However, GPI is a contract manufacturer and distributor for the Marlboro range of products, with the majority of the profit surge being captured in the joint venture, IPM India Wholesale Trading LtdContent 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.

Godfrey Phillips India: Marlboro Magic. NOT RATED

HDFC Securities
External broker reports(aggregated public sources)

Siemens: Capex Recovery to Drive Growth. Maintain BUY

Siemens India’s (SIL) standalone results Q4FY24 recap— revenue/EBITDA/APAT of INR 59.74/8.5/7.7bn beat our estimates by 0.1/2.7/11.5%

HDFC Securities

GAIL (India): Transmission Volume Growth on Track, Reiterate BUY

Our BUY recommendation for GAIL with a target price of INR 260 is based on (1) an increase in gas transmission volume to 154mmscmd by FY27E (three...

HDFC Securities

Clean Science and Technology: Balancing revenue stream. Maintain SELL

Clean Science and Technology (CSTL) is launching two performance chemicals and a pharma intermediatory over the next year

HDFC Securities

BSE: Shift Towards Better-Margin Volumes. Maintain REDUCE

Following the implementation of regulatory changes mandating one weekly expiry per exchange, the notional volume has seen a significant decline...

HDFC Securities

Godfrey Phillips India: Marlboro Magic. NOT RATED

Godfrey Phillips India’s (GPI) cigarette volumes have been growing at a scorching rate. The main reason behind its success is the performance of...

HDFC Securities