External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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.

Equity Bottom-Up

<ul><li>Polycab is the largest manufacturer of wire &amp; cable in India</li><li>The company also entered the fast moving electrical goods (FMEG) space in 2014 and has recorded strong segment revenue CAGR of 43% in the last five years</li><li>Target Price and Valuation: We revise our target price to Rs 3000/share valuing stock at 35x P/E on FY24E EPS</li></ul><div class="content-highlight"><em>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.</em></div>

Polycab is the largest manufacturer of wire &amp; cable in IndiaThe company also entered the fast moving electrical goods (FMEG) space in 2014 and has recorded strong segment revenue CAGR of 43% in the last five yearsTarget Price and Valuation: We revise our target price to Rs 3000/share valuing stock at 35x P/E on FY24E EPSContent 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.

Polycab India: Strong Revenue Growth; High Inflation Drags Margin

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Market dynamics remain largely constructive and we are now seeing meaningful improvement within emerging markets (EEM-US) as the Hang Seng index displays bullish price and relative strength (RS) reversals.</li>
<li>Brent and WTI crude oil are hitting 8-year highs, base metals are bullishly inflecting, and critical supports are holding on the broad global indexes.</li>
<li>Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include Materials and Industrials/Manufacturing -- add exposure.</li>
</ul>


Market dynamics remain largely constructive and we are now seeing meaningful improvement within emerging markets (EEM-US) as the Hang Seng index displays bullish price and relative strength (RS) reversals.
Brent and WTI crude oil are hitting 8-year highs, base metals are bullishly inflecting, and critical supports are holding on the broad global indexes.
Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include Materials and Industrials/Manufacturing -- add exposure.


Sticking With Value; Buying Materials & Industrials

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

<p>We value Polycab at 27x FY24 EPS of Rs 92.3 to arrive at target price of Rs 2,490/share (vs. Rs 2,575/share earlier),implying an upside of 4% from CMP. Hence, we recommend HOLD rating on the stock at current levels.</p><div class="content-highlight"><em>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.</em></div>

We value Polycab at 27x FY24 EPS of Rs 92.3 to arrive at target price of Rs 2,490/share (vs. Rs 2,575/share earlier),implying an upside of 4% from CMP. Hence, we recommend HOLD rating on the stock at current levels.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.

Polycab India: Divests 100% Stake in Ryker Base

<p>We have increased FY22E/FY23E revenue estimates by 3.4%/4%, respectively. We value Polycab at 25x FY23E EPS of Rs 80 to arrive at a target price of Rs 2000/share, which gives an upside of 5% from the CMP.</p><div class="content-highlight"><em>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.</em></div>

We have increased FY22E/FY23E revenue estimates by 3.4%/4%, respectively. We value Polycab at 25x FY23E EPS of Rs 80 to arrive at a target price of Rs 2000/share, which gives an upside of 5% from the CMP.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.

Polycab India: RM Costs Impact Margins; Demand Recovery Expected in H2FY22

<p>We have increased FY22E/FY23E revenue estimates by 3.8%/7.8% respectively. We value Polycab at 25x FY23E EPS of Rs 76 to arrive at a target price of Rs 1900/share, implying an upside of 10% from CMP.</p><div class="content-highlight"><em>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.</em></div>

We have increased FY22E/FY23E revenue estimates by 3.8%/7.8% respectively. We value Polycab at 25x FY23E EPS of Rs 76 to arrive at a target price of Rs 1900/share, implying an upside of 10% from CMP.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.

POLYCAB: We have increased FY22E/FY23E revenue estimates by 3.8%/7.8% respectively

India

Polycab India Limited produces and distributes electronic equipment. The Company offers cables, wires, fans, switches, lighting, junction boxes, circular lids, and pumps. Polycab India serves customers in India.   

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Polycab India (POLYCAB IN)

Polycab India: Strong Revenue Growth; High Inflation Drags Margin

Polycab is the market leader in the wire & cable business with organised market share of 23%. In the FMEG segment, it is growing through new...

ICICI Securities Limited

Sticking With Value; Buying Materials & Industrials

Sticking with the theme from last week when we recommended Energy and Financials, two more Sectors that stand to benefit from rising rates include...

Vermilion Research

Polycab India: Divests 100% Stake in Ryker Base

We value Polycab at 27x FY24 EPS of Rs 92.3 to arrive at target price of Rs 2,490/share (vs. Rs 2,575/share earlier),implying an upside of 4% from...

Axis Direct

Polycab India: RM Costs Impact Margins; Demand Recovery Expected in H2FY22

We have increased FY22E/FY23E revenue estimates by 3.4%/4%, respectively. We value Polycab at 25x FY23E EPS of Rs 80 to arrive at a target price of...

Axis Direct

POLYCAB: We have increased FY22E/FY23E revenue estimates by 3.8%/7.8% respectively

We have increased FY22E/FY23E revenue estimates by 3.8%/7.8% respectively. We value Polycab at 25x FY23E EPS of Rs 76 to arrive at a target price...

Axis Direct

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