External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul>
<li>Aarti Industries Q4FY23 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.</li>
<li>Consolidated Revenue beat our estimate by 6% (down 5.7%/0.7% YoY/QoQ).</li>
<li>EBITDA stood lower on account of operational loss from maintenance shutdown and high employee expenses but beat our estimates by 2% as we expected a lower gross margin.</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.


Aarti Industries Q4FY23 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.
Consolidated Revenue beat our estimate by 6% (down 5.7%/0.7% YoY/QoQ).
EBITDA stood lower on account of operational loss from maintenance shutdown and high employee expenses but beat our estimates by 2% as we expected a lower gross margin.

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.

Aarti Industries Ltd - Weak Outlook in Near-Term; Preparing for Tomorrow

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

Thematic (Sector/Industry)

<ul><li>Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industries</li><li>Revenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.</li><li>EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.</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.

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industriesRevenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.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.

<ul><li>Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA)</li><li>We continue to like DALBHARA for its robust volume and margin outlook</li><li>Dalmia reported strong volume growth (+12/9% YoY/QoQ) and healthy unit EBITDA recovery (+INR 300/365/MT YoY/QoQ) to solid INR 1,021 per MT, driven by both realisation firm-up and cost reduction</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.

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA)We continue to like DALBHARA for its robust volume and margin outlookDalmia reported strong volume growth (+12/9% YoY/QoQ) and healthy unit EBITDA recovery (+INR 300/365/MT YoY/QoQ) to solid INR 1,021 per MT, driven by both realisation firm-up and cost reductionContent 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.

HSIE Results Daily: Dalmia Bharat, Sundaram Finance, Apollo Tyres

<ul><li>The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty</li><li>The uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpower</li><li>We believe domestic chemical companies have abundant opportunities to partner in technology</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 Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertaintyThe uniqueness of the chemical industry is that it requires both the creation of tangible assets and technical manpowerWe believe domestic chemical companies have abundant opportunities to partner in technologyContent 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.

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

<ul><li>India’s long-awaited Capex cycle finally seems to be gathering momentum, after a hiatus of 10 years</li><li>While there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for multi-year growth</li><li>In this report, we have done a detailed bottom-up analysis of (a) 1,700+ government projects that are under implementation (explaining &gt;60% of total government Capex of FY22) and (b) Capex plans of top 400+ private sector companies to better understand the drivers and likely shape of the Capex demand curve</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.

India’s long-awaited Capex cycle finally seems to be gathering momentum, after a hiatus of 10 yearsWhile there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for multi-year growthIn this report, we have done a detailed bottom-up analysis of (a) 1,700+ government projects that are under implementation (explaining &gt;60% of total government Capex of FY22) and (b) Capex plans of top 400+ private sector companies to better understand the drivers and likely shape of the Capex demand curveContent 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.

India Equity Strategy - Capex: On a Sustainable Upswing

India

Finolex Industries Limited manufactures PVC pipes and fittings, which are sold primarily to businesses in the agricultural sector.  The Company also manufactures PVC resins, which are used as raw materials for PVC pipes and fittings.

Castrol (India) Limited manufactures and markets automotive and industrial lubricants and specialty products. The Company's products include lubricating oils, greases and brake fluids. The Company also manufactures cable filling compounds, jellies, waxes and other items.

Vinati Organics Limited produces organic intermediates and monomers.

Kansai Nerolac Paints Limited manufactures paints, varnishes and enamels. The Company also fabricates synthetic resins, organic & inorganic pigments and oils. Kansai Nerolac's products are used for decorative, marine and industrial purposes.

Godrej Industries Limited manufactures a variety of specialty chemical products like Alpha Olefin Sulphonate, Fatty Acids, Glycerin and Fatty Alcohols. The company also manufactures edible oils and processed foods and has finance and investment activities as part of their operations.

Chambal Fertilisers and Chemicals Ltd. manufactures ammonia, urea, pesticides and other products for farming and other agricultural applications.  The Company also provides consulting services to farmers on their seeding programs. Chambal operates throughout India.

Chambal Fertilisers & Chemicals (CHMB IN)

Bayer Cropscience Ltd. is involved in cropscience in the area of crop protection , non agricultural pest-control, seeds and plant biotechnology.

Atul Limited is a diversified manufacturer of chemicals. The Company's products include agrochemicals, aromatics, cresol & its derivatives, pharmaceutical intermediates, bulk drugs and bulk chemicals. Atul also manufactures dyestuffs and colors for the textile industry.

Tata Chemicals Ltd. manufactures salt and salt by-products, alkalies and heavy chemicals, pharmaceuticals, fertilizers and agro-chemicals. The Company's salt products include common salt, pure salt and gypsum salt.  Heavy chemicals include soda ash, caustic soda and hydrochloric acid. Tata Chemicals' pharmaceuticals include bromides of ammonium, sodium, potassium and ethyl.

BASF India Limited is a diversified manufacturer of chemicals and specialty chemicals that are used in a number of industries including textiles, paper, construction and paints. The Company's products include a variety of plastics & fiber intermediates, leather auxiliaries, finishing agents, pesticides, tanning agents, dyestuffs, oil & well chemicals and dispersions.

NOF CORPORATION is a diversified chemical producer whose products include processed oil/fats, explosives and other chemical products. The Company has manufacturing/sales subsidiaries in US, Indonesia and China.

K+S AG manufactures and markets within the fertilizer division standard and speciality fertilizers to the agricultural and industrial industries worldwide. In its salt business, the company produces de-icing salt, food grade salt, industrial salt and salt for chemical use.

Incitec Pivot Limited is a fertilizer manufacturer and supplier, and also a supplier for explosives products and services. The Company has operations throughout the United States, Canada, Mexico and Australia.

Hangzhou Oxygen Plant Group Co.,Ltd. manufactures industrial gas machinery products. The Company produces air separation equipment, small-scale air separation equipment, liquefied nitrogen wash cold boxes, liquefied natural gas separation equipment, and other products. Hangzhou Oxygen Plant Group markets its products worldwide.

Zhejiang Longsheng Group Co., Ltd. manufactures a variety of dyes including high intensity and rapid-dying Lonsperse Dye. The Company sells its products domestically and exports worldwide.

Zhejiang Longsheng Group Co., (600352 CH)

Kumho Petrochemical Co., Ltd. manufactures synthetic rubbers, synthetic resins, and rubber chemicals.  The Company's products include styrene butadiene, acrylonitrile butadiene, polystyrene, expandable polystyrene, and antioxidant.  Kumho Petrochemical provides construction, transportation, and financial services through its subsidiaries.

Quaker Chemical Corporation produces, develops, and markets custom-formulated chemical specialty products.  The Company also provides fluid management services for manufacturers around the world, primarily in the steel, automotive, and can industries.

Hengyi Petrochemical Co., Ltd. manufactures polyester and other petrochemical products.

Zhejiang Weixing New Building Materials Co.,Ltd. develops, manufactures and sells plastic pipes.  The Company's products include poly propylene random (PPR) pipe, polyethylene (PE) pipe, high density polyethylene (HDPE) pipe, and polybutene (PB) pipe.

Zhejiang Weixing New Bldg Mtls (002372 CH)

TOKYO OHKA KOGYO CO., LTD. manufactures photoresist for semiconductors.  The Company also manufactures printing materials and semiconductor-assembling machines.

Aarti Industries Limited develops and manufactures basic bulk chemicals, dyes and pigment intermediates, pharmaceuticals and agrochemicals, rubber chemicals, surfactant intermediates, and specialty chemicals. The company sells its products in India and elsewhere throughout the world.

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Aarti Industries (ARTO IN)

Aarti Industries Ltd - Weak Outlook in Near-Term; Preparing for Tomorrow

Aarti Industries Q4FY23 numbers surprised on the PAT front with the company utilising its MAT Credit to negate tax outgo.

Axis Direct

Chemicals: Recovery and stability ahead!

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by...

HDFC Securities

HSIE Results Daily: Dalmia Bharat, Sundaram Finance, Apollo Tyres

Dalmia Bharat: We maintain our BUY rating on Dalmia Bharat (DALBHARA), with an unchanged TP of INR 2,440/sh (13x its Mar-25E consolidated EBITDA)

HDFC Securities

Indian Chemical Sector 2.0 - Catalysts for Growth in Place

The Indian chemical industry continues to be an attractive hub of opportunities, even in an environment of global uncertainty

HDFC Securities

India Equity Strategy - Capex: On a Sustainable Upswing

While there were false starts in the last decade, we believe the recent post-COVID pick-up is looking sustainable and drivers are in place for...

HDFC Securities

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