Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>The Adani names are seeing new news and commentary. SEBI is <a href="https://www.reuters.com/world/india/india-regulator-probing-some-adani-offshore-deals-possible-rule-violations-2023-04-01/" target="_blank" rel="noopener">probing offshore deals</a> for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.</li>
<li>GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." </li>
<li>Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. </li>
</ul>


The Adani names are seeing new news and commentary. SEBI is probing offshore deals for rules violations, SEBI filed an interim report Sunday with the Court, Cements are refinancing US$4bn.
GQG's Jain was interviewed by Bloomberg TV in NY saying he sees his Adani basket being a "multi-bagger in five years." 
Assuming growth and margins equivalent to peer max rates, all profits reinvested, and 100% gain in stock price in 5yrs, NP CAGR=33%, 2028 EV/EBITDA average of four names is 29.4x. 


GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>ACC reported weaker set of numbers led by declining Cement prices in its operating regions.</li><li>The company reported Revenue/EBITDA/APAT de-growth of 1%/12%/22 YoY (below expectations), however it reported Volume growth of 9% owing to higher sale under MSA.</li><li>The company recorded an EBITDA Margin of 13.2% against 14.8% YoY (below estimates), primarily owing to lower realization. </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.

ACC reported weaker set of numbers led by declining Cement prices in its operating regions.The company reported Revenue/EBITDA/APAT de-growth of 1%/12%/22 YoY (below expectations), however it reported Volume growth of 9% owing to higher sale under MSA.The company recorded an EBITDA Margin of 13.2% against 14.8% YoY (below estimates), primarily owing to lower realization. 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.

ACC Limited - Weak Quarter; Downgrade To HOLD.

<ul><li>ACC reported a stellar set of numbers as its Volume/Revenue/EBITDA/APAT grew by 22%/13%/79%/301% YoY (above expectations), driven by better demand and lower cost.</li><li>The company recorded an EBITDA Margin of 15.5% against 9.8% YoY (above estimates), primarily owing to the lower fuel/freight and fixed cost on a YoY basis.</li><li>ACC’s blended EBITDA/tonne stood at Rs 805, up 46% YoY and it reported blended realization/tonne of Rs 5,201 against Rs 5,636, down 8%/6% YoY/ QoQ. </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.

ACC reported a stellar set of numbers as its Volume/Revenue/EBITDA/APAT grew by 22%/13%/79%/301% YoY (above expectations), driven by better demand and lower cost.The company recorded an EBITDA Margin of 15.5% against 9.8% YoY (above estimates), primarily owing to the lower fuel/freight and fixed cost on a YoY basis.ACC’s blended EBITDA/tonne stood at Rs 805, up 46% YoY and it reported blended realization/tonne of Rs 5,201 against Rs 5,636, down 8%/6% YoY/ QoQ. 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.

ACC Limited - Volume Growth Momentum Continues; Retain BUY

<ul><li>ACC reported a steller set of numbers as its Volume/Revenue/EBITDA/APAT grew by 16%/8%/139%/375% YoY (above expectations), driven by better demand, higher realization and lower cost.</li><li>The company recorded an EBITDA Margin of 18.4% against 8.4% YoY (above estimates), primarily owing to the lower fuel/freight and fixed cost on a YoY basis.</li><li>ACC’s blended EBITDA/tonne stood at Rs 1,017, up 106% YoY and it reported blended realization/tonne of Rs 5,522 against Rs 5,475 up 4% QoQ. </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.

ACC reported a steller set of numbers as its Volume/Revenue/EBITDA/APAT grew by 16%/8%/139%/375% YoY (above expectations), driven by better demand, higher realization and lower cost.The company recorded an EBITDA Margin of 18.4% against 8.4% YoY (above estimates), primarily owing to the lower fuel/freight and fixed cost on a YoY basis.ACC’s blended EBITDA/tonne stood at Rs 1,017, up 106% YoY and it reported blended realization/tonne of Rs 5,522 against Rs 5,475 up 4% QoQ. 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.

ACC Limited - Beat On All Fronts; Retain BUY

<ul><li>ACC Limited- a part of Adani Cement is one of India’s leading producers of cement and ready-mix concrete. It is a member of the Adani Group - which has the largest and fastest-growing portfolio of diversified sustainable businesses.</li><li>ACC has 18 cement manufacturing sites, over 80 RMC plants and a nationwide network of channel partners to serve its customers.</li><li>Established in 1936, ACC is counted among the country’s 'Most Sustainable Companies' and is recognized for its best practices in environment management and corporate citizenship.</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.

ACC Limited- a part of Adani Cement is one of India’s leading producers of cement and ready-mix concrete. It is a member of the Adani Group - which has the largest and fastest-growing portfolio of diversified sustainable businesses.ACC has 18 cement manufacturing sites, over 80 RMC plants and a nationwide network of channel partners to serve its customers.Established in 1936, ACC is counted among the country’s 'Most Sustainable Companies' and is recognized for its best practices in environment management and corporate citizenship.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.

Pick of the Week - ACC Ltd - 08 January 2024

India

ACC Limited  manufactures a range of cements and blended cements. The Company also manufactures gypsum and refractory products such as Brown Tabular Alumina. The Company provides turnkey and application consulting services for setting up and operating cement plants and refractories. The Company owns cement plants throughout India.

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ACC Ltd (ACC IN)

GQG Calls Adani Names 5Yr "Multi-Baggers" - It Works at 30% EPS CAGR if You Torture the Numbers

This is an update on the Adani Names where GQG Partners purchased a US$1.8bn stake from the Promoters themselves. They are up 25% in a month. Which...

Travis Lundy

ACC Limited - Weak Quarter; Downgrade To HOLD.

The company reported Revenue/EBITDA/APAT de-growth of 1%/12%/22 YoY (below expectations), however it reported Volume growth of 9% owing to higher...

Axis Direct

ACC Limited - Volume Growth Momentum Continues; Retain BUY

ACC reported a stellar set of numbers as its Volume/Revenue/EBITDA/APAT grew by 22%/13%/79%/301% YoY (above expectations), driven by better demand...

Axis Direct

ACC Limited - Beat On All Fronts; Retain BUY

ACC’s blended EBITDA/tonne stood at Rs 1,017, up 106% YoY and it reported blended realization/tonne of Rs 5,522 against Rs 5,475 up 4% QoQ.

Axis Direct

Pick of the Week - ACC Ltd - 08 January 2024

Established in 1936, ACC is counted among the country’s 'Most Sustainable Companies' and is recognized for its best practices in environment...

Axis Direct

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