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.

Thematic (Sector/Industry)

<ul><li>Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.</li><li>In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.</li><li>Institutional demand was more robust led by increasing construction activity after the receding monsoon.</li></ul><p><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></p>

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting construction activities.In Q2FY23, the cement companies witnessed soft demand in Jul’22 and Aug’22 but saw demand reviving strongly in Sep’22, driven by higher retail as well as institutional demand.Institutional demand was more robust led by increasing construction activity after the receding monsoon.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.

Cement Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

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

ICICI Securities Limited

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>ACC (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in industry.</li><li>ACC also manufactures ready-mix concrete and has 50 plants across India.</li><li>ACC has a strong balance-sheet with debt free status • Ongoing capex of Rs 3500 crore would increase its capacity to 39.3 MT by CY22E.</li></ul><p><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></p>

ACC (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in industry.ACC also manufactures ready-mix concrete and has 50 plants across India.ACC has a strong balance-sheet with debt free status • Ongoing capex of Rs 3500 crore would increase its capacity to 39.3 MT by CY22E.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 Ltd - (Aggressive Growth + Margin Levers) To Narrow Down Valuation Gap...

ACC Ltd - Aggressive Growth + Margin Levers

<div><div><div><div><ul><li>With the end of open offer the company’s ownership is now rest with the Adani Group.</li><li>With the assumption of new management many levers of growth and cost savings is expected to take place.</li><li>The company ACC Limited under Holcim regime could not capitalise on the growth momentum offered by the Industry owing to sluggish capacity expansion which resulted in market share loss to the other big players in the industry. </li></ul></div></div></div></div><p><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></p>

With the end of open offer the company’s ownership is now rest with the Adani Group.With the assumption of new management many levers of growth and cost savings is expected to take place.The company ACC Limited under Holcim regime could not capitalise on the growth momentum offered by the Industry owing to sluggish capacity expansion which resulted in market share loss to the other big players in the industry. 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 - Capacity Expansion, Cost Savings

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.

<div><div><div><ul><li>High volume growth on a low base YoY: We estimate that 15 companies under coverage would report ~7% QoQ aggregate seasonal sales volume decline.</li><li>Mixed realisation gains QoQ: While energy cost continues to rise QoQ, the industry could not fully pass on the inflation across all regions.</li><li>Cost inflation elevated: We estimate that overall fuel costs would soar 7/42% QoQ/YoY amid rising imported coal and pet coke prices.</li></ul><ul style="list-style-type: none;"><li> </li></ul><p><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></p></div></div></div>

High volume growth on a low base YoY: We estimate that 15 companies under coverage would report ~7% QoQ aggregate seasonal sales volume decline.Mixed realisation gains QoQ: While energy cost continues to rise QoQ, the industry could not fully pass on the inflation across all regions.Cost inflation elevated: We estimate that overall fuel costs would soar 7/42% QoQ/YoY amid rising imported coal and pet coke prices. 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.

Cement - Cost Inflation Continues, Margin Contracts

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 IS)

Cement Q2fy23 Preview - Recovery on Cards Despite a Weak Quarter

Traditionally Q2 is a soft quarter for cement producers from a demand perspective as it nosedives owing to the monsoon season impacting...

Axis Direct

ACC Ltd - (Aggressive Growth + Margin Levers) To Narrow Down Valuation Gap...

ACC (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in...

ICICI Securities Limited

ACC Ltd - Aggressive Growth + Margin Levers

ACC (now Adani group conglomerate part) is a large cement player with capacity of over 34.5 MT in India and one of the oldest cement players in...

ICICI Securities Limited

ACC Limited - Capacity Expansion, Cost Savings

The company ACC Limited under Holcim regime could not capitalise on the growth momentum offered by the Industry owing to sluggish capacity...

Axis Direct

Cement - Cost Inflation Continues, Margin Contracts

High volume growth on a low base YoY: We estimate that 15 companies under coverage would report ~7% QoQ aggregate seasonal sales volume decline.

HDFC Securities

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