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Equity Bottom-Up

Alkyl Amines Chemicals / Equity Bottom-Up

<ul><li>We maintain SELL on Alkyl Amines (AACL) with a price target of INR1,756 (WACC 12%, terminal growth 5%)</li><li>Capacity addition in methylamines and its derivatives by domestic players and continued aggressive dumping by Chinese manufacturers in ethyl amines shall limit volume growth and expansion in margins</li><li>Demand in the domestic market, particularly from pharmaceuticals, was encouraging in FY24</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.

We maintain SELL on Alkyl Amines (AACL) with a price target of INR1,756 (WACC 12%, terminal growth 5%)Capacity addition in methylamines and its derivatives by domestic players and continued aggressive dumping by Chinese manufacturers in ethyl amines shall limit volume growth and expansion in marginsDemand in the domestic market, particularly from pharmaceuticals, was encouraging in FY24Content 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.

Alkyl Amines: Supply Glut in the Domestic Market. Maintain SELL

Thematic (Sector/Industry)

<ul><li>Sonata Software: Sonata posted a good quarter with revenue growth of 1.5% QoQ CC and a margin decline of ~50bps QoQ, which were in line with our estimates</li><li>The revenue growth was led by BFSI (retail banking) and TMT verticals (Microsoft sell-to and Fabric)</li><li>We expect IITS to be back on the growth trajectory based on healthy deal wins and a strong book-to-bill of 1.23 (TCV of USD 104mn)</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.

Sonata Software: Sonata posted a good quarter with revenue growth of 1.5% QoQ CC and a margin decline of ~50bps QoQ, which were in line with our estimatesThe revenue growth was led by BFSI (retail banking) and TMT verticals (Microsoft sell-to and Fabric)We expect IITS to be back on the growth trajectory based on healthy deal wins and a strong book-to-bill of 1.23 (TCV of USD 104mn)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.

HSIE Results Daily: Sonata Software, Aptus Value Housing Finance India

<ul><li>Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q</li><li>Prices of the chemical are showing a mixed bag on a sequential basis</li><li>As per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two quarters.</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.

Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4QPrices of the chemical are showing a mixed bag on a sequential basisAs per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two quarters.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.

Chemicals (Q4FY24 Results Preview): On a recovery path

<ul><li>We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd</li><li>The company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distribution</li><li>Within the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial production</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.

We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt LtdThe company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distributionWithin the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial productionContent 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.

Chemicals: Opportunities galore for Indian CDMO players

<ul><li>Revenue for our coverage universe is likely to improve by 4.6% QoQ while it could fall by 5.7% YoY in 3Q.</li><li>Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a sequential basis.</li><li>As per the management of chemical companies, the inventory destocking by agrochemical companies may be coming to an end.</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.

Revenue for our coverage universe is likely to improve by 4.6% QoQ while it could fall by 5.7% YoY in 3Q.Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a sequential basis.As per the management of chemical companies, the inventory destocking by agrochemical companies may be coming to an end.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.

Chemicals (Q3FY24 Results Preview): Getting Better

India

Alkyl Amines Chemicals Limited manufactures and supplies amines and amine-based chemicals to the pharmaceutical, agrochemical, rubber chemical, and water treatment industries. The Company's products include aliphatic amines, amine derivatives, and fine chemicals. The Company also has a bioprocess technology division which conducts research in the field of industrial biotechnology.

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Alkyl Amines Chemicals (AACL IN)

Alkyl Amines: Supply Glut in the Domestic Market. Maintain SELL

We expect EBITDA/APAT to grow at a CAGR of 19/21% over FY24-27E and RoE/RoCE to improve from 12.2/15.7% in FY24 to 11.4/14.8% in FY27. Currently,...

HDFC Securities

HSIE Results Daily: Sonata Software, Aptus Value Housing Finance India

Sonata Software: Sonata posted a good quarter with revenue growth of 1.5% QoQ CC and a margin decline of ~50bps QoQ, which were in line with our...

HDFC Securities

Chemicals (Q4FY24 Results Preview): On a recovery path

Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q. Prices of the chemical are showing a mixed...

HDFC Securities

Chemicals: Opportunities galore for Indian CDMO players

We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd. The company operates in two primary businesses

HDFC Securities

Chemicals (Q3FY24 Results Preview): Getting Better

Chemical prices have shown a sharp correction in 3QFY24 as against product prices in 3QFY23 while these prices are showing a mixed bag on a...

HDFC Securities

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