External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Equity Bottom-Up

Amber Enterprises India / Equity Bottom-Up

<div><div><div><div></div></div><div><div><div><div><div><div><ul><li>RAC, Components &amp; Mobility Applications segments Update: (1) Industry RAC volume for FY20/FY21/FY22 stood at 7.2mn/5.2mn/6.4mn units.</li></ul><div><div><div><div><ul><li>Key Concall Highlights: (1) Company had taken a price hike of 8-9% for three quarters. It is likely to pass on another 2-3% price hike in 1QFY23</li></ul><div><div><div><div><ul><li>Working Capital Position: Working capital days declined by 17 days to 39 days at the end of FY22 vs 56 days at the end of FY21.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div></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>

RAC, Components &amp; Mobility Applications segments Update: (1) Industry RAC volume for FY20/FY21/FY22 stood at 7.2mn/5.2mn/6.4mn units.Key Concall Highlights: (1) Company had taken a price hike of 8-9% for three quarters. It is likely to pass on another 2-3% price hike in 1QFY23Working Capital Position: Working capital days declined by 17 days to 39 days at the end of FY22 vs 56 days at the end of FY21.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.

Amber Enterprises India Ltd - Robust Topline Growth; Margins to Improve Going Forward

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.

Thematic (Sector/Industry)

<ul><li>The industry witnessed an improvement in consumer sentiment manifested in the higher demand recovery seen in seasonal products such as ACs, coolers, fans, and refrigerators</li><li>While Jan’22 and Feb’22 witnessed moderate demand, Mar’22 witnessed strong volumes</li><li>OUR TOP PLAYS Positive: Amber Enterprises, Polycab India Negative: Symphony Ltd</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>

The industry witnessed an improvement in consumer sentiment manifested in the higher demand recovery seen in seasonal products such as ACs, coolers, fans, and refrigeratorsWhile Jan’22 and Feb’22 witnessed moderate demand, Mar’22 witnessed strong volumesOUR TOP PLAYS Positive: Amber Enterprises, Polycab India Negative: Symphony LtdContent 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.

Consumer Durables: Margin Pressure Continues; Growth Recovering

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.

<ul><li>Amber is a leading solution provider for air conditioner OEM/ODM industry in India.</li><li>The company has a product portfolio including RACs, RAC components and other non AC components</li><li>Derives ~62% of its revenues from RACs and the rest from components and mobility applications</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>

Amber is a leading solution provider for air conditioner OEM/ODM industry in India.The company has a product portfolio including RACs, RAC components and other non AC componentsDerives ~62% of its revenues from RACs and the rest from components and mobility applicationsContent 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.

Amber Enterprises India: Components Business Drives Topline

<p>The company has witnessed faster-than-expected recovery post easing of lockdowns and steady improvement in consumer sentiments. We have reduced revenue estimates for FY22E by 3.4% while marginally tweaking our FY23 estimates and value Amber at 40x FY23 EPS of Rs 83.3 arriving at a target of Rs 3,330</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>

The company has witnessed faster-than-expected recovery post easing of lockdowns and steady improvement in consumer sentiments. We have reduced revenue estimates for FY22E by 3.4% while marginally tweaking our FY23 estimates and value Amber at 40x FY23 EPS of Rs 83.3 arriving at a target of Rs 3,330Content 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.

Amber Enterprises India: COVID-2 Impacts Peak Season; Long-Term Growth Prospects Intact

<p>We maintain a BUY rating on the stock and value it at 40x FY23E EPS of Rs 82.3 to arrive at the TP of Rs 3,290/share, implying an upside of 19%.</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 maintain a BUY rating on the stock and value it at 40x FY23E EPS of Rs 82.3 to arrive at the TP of Rs 3,290/share, implying an upside of 19%.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

Amber Enterprises India Limited manufactures heating and ventilation equipment. The Company offers refrigerators, heat exchangers, air conditioners, home appliances, vacuum forming, and lighting products. Amber Enterprises also produces auto parts, injection molding, and sheet metal components. Amber Enterprises serves clients in India.

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Amber Enterprises India (AMBER IN)

Amber Enterprises India Ltd - Robust Topline Growth; Margins to Improve Going Forward

Amber Enterprises India Ltd. (Amber) posted its highest ever 4QFY22 quarterly revenue of Rs19.4bn, up 21.2% YoY, led by robust growth across all...

Nirmal Bang

Consumer Durables: Margin Pressure Continues; Growth Recovering

The industry witnessed an improvement in consumer sentiment manifested in the higher demand recovery seen in seasonal products such as ACs,...

Axis Direct

Amber Enterprises India: Components Business Drives Topline

Amber is a leading solution provider for air conditioner OEM/ODM industry in India. The company has a product portfolio including RACs, RAC...

ICICI Securities Limited

Amber Enterprises India: COVID-2 Impacts Peak Season; Long-Term Growth Prospects Intact

The company has witnessed faster-than-expected recovery post easing of lockdowns and steady improvement in consumer sentiments. We have reduced...

Axis Direct

Result Update:Amber Enterp.

We maintain a BUY rating on the stock and value it at 40x FY23E EPS of Rs 82.3 to arrive at the TP of Rs 3,290/share, implying an upside of 19%.

Axis Direct

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