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

ICICI Securities Limited

External broker reports(aggregated public sources)

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

Amber Enterprises India / Equity Bottom-Up

<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

External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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.

<p>In-line PAT despite miss on revenue/EBITDA front</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>

In-line PAT despite miss on revenue/EBITDA frontContent 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. | Q2FY22 Result Update

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<p>Inspired by <a href="https://thetranscript.substack.com/" target="_blank" rel="noopener">"The Transcript"</a>, We build our very own version of the same called "The Narrative".</p>
<p>The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. </p>
<p>For the narrative, we will be covering commentary on Demand environment and overall Industry, Consumer behaviour and premiumisation, Commodity costs, Pricing action, new product launches, Capex, PLI, Inventory, Competition and market share, Exports, E-commerce, Competitiveness with China and Future outlook.   </p>
<p>Companies covered include <a href="https://www.smartkarma.com/entities/amber-enterprises-india-ltd" target="_blank" data-smartkarma-citation="entities:32202:1" rel="noopener">Amber Enterprises India (AMBER IN)</a>, <a href="https://www.smartkarma.com/entities/bajaj-electricals-ltd" target="_blank" data-smartkarma-citation="entities:9615:1" rel="noopener">Bajaj Electricals (BJE IN)</a> , <a href="https://www.smartkarma.com/entities/crompton-greaves-consumer-electricals" target="_blank" data-smartkarma-citation="entities:24046:1" rel="noopener">Crompton Greaves Consumer Electricals (CROMPTON IN)</a> , <a href="https://www.smartkarma.com/entities/symphony-ltd" target="_blank" data-smartkarma-citation="entities:17047:1" rel="noopener">Symphony Ltd (SYML IN)</a> , <a href="https://www.smartkarma.com/entities/ttk-prestige-ltd" target="_blank" data-smartkarma-citation="entities:9779:1" rel="noopener">TTK Prestige (TTKPT IN)</a></p>

Inspired by "The Transcript", We build our very own version of the same called "The Narrative".
The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks, aiding us in identifying key catalysts that could be potential drivers of stock returns. 
For the narrative, we will be covering commentary on Demand environment and overall Industry, Consumer behaviour and premiumisation, Commodity costs, Pricing action, new product launches, Capex, PLI, Inventory, Competition and market share, Exports, E-commerce, Competitiveness with China and Future outlook.   
Companies covered include Amber Enterprises India (AMBER IN), Bajaj Electricals (BJE IN) , Crompton Greaves Consumer Electricals (CROMPTON IN) , Symphony Ltd (SYML IN) , TTK Prestige (TTKPT IN)

The Narrative | Q1 FY22 | India Household Durables - AMBER, BJE, CROMPTON, SYML, TTKPT

External broker reports(aggregated public sources), Axis Direct

Axis Direct

<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>Decent performance in tough scenario; beat on all fronts</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>

Decent performance in tough scenario; beat on all frontsContent 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. Rs Q1FY22 Result Update

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: 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 Ltd. | Q2FY22 Result Update

In-line PAT despite miss on revenue/EBITDA front

Edelweiss

The Narrative | Q1 FY22 | India Household Durables - AMBER, BJE, CROMPTON, SYML, TTKPT

The objective of "The Narrative" is to aid us in assessing management commentary, which we can further connect with ground reality via primary checks.

Pranav Bhavsar

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

Amber Enterprises India Ltd. Rs Q1FY22 Result Update

Decent performance in tough scenario; beat on all fronts

Edelweiss

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