External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>We retain our ADD rating on Ami Organics Ltd (AOL), with a target price of INR 1,360 (WACC 11%, terminal growth 6%), on the back of (1) expansion of its speciality chemicals portfolio, (2) Fermion contract revenue accruing from Q4FY24, and (3) strong advanced pharma intermediates product pipeline</li><li>The stock is currently trading at 37x FY25E EPS</li><li>We expect the EBITDA margin to improve by 222bps, from 20% in FY23 to 22% in FY26E, owing to a ramp-up in capacity utilisation in the speciality chemicals business and an increase in the value-added items in the product portfolio.</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 retain our ADD rating on Ami Organics Ltd (AOL), with a target price of INR 1,360 (WACC 11%, terminal growth 6%), on the back of (1) expansion of its speciality chemicals portfolio, (2) Fermion contract revenue accruing from Q4FY24, and (3) strong advanced pharma intermediates product pipelineThe stock is currently trading at 37x FY25E EPSWe expect the EBITDA margin to improve by 222bps, from 20% in FY23 to 22% in FY26E, owing to a ramp-up in capacity utilisation in the speciality chemicals business and an increase in the value-added items in the product portfolio.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.

Ami Organics - Focus on Increasing Value-Added Products. Maintain ADD

Thematic (Sector/Industry)

<ul><li>ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%</li><li>However, it was a beat of 14% and 22% at EBITDA and PAT levels</li><li>This was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps 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.

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%However, it was a beat of 14% and 22% at EBITDA and PAT levelsThis was mainly on the back of a higher EBITDA margin, which was at an all-time quarterly high of 13.9% (+42/+207bps 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.

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capex</li><li>IOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimate</li><li>The beat was largely on account of better-than-expected performance from the refining and petchem segments.</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.

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capexIOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimateThe beat was largely on account of better-than-expected performance from the refining and petchem segments.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: Indian Oil Corporation, CreditAccess Grameen

<ul>
<li>We downgrade Ami Organics from BUY to ADD with the revised target price of INR 1,248 (WACC 11%, terminal growth 6%)</li>
<li>The downgrade is largely on the back of a ~25% increase in the stock price in the past three months</li>
<li>The stock is currently trading at 29x FY25E EPS.</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 downgrade Ami Organics from BUY to ADD with the revised target price of INR 1,248 (WACC 11%, terminal growth 6%)
The downgrade is largely on the back of a ~25% increase in the stock price in the past three months
The stock is currently trading at 29x FY25E EPS.

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.

Ami Organics (Q4FY23 Results Review): Pricing in positives. Downgrade to ADD

<ul><li>Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industries</li><li>Revenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.</li><li>EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.</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.

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industriesRevenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.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

Ami Organics Limited operates as a diligently managed pharmaceutical company. The Company specializes in varied products, custom synthesis, and contract manufacturing. Ami Organics serves customers in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

AMI Organics Ltd (AMIORG IN)

Ami Organics - Focus on Increasing Value-Added Products. Maintain ADD

We expect the EBITDA margin to improve by 222bps, from 20% in FY23 to 22% in FY26E, owing to a ramp-up in capacity utilisation in the speciality...

HDFC Securities

HSIE Results Daily: ABB India, Hero Motocorp, Nuvoco Vistas Corporation

ABB India: ABB Q2CY23 revenue at INR 25bn (+22%/+4% YoY/QoQ) missed our estimates by 3%. However, it was a beat of 14% and 22% at EBITDA and PAT...

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, CreditAccess Grameen

Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins

HDFC Securities

Ami Organics (Q4FY23 Results Review): Pricing in positives. Downgrade to ADD

The downgrade is largely on the back of a ~25% increase in the stock price in the past three months. The stock is currently trading at 29x FY25E EPS.

HDFC Securities

Chemicals: Recovery and stability ahead!

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)