External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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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

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

Thematic (Sector/Industry)

<ul><li>Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2Q</li><li>Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished products</li><li>EBITDA could fall by 7% YoY while EBITDA margin could remain flattish YoY.</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 6.3% QoQ while it could fall by 6.6% YoY in 2QInventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished productsEBITDA could fall by 7% YoY while EBITDA margin could remain flattish YoY.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 (Q2FY24 Results Preview): Lackluster quarter

<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

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.

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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

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

Chemicals (Q2FY24 Results Preview): Lackluster quarter

Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished...

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

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