External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Apcotex Industries Q4FY23 performance was inline with our top-line expectations.</li><li>Falling prices and lower realisations continued to affect the numbers. Consolidated Revenue was inline with our estimate and was down 7.7%YoY but up 9% QoQ.</li><li>EBITDA missed our estimate, down 25% YoY on lower-than-expected margins as the company continued to witness strong pressure on Nitrile Latex margins and reduction in NBR margins post normalisation of freight costs.</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.

Apcotex Industries Q4FY23 performance was inline with our top-line expectations.Falling prices and lower realisations continued to affect the numbers. Consolidated Revenue was inline with our estimate and was down 7.7%YoY but up 9% QoQ.EBITDA missed our estimate, down 25% YoY on lower-than-expected margins as the company continued to witness strong pressure on Nitrile Latex margins and reduction in NBR margins post normalisation of freight costs.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.

Apcotex Industries - Margins to Remain Under Pressure: Revise SELL

Thematic (Sector/Industry)

<ul><li>It gives us immense joy to share with you our latest published report – Union Budget 2023-24: Post Budget Analysis &amp; Stock Ideas.</li><li>The report contains 10 carefully selected stocks that we believe are well-placed to benefit from the Union Budget 2023-24.</li><li>Weekly Earnings Wrap is a highly actionable report containing key highlights of the result updates published in the preceding week along with all Upgrades, Downgrades, and No Change recommendations. </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.

It gives us immense joy to share with you our latest published report – Union Budget 2023-24: Post Budget Analysis &amp; Stock Ideas.The report contains 10 carefully selected stocks that we believe are well-placed to benefit from the Union Budget 2023-24.Weekly Earnings Wrap is a highly actionable report containing key highlights of the result updates published in the preceding week along with all Upgrades, Downgrades, and No Change recommendations. 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.

Key Highlights of the Month – Fundamental

<ul><li>Expected Delay in Capacity Utilisation Ramp-up. Pricing pressure from Imports</li><li>Weak Outlook on Nitrile Latex &amp; Glove Industry in short term</li><li>Company Outlook &amp; Guidance: We maintain Negative outlook on the stock and reduce the company’s FY23/24E EBITDA estimates to factor in delay in plant commissioning and lower realisation from weakened latex demand, higher inventory cost and import pricing pressure.</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.

Expected Delay in Capacity Utilisation Ramp-up. Pricing pressure from ImportsWeak Outlook on Nitrile Latex &amp; Glove Industry in short termCompany Outlook &amp; Guidance: We maintain Negative outlook on the stock and reduce the company’s FY23/24E EBITDA estimates to factor in delay in plant commissioning and lower realisation from weakened latex demand, higher inventory cost and import pricing pressure.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.

Apcotex Industries - Not the End of the Tunnel Yet, Price Correction: Revise Hold

<ul><li>Apcotex Industries (APCOTEX) Q2FY23 results missed our estimates on all fronts as company struggles from weakening demand for Nitrile Rubber as gloves demand declined globally</li><li>Revenues came in at Rs 283 Cr up 16% YoY but down 7% QoQ on account of an decrease in realization.</li><li>The company reported an EBITDA of Rs 45 Cr (our estimate: Rs 49 Cr), up 44% YoY reporting EBITDA Margin of 16% (our estimate: 16%). PAT stood at Rs 31 Cr (est Rs 35 Cr).</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.

Apcotex Industries (APCOTEX) Q2FY23 results missed our estimates on all fronts as company struggles from weakening demand for Nitrile Rubber as gloves demand declined globallyRevenues came in at Rs 283 Cr up 16% YoY but down 7% QoQ on account of an decrease in realization.The company reported an EBITDA of Rs 45 Cr (our estimate: Rs 49 Cr), up 44% YoY reporting EBITDA Margin of 16% (our estimate: 16%). PAT stood at Rs 31 Cr (est Rs 35 Cr).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.

Apcotex Industries - Hawkish Commentary, Weak Outlook; Revise Sell

<ul><li>Apcotex Industries (APCOTEX) Q4FY22 results beat our estimates on all fronts. The revenues came in at Rs 277 Cr, reporting a 48% growth YoY, largely on a lower base of the last year.</li><li>On a sequential basis, the top line grew by 10.7% on account of strong volumes and an increase in realizations</li><li>We roll forward our estimates and multiple, valuing the company at 20x (30% discount to TTM PE of 28x) FY24E earnings to arrive at a revised TP to Rs 550/share (Rs 435 earlier).</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.

Apcotex Industries (APCOTEX) Q4FY22 results beat our estimates on all fronts. The revenues came in at Rs 277 Cr, reporting a 48% growth YoY, largely on a lower base of the last year.On a sequential basis, the top line grew by 10.7% on account of strong volumes and an increase in realizationsWe roll forward our estimates and multiple, valuing the company at 20x (30% discount to TTM PE of 28x) FY24E earnings to arrive at a revised TP to Rs 550/share (Rs 435 earlier).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.

Apcotex Industries: Strong Demand in Domestic Market; Positive Growth Outlook

India

Apcotex Industries Limited, manufactures synthetic rubber, lattices, and associated items.  The Company's products include styrene butadiene lattices, nitrile lattices, vinyl pyridine latex, and styrene butadiene rubber.

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Apcotex Industries (APCO IN)

Apcotex Industries - Margins to Remain Under Pressure: Revise SELL

Falling prices and lower realisations continued to affect the numbers. Consolidated Revenue was inline with our estimate and was down 7.7%YoY but...

Axis Direct

Key Highlights of the Month – Fundamental

It gives us immense joy to share with you our latest published report – Union Budget 2023-24: Post Budget Analysis & Stock Ideas.

Axis Direct

Apcotex Industries - Not the End of the Tunnel Yet, Price Correction: Revise Hold

Expected Delay in Capacity Utilisation Ramp-up. Pricing pressure from Imports. Weak Outlook on Nitrile Latex & Glove Industry in short term

Axis Direct

Apcotex Industries - Hawkish Commentary, Weak Outlook; Revise Sell

The company reported an EBITDA of Rs 45 Cr (our estimate: Rs 49 Cr), up 44% YoY reporting EBITDA Margin of 16% (our estimate: 16%). PAT stood at Rs...

Axis Direct

Apcotex Industries: Strong Demand in Domestic Market; Positive Growth Outlook

We roll forward our estimates and multiple, valuing the company at 20x (30% discount to TTM PE of 28x) FY24E earnings to arrive at a revised TP to...

Axis Direct

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