External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>APL Apollo Tubes (APAT) is India’s leading structural steel tube manufacturer headquartered at Delhi NCR. The company has 10 manufacturing plants which are strategically located having a total installed capacity of 2.6MTPA. APAT has over 1500+ products varieties for multiple building material structural steel applications. APAT has over 800 distributors spread across 300 towns and cities of India.</p><p>We recommend a BUY with TP of Rs. 1,780/share.</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>

APL Apollo Tubes (APAT) is India’s leading structural steel tube manufacturer headquartered at Delhi NCR. The company has 10 manufacturing plants which are strategically located having a total installed capacity of 2.6MTPA. APAT has over 1500+ products varieties for multiple building material structural steel applications. APAT has over 800 distributors spread across 300 towns and cities of India.We recommend a BUY with TP of Rs. 1,780/share.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.

<p>We retain a BUY rating on the stock and value it at 30x PE of FY24E EPS, to arrive at a revised TP of Rs 1,920 (Rs 1,595 earlier).</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 retain a BUY rating on the stock and value it at 30x PE of FY24E EPS, to arrive at a revised TP of Rs 1,920 (Rs 1,595 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.

APL Apollo Tubes: Robust Performace Backed by Strong Fundamentals

External broker reports(aggregated public sources), IDBI Capital

IDBI Capital

<p>APL Apollo Tubes (APL) reported strong improvement in profitability for Q1FY22; its EBITDA was a strong beat to our forecast. APL's EBIDTA/tonne jumped to Rs6,825 (+129% YoY, +44% QoQ) driven by 1) strong demand, 2) better product mix and 3) higher contribution from high-margin Apollo Tricoat Products. Despite 14% QoQ fall in...</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>

APL Apollo Tubes (APL) reported strong improvement in profitability for Q1FY22; its EBITDA was a strong beat to our forecast. APL's EBIDTA/tonne jumped to Rs6,825 (+129% YoY, +44% QoQ) driven by 1) strong demand, 2) better product mix and 3) higher contribution from high-margin Apollo Tricoat Products. Despite 14% QoQ fall in...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.

<p>We retain a BUY rating on the stock and value the stock at 30x PE of FY23E EPS, to arrive at a revised TP of Rs 1,595 (Rs 1,054 earlier).</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 retain a BUY rating on the stock and value the stock at 30x PE of FY23E EPS, to arrive at a revised TP of Rs 1,595 (Rs 1,054 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.

APLAPOLLO: We retain a BUY rating on the stock

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

<div><p>The Indian mutual fund industry has assets of almost INR 6.6 trillion across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.</p></div><div>
<p>The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.</p>
<p>At the next recategorization in July 2021, we see 7 stocks moving from the mid cap segment to the large cap segment with an equal number of stocks moving the other way, and 13 stocks are expected to move from the small cap segment to the mid cap segment with the 16 stocks moving from the mid cap to the small cap segment. There are 3 recent listings that will enter the mid cap segment with over 18 joining the small cap segment.</p>
<p>Historically, the stocks migrating upward to a higher market cap segment have outperformed stocks that migrate to a lower market cap segment over the 1 month and 2 month period post the publishing of the AMFI list. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.</p>
</div>

The Indian mutual fund industry has assets of almost INR 6.6 trillion across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.
The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.
At the next recategorization in July 2021, we see 7 stocks moving from the mid cap segment to the large cap segment with an equal number of stocks moving the other way, and 13 stocks are expected to move from the small cap segment to the mid cap segment with the 16 stocks moving from the mid cap to the small cap segment. There are 3 recent listings that will enter the mid cap segment with over 18 joining the small cap segment.
Historically, the stocks migrating upward to a higher market cap segment have outperformed stocks that migrate to a lower market cap segment over the 1 month and 2 month period post the publishing of the AMFI list. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.


India: Stock Reclassification & Active Portfolio Management

India

APL Apollo Tubes Ltd. manufactures and exports galvanized steel tubes, galvanized steel pipes, and welded black pipes and tubes.

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Apl Apollo Tubes (APAT IN)

Pick of the Week: APL Apollo Tubes

We recommend a BUY with TP of Rs. 1,780/share. APL Apollo Tubes (APAT) is India’s leading structural steel tube manufacturer headquartered at Delhi...

Axis Direct

APL Apollo Tubes: Robust Performace Backed by Strong Fundamentals

We retain a BUY rating on the stock and value it at 30x PE of FY24E EPS, to arrive at a revised TP of Rs 1,920 (Rs 1,595 earlier).

Axis Direct

APL Apollo Tubes: Q1FY22 Result Review

APL Apollo Tubes (APL) reported strong improvement in profitability for Q1FY22; its EBITDA was a strong beat to our forecast. APL's EBIDTA/tonne...

IDBI Capital

APLAPOLLO: We retain a BUY rating on the stock

We retain a BUY rating on the stock and value the stock at 30x PE of FY23E EPS, to arrive at a revised TP of Rs 1,595 (Rs 1,054 earlier).

Axis Direct

India: Stock Reclassification & Active Portfolio Management

There are a lot of segment changes expected in July when AMFI recategorizes stocks and mutual funds start to rebalance their portfolios. We...

Brian Freitas

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