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.

Thematic (Sector/Industry)

<ul><li>Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)</li><li>Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levels</li><li>Footfalls density is normalising too; esp in categories/companies with a higher urban presence</li></ul><p><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></p>

Discretionary categories to clock another healthy quarter: Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)Ticket sizes in retail remain elevated, courtesy higher ASP vis-à-vis pre-pandemic levelsFootfalls density is normalising too; esp in categories/companies with a higher urban presenceContent 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.

Consumer Discretionary (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

<ul><li>Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)</li><li>Decorative business clocked 37/59% volume/value growth YoY in Q1FY23 (FY19-22 volume/value CAGR: 20/0% resp)</li><li>Adjacencies continue to perform well</li></ul><p><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></p>

Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)Decorative business clocked 37/59% volume/value growth YoY in Q1FY23 (FY19-22 volume/value CAGR: 20/0% resp)Adjacencies continue to perform wellContent 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: Asian Paints, Larsen & Toubro, Aether Industries...

<ul><li>Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue/EBITDA CAGRs of 16/11% resp)</li><li>F&amp;G, jewellery, paints, apparel, and footwear are expected to clock 19%, 25%, 15%, 8%, and 2% (3-year CAGRs)</li><li>Ticket sizes in retail, though normalising, remain elevated vs pre-COVID levels.</li></ul><p><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></p>

Recovery trends across discretionary categories are healthy: Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue/EBITDA CAGRs of 16/11% resp)F&amp;G, jewellery, paints, apparel, and footwear are expected to clock 19%, 25%, 15%, 8%, and 2% (3-year CAGRs)Ticket sizes in retail, though normalising, remain elevated vs pre-COVID levels.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.

Consumer Discretionary -  Margin Recovery to Lag that in Topline

Equity Bottom-Up

<div><div><div><ul><li>Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.</li><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.</li><li>Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin.</li></ul><ul style="list-style-type: none;"><li><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></li></ul></div></div></div><p><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></p>

Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin. 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: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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

<ul><li>Asian Paints delivered a strong set of numbers in Q4FY22 with revenue up ~21% YoY to Rs 7,893 Cr, led by a combination of volume growth (up 8%) and price mix.</li><li>However, the near-term challenge still persists and we would wait to see if the visibility of the near term performance sustains before we change our rating to BUY</li><li>We continue to maintain our HOLD rating with an unchanged TP of Rs 3,200 (57x FY24E EPS).</li></ul><p><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></p>

Asian Paints delivered a strong set of numbers in Q4FY22 with revenue up ~21% YoY to Rs 7,893 Cr, led by a combination of volume growth (up 8%) and price mix.However, the near-term challenge still persists and we would wait to see if the visibility of the near term performance sustains before we change our rating to BUYWe continue to maintain our HOLD rating with an unchanged TP of Rs 3,200 (57x FY24E 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.

Asian Paints: Surprise on Margin Front; Maintain BUY

India

Solar Industries India Limited manufactures and supplies explosives and explosives accessories. The company's products include bulk, cartridge, detonators, detonating cords Pentaerythritol Tetranitrate ("PETN"), and cast boosters.

Supreme Industries Limited manufactures industrial and engineered molded products and storage and material handling crates.  The Company also manufactures chemicals, multilayer sheets, multilayer films, packaging films and expanded polyethylene foam, PVC pipes and fittings, molded furniture and disposable EPS containers.

Linde India Limited manufactures and distributes oxygen, hydrogen, nitrogen, argon and specialty gas mixtures. The Company also manufactures welding electrodes, rods, fluxes, gas and electric welding equipment, as well as air separation and gas plants, cryogenic equipment and liquid oxygen explosives.

Pidilite Industries Ltd. manufactures products which can be segmented into consumer products: art materials & stationary, publications, food & fabric care, car products and adhesives & sealants; specialty industrial products: industrial adhesives, industrial pigments, industrial & textile resins and leather chemicals.

Berger Paints India Limited manufactures and distributes paints, enamels, varnishes, and synthetic resins. The Company's products are used in home, office, factory, interiors, exteriors, metal, wood, plastic, and others.

The Fertilisers and Chemicals Travancore Limited manufactures petrochemicals and fertilisers.  The Group's products include Ammonia, Sulphuric Acid, Phosphoric Acid, Ammonium, Urea, Caprolactam, Nitric Acid and Soda Ash.

Deepak Nitrite Limited manufactures chemicals and fertilizers. The Company's products include sodium nitrite/nitrate, nitric acid, ammonium nitrate, and Hydroxylamine Sulphate.  Deepak Nitrite's other two divisions manufacture dyes & dyestuffs and nitro aromatics.

PI Industries Limited manufactures agricultural and fine chemicals, and polymers. The Company produces fine chemicals; crop protection, plant nutrients, and seeds; and engineering plastics for use in the automobile, electrical, and home appliances industries.

Coromandel International Ltd. manufactures fertilizers and pesticides.  The Company produces both chemical and organic fertilizers, insecticides, fungicides, herbcides, and plant biostimulant.

UPL Ltd. manufactures, distributes and exports off-patent agrochemicals. The Company also manufactures phosphorus & phosphorus-based compounds and its products include herbicides, fungicides, insecticides, fumigants and rodenticides. United Phosphorus also manufactures industrial chemicals, specialty chemicals and chloralkaline products

Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and fabricated products.  The Company serves a range of consumer and industrial markets, including flexible and rigid packaging, automotive products, coatings, and residential and commercial construction.

LyondellBasell Industries NV manufactures plastic, chemical, and fuel products. The Company offers products for the manufacturing of personal care products, fresh food packaging, lightweight plastics, construction materials, automotive components, durable textiles, medical applications, and biofuels. LyondellBasell Industries conducts its business worldwide.

PT Chandra Asri Petrochemical Tbk (CAP) is an integrated petrochemical producer. The Company produces ethylene, propylene, mixed C4, pyrolysis gasoline, polyethylene, polypropylene, and styrene monomer.  CAP serves both the domestic downstream industries and regional export markets in Indonesia.

LG Chem Ltd. is a chemical manufacturer.  The Company's products include petrochemicals, plastic resins, and engineering plastics.  LG Chem also produces industrial and electronic materials.

NITTO DENKO CORPORATION manufactures and markets a wide range of chemical products which are used as materials for industrial and electronic components. The Company's products include materials for sealants, semiconductors, and wrappings.  Nitto Denko has a network of sales/manufacturing subsidiaries worldwide.

Air Products and Chemicals, Inc. produces industrial atmospheric and specialty gases, and performance materials and equipment. The Company's products include oxygen, nitrogen, argon, helium, specialty surfactants and amines, polyurethane, epoxy curatives and resins. Air Products and Chemicals, Inc. products are used in the beverage, health and semiconductors fields.

Wanhua Chemical Group Co., Ltd. develops, manufactures, and markets pure isocyanate, polymeric isocyanate, polyurethane, and other related chemical products.

Qinghai Salt Lake Industry Co.,Ltd manufactures and markets fertilizer products. The Company produces potash fertilizers, potassium chloride, and other products. Qinghai Salt Lake Industry also produces salts, chemicals, and other products.

NIPPON PAINT HOLDINGS CO., LTD. produces paints for automobiles, ships, and other industrial paints.  The Company also manufactures fine chemicals such as finishing agents and adhesives.

Albemarle Corporation produces specialty and fine chemicals.  The Company's chemicals are additives to or intermediates for plastics, polymers and elastomers, cleaning products, agricultural compounds, pharmaceuticals, photographic chemicals, drilling compounds, and biocides.  Albemarle produces the majority of its products in the United States.

Asian Paints Limited manufactures a wide range of decorative paints, varnishes, enamels, and black & synthetic resins. The Company, through its subsidiaries, also manufactures specialty industrial chemicals and vinyl pyridine latex products which are used in the manufacture of rubber tires.

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Asian Paints (APNT IN)

Consumer Discretionary (Q2FY23 Results Preview): Expect a buoyant quarter; alas! bargains absent

Our discretionary universe is expected to grow by ~29% YoY (revenue) in Q2FY23 (3-year revenue/EBITDA CAGRs of 19/17% resp)

HDFC Securities

HSIE Results Daily: Asian Paints, Larsen & Toubro, Aether Industries...

Asian Paints: Asian Paints continues to deliver robust sales growth, at 54% YoY (three year CAGR: 19%; 7% above estimates)

HDFC Securities

Consumer Discretionary - Margin Recovery to Lag that in Topline

Our discretionary universe is expected to nearly double sales YoY in Q1FY23 as the companies get their first pandemic-free quarter (3-year revenue...

HDFC Securities

HSIE Results Daily: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

Asian Paints’ (APNT) Q4 performance was broadly in line. Sales growth, at 18.7% (three year CAGR: 17%), marginally exceeded expectations (+3% vs...

HDFC Securities

Asian Paints: Surprise on Margin Front; Maintain BUY

Asian Paints delivered a strong set of numbers in Q4FY22 with revenue up ~21% YoY to Rs 7,893 Cr, led by a combination of volume growth (up 8%) and...

Axis Direct

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