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. 

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>The Plumbing division reported a volume de-growth of 2.5% YoY, while realisations increased to Rs 190/kg. </li><li>In Q2FY25, average realisations stood at Rs 190/kg (up 1.1% YoY) and EBITDA remained stable at Rs 35/kg (up 3% YoY).</li><li>During the quarter, PVC/CPVC raw material prices decreased, leading to destocking. </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.

The Plumbing division reported a volume de-growth of 2.5% YoY, while realisations increased to Rs 190/kg. In Q2FY25, average realisations stood at Rs 190/kg (up 1.1% YoY) and EBITDA remained stable at Rs 35/kg (up 3% YoY).During the quarter, PVC/CPVC raw material prices decreased, leading to destocking. 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.

Astral Ltd - Weak Performance & Declining Growth

<ul><li>The Plumbing division reported volume growth of 16.4% YoY while realisations decreased to Rs 182/kg.</li><li>In Q1FY25, average realisations stood at Rs 182/kg (-7.2% YoY) and EBITDA stood stable at Rs 33/kg (-5.6% YoY). During the quarter, PVC/CPVC raw material prices were volatile.</li><li>The reported PAT of Rs 120 Cr stands below our expectations. Sector Outlook: Positive</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.

The Plumbing division reported volume growth of 16.4% YoY while realisations decreased to Rs 182/kg.In Q1FY25, average realisations stood at Rs 182/kg (-7.2% YoY) and EBITDA stood stable at Rs 33/kg (-5.6% YoY). During the quarter, PVC/CPVC raw material prices were volatile.The reported PAT of Rs 120 Cr stands below our expectations. Sector Outlook: PositiveContent 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.

<ul><li>Astral posted consolidated revenue growth of 7.9% YoY in Q4FY24, majorly led by growth in Plastic (+11.5% YoY) and Adhesive segment (+4.5% YoY).</li><li>The Plumbing division reported strong volume growth of 22.8% YoY while realisations decreased to Rs 187/kg due to high volatility in PVC prices.</li><li>In Q4FY24, average realisations stood at Rs 187/kg (-9.2% YoY) and EBITDA stood stable at Rs 37/kg (+19.7% 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.

Astral posted consolidated revenue growth of 7.9% YoY in Q4FY24, majorly led by growth in Plastic (+11.5% YoY) and Adhesive segment (+4.5% YoY).The Plumbing division reported strong volume growth of 22.8% YoY while realisations decreased to Rs 187/kg due to high volatility in PVC prices.In Q4FY24, average realisations stood at Rs 187/kg (-9.2% YoY) and EBITDA stood stable at Rs 37/kg (+19.7% 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.

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

<ul>
<li>Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.</li>
<li>The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.</li>
<li>Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.</li>
</ul>


Companies in India have disclosed their shareholding pattern as of end-December in January. There are companies with significant float changes from end-September and/or end-June.
The changes in free float could be reflected in domestic and global indices over the next few weeks and months resulting in action from passive trackers.
Depending on the date that the shareholding was published, there could be 13 stocks with passive inflows from global trackers while 4 could see passive outflows in February.


India: Potential Free Float Changes & Passive Flows in February

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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>In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)</li><li>Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin prices</li><li>The tiles and wood panel sectors continue to deliver sub-par volume performance</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.

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven)Pipes demand has weakened in Q2. Pipes channel inventory is low owing to decreasing resin pricesThe tiles and wood panel sectors continue to deliver sub-par volume performanceContent 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.

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

India

Astral Polytechnik Limited manufactures and markets CPVC plumbing systems for residential and industrial applications. The Company also manufactures ASTM solvent weld lead free PVC plumbing systems.

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Astral Ltd (ASTRA IN)

Astral Ltd - Weak Performance & Declining Growth

In Q2FY25, average realisations stood at Rs 190/kg (up 1.1% YoY) and EBITDA remained stable at Rs 35/kg (up 3% YoY). During the quarter, PVC/CPVC...

Axis Direct

Astral Ltd - Low Operating Profitability

In Q1FY25, average realisations stood at Rs 182/kg (-7.2% YoY) and EBITDA stood stable at Rs 33/kg (-5.6% YoY). During the quarter, PVC/CPVC raw...

Axis Direct

Astral Ltd - Strong Volume Growth

Astral posted consolidated revenue growth of 7.9% YoY in Q4FY24, majorly led by growth in Plastic (+11.5% YoY) and Adhesive segment (+4.5% YoY).

Axis Direct

India: Potential Free Float Changes & Passive Flows in February

Changes to shareholding patterns could lead to changes in float for some stocks in local/global indices. Passive trackers will need to trade over 5...

Brian Freitas

Building Materials (Q2FY25 Results Preview): Muted Demand Compresses Margins

In Q2FY25, our coverage universe’s revenue is expected to grow by 4% YoY (volume-driven). Pipes demand has weakened in Q2. Pipes channel inventory...

HDFC Securities

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