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>Astral: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E consolidated EBITDA implied P/E 50x Mar-25E)</li><li>We believe Astral’s foray into new businesses (paints and bath ware) will reduce its valuation premium</li><li>In Q4FY23, its consolidated revenue rose 8/19% YoY/QoQ (strong growth across both plumbing and adhesives), while EBITDA/APAT grew by 43/47%, as margin expanded across plumbing/paints and adhesives (P&amp;A) segments by 600/410bps 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: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E consolidated EBITDA implied P/E 50x Mar-25E)We believe Astral’s foray into new businesses (paints and bath ware) will reduce its valuation premiumIn Q4FY23, its consolidated revenue rose 8/19% YoY/QoQ (strong growth across both plumbing and adhesives), while EBITDA/APAT grew by 43/47%, as margin expanded across plumbing/paints and adhesives (P&amp;A) segments by 600/410bps YoYContent 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: Astral, Oberoi Realty, Jubilant FoodWorks

<ul><li>In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectively</li><li>We estimate tiles majors to report healthy ~9% YoY volume growth (supported by a pick-up in exports)</li><li>We estimate pipes’ majors to report 7% YoY volume growth (muted agri demand)</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 Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectivelyWe estimate tiles majors to report healthy ~9% YoY volume growth (supported by a pick-up in exports)We estimate pipes’ majors to report 7% YoY volume growth (muted agri demand)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.

Building Materials - Mixed Trends Across the Three Segments

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.

Equity Bottom-Up

<ul><li>Astral posted consolidated revenue growth of 15.4% YoY.</li><li>In the Plastic segment (95% Plumbing revenue), the company reported volume growth of 30% YoY which indicates the company is gaining market share.</li><li>The company’s Gross Margins fell by 164bps YoY due to a fall in PVC prices, leading to an inventory loss of ~Rs 25 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.

Astral posted consolidated revenue growth of 15.4% YoY.In the Plastic segment (95% Plumbing revenue), the company reported volume growth of 30% YoY which indicates the company is gaining market share.The company’s Gross Margins fell by 164bps YoY due to a fall in PVC prices, leading to an inventory loss of ~Rs 25 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.

Astral Ltd - Strong Volume Growth Led by Channel Restocking and Improved Demand

<ul><li>This report covers 15 major building material companies within the three categories of wood panel, tiles, and plastic pipes</li><li>The demand outlook for these materials is positive due to factors like urbanisation, increased investment towards infrastructure projects, and a rebound in the housing and commercial real estate markets</li><li>The wood panel segment, in particular, is expected to see strong growth in the coming years, with major opportunities in the MDF and particle board markets</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.

This report covers 15 major building material companies within the three categories of wood panel, tiles, and plastic pipesThe demand outlook for these materials is positive due to factors like urbanisation, increased investment towards infrastructure projects, and a rebound in the housing and commercial real estate marketsThe wood panel segment, in particular, is expected to see strong growth in the coming years, with major opportunities in the MDF and particle board marketsContent 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: Multiple tailwinds for a cheerful new year!

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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>Astral is the leader in the CPVC piping segment and expanding into other building material business like adhesive, paints and sanitary ware.</li><li>Astral is the third largest piping company with a value market share of 9%.</li><li>In FY22, piping, adhesive contributed 77%, 23%, respectively, to its topline</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 is the leader in the CPVC piping segment and expanding into other building material business like adhesive, paints and sanitary ware.Astral is the third largest piping company with a value market share of 9%.In FY22, piping, adhesive contributed 77%, 23%, respectively, to its toplineContent 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 - Inventory Losses, Higher A&P Spend Drag Margin…

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)

HSIE Results Daily: Astral, Oberoi Realty, Jubilant FoodWorks

Astral: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E...

HDFC Securities

Building Materials - Mixed Trends Across the Three Segments

In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectively. We estimate tiles majors to report...

HDFC Securities

Astral Ltd - Strong Volume Growth Led by Channel Restocking and Improved Demand

In the Plastic segment (95% Plumbing revenue), the company reported volume growth of 30% YoY which indicates the company is gaining market share.

Axis Direct

Building Materials: Multiple tailwinds for a cheerful new year!

This report covers 15 major building material companies within the three categories of wood panel, tiles, and plastic pipes

HDFC Securities

Astral - Inventory Losses, Higher A&P Spend Drag Margin…

Astral is the leader in the CPVC piping segment and expanding into other building material business like adhesive, paints and sanitary ware.

ICICI Securities Limited

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