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.

Equity Bottom-Up

<ul><li>We initiate coverage on Bajaj Electricals (BJE) with a BUY rating and target price of INR 1,200</li><li>We believe BJE is a play on the growth opportunity in FMEG and anticipated rural recovery, given (1) its diverse product offerings along with a leadership position within key categories in home and kitchen appliances, (2) its well-entrenched distribution network, and (3) its higher rural saliency vs peers (c.2x of peers)</li><li>After turning net cash (after four decades) and simplifying its corporate structure under Phase 1 of its transformation journey, in its next phase, BJE is focused on industry-leading growth and aims to achieve it through (1) refreshing the product portfolio, (2) offering products across the consumer value chain via a multi-brand strategy, and (3) stepping up investments in branding and innovation.</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>

We initiate coverage on Bajaj Electricals (BJE) with a BUY rating and target price of INR 1,200We believe BJE is a play on the growth opportunity in FMEG and anticipated rural recovery, given (1) its diverse product offerings along with a leadership position within key categories in home and kitchen appliances, (2) its well-entrenched distribution network, and (3) its higher rural saliency vs peers (c.2x of peers)After turning net cash (after four decades) and simplifying its corporate structure under Phase 1 of its transformation journey, in its next phase, BJE is focused on industry-leading growth and aims to achieve it through (1) refreshing the product portfolio, (2) offering products across the consumer value chain via a multi-brand strategy, and (3) stepping up investments in branding and innovation.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.

Bajaj Electricals (Initiating Coverage): Making Strides in Its Transformation Journey. BUY

Thematic (Sector/Industry)

<ul><li>With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supply</li><li>Ex of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentiment</li><li>Rising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under check</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>

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory stock-outs as demand outstripped supplyEx of the cooling portfolio, there was the sustenance of only a gradual improvement in consumer sentimentRising RM prices, high A&amp;P spending and EPR costs are likely to keep margins under checkContent 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 Durables & EMS: Summer Season Drives Demand Uptick

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Consumer Product segment update: For 4QFY22, Appliance revenue declined by 5.3% YoY due to a high base.</li></ul><div><div><div><div><ul><li>EPC Segment Update: EPC sales grew by 5% YoY, mainly due to calibrated and value-accretive scaling.</li></ul><div><div><div><div><ul><li>OCF and debt position: BJE generated positive cash flow from operations (CFO) of Rs2.6bn in FY22, making it 12th consecutive quarter of positive CFO.</li></ul></div></div></div></div></div></div></div></div></div></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>

Consumer Product segment update: For 4QFY22, Appliance revenue declined by 5.3% YoY due to a high base.EPC Segment Update: EPC sales grew by 5% YoY, mainly due to calibrated and value-accretive scaling.OCF and debt position: BJE generated positive cash flow from operations (CFO) of Rs2.6bn in FY22, making it 12th consecutive quarter of positive CFO.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.

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>Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution)</li>
<li>The company has been reducing exposure in the EPC business with maximum on executing high margin business</li>
<li>Target Price and Valuation: We value Bajaj Electrical at Rs 1280 using SOTP i.e.40x and 7x PE for CP and EPC respectively on FY24E EPS each</li>
</ul>
<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>


Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution)
The company has been reducing exposure in the EPC business with maximum on executing high margin business
Target Price and Valuation: We value Bajaj Electrical at Rs 1280 using SOTP i.e.40x and 7x PE for CP and EPC respectively on FY24E EPS each

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.

Bajaj Electricals: High Base, Input Cost Pressure Drags Profit

<p>About the stock: Bajaj Electrical's business portfolio spans across s consumer products (CP) and EPC (illumination, power transmission and power distribution). CP (appliances, fans, lighting) contributes ~72% to topline and its premium brands includes Morphy Richards and Nirlep. The company...</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>

About the stock: Bajaj Electrical's business portfolio spans across s consumer products (CP) and EPC (illumination, power transmission and power distribution). CP (appliances, fans, lighting) contributes ~72% to topline and its premium brands includes Morphy Richards and Nirlep. The company...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.

Bajaj Electricals: One off Expenses Drag EBITDA Margin

India

Bajaj Electricals Limited manufactures electric fans and general lighting items, such as lamps, special lamps, fluorescent tubes, and lighting fixtures.  The Company also manufactures consumer durables like small electrical appliances.

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Bajaj Electricals (BJE IN)

Bajaj Electricals (Initiating Coverage): Making Strides in Its Transformation Journey. BUY

We believe BJE is a play on the growth opportunity in FMEG and anticipated rural recovery, given (1) its diverse product offerings along with a...

HDFC Securities

Consumer Durables & EMS: Summer Season Drives Demand Uptick

With the country witnessing an intense heatwave, demand for consumer durables in 1Q was largely led by cooling products which witnessed inventory...

HDFC Securities

4QFY22 Result Update - Bajaj Electricals

Bajaj Electricals (BJE) reported revenue of Rs13.22bn, up 5.4% YoY in 4QFY22 but 23.7%/6.5% below our/consensus estimate.

Nirmal Bang

Bajaj Electricals: High Base, Input Cost Pressure Drags Profit

Bajaj Electricals' business portfolio spans across consumer products (CP) and EPC (illumination, power transmission and power distribution)

ICICI Securities Limited

Bajaj Electricals: One off Expenses Drag EBITDA Margin

Bajaj Electrical's business portfolio spans across s consumer products (CP) and EPC (illumination, power transmission and power distribution). CP...

ICICI Securities Limited

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