External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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Equity Bottom-Up

<div><div><div><div><ul><li>What we like? 1) In FY22, the Indian operations secured new orders worth ~Rs10bn across automotive and industrial applications.</li></ul><div><div><div><div><ul><li>EBITDA above estimates: Revenue grew by 28% yoy to Rs16.7bn (est.: Rs15bn), above estimates due to higher sales in the domestic industrials and overseas auto segments.</li></ul><div><div><div><div><ul><li>Maintain Buy with a TP of Rs810, based on 24x P/E for the standalone business on Jun’24E EPS.</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>

What we like? 1) In FY22, the Indian operations secured new orders worth ~Rs10bn across automotive and industrial applications.EBITDA above estimates: Revenue grew by 28% yoy to Rs16.7bn (est.: Rs15bn), above estimates due to higher sales in the domestic industrials and overseas auto segments.Maintain Buy with a TP of Rs810, based on 24x P/E for the standalone business on Jun’24E 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.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Core businesses to see sustained recovery in FY23; geographical expansion on the cards</li></ul><div><ul><li>Non-auto business grows both in the domestic and export markets</li></ul><div><ul><li>Highlights from the management interaction - <span style="font-size: var(--content-font-size);">In FY22, the Indian operations have received new orders of ~INR10b p.a. and the US operations have won new orders worth USD150m p.a.</span></li></ul></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>

Core businesses to see sustained recovery in FY23; geographical expansion on the cardsNon-auto business grows both in the domestic and export marketsHighlights from the management interaction - In FY22, the Indian operations have received new orders of ~INR10b p.a. and the US operations have won new orders worth USD150m p.a.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.

Bharat Forge - Strong All-Round Performance Drives Beat

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.

<ul><li><span style="font-size: var(--content-font-size);">Domestic business sees strong growth momentum in key segments</span></li></ul><div><div><ul><li>New order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, <span style="font-size: var(--content-font-size);">(1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.</span></li></ul><div><div><div><ul><li>Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.</li></ul></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>

Domestic business sees strong growth momentum in key segmentsNew order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, (1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.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.

Bharat Forge (Initiating Coverage): Multiple Growth Drivers in Place. BUY

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

ICICI Securities Limited

<p>BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the recent past), (ii) BFL has recently won an order from Government of India in the defence domain (non-automotive) wherein BFL will start supplying components in a month's timeframe (quantum not disclosed); (iii) BFL will be acquiring land to the tune of ~70 hectares at Khed (Maharashtra, near Pune) at an outlay of ~Rs 240 crore (over the next two to three years) wherein they intend to construct two new plants in the domain of e-mobility and defence.</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>

BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the recent past), (ii) BFL has recently won an order from Government of India in the defence domain (non-automotive) wherein BFL will start supplying components in a month's timeframe (quantum not disclosed); (iii) BFL will be acquiring land to the tune of ~70 hectares at Khed (Maharashtra, near Pune) at an outlay of ~Rs 240 crore (over the next two to three years) wherein they intend to construct two new plants in the domain of e-mobility and defence.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.

BHARATFORG: BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the ...

<p>We maintain BUY with a revised target price of INR 860 at 34.5x FY23E EPS (vs 32x earlier) the multiple has been raised to factor in the reorganised group structure, emerging opportunities in defence and PV segments, and stronger-than-expected demand. The stock is our preferred pick in the CV segment. Key risks: delayed defence orders; any sudden lockdowns due to COVID Bharat Forges (BFL) 4QFY21 results were a significant beat with APAT coming in at INR 2.06bn (vs 0.98bn QoQ). The management is upbeat on the outlook for Class-8 trucks and expects its volume to reach 300k (+50%) in FY22E.</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 maintain BUY with a revised target price of INR 860 at 34.5x FY23E EPS (vs 32x earlier) the multiple has been raised to factor in the reorganised group structure, emerging opportunities in defence and PV segments, and stronger-than-expected demand. The stock is our preferred pick in the CV segment. Key risks: delayed defence orders; any sudden lockdowns due to COVID Bharat Forges (BFL) 4QFY21 results were a significant beat with APAT coming in at INR 2.06bn (vs 0.98bn QoQ). The management is upbeat on the outlook for Class-8 trucks and expects its volume to reach 300k (+50%) in FY22E.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.

Bharat Forge (4QFY21): Outlook upbeat; simplifying group structure. Maintain BUY

India

Bharat Forge Limited manufactures steel forgings and machined components for the automotive, diesel engine, railway, earthmoving, cement, sugar, steel, coal, ship building and oilfield industries. The Company specializes in Closed Die as well as Open Die Forgings.

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Bharat Forge (BHFC IN)

Result Update - Bharat Forge

Results above estimates; growth prospects remain positive; BHFC's Q4 EBITDA grew 29% yoy to Rs4.3bn and came in 15% above our estimate, driven by...

Emkay

Bharat Forge - Strong All-Round Performance Drives Beat

Bharat Forge (BHFC)’s 4QFY22 result was above expectation propelled by strong all-round performance with better-than-expected revenue, margins and...

Motilal Oswal

Bharat Forge (Initiating Coverage): Multiple Growth Drivers in Place. BUY

BHFC’s recent stock underperformance has been attributed to: (1) concerns around slowdown in Europe and US amid geopolitical tensions

HDFC Securities

BHARATFORG: BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the ...

BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the recent past), (ii) BFL has recently won an order from...

ICICI Securities Limited

Bharat Forge (4QFY21): Outlook upbeat; simplifying group structure. Maintain BUY

We maintain BUY with a revised target price of INR 860 at 34.5x FY23E EPS (vs 32x earlier) the multiple has been raised to factor in the...

HDFC Securities

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