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. 

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Equity Bottom-Up

<ul><li>CFS Q4FY23 numbers were in line with our estimates on an adjusted basis (forex &amp; exceptional cost at the China facility).</li><li>Consolidated Revenue was up 1.4% from our estimate (up 10%/10% YoY/QoQ).</li><li>EBITDA came down significantly by (12%) QoQ and missed our estimate by (22%)on account of Forex loss. E</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.

CFS Q4FY23 numbers were in line with our estimates on an adjusted basis (forex &amp; exceptional cost at the China facility).Consolidated Revenue was up 1.4% from our estimate (up 10%/10% YoY/QoQ).EBITDA came down significantly by (12%) QoQ and missed our estimate by (22%)on account of Forex loss. EContent 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.

Camlin Fine Sciences Ltd. - Steady Operating Performance Albeit with Shocks

<div><ul><li>CFS is the one of the two largest Vanillin producers in the world catering largely to USmarket.</li><li>Global demand for CFS products remains robust despite the ongoing global volatility as 80-85% of CFS products are directly or indirectly used in Human food consumption the demand for which is relatively inelastic.</li><li>CFS is also working towards developing new downstream products to enhance its product basket. </li></ul></div>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.

CFS is the one of the two largest Vanillin producers in the world catering largely to USmarket.Global demand for CFS products remains robust despite the ongoing global volatility as 80-85% of CFS products are directly or indirectly used in Human food consumption the demand for which is relatively inelastic.CFS is also working towards developing new downstream products to enhance its product basket. 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.

Camlin Fine Sciences Ltd - Open Offer at Rs 160 Per Share: Maintain Buy

<ul><li>Vanillin Facilty has started production, started with sample batches for approval</li><li>Going forward focus on HQ derivatives</li><li>CFS Brazil &amp; CFS North America to turn EBITDA positive, Lockheed Martin order to supplied in Q3FY24</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.

Vanillin Facilty has started production, started with sample batches for approvalGoing forward focus on HQ derivativesCFS Brazil &amp; CFS North America to turn EBITDA positive, Lockheed Martin order to supplied in Q3FY24Content 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.

Camlin Fine Sciences Ltd. - Story Builds, Execution Awaited, Valuation Comfort

<ul><li>Camlin Fine Sciences (CFS) reported highest ever quarterly &amp; half yearly revenues for Q2FY23.</li><li>Consolidated revenues stood at Rs 483 Cr, up 55% YoY (our estimate: Rs 389 Cr).</li><li>The company’s EBITDA Margins contracted by 72 bps q-o-q to 11.4% (our estimate: 10.5%) to report absolute EBITDA of Rs55 Cr, up 143%/18% y-o-y/q- o-q, this included the net effect of 15 Cr from CFS Europe.</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.

Camlin Fine Sciences (CFS) reported highest ever quarterly &amp; half yearly revenues for Q2FY23.Consolidated revenues stood at Rs 483 Cr, up 55% YoY (our estimate: Rs 389 Cr).The company’s EBITDA Margins contracted by 72 bps q-o-q to 11.4% (our estimate: 10.5%) to report absolute EBITDA of Rs55 Cr, up 143%/18% y-o-y/q- o-q, this included the net effect of 15 Cr from CFS Europe.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.

Camlin Fine Sciences Ltd - Strong Performance Across Subsidiaries/Geographies

<div><ul><li>Company may be able to capitalize on demand supply mismatch is sustained in Vanillin market</li><li>Benefits of Dahej expansion to kick in: Diphenol captive requirement in India will be met through the Dahej facility which will lead to significant reduction in logistics, packaging, labour and electricity costs, leading to improved operational efficiencies and lower turnaround time.</li><li>Improving product profile: CFS plans to add high-margin and value-added downstream products in the performance chemicals and shelf life solutions segments by captively using hydroquinone and catechol produced at Dahej reducing its impact on margins.</li></ul></div>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.

Company may be able to capitalize on demand supply mismatch is sustained in Vanillin marketBenefits of Dahej expansion to kick in: Diphenol captive requirement in India will be met through the Dahej facility which will lead to significant reduction in logistics, packaging, labour and electricity costs, leading to improved operational efficiencies and lower turnaround time.Improving product profile: CFS plans to add high-margin and value-added downstream products in the performance chemicals and shelf life solutions segments by captively using hydroquinone and catechol produced at Dahej reducing its impact on margins.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.

Pick of the Week - Camlin Fine Sciences Ltd

India

Camlin Fine Sciences Limited is an international chemicals manufacturing company.  The Company specializes in bulk drugs, fine chemicals, and food grade products.

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Camlin Fine Sciences (CFIN IN)

Camlin Fine Sciences Ltd. - Steady Operating Performance Albeit with Shocks

CFS Q4FY23 numbers were in line with our estimates on an adjusted basis (forex & exceptional cost at the China facility).

Axis Direct

Camlin Fine Sciences Ltd. - Story Builds, Execution Awaited, Valuation Comfort

Vanillin Facilty has started production, started with sample batches for approval. Going forward focus on HQ derivatives

Axis Direct

Camlin Fine Sciences Ltd - Strong Performance Across Subsidiaries/Geographies

Camlin Fine Sciences (CFS) reported highest ever quarterly & half yearly revenues for Q2FY23. Consolidated revenues stood at Rs 483 Cr, up 55% YoY...

Axis Direct

Pick of the Week - Camlin Fine Sciences Ltd

The company has began with commercial production of Vanillin in current quarter is expected to ramp up the utilisation levels in coming quarter.

Axis Direct

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Camlin Fine Sciences Ltd. - Steady Operating Performance Albeit with Shocks

CFS Q4FY23 numbers were in line with our estimates on an adjusted basis (forex & exceptional cost at the China facility).

Axis Direct

Camlin Fine Sciences Ltd - Open Offer at Rs 160 Per Share: Maintain Buy

CFS is the one of the two largest Vanillin producers in the world catering largely to USmarket. Global demand for CFS products remains robust

Axis Direct

Camlin Fine Sciences Ltd. - Story Builds, Execution Awaited, Valuation Comfort

Vanillin Facilty has started production, started with sample batches for approval. Going forward focus on HQ derivatives

Axis Direct

Camlin Fine Sciences Ltd - Strong Performance Across Subsidiaries/Geographies

Camlin Fine Sciences (CFS) reported highest ever quarterly & half yearly revenues for Q2FY23. Consolidated revenues stood at Rs 483 Cr, up 55% YoY...

Axis Direct

Pick of the Week - Camlin Fine Sciences Ltd

The company has began with commercial production of Vanillin in current quarter is expected to ramp up the utilisation levels in coming quarter.

Axis Direct