External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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 April 2023, tiles export continues to be strong, up 35% YoY to &gt;INR 16bn</li><li>After a strong Mar-23, laminates export volume/value declined 11/9% MoM in Apr-23</li><li>Owing to weak exports, MDF net import volume surged to a 41-month high at 27K CBM in Apr-23 (2.2x MoM)</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 April 2023, tiles export continues to be strong, up 35% YoY to &gt;INR 16bnAfter a strong Mar-23, laminates export volume/value declined 11/9% MoM in Apr-23Owing to weak exports, MDF net import volume surged to a 41-month high at 27K CBM in Apr-23 (2.2x MoM)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: Imports pick up, exports decline

<ul><li>Tiles exports soared to an all-time high of INR 17.6bn in Mar-23</li><li>Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3% YoY in FY23 to 458mn SQM (5-year CAGR: 14%)</li><li>Laminate exports picked up: volume/revenue grew 23/18% MoM in Mar-23 (12-month high)</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.

Tiles exports soared to an all-time high of INR 17.6bn in Mar-23Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3% YoY in FY23 to 458mn SQM (5-year CAGR: 14%)Laminate exports picked up: volume/revenue grew 23/18% MoM in Mar-23 (12-month high)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.

<ul><li>Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capex</li><li>IOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimate</li><li>The beat was largely on account of better-than-expected performance from the refining and petchem segments.</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.

Indian Oil Corporation: Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins, offset by elevated debt owing to a rise in working capital requirement and capexIOCL’s reported EBITDA stood at INR 153bn (+30% YoY, +4.3x QoQ), while the APAT stood at INR 101bn, coming in well above our estimateThe beat was largely on account of better-than-expected performance from the refining and petchem segments.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.

HSIE Results Daily: Indian Oil Corporation, CreditAccess Grameen

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.

Equity Bottom-Up

Century Plyboards India / Equity Bottom-Up

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while the balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with the capacity to handle 156,000 TEUs containers and contributed ~4% to the overall FY21 revenues...<div class="content-highlight">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.</div>

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while the balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with the capacity to handle 156,000 TEUs containers and contributed ~4% to the overall FY21 revenues...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.

Century Plyboard: Strong Performance Across the Board

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with capacity to handle 156,000 TEUs containers and contributed ~4% to overall FY21 revenues...<div class="content-highlight">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.</div>

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with capacity to handle 156,000 TEUs containers and contributed ~4% to overall FY21 revenues...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.

Century Plyboard: MDF Capacity Addition Delayed Owing to Covid

India

Century Plyboards India Ltd. manufactures, sells, and exports plywood and veneer. The Company offers commercial, marine, concrete, shuttering, and decorative plywood. Century Plyboards products also include veneer, block board, timber, decorative laminates, prelaminated boards, fire safe plywood, flexible plywood, cement, clinker, adhesives, and chemicals.

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Century Plyboards India (CPBI IN)

Building Materials: Imports pick up, exports decline

In April 2023, tiles export continues to be strong, up 35% YoY to >INR 16bn. After a strong Mar-23, laminates export volume/value declined 11/9%...

HDFC Securities

Building Materials - EXIM Trades Firm Up

Tiles exports soared to an all-time high of INR 17.6bn in Mar-23Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3%...

HDFC Securities

HSIE Results Daily: Indian Oil Corporation, CreditAccess Grameen

Our ADD rating on Indian Oil Corporation (IOCL), with a target price of INR 95, is premised on robust refining and marketing margins

HDFC Securities

Century Plyboard: Strong Performance Across the Board

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while the balance is...

ICICI Securities Limited

Century Plyboard: MDF Capacity Addition Delayed Owing to Covid

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while balance is...

ICICI Securities Limited

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