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>Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share</li><li>Cement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAP</li><li>Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)</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.

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/shareCement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAPReported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)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: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan

<ul><li>Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q</li><li>Prices of the chemical are showing a mixed bag on a sequential basis</li><li>As per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two quarters.</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.

Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4QPrices of the chemical are showing a mixed bag on a sequential basisAs per management, the domestic inventory destocking is over while global inventory destocking will continue for the next two quarters.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.

Chemicals (Q4FY24 Results Preview): On a recovery path

<ul><li>We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd</li><li>The company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distribution</li><li>Within the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial production</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.

We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt LtdThe company operates in two primary businesses: Contract Development and Manufacturing Organisation (CDMO) and distributionWithin the CDMO segment, the company offers end-to-end coordination ranging from early-stage development to commercial productionContent 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.

Chemicals: Opportunities galore for Indian CDMO players

<ul><li>State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by lower credit costs</li><li>Loan growth was healthy (+15% YoY) with domestic margins being stable at 3.4%</li><li>Deposit growth lagged loan growth with the CASA ratio (39.5%, -72bps QoQ) continuing to drift lower, however, SBIN continued to maintain surplus SLR</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.

State Bank of India: SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by lower credit costsLoan growth was healthy (+15% YoY) with domestic margins being stable at 3.4%Deposit growth lagged loan growth with the CASA ratio (39.5%, -72bps QoQ) continuing to drift lower, however, SBIN continued to maintain surplus SLRContent 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: State Bank of India, Indian Hotels, Mphasis, Aptus Value Housing Finance India

India

Clean Science and Technology Private Limited operates as a chemical company. The Company offers butylated hydroxy anisole, mono methyl ether of hydroquinone, guaiacol, and dimethyl carbonate. Clean Science and Technology serves customers worldwide.

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Clean Science and Technology (CLEAN IN)

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6%...

HDFC Securities

HSIE Results Daily: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share. Cement volume growth slowed to...

HDFC Securities

Chemicals (Q4FY24 Results Preview): On a recovery path

Revenue for our coverage universe is likely to improve by 8% QoQ while it could fall by 3.8% YoY in 4Q. Prices of the chemical are showing a mixed...

HDFC Securities

Chemicals: Opportunities galore for Indian CDMO players

We had the opportunity to interact with Mr Manish Shah, Managing Director of OC Specialities Pvt Ltd. The company operates in two primary businesses

HDFC Securities

HSIE Results Daily: State Bank of India, Indian Hotels, Mphasis, Aptus Value Housing Finance India

SBIN’s Q3FY24 earnings missed estimates due to one-off additional provision of INR54bn towards pension and INR17bn for DA relief, partly offset by...

HDFC Securities

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