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Equity Bottom-Up

Clean Science and Technology / Equity Bottom-Up

<ul><li>We maintain SELL on Clean Science and Technology (CSTL) with a price target of INR 1,026 (WACC 11%, terminal growth 6%), owing to (1) slower-than-expected ramp-up in hindered amine light stabilisers (HALS) (2) entry of domestic competitor in mono methyl ether of hydroquinone (MEHQ) manufacturing and (3) lower offtake of performance chemicals</li><li>Gross profit margin and EBITDA margin are expected to fall by 520/340 bps by FY26 from 65/43% in FY23</li><li>Global giants are augmenting the capacities of HALS and intermediates of HALS.</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 maintain SELL on Clean Science and Technology (CSTL) with a price target of INR 1,026 (WACC 11%, terminal growth 6%), owing to (1) slower-than-expected ramp-up in hindered amine light stabilisers (HALS) (2) entry of domestic competitor in mono methyl ether of hydroquinone (MEHQ) manufacturing and (3) lower offtake of performance chemicalsGross profit margin and EBITDA margin are expected to fall by 520/340 bps by FY26 from 65/43% in FY23Global giants are augmenting the capacities of HALS and intermediates of HALS.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.

Clean Science and Technology: Margin to Decline, Valuation Expensive. Maintain SELL

Thematic (Sector/Industry)

<ul><li>Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2Q</li><li>Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished products</li><li>EBITDA could fall by 7% YoY while EBITDA margin could remain flattish YoY.</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 6.3% QoQ while it could fall by 6.6% YoY in 2QInventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished productsEBITDA could fall by 7% YoY while EBITDA margin could remain flattish YoY.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 (Q2FY24 Results Preview): Lackluster quarter

<ul><li>Dabur: Dabur delivered an operationally in-line Q1FY24 print with consolidated revenue/EBITDA each growing by 11% YoY while volume grew by 3% (c.6% excl beverages)</li><li>The domestic business grew by 8% while the international business posted a 10% growth (21% cc growth)</li><li>Growth was led by double-digit growth in healthcare (+10%) and HPC (+11%)</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.

Dabur: Dabur delivered an operationally in-line Q1FY24 print with consolidated revenue/EBITDA each growing by 11% YoY while volume grew by 3% (c.6% excl beverages)The domestic business grew by 8% while the international business posted a 10% growth (21% cc growth)Growth was led by double-digit growth in healthcare (+10%) and HPC (+11%)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: Dabur, Eicher Motors, Hindustan Petroleum Corporation

<ul><li>Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%</li><li>SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)</li><li>This consideration was 2.1x the FY22 revenue and 15.5x the FY22 EBITDA</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.

Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)This consideration was 2.1x the FY22 revenue and 15.5x the FY22 EBITDAContent 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: Siemens, United Spirits, The Ramco Cements

<ul><li>Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industries</li><li>Revenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.</li><li>EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.</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.

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by various end-user industriesRevenue for our coverage universe is likely to improve by ~6/5% YoY/QoQ.EBITDA margin could deteriorate by 188bps YoY and remain flattish sequentially at 21%, owing to the elevated raw material cost and lower absorption of fixed cost.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.

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)

Clean Science and Technology: Margin to Decline, Valuation Expensive. Maintain SELL

Gross profit margin and EBITDA margin are expected to fall by 520/340 bps by FY26 from 65/43% in FY23. Global giants are augmenting the capacities...

HDFC Securities

Chemicals (Q2FY24 Results Preview): Lackluster quarter

Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished...

HDFC Securities

HSIE Results Daily: Dabur, Eicher Motors, Hindustan Petroleum Corporation

Dabur: Dabur delivered an operationally in-line Q1FY24 print with consolidated revenue/EBITDA each growing by 11% YoY while volume grew by 3% (c.6%...

HDFC Securities

HSIE Results Daily: Siemens, United Spirits, The Ramco Cements

Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%

HDFC Securities

Chemicals: Recovery and stability ahead!

Our chemical universe is expected to report a muted sequential growth, owing to subdued demand, courtesy the global recessionary headwinds faced by...

HDFC Securities

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