External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<p>GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.</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>

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E to 136mmscmd on the back of (1) increase in domestic gas production, (2) increase in demand of RLNG, and (3) completion of major pipelines in eastern and southern India. Q2FY22 EBITDA/APAT were 34/47% above our estimates, owing to a 7% higher revenue, lower-than-expected raw material cost, higher-than-expected other income, and lower-than-expected tax outgo.
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: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

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.

<p>DN reported a mixed bag result, with EBITDA 10% higher than our estimate at INR3.9b, while EBITDA margin was lower at 23% (est. 26.7%) the lowest since 4QFY19. Phenolics continue to act as a drag on performance of other segments, as the EBIT margin in Fine and Specialty Chemicals dip for the fourth consecutive quarter and the same for Basic Chemicals normalize. EBIT mix continues to remain largely the same for the last three quarters, with contribution from Phenolics at 63% (up from an average of 51% in FY21).</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>

DN reported a mixed bag result, with EBITDA 10% higher than our estimate at INR3.9b, while EBITDA margin was lower at 23% (est. 26.7%) the lowest since 4QFY19. Phenolics continue to act as a drag on performance of other segments, as the EBIT margin in Fine and Specialty Chemicals dip for the fourth consecutive quarter and the same for Basic Chemicals normalize. EBIT mix continues to remain largely the same for the last three quarters, with contribution from Phenolics at 63% (up from an average of 51% 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.

Margin normalization at the cost of near term earnings growth

Aditya Birla Capital Ltd / Equity Bottom-Up

<p>Aditya Birla Capital: As outlined in our Initiation note, Aditya Birla Capital (ABCL) continues on its journey towards a credible makeover, driving consolidated return ratios closer to franchise potential over the next three years. We believe that ABCL is steadily repositioning its lending businesses towards retail and granular loans (58% of NBFC AUM towards Retail + SME + HNI; 29% of HF AUM towards affordable housing), likely to reflect in sustained improvement in franchise earnings. Although Q1FY22 was weak for insurers in general, we draw comfort from both of ABCL's insurance businesses steadily building their profitability trajectory (VNB margins +300bps YoY to -1.6% on account of better mix and all-time low loss ratios (40%) in the health insurance business).</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>

Aditya Birla Capital: As outlined in our Initiation note, Aditya Birla Capital (ABCL) continues on its journey towards a credible makeover, driving consolidated return ratios closer to franchise potential over the next three years. We believe that ABCL is steadily repositioning its lending businesses towards retail and granular loans (58% of NBFC AUM towards Retail + SME + HNI; 29% of HF AUM towards affordable housing), likely to reflect in sustained improvement in franchise earnings. Although Q1FY22 was weak for insurers in general, we draw comfort from both of ABCL's insurance businesses steadily building their profitability trajectory (VNB margins +300bps YoY to -1.6% on account of better mix and all-time low loss ratios (40%) in the health insurance business).
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: Godrej Consumers, Cipla, GAIL, Gujarat Gas, Hindustan Petroleum Corporation,...

External broker reports(aggregated public sources), CD Equisearch

CD Equisearch

<p>Bolstered by phenolics and fine &amp; speciality chemicals business, DNL's income from operations rose apace in Q4 with the phenolics accounting for nearly two-thirds of the whole. Swiftly pacing, its phenol business logged capacity utilization in excess of 115% when compared to 98% in the same quarter a year ago. With little scoping of draining out reward of operating leverage at such record production churn, its EBIT margins admirably...</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>

Bolstered by phenolics and fine &amp; speciality chemicals business, DNL's income from operations rose apace in Q4 with the phenolics accounting for nearly two-thirds of the whole. Swiftly pacing, its phenol business logged capacity utilization in excess of 115% when compared to 98% in the same quarter a year ago. With little scoping of draining out reward of operating leverage at such record production churn, its EBIT margins admirably...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.

DEEPAKNTR: Bolstered by phenolics and fine & speciality chemicals business, DNL's income ...

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<div>
<h3>In this Insight </h3>
<p>Our chemical industry coverage is primarily focused on understanding and analysing supply chain dynamics for our core consumer coverage. In this insight, we present our takeaways from channel interactions that are focused on the industry and specific companies. </p>
<p><strong>Domestic Chemicals: </strong>We interact with a local channel that is focused on the distribution of chemicals catering to the paint and construction industry. The business is upbeat, tailwinds remain and the business prospects for chemicals look good at least for the next two years. </p>
<p><strong><a href="https://www.smartkarma.com/entities/sudarshan-chemical-inds-ltd" target="_blank" data-smartkarma-citation="entities:12968:1" rel="noopener">Sudarshan Chemical Inds (SCHI IN)</a> :</strong> Highly regarded and respected management along with interesting product line up is poised well for growth. </p>
<p><a href="https://www.smartkarma.com/entities/camlin-fine-sciences-ltd" target="_blank" data-smartkarma-citation="entities:17667:1" rel="noopener"><strong>Camlin Fine Sciences (CFIN IN)</strong></a><strong>:</strong> Historical performance has been good and acquisitions offer good growth potential </p>
<p><strong>Clean Science and Technology Limited (Private):</strong> Clean Science a fine chemical manufacturer and also a competitor to CFIN in some products, has recently filed its <a href="https://www.sebi.gov.in/filings/public-issues/apr-2021/clean-science-and-technology-limited-drhp_49777.html" target="_blank" rel="noopener">DRHP</a>. Our channel interactions indicate a robust growth plan ahead. </p>
<h3>About India Channel Insight</h3>
</div>
<div>
<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions. </p>
</div>


In this Insight 
Our chemical industry coverage is primarily focused on understanding and analysing supply chain dynamics for our core consumer coverage. In this insight, we present our takeaways from channel interactions that are focused on the industry and specific companies. 
Domestic Chemicals: We interact with a local channel that is focused on the distribution of chemicals catering to the paint and construction industry. The business is upbeat, tailwinds remain and the business prospects for chemicals look good at least for the next two years. 
Sudarshan Chemical Inds (SCHI IN) : Highly regarded and respected management along with interesting product line up is poised well for growth. 
Camlin Fine Sciences (CFIN IN): Historical performance has been good and acquisitions offer good growth potential 
Clean Science and Technology Limited (Private): Clean Science a fine chemical manufacturer and also a competitor to CFIN in some products, has recently filed its DRHP. Our channel interactions indicate a robust growth plan ahead. 
About India Channel Insight


Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions. 


India Channel Insights | Chemicals - Sudarshan, Camlin, Clean Science

India

Deepak Nitrite Limited manufactures chemicals and fertilizers. The Company's products include sodium nitrite/nitrate, nitric acid, ammonium nitrate, and Hydroxylamine Sulphate.  Deepak Nitrite's other two divisions manufacture dyes & dyestuffs and nitro aromatics.

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Deepak Nitrite (DN IN)

HSIE Results Daily: NTPC, DLF, InterGlobe Aviation, Tata Power, GAIL (India), JSW Energy, Bandhan...

GAIL (India): Our BUY recommendation on GAIL with a price target of INR 210 is based on 9% CAGR expansion in gas transmission volume over FY22-24E...

HDFC Securities

Margin normalization at the cost of near term earnings growth

DN reported a mixed bag result, with EBITDA 10% higher than our estimate at INR3.9b, while EBITDA margin was lower at 23% (est. 26.7%) the lowest...

Motilal Oswal

HSIE Results Daily: Godrej Consumers, Cipla, GAIL, Gujarat Gas, Hindustan Petroleum Corporation,...

Aditya Birla Capital: As outlined in our Initiation note, Aditya Birla Capital (ABCL) continues on its journey towards a credible makeover, driving...

HDFC Securities

DEEPAKNTR: Bolstered by phenolics and fine & speciality chemicals business, DNL's income ...

Bolstered by phenolics and fine & speciality chemicals business, DNL's income from operations rose apace in Q4 with the phenolics accounting for...

CD Equisearch

India Channel Insights | Chemicals - Sudarshan, Camlin, Clean Science

In this insight, we present our takeaways from chemical channel interactions that are focused on the chemical industry and specific companies.

Pranav Bhavsar

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