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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Thematic (Sector/Industry)

<ul><li>Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her leadership.</li><li>The Finance Minister has set the stage for "Viksit Bharat" through the comprehensive development of the Indian economy, emphasizing infrastructure enhancement, fiscal prudence, and welfare schemes for rural India.</li><li>The focus is on inclusive growth, highlighting four major pillars: Youth, Women, the Poor, and Farmers. </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 esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her leadership.The Finance Minister has set the stage for "Viksit Bharat" through the comprehensive development of the Indian economy, emphasizing infrastructure enhancement, fiscal prudence, and welfare schemes for rural India.The focus is on inclusive growth, highlighting four major pillars: Youth, Women, the Poor, and Farmers. 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>During the quarter, road infrastructure companies under our coverage reported revenue/ EBITDA/PAT growth of 14%/40%/223% YoY against our expectation of 11%/8%/8% YoY, primarily owing to better execution and exceptional gain accounted during the quarter by GR Infra, PNC Infratech, and KNR Construction.</li><li>EBITDA margins improved by 410bps/310bps QoQ/YoY. Overall performance remained above expectations during the quarter.</li><li>In the Road sector, performance of most of the companies were in line or above our expectations.</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.

During the quarter, road infrastructure companies under our coverage reported revenue/ EBITDA/PAT growth of 14%/40%/223% YoY against our expectation of 11%/8%/8% YoY, primarily owing to better execution and exceptional gain accounted during the quarter by GR Infra, PNC Infratech, and KNR Construction.EBITDA margins improved by 410bps/310bps QoQ/YoY. Overall performance remained above expectations during the quarter.In the Road sector, performance of most of the companies were in line or above our expectations.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>Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.</li><li>A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).</li><li>You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. </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.

Axis Top Picks: We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50 index (21.6% return over the same period) by a wide margin.A few picks that reported excellent returns included PNC Infratech (15.5%), CIE Automotive India (8.5%), Coal India (8.1%), TVS Motor Company (5.8%), and Bharti Airtel (3.8%).You can refer to our latest report here. Pick of the Week (PoW): POW calls delivered an astounding monthly strike rate of 88% in May’24. 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.

Key Highlights of the Month – Fundamental

<ul><li>We anticipate road construction companies under our coverage to report revenue, EBITDA, and APAT growth of 11%, 8%, and 8% respectively YoY.</li><li>This expected growth can be attributed to improved execution by infrastructure companies, which consequently supported higher profitability during the quarter.</li><li>We estimate EBITDA margins to be 15%, compared to 14.5% QoQ and 15.5% 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.

We anticipate road construction companies under our coverage to report revenue, EBITDA, and APAT growth of 11%, 8%, and 8% respectively YoY.This expected growth can be attributed to improved execution by infrastructure companies, which consequently supported higher profitability during the quarter.We estimate EBITDA margins to be 15%, compared to 14.5% QoQ and 15.5% 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.

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Bharat Highways InVIT / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bharat-highways-invit" target="_blank" data-smartkarma-citation="entities:36714:1" rel="noopener">Bharat Highways InVIT (BHINV IN)</a> is looking to raise up to US$301m in its Indian IPO.</li>
<li>Bharat Highways InVIT is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India.</li>
<li>In this note, we talk about the company’s historical performance and provide our quick thoughts on valuation.</li>
</ul>



Bharat Highways InVIT (BHINV IN) is looking to raise up to US$301m in its Indian IPO.
Bharat Highways InVIT is an infrastructure investment trust established to acquire, manage and invest in a portfolio of infrastructure assets in India.
In this note, we talk about the company’s historical performance and provide our quick thoughts on valuation.


Bharat Highways InvIT IPO - Hardly Attractive Given the Lackluster Sentiment

India

G R Infraprojects Limited provides infrastructure construction services. The Company constructs and maintains roads, highways, bridges, culverts, flyovers, and airport runways. G R Infraprojects serves customers in India.

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G R Infraprojects (GRINFRA IN)

Post Budget Analysis and Stock Ideas

Our esteemed Finance Minister Nirmala Sitharaman presented the Union Budget 2024-25 today, marking the seventh consecutive budget under her...

Axis Direct

Top Sector Ideas - Infra Road Q4FY24

During the quarter, road infrastructure companies under our coverage reported revenue/ EBITDA/PAT growth of 14%/40%/223% YoY against our...

Axis Direct

Key Highlights of the Month – Fundamental

We are proud to share that our Axis Top Picks basket delivered impressive returns of 43% over the last one year, beating the benchmark Nifty 50...

Axis Direct

Infra-Road Q4FY24 Earnings Preview

We anticipate road construction companies under our coverage to report revenue, EBITDA, and APAT growth of 11%, 8%, and 8% respectively YoY.

Axis Direct

Bharat Highways InvIT IPO - Hardly Attractive Given the Lackluster Sentiment

Bharat Highways InVIT (BHINV IN) is looking to raise up to US$301m in its Indian IPO. In this note, we talk about the company’s historical...

Ethan Aw

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