External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

External broker reports(aggregated public sources)

Equity Bottom-Up

Despite material cost increase of 310bps YoY, margin improved by 48bps to 8.5% , led by cost control initiatives. During the quarter, 2W segment constitutes 67% of the revenue mix was supported by strong order back log and robust new order coming from the entry segment motorcycle. New orders from Dutch truck and VW Russia will further enhance global footprints. GIL has focused to leverage its client relationship and increase the export share to double digit from current 4% by FY23....<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>

Despite material cost increase of 310bps YoY, margin improved by 48bps to 8.5% , led by cost control initiatives. During the quarter, 2W segment constitutes 67% of the revenue mix was supported by strong order back log and robust new order coming from the entry segment motorcycle. New orders from Dutch truck and VW Russia will further enhance global footprints. GIL has focused to leverage its client relationship and increase the export share to double digit from current 4% by FY23....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.

Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Sandhar Technologies Ltd / Equity Capital Markets

Sandhar Technologies is a component supplier to the automobile industry in India, specializing in safety and security systems.  The company manufactures 21 categories of products and is the leader in the two-wheeler locking system market and the commercial vehicle rearview mirror market in India. The company caters to the needs of nearly 80 OEMs in India and globally. The company received approval for its IPO and the details of the same are shown below:<ul class=""><li>Issue: Sandhar Technologies Ltd</li><li>Total Offer Size: 15,436,145; INR 5.05 - 5.12b</li><li>Price Band: INR 327 - 332</li><li>The 15,436,145, includes an offer for sale of 6.4m equity shares from GTI Capital, one of the two PE investors in the firm</li><li>Issue open/close: 19th March/21st March 2018</li><li>Post-issue, promoter's share will fall to 70% from 80.1% as a result of dilution</li><li>ICICI Securities and Axis Capital have been assigned to manage the offering</li><li>Majority of the proceeds will be used for repayment of loans will the rest will be used for general corporate purposes.</li></ul>On the valuation side, we expect strong topline growth and flat finance expense to drive down FY2018E PE to 23x which is lower than the peer average and median. Based on this we think there is likely to be significant upside post-issue.

Sandhar Technologies is a component supplier to the automobile industry in India, specializing in safety and security systems.  The company manufactures 21 categories of products and is the leader in the two-wheeler locking system market and the commercial vehicle rearview mirror market in India. The company caters to the needs of nearly 80 OEMs in India and globally. The company received approval for its IPO and the details of the same are shown below:Issue: Sandhar Technologies LtdTotal Offer Size: 15,436,145; INR 5.05 - 5.12bPrice Band: INR 327 - 332The 15,436,145, includes an offer for sale of 6.4m equity shares from GTI Capital, one of the two PE investors in the firmIssue open/close: 19th March/21st March 2018Post-issue, promoter's share will fall to 70% from 80.1% as a result of dilutionICICI Securities and Axis Capital have been assigned to manage the offeringMajority of the proceeds will be used for repayment of loans will the rest will be used for general corporate purposes.On the valuation side, we expect strong topline growth and flat finance expense to drive down FY2018E PE to 23x which is lower than the peer average and median. Based on this we think there is likely to be significant upside post-issue.

Sandhar Technologies IPO: Make Hay While the Sun Shines

India

Gabriel India Limited manufactures shock absorbers, McPherson struts, bimetal strips, bimetal bearings and front forks. The Company's products are sold to manufacturers of two wheeler scooters, motorcycles, cars, light commercial vehicles and trucks. Gabriel India sells its products in India and abroad.

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Gabriel India (GABR IN)

Gabriel India: Accumulate for Long Term

Despite material cost increase of 310bps YoY, margin improved by 48bps to 8.5% , led by cost control initiatives. During the quarter, 2W segment...

Geojit

Sandhar Technologies IPO: Make Hay While the Sun Shines

Sandhar Technologies is a component supplier to the automobile industry in India, specializing in safety and security systems. The company...

Chacko Jacob

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