External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

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. 

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Equity Bottom-Up

<div><ul><li>VSF segment’s performance below our estimate; Chemical in line</li></ul><div><ul><li>Margins under pressure in VSF; improve in the Chemical segment</li></ul><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Investments in the Paint business would now be at INR100b, 2x of the earlier plan.</span></li></ul></div></div></div><p><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></p>

VSF segment’s performance below our estimate; Chemical in lineMargins under pressure in VSF; improve in the Chemical segmentHighlights from the management commentary - Investments in the Paint business would now be at INR100b, 2x of the earlier plan.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.

Grasim - Weak Quarter; Capex in Paints to Be 2x of the Earlier Plan

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>After taking into account the IFA opinion, the directors of textile-play <strong><a href="https://www.smartkarma.com/entities/thai-rayon-public-co-ltd" target="_blank" data-smartkarma-citation="entities:20238:1" rel="noopener">Thai Rayon Public Co Ltd (TR TB)</a></strong> unanimously reject Surya Kiran's Offer. </li>
<li>Surya Kiran is offering THB 50/share for the 79.33% of shares out in Thai Rayon it does not own. The Offer Price will not be increased. </li>
<li>The Offer is currently open for acceptance and will close on the 25 March.</li>
</ul>


After taking into account the IFA opinion, the directors of textile-play Thai Rayon Public Co Ltd (TR TB) unanimously reject Surya Kiran's Offer. 
Surya Kiran is offering THB 50/share for the 79.33% of shares out in Thai Rayon it does not own. The Offer Price will not be increased. 
The Offer is currently open for acceptance and will close on the 25 March.


Thai Rayon (TR TB): IFA Rejects Surya Kiran’s Offer?

<p>Focus on backward integration in the Chemical segment should improve chlorine usage as Grasim plans to increase chlorine consumption in value added products (VAPs) to 40% by FY25E from 28% in FY21. Chemical segment's OPM should improve to 19% in FY23E from 13% in FY21. Further, likely capacity expansions of 37%/33% in the VSF/Caustic soda segments, respectively, should improve volume/profits during FY22-24E. We estimate a 16%/15% volume CAGR for the VSF/Chemical business, respectively, over FY21-24.</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>

Focus on backward integration in the Chemical segment should improve chlorine usage as Grasim plans to increase chlorine consumption in value added products (VAPs) to 40% by FY25E from 28% in FY21. Chemical segment's OPM should improve to 19% in FY23E from 13% in FY21. Further, likely capacity expansions of 37%/33% in the VSF/Caustic soda segments, respectively, should improve volume/profits during FY22-24E. We estimate a 16%/15% volume CAGR for the VSF/Chemical business, respectively, over FY21-24.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.

Improving core business, Paints should shine

External broker reports(aggregated public sources), SMC Global

SMC Online

<p>Grasim Industries, Net Profit up 612% YoY to Rs 1667 cr Net sales (including other operating income) of Grasim Industries has increased 52.72% to Rs 19,919.4 crore. Sales of Cement segment has gone up 54.21% to Rs 11,829.82 crore (accounting for 58.84% of total sales). Sales of Chemicals segment has gone up 104.75% to Rs 1,436.48 crore (accounting for 7.14% of...</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>

Grasim Industries, Net Profit up 612% YoY to Rs 1667 cr Net sales (including other operating income) of Grasim Industries has increased 52.72% to Rs 19,919.4 crore. Sales of Cement segment has gone up 54.21% to Rs 11,829.82 crore (accounting for 58.84% of total sales). Sales of Chemicals segment has gone up 104.75% to Rs 1,436.48 crore (accounting for 7.14% of...
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.

Grasim Industries: Net Profit up 612% YoY to Rs 1667 Cr

<p>GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut our FY22E/FY23E standalone EBITDA by 7%/17% to factor in weak margin outlook for the Chemical business. The holding company discount of...</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>

GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut our FY22E/FY23E standalone EBITDA by 7%/17% to factor in weak margin outlook for the Chemical business. The holding company discount of...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.

Earnings improve led by a recovery in the VSF segment

India

Grasim Industries Limited is a diversified operating company and part of the Aditya Birla group. The group manufactures a wide range of products, including Viscose Staple Fiber(VSF), cement, chemicals and textiles.

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Grasim Industries (GRASIM IN)

Grasim - Weak Quarter; Capex in Paints to Be 2x of the Earlier Plan

Grasim’s 4QFY22 result was significantly below our estimates with EBITDA at INR7.5b (v/s estimated INR9.1b) and OPM at 11.8% (v/s estimated 14.2%).

Motilal Oswal

Thai Rayon (TR TB): IFA Rejects Surya Kiran’s Offer?

Trading at gross/annualised spread at 0.7%/15.8%. You have a hard floor of THB 49.86/share. Plus expect Suriya Kiran to reload down the track. This...

David Blennerhassett

Improving core business, Paints should shine

Focus on backward integration in the Chemical segment should improve chlorine usage as Grasim plans to increase chlorine consumption in value added...

Motilal Oswal

Grasim Industries: Net Profit up 612% YoY to Rs 1667 Cr

Grasim Industries, Net Profit up 612% YoY to Rs 1667 cr Net sales (including other operating income) of Grasim Industries has increased 52.72% to...

SMC Online

Earnings improve led by a recovery in the VSF segment

GRASIM's 4QFY21 result exhibits the benefits of higher VSF prices and sustained cost reduction as EBITDA grew 106% YoY (26% QoQ) to INR8.1b. We cut...

Motilal Oswal

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