External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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

<ul><li>Prabhudas Lilladher's research report onGrindwell Norton Grindwell Norton (GWN) reported a muted quarter with revenue growing 4.0% YoY and EBITDA margin dipping 136bps YoY to 18.1%.</li><li>During FY24, Abrasives revenue rose 6.5% YoY to Rs13.6bn with EBIT margin of 13.9% (vs 14.1% in FY23).</li><li>Ceramics &amp; Plastics segment reported 3.9% YoY revenue growth in FY24 to Rs9.4bn, while EBIT margin declined by 328bps YoY to 19.6%.</li></ul><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>

Prabhudas Lilladher's research report onGrindwell Norton Grindwell Norton (GWN) reported a muted quarter with revenue growing 4.0% YoY and EBITDA margin dipping 136bps YoY to 18.1%.During FY24, Abrasives revenue rose 6.5% YoY to Rs13.6bn with EBIT margin of 13.9% (vs 14.1% in FY23).Ceramics &amp; Plastics segment reported 3.9% YoY revenue growth in FY24 to Rs9.4bn, while EBIT margin declined by 328bps YoY to 19.6%.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.

Grindwell Norton (GWN IN) - Soft Quarter; Margins Decline Across Segments

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

Housing and Urban Development Corporation Limited / Event-Driven

Housing and Urban Development Corporation Limited

<ul>
<li>We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.</li>
<li>The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.</li>
<li>Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.</li>
</ul>


We see 7 stocks moving from MidCap to LargeCap and vice versa, 17 stocks from SmallCap to MidCap, 19 stocks from MidCap to SmallCap and 2 new additions to MidCap.
The expected migrations from SmallCap to MidCap have outperformed the other potential migrations with all stocks moving higher over the last six months.
Momentum on the upward migrations could sustain as active managers reposition their portfolios. Some stocks will have passive flows over the next few months.


AMFI Stock Reclassification Preview (June 2024): Potential Changes as Momentum Recovers

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>In last week's Int'l Compass (Aug. 18) we discussed that global equities are going through a bottoming process, but that the real test will come during the eventual pullback.</li>
<li>We are getting the pullback now, but so far, there has yet to be any failed breakouts among the indexes discussed over the past month -- a positive sign.</li>
<li>Worth noting- <em>further</em> breakout attempts have failed on some of the leading market indexes, notably the Nasdaq 100 and India's SENSEX, but they remain well-above their breakout levels from July.</li>
</ul>


In last week's Int'l Compass (Aug. 18) we discussed that global equities are going through a bottoming process, but that the real test will come during the eventual pullback.
We are getting the pullback now, but so far, there has yet to be any failed breakouts among the indexes discussed over the past month -- a positive sign.
Worth noting- further breakout attempts have failed on some of the leading market indexes, notably the Nasdaq 100 and India's SENSEX, but they remain well-above their breakout levels from July.


Pullback Underway; Buy Ideas: Energy, Materials, Japan/India Motor Vehicles, Japan Health Care

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul><li>Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share.</li><li>The segments include abrasives (contributing ~57%), ceramics &amp; plastics (33%) and IT services &amp; others (10%).</li><li>Target Price and Valuation: We value GNL at Rs 2035 i.e. 55x P/E on FY24E EPS</li></ul><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>

Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share.The segments include abrasives (contributing ~57%), ceramics &amp; plastics (33%) and IT services &amp; others (10%).Target Price and Valuation: We value GNL at Rs 2035 i.e. 55x P/E on FY24E EPSContent 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.

<p>About the stock: Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share. The segments include abrasives (contributing ~57%), ceramics &amp; plastics (33%) and IT services &amp; others (10%).</p><ul><li>GNL has witnessed strong &amp; positive free cash flows consistently over more than a decade irrespective of the macro environment</li><li>It has consistently operated with high (&gt;16%) margins &amp; return ratios</li></ul><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>

About the stock: Grindwell Norton (GNL) is the market leader in the India abrasive market with ~26% market share. The segments include abrasives (contributing ~57%), ceramics &amp; plastics (33%) and IT services &amp; others (10%).GNL has witnessed strong &amp; positive free cash flows consistently over more than a decade irrespective of the macro environmentIt has consistently operated with high (&gt;16%) margins &amp; return ratiosContent 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.

Grindwell Norton: Decent Performance Across Key Segments

India

Grindwell Norton Limited manufactures abrasive products, including bonded and coated abrasives. The Company also manufactures silicon carbide and aluminum oxide, as well as industrial ceramics. Grindwell Norton also operates through a joint venture which manufactures a wide range of centralized lubrication systems (CLS).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Grindwell Norton (GWN IN)