External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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

<div><div><div><ul><li>Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.</li><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.</li><li>Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin.</li></ul><ul style="list-style-type: none;"><li><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></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>

Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin. 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: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

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.

<p>About the stock: Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers.</p><ul><li>Sales volume grew at 15% CAGR in FY17-21 driven by industrial PNG</li><li>The company benefitted from NGT order for Morbi industrial area</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: Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers.Sales volume grew at 15% CAGR in FY17-21 driven by industrial PNGThe company benefitted from NGT order for Morbi industrial areaContent 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.

Gujarat Gas: Higher Costs to Impact Profits in near Term

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

Motilal Oswal

<p>Spot LNG prices have risen to USD35/mmBtu for Jan'22, from lows of USD2/mmBtu in May 2020. Low gas prices, coupled with low oil production and associated gas production, resulted in low gas inventory across the globe. A severe winter in the US further worsened supply, resulting in spot LNG prices surging to USD32/mmBtu in Jan'21. However, as the production of associated gas rose, prices soon fell to USD10/mmBtu.</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>

Spot LNG prices have risen to USD35/mmBtu for Jan'22, from lows of USD2/mmBtu in May 2020. Low gas prices, coupled with low oil production and associated gas production, resulted in low gas inventory across the globe. A severe winter in the US further worsened supply, resulting in spot LNG prices surging to USD32/mmBtu in Jan'21. However, as the production of associated gas rose, prices soon fell to USD10/mmBtu.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.

Gujarat Gas: Bold Move to Protect Margins

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,...

<p>We value the transmission business using discounted cash flow (DCF) at INR 137/sh (WACC of 10% and terminal growth rate of 3%). To this, we add INR 201/sh as the value of its investments in Gujarat Gas, Sabarmati Gas, etc. to arrive at the target price of INR 338/sh. The stock is trading at 6.9x FY23E PER.</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>

We value the transmission business using discounted cash flow (DCF) at INR 137/sh (WACC of 10% and terminal growth rate of 3%). To this, we add INR 201/sh as the value of its investments in Gujarat Gas, Sabarmati Gas, etc. to arrive at the target price of INR 338/sh. The stock is trading at 6.9x FY23E PER.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: Gujarat State Petronet

India

Gujarat Gas Limited provides natural gas. The Company supplies piped natural gas to residential, commercial, and industrial customers. Gujarat Gas serves customers in India.

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Gujarat Gas Ltd (GUJGA IN)

HSIE Results Daily: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

Asian Paints’ (APNT) Q4 performance was broadly in line. Sales growth, at 18.7% (three year CAGR: 17%), marginally exceeded expectations (+3% vs...

HDFC Securities

Gujarat Gas: Higher Costs to Impact Profits in near Term

Gujarat Gas is one of India’s largest city gas distribution companies with highest sales volume among listed peers. Sales volume grew at 15% CAGR...

ICICI Securities Limited

Gujarat Gas: Bold Move to Protect Margins

Spot LNG prices have risen to USD35/mmBtu for Jan'22, from lows of USD2/mmBtu in May 2020. Low gas prices, coupled with low oil production and...

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

HSIE Results Daily: Gujarat State Petronet

We value the transmission business using discounted cash flow (DCF) at INR 137/sh (WACC of 10% and terminal growth rate of 3%). To this, we add INR...

HDFC Securities

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