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. 

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.

Thematic (Sector/Industry)

<ul><li>We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 13%/9%/9% YoY as growth in the last year was impacted by excessive monsoon rainfall.</li><li>The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.</li><li>H1 is traditionally a slow period for project execution for infra companies and it tends to improve in H2. </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 expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 13%/9%/9% YoY as growth in the last year was impacted by excessive monsoon rainfall.The expected growth can be attributed to better execution by Infra companies, which in turn, supported higher profitability during the quarter.H1 is traditionally a slow period for project execution for infra companies and it tends to improve in H2. 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, companies under our coverage reported Revenue/APAT growth of 3%/7%.</li><li>EBITDA growth was flattish against our expectation of 4%/1%/5% YoY backed by better execution.</li><li>On a sequential basis, EBITDA margins improved marginally by 20bps while it remained flattish on YoY basis. Overall performance remained satisfactory during the quarter</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, companies under our coverage reported Revenue/APAT growth of 3%/7%.EBITDA growth was flattish against our expectation of 4%/1%/5% YoY backed by better execution.On a sequential basis, EBITDA margins improved marginally by 20bps while it remained flattish on YoY basis. Overall performance remained satisfactory during the quarterContent 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.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>GAIL: Our BUY recommendation on GAIL with a target price of INR 137 is based on (1) an increase in gas transmission volume to 127mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment</li><li>However, sharp pick-up in natural gas transmission volumes, higher tariff and higher gas marketing volumes supported earnings</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.

GAIL: Our BUY recommendation on GAIL with a target price of INR 137 is based on (1) an increase in gas transmission volume to 127mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segmentHowever, sharp pick-up in natural gas transmission volumes, higher tariff and higher gas marketing volumes supported earningsContent 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: GAIL, Oberoi Realty, Petronet LNG, Navin Fluorine International

HSIE Results Daily: GAIL, Oberoi Realty, Petronet LNG

<ul><li>We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 4%/1%/5% YoY.</li><li>The said growth was led by better execution which supported higher profitability during the quarter.</li><li>All companies, except GR infra, are expected to post revenue growth in the range of 9-10%.</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 expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 4%/1%/5% YoY.The said growth was led by better execution which supported higher profitability during the quarter.All companies, except GR infra, are expected to post revenue growth in the range of 9-10%.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.

India

Ahluwalia Contracts India Ltd offers construction services and executes turnkey projects for civil construction, electrical, plumbing, and fire-fighting.  The Company also constructs super structures, integrated townships, hospitals, hotels, commercial complexes, manufacturing facilities, and pipelines.

KNR Constructions Limited operates an infrastructure project development company. The Company provides engineering procurement and construction services across various sectors, such as roads, bridges, flyovers, highways, and water infrastructure management.

Praj Industries Limited is an engineering firm that provides solutions for distillery and brewery wastewater treatment and utilization. The Company's fermentation systems include technology packages for multiple feedstock including cane molasses, cane juice and filtrate, starch based raw material like corn, sorghum, wheat, tapioca and tropical sugarbeet.

Power Mech Projects Limited operates as an integrated power infrastructure services company. The Company provides comprehensive erection, testing and commissioning of boilers, turbines and generators, civil works and operation, and maintenance services. Power Mech Projects serves customers  worldwide.

Hindustan Construction Limited undertakes large engineering and construction projects in India and abroad.  The Company's projects include bridges, tunnels, gas pipelines and power stations.

Man Infraconstruction Limited is a construction company. The Company's services include port infrastructure, residential, industrial, and commercial construction services.

ITD Cementation India Limited operates a construction company.  The Group's projects include marine works, road works and bridges, civil works for industrial projects, foundations and specialist engineering works.

Engineers India Limited is a design and engineering company in the field of petroleum refineries, petrochemicals, oil and gas processing, offshore structures and platforms, fertilizers, metallurgy and power. EIL provides services such as design, engineering, procurement, construction management, commissioning assistance and project management.

Dilip Buildcon Limited operates in engineering, procurement, and construction business. The Company focuses on development, operation, and maintenance of roads, bridges, culverts, tunnels, high capacity transport corridors, and subways, as well as building works, pump stations, civil structures, and ware housing structures.

Sterling And Wilson Solar Limited provides diversified services. The Company engages in diesel generations, mechanical, electrical, and plumbing (MEP), hybrid and energy storage, swcogen, transmission and distribution, and data centers services. Sterling And Wilson Solar serves customers worldwide.

Sunway Construction Group Berhad provided construction and engineering services. The Company offers its services throughout Malaysia.

Ruentex Engineering & Construction Co. is mainly engaged in construction operations, civil engineering contracting, equipment installation and project planning and consulting business. The company also manufactures and sells building materials.

Ruentex Engineering & Const. Co (2597 TT)

Norinco International Cooperation Ltd. undertakes heavy construction projects including electric power plants, roads and bridges, and railways in Africa and the Middle East area.  The Company also constructs exhibition centers and hospitals in China.  Norinco produces and sells aluminum windows and doors as well.

MIRAIT Holdings Corporation is a telecommunication engineering company. The Company offers various engineering services in information and communication fields through its subsidiaries. MIRAIT Holdings develops information systems and provides system maintenance services as well.

JSTI Group provides traffic engineering consulting and contracting services in China.

Taikisha Ltd. designs, constructs, and maintains air-conditioning systems for commercial, institutional, and industrial buildings.  Taikisha also develops and installs paint finishing equipment for cars, trains, and air planes. In Addition, the Company develops and builds clean room systems for semiconductor and pharmaceutical companies.

Nishimatsu Construction Co., Ltd. is a general contractor operating nationwide and overseas.  The Company constructs dams, roads, airports, and railroads for large-scale civil engineering projects.  Nishimatsu also builds residential, commercial, institutional, and industrial buildings.  In addition, the Company operates real estate businesses.

Hazama Ando Corp is established through the reorganization of Hazama. The Company performs civil engineering works such as dam, highway, and underground power line projects.  Hazama also constructs commercial, institutional, and industrial buildings including skyscrapers, museums, theaters, and convention centers.

Daewoo Engineering & Construction Co., Ltd. is a general engineering constructor.  The Company's projects include architectural works, such as commercial buildings, public facilities, schools, hospitals, and civil works, such as highways, ports, tunnels, railways, and dams.  Daewoo Engineering & Construction also constructs power plants, and residential buildings.

Daewoo Engineering & Construction (047040 KS)

CHUDENKO CORPORATION constructs electrical facilities for power distribution lines, air-conditioning, and indoor electrical wiring.  The Company also constructs sewage facilities, disaster prevention systems, and communication infrastructure such as optical fiber network.  Chudenko, through its subsidiary, sells electrical equipment.

H.G. Infra Engineering Limited (HGIEL) provides infrastructure construction services. The Company offers highways, roads, bridges, runways, and civil construction, as well as land development, water pipelines, and rehabilitation and upgradation services. HGIEL serves customers in India.

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HG Infra Engineering Ltd (HGINFRA IN)

Infra-Road Q2FY24 Earnings Preview

We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 13%/9%/9% YoY as growth in the last year was...

Axis Direct

Infra-Road: Q1FY24 Review

During the quarter, companies under our coverage reported Revenue/APAT growth of 3%/7%. EBITDA growth was flattish against our expectation of 4%/1%...

Axis Direct

HSIE Results Daily: GAIL, Oberoi Realty, Petronet LNG, Navin Fluorine International

Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment

HDFC Securities

HSIE Results Daily: GAIL, Oberoi Realty, Petronet LNG

Q1FY24 reported EBITDA/PAT at INR 24/14bn, came in below our estimates, impacted by weak earnings from the LPG and Liquid Hydro Carbon (LHC) segment

HDFC Securities

INFRA-ROAD Q1FY24 - Earnings Preview

Our preferred picks in the sector: PNC Infratech, HG Infra; KNR Construction. We expect road construction companies under our coverage to report...

Axis Direct

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