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)

<div><div><div><div><ul><li>Q4FY23 earnings season was marked by weaker macro, rising interest rates, banking challenges in the US and European markets, and moderation in discretionary demand.</li><li>On the positive side, earning season was led by the sequential margin expansion on account of moderation in commodity prices and the uptick in credit growth.</li><li>The export-oriented themes, however, are likely to laggard. </li></ul></div></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>

Q4FY23 earnings season was marked by weaker macro, rising interest rates, banking challenges in the US and European markets, and moderation in discretionary demand.On the positive side, earning season was led by the sequential margin expansion on account of moderation in commodity prices and the uptick in credit growth.The export-oriented themes, however, are likely to laggard. 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>We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 21%/22%/26% QoQ and 9%/5%/6% YoY,led by superior execution, supporting higher profitability during the quarter.</li><li>Q4 is generally a strong period for project execution.</li><li>Moreover, with bidding &amp; awarding activity accelerating during this period, project awarding by the NHAI gained momentum as it awarded 4,300 km of the project till Feb’23 against 1,550 km in the first 8 months of FY23.</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>

We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 21%/22%/26% QoQ and 9%/5%/6% YoY,led by superior execution, supporting higher profitability during the quarter.Q4 is generally a strong period for project execution.Moreover, with bidding &amp; awarding activity accelerating during this period, project awarding by the NHAI gained momentum as it awarded 4,300 km of the project till Feb’23 against 1,550 km in the first 8 months of 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 Bottom-Up

HG Infra Engineering Ltd / Equity Bottom-Up

<ul><li>As on 31st Dec’22,the company’s orderbook stands healthy at Rs 11,064 Cr, comprising 61% from the EPC road projects and the balance 39% from the HAM road projects.</li><li>60% of the total projects are from the Government of India and the balance 40% is from the Private sector, implying revenue visibility for the next 2-3 years.</li><li>We expect the company to post revenue growth of 29% CAGR over FY21- FY24E.</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>

As on 31st Dec’22,the company’s orderbook stands healthy at Rs 11,064 Cr, comprising 61% from the EPC road projects and the balance 39% from the HAM road projects.60% of the total projects are from the Government of India and the balance 40% is from the Private sector, implying revenue visibility for the next 2-3 years.We expect the company to post revenue growth of 29% CAGR over FY21- FY24E.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.

HG Infra Engineering Ltd - Growth Momentum to Continue; Retain BUY

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>NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn</li><li>With this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bn</li><li>Competitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI cost</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>

NHAI ordering to pick up in Q4FY23; high competitive intensity continues, commodities stable: In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bnWith this, the NHAI awarded c.1,381 kms in 9MFY23, with twenty HAM projects worth INR 199.2bn and fifteen EPC projects worth INR 146bnCompetitive intensity continued to be higher during 9MFY23, with 12 project bids at 13% above the NHAI cost whereas 23 project bids at 17% lower than the NHAI costContent 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.

Industrials (Q3FY23 Results Preview): All set for a robust Q3FY23

<ul><li>For road construction companies under our coverage universe, we expect Revenue/EBITDA/APAT growth of 14%/19%/27% YoY as better execution and softening in commodity prices support higher profitability during the quarter.</li><li>H2 (the second half of the year) is normally a strong period in terms of project execution along with bidding &amp; awarding activity accelerating and gaining pace during the period.</li><li>During Q3FY23, project awarding by the NHAI gained momentum and it awarded 1550 km of the project in Oct-Nov’22 against 810 km in H1FY23.</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>

For road construction companies under our coverage universe, we expect Revenue/EBITDA/APAT growth of 14%/19%/27% YoY as better execution and softening in commodity prices support higher profitability during the quarter.H2 (the second half of the year) is normally a strong period in terms of project execution along with bidding &amp; awarding activity accelerating and gaining pace during the period.During Q3FY23, project awarding by the NHAI gained momentum and it awarded 1550 km of the project in Oct-Nov’22 against 810 km in H1FY23.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.

Infra-Road - Q2fy23 Result Preview: Execution Drives Growth

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)

Q4FY23 - Consolidated Earnings Preview

Q4FY23 earnings season was marked by weaker macro, rising interest rates, banking challenges in the US and European markets, and moderation in...

Axis Direct

Infra-Road Q4FY23 Earnings Preview

We expect road construction companies under our coverage to report Revenue/EBITDA/APAT growth of 21%/22%/26% QoQ and 9%/5%/6% YoY

Axis Direct

HG Infra Engineering Ltd - Growth Momentum to Continue; Retain BUY

As on 31st Dec’22,the company’s orderbook stands healthy at Rs 11,064 Cr, comprising 61% from the EPC road projects and the balance 39% from the...

Axis Direct

Industrials (Q3FY23 Results Preview): All set for a robust Q3FY23

In Q3FY23, the NHAI awarded 19 projects, of which nine were HAM projects worth INR 70.3bn and ten were EPC projects worth INR 97.1bn

HDFC Securities

Infra-Road - Q2fy23 Result Preview: Execution Drives Growth

H2 (the second half of the year) is normally a strong period in terms of project execution along with bidding & awarding activity accelerating and...

Axis Direct

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