External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 575, is premised on (1) margin improvement; (2) portfolio of mature, semi-mature, and new geographical areas (GAs); and (3) compelling valuation, given superior return ratios among the city gas distribution players</li><li>Q1FY23 EBITDA/PAT at INR 6.1/3.8bn came in above our estimate, owing to lower-than-expected costs</li><li>Margin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower employee cost, and depreciation</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>

Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 575, is premised on (1) margin improvement; (2) portfolio of mature, semi-mature, and new geographical areas (GAs); and (3) compelling valuation, given superior return ratios among the city gas distribution playersQ1FY23 EBITDA/PAT at INR 6.1/3.8bn came in above our estimate, owing to lower-than-expected costsMargin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower employee cost, and depreciationContent 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 Gas, Aditya Birla Capital, Brigade Enterprises

<div><div><div><ul><li>Phoenix Mills: Phoenix Mills (PHNX) reported strong revenue/EBITDA/ APAT at INR 4.9/2.4/1.05bn, beat at all levels.</li></ul></div><div><div><div><ul><li>HG Infra: HG Infra’s (HG) revenue/EBITDA/APAT came in at INR 10.3/1.6/0.9bn, a beat of 0.9%/0.9%/-1.9%.</li></ul><div><div><div><ul><li>Deccan Cements: We maintain our ADD rating on Deccan Cements (DCL), with a lower target price of INR 515/sh (6x its Mar-24E EBITDA).</li></ul></div></div></div></div></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>

Phoenix Mills: Phoenix Mills (PHNX) reported strong revenue/EBITDA/ APAT at INR 4.9/2.4/1.05bn, beat at all levels.HG Infra: HG Infra’s (HG) revenue/EBITDA/APAT came in at INR 10.3/1.6/0.9bn, a beat of 0.9%/0.9%/-1.9%.Deccan Cements: We maintain our ADD rating on Deccan Cements (DCL), with a lower target price of INR 515/sh (6x its Mar-24E EBITDA).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: Phoenix Mills, HG Infra, Deccan Cements

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>We expect the road construction companies under our coverage to deliver Revenue/EBITDA/APAT de-growth of 7%/8%/6% YoY during the quarter</li><li>With a robust order book, healthy bidding pipeline and diversified order book, we remain positive on the prospects of the overall sector</li><li>Our preferred picks in the sector are KNR Construction, HG Infra and PNC Infratech</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 the road construction companies under our coverage to deliver Revenue/EBITDA/APAT de-growth of 7%/8%/6% YoY during the quarterWith a robust order book, healthy bidding pipeline and diversified order book, we remain positive on the prospects of the overall sectorOur preferred picks in the sector are KNR Construction, HG Infra and PNC InfratechContent 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.

Road Infra: Robust Order Book, Increase in Awarding to Drive Growth

Equity Bottom-Up

HG Infra Engineering Ltd / Equity Bottom-Up

<ul><li>H.G. Infra Engineering Limited (HGIEL) – incorporated in 2003, is a Jaipur (Rajasthan) based infrastructure company </li><li>Over the last 18 years, the company has successfully transformed itself into a primary road developer from a sub-contractor</li><li>We recommend a Buy the stock for a target price of Rs 680 implying an upside of 11% from CMP.</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>

H.G. Infra Engineering Limited (HGIEL) – incorporated in 2003, is a Jaipur (Rajasthan) based infrastructure company Over the last 18 years, the company has successfully transformed itself into a primary road developer from a sub-contractorWe recommend a Buy the stock for a target price of Rs 680 implying an upside of 11% from CMP.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.

Pick of the Week: HG Infra Engineering Ltd

<ul><li>HG Infra Engineering Ltd (HGIEL) reported a healthy set of Q3FY22 numbers</li><li>The company reported APAT margins of 9.7% against 8.9% in Q3FY21 while also maintaining its growth momentum.</li><li>We retain a BUY rating on the stock with a target price of Rs 890/share, implying an upside of 41% from the CMP.</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>

HG Infra Engineering Ltd (HGIEL) reported a healthy set of Q3FY22 numbersThe company reported APAT margins of 9.7% against 8.9% in Q3FY21 while also maintaining its growth momentum.We retain a BUY rating on the stock with a target price of Rs 890/share, implying an upside of 41% from the CMP.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: Growth Momentum Continues; Retain BUY

India

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)

HSIE Results Daily: Gujarat Gas, Aditya Birla Capital, Brigade Enterprises

Margin beat was driven by lower-than-expected gas cost due to lower offtake of expensive spot LNG gas by industrial/commercial customers, lower...

HDFC Securities

HSIE Results Daily: Phoenix Mills, HG Infra, Deccan Cements

Phoenix Mills: Phoenix Mills (PHNX) reported strong revenue/EBITDA/ APAT at INR 4.9/2.4/1.05bn, beat at all levels. Retail consumption for the year...

HDFC Securities

Road Infra: Robust Order Book, Increase in Awarding to Drive Growth

Road Infra- Q4FY22 Result PreviewContent is external broker report sourced from online content aggregator through publicly available sources and is...

Axis Direct

Pick of the Week: HG Infra Engineering Ltd

H.G. Infra Engineering Limited (HGIEL) – incorporated in 2003, is a Jaipur (Rajasthan) based infrastructure company. We recommend a Buy the stock...

Axis Direct

HG Infra Engineering: Growth Momentum Continues; Retain BUY

HG Infra Engineering Ltd (HGIEL) reported a healthy set of Q3FY22 numbers. We retain a BUY rating on the stock with a target price of Rs 890/share,...

Axis Direct

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