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>City Gas Distribution (CGD) companies, Indraprastha Gas (IGL), Gujarat Gas (GGL), and Mahanagar Gas (MGL) have corrected by 26-29% over the last 12 months, underperforming the BSE Sensex by 28-31%, as investors expected sustained margin pressure with rising input gas costs</li><li>We believe the correction is overdone especially as the CGDs have passed on the input gas cost increase underscoring their pricing power, the government has tweaked domestic gas supply to favour the CGDs and CNG/DPNG (domestic piped natural gas) volume has seen minimal adverse impact of the retail price increases</li><li>Notwithstanding the challenges, we expect overall gas demand from the CNG and DPNG sectors to grow at 15.7% CAGR over FY22-27 supported by aggressive expansion in infrastructure.</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>

City Gas Distribution (CGD) companies, Indraprastha Gas (IGL), Gujarat Gas (GGL), and Mahanagar Gas (MGL) have corrected by 26-29% over the last 12 months, underperforming the BSE Sensex by 28-31%, as investors expected sustained margin pressure with rising input gas costsWe believe the correction is overdone especially as the CGDs have passed on the input gas cost increase underscoring their pricing power, the government has tweaked domestic gas supply to favour the CGDs and CNG/DPNG (domestic piped natural gas) volume has seen minimal adverse impact of the retail price increasesNotwithstanding the challenges, we expect overall gas demand from the CNG and DPNG sectors to grow at 15.7% CAGR over FY22-27 supported by aggressive expansion in infrastructure.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 City Gas Sector - Weathering the ‘Perfect Storm’

<ul><li>Torrent Power: Torrent Power’s (TPW) Q1FY23 adjusted PAT grew 101.6% YoY to INR5bn, led by (a) gain from sturdy sale of LNG as elevated prices of LNG made its commercial sale more favourable than generating electricity; (b) reduction in T&amp;D losses, improved volume, and realisation across franchisee distribution segment; (c) higher RoE and incentives across the license distribution circle; (d) increased PLF across RES plants; and (e) incremental earnings from the recently acquired RES assets</li><li>However, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from these stations</li><li>TPW has tied up for 50% of its gas requirement for CY23-CY26, by sourcing 25% of gas domestically from IOC and Reliance and the balance 25% through imported RLNG</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>

Torrent Power: Torrent Power’s (TPW) Q1FY23 adjusted PAT grew 101.6% YoY to INR5bn, led by (a) gain from sturdy sale of LNG as elevated prices of LNG made its commercial sale more favourable than generating electricity; (b) reduction in T&amp;D losses, improved volume, and realisation across franchisee distribution segment; (c) higher RoE and incentives across the license distribution circle; (d) increased PLF across RES plants; and (e) incremental earnings from the recently acquired RES assetsHowever, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from these stationsTPW has tied up for 50% of its gas requirement for CY23-CY26, by sourcing 25% of gas domestically from IOC and Reliance and the balance 25% through imported RLNGContent 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: Torrent Power, Indraprastha Gas, City Union Bank

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

Event-Driven

<ul>
<li>After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. </li>
<li>There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. </li>
<li>These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.</li>
</ul>


After market close on Friday 20th May 2022, the constituency changes for S&amp;P BSE 100, SENSEX 50, and SENSEX Next 50 Indices were announced. 
There will be no changes for S&amp;P BSE SENSEX and S&amp;P BSE BANKEX Indices in the June 2022 Rebalance. 
These changes will become effective at the open of Monday 20th June 2022. Below is a closer look at each of the names involved in the June 2022 Rebalance.


S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

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

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

<div><ul><li>Concerns remain despite a decent performance in 4QFY22 - <span style="font-size: var(--content-font-size);">IGL reported a beat on our EBITDA estimate, although volumes were strong YoY.</span></li></ul><div><ul><li>Volumes in line; margin is above our estimate - <span style="font-size: var(--content-font-size);">Total volumes were in line at 7.74mmscmd (up 14% YoY and 1% QoQ).</span></li></ul></div></div><div><ul><li>Valuation and view – maintain Neutral - <span style="font-size: var(--content-font-size);">IGL can increase its sales volume from new areas such as Rewari, Karnal, and Muzzafarnagar; Haryana City Gas; and the newly awarded GAs in the 10th round — a) Kaithal (Haryana), (b) Ajmer, Pali, and Rajsamand (Rajasthan), and c) Kanpur, Fatehpur, and Hamirpur (Uttar Pradesh).</span></li></ul></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>

Concerns remain despite a decent performance in 4QFY22 - IGL reported a beat on our EBITDA estimate, although volumes were strong YoY.Volumes in line; margin is above our estimate - Total volumes were in line at 7.74mmscmd (up 14% YoY and 1% QoQ).Valuation and view – maintain Neutral - IGL can increase its sales volume from new areas such as Rewari, Karnal, and Muzzafarnagar; Haryana City Gas; and the newly awarded GAs in the 10th round — a) Kaithal (Haryana), (b) Ajmer, Pali, and Rajsamand (Rajasthan), and c) Kanpur, Fatehpur, and Hamirpur (Uttar Pradesh).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.

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Revenue grew by 55.2% YoY to Rs24.06bn vs NBIE estimate of Rs24.56bn, a 2.1% miss on our estimate and 0.38% miss vs street estimate.</li></ul><div><div><div><div><ul><li>Gross margin came in at 36.9% vs our estimate of 32% as COGS was 9.1% below our estimate while revenue miss was 2.1%.</li></ul><div><div><div><div><ul><li>PBT was up 33.2% vs NBIE estimate at Rs4.95bn; Share of JV/Associates was a 11.8% beat at Rs723mn.</li></ul></div></div></div></div></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>

Revenue grew by 55.2% YoY to Rs24.06bn vs NBIE estimate of Rs24.56bn, a 2.1% miss on our estimate and 0.38% miss vs street estimate.Gross margin came in at 36.9% vs our estimate of 32% as COGS was 9.1% below our estimate while revenue miss was 2.1%.PBT was up 33.2% vs NBIE estimate at Rs4.95bn; Share of JV/Associates was a 11.8% beat at Rs723mn.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.

Indraprastha Gas - PAT Beat of 26.9% on Lower Gas Cost

India

Indraprastha Gas Limited processes and distributes compressed natural gas and liquefied petroleum gas. The Company has been jointly promoted by Bharat Petroleum Corporation and Gas Authority of India.

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Indraprastha Gas (IGL IN)

India City Gas Sector - Weathering the ‘Perfect Storm’

City Gas Distribution (CGD) companies, Indraprastha Gas (IGL), Gujarat Gas (GGL), and Mahanagar Gas (MGL) have corrected by 26-29% over the last 12...

HDFC Securities

HSIE Results Daily: Torrent Power, Indraprastha Gas, City Union Bank

However, due to unprecedented high RLNG prices, the PLF across its gas-based stations declined steeply, impacting the fuel-based incentives from...

HDFC Securities

S&P BSE Indices: No Changes for SENSEX; 7 ADDs/DELs for BSE 100 in June 2022

S&P BSE Index changes for June 2022 were announced last week. No changes for SENSEX. 7 Adds/Deletes for BSE 100 including some negative and...

Janaghan Jeyakumar, CFA

4QFY22 Results Update -Indraprastha Gas

IGL reported a beat on our EBITDA estimate, although volumes were strong YoY. Total volumes stood at 7.7mmscmd (+14% YoY)

Motilal Oswal

Indraprastha Gas - PAT Beat of 26.9% on Lower Gas Cost

We maintain Buy on Indraprastha Gas (IGL) after revising FY23E/FY24E estimates by 1.4% in FY23 and a cut of 3.3% in FY24 and 5.9% cut in our DCF...

Nirmal Bang

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