External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>R<span style="font-size: var(--content-font-size);">evenue ahead of estimate driven by improving product mix and higher realisation</span></li><li><span style="font-size: var(--content-font-size);">Ke</span><span style="font-size: var(--content-font-size);">y beneficiary of a multi-year CV upcycle: We see strong multi-year CV upcycle over the next 2-3 years</span></li></ul><div><div><div><div><ul><li>Rising share of high-margin products &amp; cost-control initiatives to drive margins: Increasing share of more rofitable Parabolic Springs (share of Parabolic Springs has risen to ~37-40% in the last two quarters vs. ~22% FY19) due to vehicle premiumisation should lead to improvement in product mix and profitability.</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>

Revenue ahead of estimate driven by improving product mix and higher realisationKey beneficiary of a multi-year CV upcycle: We see strong multi-year CV upcycle over the next 2-3 yearsRising share of high-margin products &amp; cost-control initiatives to drive margins: Increasing share of more rofitable Parabolic Springs (share of Parabolic Springs has risen to ~37-40% in the last two quarters vs. ~22% FY19) due to vehicle premiumisation should lead to improvement in product mix and profitability.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.

Jamna Auto Industries - Ideal Play on CV Upcycle; Resume with Buy

India

Jamna Auto Industries Limited is an automobile suspension springs manufacturer. The Group supplies its products to a number of key manufacturers, including Daewoo, Honda and Ford, among others.  Jamna also has a technological and equity collaboration with NHK Spring Company Limited, in which the companies will jointly manufacture coil springs and stabilizer bars.

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Jamna Auto Industries (JMNA IN)

Jamna Auto Industries - Ideal Play on CV Upcycle; Resume with Buy

Jamna Auto’s (JAI) results beat our estimates. JAI’s 4QFY22 revenue stood at Rs6,259mn, up 40.7%/29.2% QoQ/YoY, largely ahead of industry growth of...

Nirmal Bang

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