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. 

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Equity Bottom-Up

<ul><li>JK Cement reported healthy volume and revenue growth in Q2FY22, supported by higher clinker sales led by better demand in both trade and non-trade segments in its key markets</li><li>The company’s FY22 outlook continues to be robust in the backdrop of a better demand environment in its key markets</li><li>We arrive at a TP of Rs 3,870. TP implies an upside of 10% from CMP and we change our rating from HOLD to BUY.</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>

JK Cement reported healthy volume and revenue growth in Q2FY22, supported by higher clinker sales led by better demand in both trade and non-trade segments in its key marketsThe company’s FY22 outlook continues to be robust in the backdrop of a better demand environment in its key marketsWe arrive at a TP of Rs 3,870. TP implies an upside of 10% from CMP and we change our rating from HOLD to BUY.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.

JK Cements: Higher Cost Impacts Margins; Capacity Expansion Progressing Well

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<p>The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.</p>

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>About the stock: With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India contributing over 40% of its revenues. The company also has a presence in the western region in Gujarat, Maharashtra along with the southern region in which Karnataka is a key market for the company.</p><ul><li>It is also the second largest producer of white cement (0.6 MT) and wall putty (1.2 MT) in India</li><li>The company is adding another 4 MT integrated cement capacity in the central region that will take its capacity to 18.7 MT by FY24E</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>

About the stock: With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India contributing over 40% of its revenues. The company also has a presence in the western region in Gujarat, Maharashtra along with the southern region in which Karnataka is a key market for the company.It is also the second largest producer of white cement (0.6 MT) and wall putty (1.2 MT) in IndiaThe company is adding another 4 MT integrated cement capacity in the central region that will take its capacity to 18.7 MT by FY24EContent 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.

<p>The stock is currently trading at 15x/13x FY22E/FY23EEV/EBITDA which we believe is fairly valued. We value JKCL at 13x FY23E EV/EBITDA to arrive at a TP of Rs 3,100 and change our rating from BUY to HOLD.</p><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>

The stock is currently trading at 15x/13x FY22E/FY23EEV/EBITDA which we believe is fairly valued. We value JKCL at 13x FY23E EV/EBITDA to arrive at a TP of Rs 3,100 and change our rating from BUY to HOLD.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.

JK Cements: Robust Performance; Valuation Fair

External broker reports(aggregated public sources), Chola Securities

Chola Wealth Direct

<p>Background: JK Cements is one of the largest cement players in North India. It manufactures grey cement, white cement and white cement-based wall putty. Currently the grey cement capacity is 10.5MTPA. Domestic white cement capacity is 0.6MTPA (second only to UltraTech). The company also manufacturers putty and has an installed capacity of 0.7MTPA. The company also has plants in Fujairah (UAE) with an installed capacity of 0.6MTPA (white cement) and 1.02MTPA (grey cement) in a 90:10 JV with the Government of Fujairah.</p>
<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>

Background: JK Cements is one of the largest cement players in North India. It manufactures grey cement, white cement and white cement-based wall putty. Currently the grey cement capacity is 10.5MTPA. Domestic white cement capacity is 0.6MTPA (second only to UltraTech). The company also manufacturers putty and has an installed capacity of 0.7MTPA. The company also has plants in Fujairah (UAE) with an installed capacity of 0.6MTPA (white cement) and 1.02MTPA (grey cement) in a 90:10 JV with the Government of Fujairah.
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.

JK Cement: Strong Show with All-Round Performance

India

JK Cement Limited produces and manufactures Portland and White cement products.

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JK Cement Ltd (JKCE IN)

JK Cements: Higher Cost Impacts Margins; Capacity Expansion Progressing Well

We roll over our estimate to FY24 and value JKCL at 14x FY24E EV/EBITDA to arrive at a TP of Rs 3,870. TP implies an upside of 10% from CMP and we...

Axis Direct

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

The MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EAFE (EFA-US) are testing important intermediate-term support levels of $99, $54, and $76.50...

Vermilion Research

JK Cement: Healthy Margins Sustain

With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India contributing over 40% of its revenues.

ICICI Securities Limited

JK Cements: Robust Performance; Valuation Fair

The stock is currently trading at 15x/13x FY22E/FY23EEV/EBITDA which we believe is fairly valued. We value JKCL at 13x FY23E EV/EBITDA to arrive at...

Axis Direct

JK Cement: Strong Show with All-Round Performance

JK Cements is one of the largest cement players in North India. It manufactures grey cement, white cement and white cement-based wall putty....

Chola Wealth Direct

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