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>Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23</li><li>We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3</li><li>Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction QoQ</li></ul>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.

Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction QoQContent 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.

Cement (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

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>Traditionally, H2 (second half of the year) stands out to be a favourable period for cement producers from a demand perspective as it revives after the end of the monsoon season.</li><li>Post witnessing soft demand in Oct’22 due to festivity, demand revived sharply in Nov’22 and the trend continued in Dec’22 as well, which was driven by higher retail and institutional demand.</li><li>Institutional demand was more robust led by increasing construction activity in most of the regions as Q2FY23 had been impacted due to an extended monsoon.</li></ul>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.

Traditionally, H2 (second half of the year) stands out to be a favourable period for cement producers from a demand perspective as it revives after the end of the monsoon season.Post witnessing soft demand in Oct’22 due to festivity, demand revived sharply in Nov’22 and the trend continued in Dec’22 as well, which was driven by higher retail and institutional demand.Institutional demand was more robust led by increasing construction activity in most of the regions as Q2FY23 had been impacted due to an extended monsoon.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.

Cement Q3fy23 Preview - Cost Pressure to Ease, Demand Outlook Encouraging

Equity Bottom-Up

<ul><li>The company to acquire Acro Paint Limited: JK Paints and Coatings Ltd., (a wholly owned subsidiary of JK Cement Ltd.) has entered into a share purchase agreement with Acro Paints Ltd. and its shareholders to acquire a 60% controlling stake in the company for Rs 153 Cr.</li><li>The balance 40% shall be acquired over 12 months as per the definitive agreement entered between the two parties.</li><li>Acro Paints is a leading manufacturer of Architectural and High-performance paints and coatings in Northern India.</li></ul>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.

The company to acquire Acro Paint Limited: JK Paints and Coatings Ltd., (a wholly owned subsidiary of JK Cement Ltd.) has entered into a share purchase agreement with Acro Paints Ltd. and its shareholders to acquire a 60% controlling stake in the company for Rs 153 Cr.The balance 40% shall be acquired over 12 months as per the definitive agreement entered between the two parties.Acro Paints is a leading manufacturer of Architectural and High-performance paints and coatings in Northern India.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 Limited - Acquisition-Led Foray into the Paint Business

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.

<ul><li>JKCE recently commenced commercial operations at its greenfield integrated plant at Panna, Madhya Pradesh (Clinker/Grinding capacity of 2.64mtpa/ 2mtpa) and a greenfield grinding unit at Hamirpur, Uttar Pradesh (Grinding capacity of 2mtpa) ahead of its original schedule.</li><li>Production capacity in Gray Cement now stands at 18.7mtpa.</li><li>It is increasing its Gray Cement capacity by 5.5mtpa at an estimated capex of INR11.6b.</li></ul>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.

JKCE recently commenced commercial operations at its greenfield integrated plant at Panna, Madhya Pradesh (Clinker/Grinding capacity of 2.64mtpa/ 2mtpa) and a greenfield grinding unit at Hamirpur, Uttar Pradesh (Grinding capacity of 2mtpa) ahead of its original schedule.Production capacity in Gray Cement now stands at 18.7mtpa.It is increasing its Gray Cement capacity by 5.5mtpa at an estimated capex of INR11.6b.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 - Enhancing Its Foothold in Central India

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

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<ul><li>With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India, which contribute over 40% of its revenues.</li><li>The company also has a presence in Gujarat, Maharashtra and Karnataka.</li><li>It is also the second largest producer of white cement (0.6 MT) and wall putty (1.2 MT) in India </li></ul>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.

With 14.7 MT grey cement capacity, JK Cement is the fourth largest player in North India, which contribute over 40% of its revenues.The company also has a presence in Gujarat, Maharashtra and Karnataka.It is also the second largest producer of white cement (0.6 MT) and wall putty (1.2 MT) in India 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 (JKCEME) - New Capacities to Keep Growth Momentum Strong...

India

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

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JK Cement Ltd (JKCE IN)

Cement (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23

HDFC Securities

Cement Q3fy23 Preview - Cost Pressure to Ease, Demand Outlook Encouraging

Traditionally, H2 (second half of the year) stands out to be a favourable period for cement producers from a demand perspective as it revives after...

Axis Direct

JK Cements Limited - Acquisition-Led Foray into the Paint Business

JK Paints and Coatings Ltd., (a wholly owned subsidiary of JK Cement Ltd.) has entered into a share purchase agreement with Acro Paints Ltd. and...

Axis Direct

JK Cement - Enhancing Its Foothold in Central India

JKCE recently commenced commercial operations at its greenfield integrated plant at Panna, Madhya Pradesh (Clinker/Grinding capacity of 2.64mtpa/...

Motilal Oswal

JK Cement (JKCEME) - New Capacities to Keep Growth Momentum Strong...

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

ICICI Securities Limited

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