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. 

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><div><div><div><ul><li>The company is setting up an integrated greenfield grey cement plant of 4 mntpa at Panna, MP with a split grinding unit in UP at an estimated cost outlay of Rs 2,970 Cr.</li></ul><div><div><div><div><ul><li>Execution work for the Hamirpur split grinding unit project commenced on Sep’21 and currently, work is progressing ahead of schedule and the 50% erection of equipment has been completed.</li></ul><div><div><div><div><ul><li>Additional grinding Unit: The company is also looking to set up two additional grinding units of 2 mtpa each in UP and MP as it will have additional clinker after the Panna expansion gets completed.</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>

The company is setting up an integrated greenfield grey cement plant of 4 mntpa at Panna, MP with a split grinding unit in UP at an estimated cost outlay of Rs 2,970 Cr.Execution work for the Hamirpur split grinding unit project commenced on Sep’21 and currently, work is progressing ahead of schedule and the 50% erection of equipment has been completed.Additional grinding Unit: The company is also looking to set up two additional grinding units of 2 mtpa each in UP and MP as it will have additional clinker after the Panna expansion gets completed.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 Ltd - Strong Quarter. Maintain BUY

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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Thematic (Sector/Industry)

<div><div><div><div><ul><li>Weak seasonal demand and decline in prices against the backdrop of high input costs would mean muted realizations</li><li>The trend in cement pricing has been discouraging so far.</li><li>The news regarding CCI’s investigation on cement companies might be a factor for subdued pricing.</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>

Weak seasonal demand and decline in prices against the backdrop of high input costs would mean muted realizationsThe trend in cement pricing has been discouraging so far.The news regarding CCI’s investigation on cement companies might be a factor for subdued pricing.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 Sector - Elevated Energy Costs to Weigh on Margins

<div><div><div><div><ul><li>Summary of change in recommendation of our coverage universe: We have cut targets prices for our covered companies by 10-30% on account of reduced earnings expectations as well as lower target multiples.</li></ul><div><div><div><div><ul><li>Near term earnings outlook weak and positive triggers missing: We expect earnings to remain weak for the cement sector for the next two quarters on account of elevated costs and weak realizations amid a seasonally weak demand period.</li></ul><div><div><div><div><ul><li>Reversal in coal and crude prices can offer some solace: We believe that high competitive intensity will subside once the inflationary pressures recede and hence reversal of higher coal and crude prices is important.</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>

Summary of change in recommendation of our coverage universe: We have cut targets prices for our covered companies by 10-30% on account of reduced earnings expectations as well as lower target multiples.Near term earnings outlook weak and positive triggers missing: We expect earnings to remain weak for the cement sector for the next two quarters on account of elevated costs and weak realizations amid a seasonally weak demand period.Reversal in coal and crude prices can offer some solace: We believe that high competitive intensity will subside once the inflationary pressures recede and hence reversal of higher coal and crude prices is important.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 Sector - Headwinds Galore; Turning 'neutral' on the Sector

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<div><div><div><ul><li>JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a lower TP of INR 2,485 (11.5x Mar-23E consolidated EBITDA).</li></ul><div><div><ul><li>The Ramco Cements: We maintain ADD on The Ramco Cements (TRCL), with a revised target price of INR 745/share (13x Mar-24E EBITDA).</li><li>Nuvoco Vistas: We maintain BUY on Nuvoco Vistas, with an unchanged TP of INR 620/share (11x its consolidated Mar-24E EBITDA).</li></ul><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>

JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a lower TP of INR 2,485 (11.5x Mar-23E consolidated EBITDA).The Ramco Cements: We maintain ADD on The Ramco Cements (TRCL), with a revised target price of INR 745/share (13x Mar-24E EBITDA).Nuvoco Vistas: We maintain BUY on Nuvoco Vistas, with an unchanged TP of INR 620/share (11x its consolidated 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: JK Cement, The Ramco Cements, Nuvoco Vistas, Heidelberg Cement, Karur Vysya Bank

<div><div><div><div><ul><li>4QFY22 performance: JKCE reported revenue of Rs22.7bn, up 10.5% YoY, driven by 1% YoY growth in volume and 9.5% YoY growth in realization.</li></ul><div><div><div><div><ul><li>Capex plans: Work on the Panna project has started in full swing. Work at both the locations of the integrated plant and grinding units is progressing as per schedule.</li></ul><div><div><div><div><ul><li>White cement pricing can increase from hereon: For the past several quarters, white cement realizations have been hovering between Rs11,500/mt and Rs12,000/mt with very limited growth.</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>

4QFY22 performance: JKCE reported revenue of Rs22.7bn, up 10.5% YoY, driven by 1% YoY growth in volume and 9.5% YoY growth in realization.Capex plans: Work on the Panna project has started in full swing. Work at both the locations of the integrated plant and grinding units is progressing as per schedule.White cement pricing can increase from hereon: For the past several quarters, white cement realizations have been hovering between Rs11,500/mt and Rs12,000/mt with very limited growth.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 Ltd - In-Line Results; New Capex to Drive Volume Growth from FY24

India

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

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JK Cement Ltd (JKCE IN)

JK Cements Ltd - Strong Quarter. Maintain BUY

JK Cement reported healthy volume and revenue growth in Q1FY23, supported by better demand and higher realization in its key markets.

Axis Direct

Cement Sector - Elevated Energy Costs to Weigh on Margins

1QFY23 earnings for the cement sector will be muted as we expect margin pressure to continue in the near term due to higher operating costs,...

Nirmal Bang

Cement Sector - Headwinds Galore; Turning 'neutral' on the Sector

We are turning ‘neutral’ on the cement sector as we believe that there are multiple headwinds, which will inhibit earnings growth and in turn lead...

Nirmal Bang

HSIE Results Daily: JK Cement, The Ramco Cements, Nuvoco Vistas, Heidelberg Cement, Karur Vysya Bank

JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a lower TP of INR 2,485 (11.5x Mar-23E consolidated EBITDA).

HDFC Securities

JK Cement Ltd - In-Line Results; New Capex to Drive Volume Growth from FY24

JK Cement (JKCE) has reported good set of numbers for 4QFY22 with EBITDA of Rs3.8bn, which was marginally ahead of our estimates.

Nirmal Bang

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