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

<div><div><div><div><ul><li>4QFY22 performance: JK Lakshmi reported exceptional numbers, with EBITDA coming in at Rs2.76bn, up 3% YoY and 73% ahead of our estimate.</li></ul><div><div><div><div><ul><li>Substantial control in costs: The company has been diligently working on optimizing its cost structure and believes that the same has started bearing fruits.</li></ul><div><div><div><div><ul><li>Capex plans: Udaipur Cement Work Ltd.’s (UCWL) expansion plan worth Rs16.5bn to add 2.5mn mt capacity in Rajasthan (Rs7bn in the first year and Rs9.5bn in the second year) is expected to be commissioned by FY24.</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: JK Lakshmi reported exceptional numbers, with EBITDA coming in at Rs2.76bn, up 3% YoY and 73% ahead of our estimate.Substantial control in costs: The company has been diligently working on optimizing its cost structure and believes that the same has started bearing fruits.Capex plans: Udaipur Cement Work Ltd.’s (UCWL) expansion plan worth Rs16.5bn to add 2.5mn mt capacity in Rajasthan (Rs7bn in the first year and Rs9.5bn in the second year) is expected to be commissioned by FY24.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 Lakshmi Cement Ltd.- Exceptional Results; Strong Rerating Candidate

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. 

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<ul><li>JKLC reported strong Volume/Revenue/EBITDA/APAT growth of 8%/13%/3%/26% YoY and 28%/25%/89%/190% QoQ.</li><li>The encouraging growth on all fronts was on account of higher volume, superior realization, stringent cost management, and lower tax</li><li>We retain our BUY rating on the stock and roll over our estimate to FY24 and value the company at 7x of its FY24E EV/EBITDA to arrive at a target price of Rs 620/share, implying an upside of 48% from the CMP.</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>

JKLC reported strong Volume/Revenue/EBITDA/APAT growth of 8%/13%/3%/26% YoY and 28%/25%/89%/190% QoQ.The encouraging growth on all fronts was on account of higher volume, superior realization, stringent cost management, and lower taxWe retain our BUY rating on the stock and roll over our estimate to FY24 and value the company at 7x of its FY24E EV/EBITDA to arrive at a target price of Rs 620/share, implying an upside of 48% from the CMP.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 Lakshmi Cement: Robust Performance in Challenging Time; Maintain Buy

Thematic (Sector/Industry)

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<li>North: Cement prices increased sharply in North in April’22, driven by higher pricing in Rajasthan (up by Rs40- 50/bag).</li>
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<li>West: Overall, the region saw Rs23/bag (+6.6%) increase in trade prices at Rs367/bag. Institutional demand in cities like Mumbai and Pune was stable.</li>
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<p>South: South India witnessed relatively lower MoM increase in prices at Rs8-10/bag (+1.9%).</p>
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<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>






North: Cement prices increased sharply in North in April’22, driven by higher pricing in Rajasthan (up by Rs40- 50/bag).






West: Overall, the region saw Rs23/bag (+6.6%) increase in trade prices at Rs367/bag. Institutional demand in cities like Mumbai and Pune was stable.




South: South India witnessed relatively lower MoM increase in prices at Rs8-10/bag (+1.9%).













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 - Prices up Sharply Across India; No Rollbacks Yet

<ul><li>Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.</li><li>During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.</li><li>While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.</li><li>Given the sharp...(continued).</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>

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.Given the sharp...(continued).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- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

<p>We retain our BUY rating on the stock with a target price of Rs 750/share, valuing the company at 8.5x of its FY23E EV/EBITDA, implying an upside of 22% from CMP.</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>

We retain our BUY rating on the stock with a target price of Rs 750/share, valuing the company at 8.5x of its FY23E EV/EBITDA, implying an upside of 22% from CMP.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 Lakshmi Cement: Higher Costs & Logistic Issues Impact Performance; Outlook Remains Positive

India

India Cements Limited manufactures different varieties of cement and clinker. The Company also manufactures and exports textiles.

Birla Corporation Limited is a manufacturing company that produces and sells cement, automobile trim parts, jute goods, synthetic and cotton yarns, and PVC floor coverings and coated fabrics. The Group also manufactures calcium carbide, ferromanganese, silico manganese, oxygen and iron and steel castings.

Orient Cement Limited manufactures and distributes cement.

Prism Johnson Limited manufactures and sells building materials. The Company offers a wide range of products such as cement, ready-mixed concrete, tiles, bath products, aggregates, sand, sanitary ware, faucets, modular kitchens, marbles, and construction chemicals. Prism Johnson serves customers in India.

Orient Refractories Ltd. fabricates metal products.  The Company manufactures slide gate plates, nozzles and well blocks, tundish nozzles, bottom purging refractories and top purging lances, slag arresting darts, basic spray mass for tundish working lining, and castables.

Heidelbergcement India Ltd. manufactures portland slag cement and portland pozzolana cement.

Mangalam Cement Limited develops, manufactures and distributes portland cement and clinker.

KCP Limited is a diversified company with interests in heavy engineering, sugar, cement, hydel-power, information technology, and biotechnology.

Sagar Cements Ltd. produces and distributes portland cement.  The Company offers slag, super grade, and special sulphate resistance cements.

Sanghi Industries Ltd. manufactures cement.

Siam City Cement Public Company Limited produces and distributes cement under branded names with various type of cement for different applications.  The Company also also produces and distributes ready-mix concrete and aggregates under branded names, as well as branded wood-replacement products.

Henan Tongli Cement Co., Ltd. produces and sells cement.  The Company's products include ordinary Portland cement, Portland slag cement and other cement equipments.

Sichuan Shuangma Cement Co., Ltd. manufactures and markets cement and cement products.  Through its subsidiaries, the Company also generates electric power and trades construction materials.

Shandong Jinjing Science & Technology Stock Co., Ltd. manufactures and markets float glass, coated glass, and ultra-white glass.  The Company's products are used in glass processing and construction industries.

Anhui Fangxing Science & Technology Co., Ltd. manufactures and markets float glass, coated glass, ITO conductive coated glass, glass deeply-processed products, and other advanced materials.

Guangdong Tapai Group Co., Ltd. manufactures and markets cements.

STO SE & Co. KGaA manufactures and sells building materials and products for the commercial and residential construction industry in Europe.  The Company offers a variety of climate and acoustic insulating modular facade and interior wall systems in plaster materials.  Sto also offers painting and recycled glass products for construction and provides consulting services.

Marshalls plc is a holding company.  Through its subsidiaries, the Group manufactures and sells a variety of building materials for the construction, home improvement and garden landscaping sectors.  Their merchandise includes concrete, stone and clay, patio and driveway products, drainage systems, and DIY items.

Nuh Cimento Sanayi AS manufactures and sells cement, clinker, and autoclaved aerated concrete.

Cimentas Izmir Cimento Fabrikalari Turk AS produces cement, cement-related building materials and construction products.  The Company supplies cement domestically and exports to Russia, the Middle East, and Africa.

J.K. Lakshmi Cement Ltd. manufactures cement, which it sells under the brand name JK Lakshmi.

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JK Lakshmi Cement (JKLC IN)

JK Lakshmi Cement Ltd.- Exceptional Results; Strong Rerating Candidate

JK Lakshmi Cement (JKLC) is one of the strong re-rating candidate in the midcap cement space as we believe that its profitability is likely to improve

Nirmal Bang

JK Lakshmi Cement: Robust Performance in Challenging Time; Maintain Buy

We retain our BUY rating on the stock and roll over our estimate to FY24 and value the company at 7x of its FY24E EV/EBITDA to arrive at a target...

Axis Direct

Cement Sector - Prices up Sharply Across India; No Rollbacks Yet

Prices up sharply across India; no rollbacks yet We interacted with cement dealers across the country to assess demand and pricing trends.

Nirmal Bang

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid...

Nirmal Bang

JK Lakshmi Cement: Higher Costs & Logistic Issues Impact Performance; Outlook Remains Positive

We retain our BUY rating on the stock with a target price of Rs 750/share, valuing the company at 8.5x of its FY23E EV/EBITDA, implying an upside...

Axis Direct

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