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>Capacity Expansion : The company aims to reach Cement manufacturing capacity of 30 mtpa by 2030 on consolidated basis.</li><li>Grinding Unit In Amethi, UP: The company has hired a grinding unit in Amethi, UP with a capacity of 1.5 mtpa .</li><li>Cost Optimization : The company is focusing on many levers of cost optimization with increasing use of green energy and AFRs.</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>

Capacity Expansion : The company aims to reach Cement manufacturing capacity of 30 mtpa by 2030 on consolidated basis.Grinding Unit In Amethi, UP: The company has hired a grinding unit in Amethi, UP with a capacity of 1.5 mtpa .Cost Optimization : The company is focusing on many levers of cost optimization with increasing use of green energy and AFRs.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.

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.

Thematic (Sector/Industry)

<div><div><div><ul><li>High volume growth on a low base YoY: We estimate that 15 companies under coverage would report ~7% QoQ aggregate seasonal sales volume decline.</li><li>Mixed realisation gains QoQ: While energy cost continues to rise QoQ, the industry could not fully pass on the inflation across all regions.</li><li>Cost inflation elevated: We estimate that overall fuel costs would soar 7/42% QoQ/YoY amid rising imported coal and pet coke prices.</li></ul><ul style="list-style-type: none;"><li> </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></div></div></div>

High volume growth on a low base YoY: We estimate that 15 companies under coverage would report ~7% QoQ aggregate seasonal sales volume decline.Mixed realisation gains QoQ: While energy cost continues to rise QoQ, the industry could not fully pass on the inflation across all regions.Cost inflation elevated: We estimate that overall fuel costs would soar 7/42% QoQ/YoY amid rising imported coal and pet coke prices. 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 - Cost Inflation Continues, Margin Contracts

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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<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

<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

India

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 - Key Takeaways

Cost Optimization : The company is focusing on many levers of cost optimization with increasing use of green energy and AFRs.

Axis Direct

Cement - Cost Inflation Continues, Margin Contracts

High volume growth on a low base YoY: We estimate that 15 companies under coverage would report ~7% QoQ aggregate seasonal sales volume decline.

HDFC Securities

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

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

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