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

<ul><li>The company is working on many levers such as optimizing geo-mix, higher production, sale of blended cement, increasing proportion of trade sales, premium and value-added product, logistic efficiency, and use of more renewable power to increase its EBITDA/tonne to four-digit number in the next 18 to 24 months.</li><li>We expect it to post EBITDA growth of 12% CAGR over FY21-24E on the back of better realization, higher volume, and cost-saving initiatives.</li><li>Softening in fuel prices augurs well for the industry and the company as well and the benefit of lower fuel costs will start flowing in from Q1FY24.</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 is working on many levers such as optimizing geo-mix, higher production, sale of blended cement, increasing proportion of trade sales, premium and value-added product, logistic efficiency, and use of more renewable power to increase its EBITDA/tonne to four-digit number in the next 18 to 24 months.We expect it to post EBITDA growth of 12% CAGR over FY21-24E on the back of better realization, higher volume, and cost-saving initiatives.Softening in fuel prices augurs well for the industry and the company as well and the benefit of lower fuel costs will start flowing in from Q1FY24.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 Limited - Better Sales Mix &Cost Optimization To Drive Margins

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)

<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

<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

<ul><li>Axis New Year Picks: We are proud to announce our exclusive report: Axis New Year Picks 2023 – Focus on 6 Golden Themes.</li><li>The report contains deeply-researched 9 stocks that are best-placed to deliver excellent performance in 2023 and thereby strengthen your investment portfolio.</li><li>Axis Alpha: Axis Alpha reported an excellent monthly strike rate of 78% in Dec’22. It continued to deliver robust returns with absolute profits of over 5.4 Lc since its inception in May’20.</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.

Axis New Year Picks: We are proud to announce our exclusive report: Axis New Year Picks 2023 – Focus on 6 Golden Themes.The report contains deeply-researched 9 stocks that are best-placed to deliver excellent performance in 2023 and thereby strengthen your investment portfolio.Axis Alpha: Axis Alpha reported an excellent monthly strike rate of 78% in Dec’22. It continued to deliver robust returns with absolute profits of over 5.4 Lc since its inception in May’20.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.

<ul><li>JK Lakshmi Cement (JKLC) is a dominant player in the cement industry in its key markets of North and West India and derives 75% of its revenue from these two regions.</li><li>It has a sizeable market presence in Eastern India as well.</li><li>The total cement capacity of the company on a consolidated basis stands at 13.9 million tonne per annum (mtpa).</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.

JK Lakshmi Cement (JKLC) is a dominant player in the cement industry in its key markets of North and West India and derives 75% of its revenue from these two regions.It has a sizeable market presence in Eastern India as well.The total cement capacity of the company on a consolidated basis stands at 13.9 million tonne per annum (mtpa).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.

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 Limited - Better Sales Mix &Cost Optimization To Drive Margins

We expect it to post EBITDA growth of 12% CAGR over FY21-24E on the back of better realization, higher volume, and cost-saving initiatives.

Axis Direct

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

Axis Research Scorecard Report - Dec 22

Axis New Year Picks: We are proud to announce our exclusive report: Axis New Year Picks 2023 – Focus on 6 Golden Themes.

Axis Direct

Pick of the Week - JK Lakshmi Cement Ltd

JK Lakshmi Cement (JKLC) is a dominant player in the cement industry in its key markets of North and West India and derives 75% of its revenue from...

Axis Direct

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