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.

Thematic (Sector/Industry)

<ul><li>Axis Alpha: Axis Alpha reported a dream monthly strike rate of 100% in Nov’22. It continued to deliver robust returns with absolute profits of over 5.11 Lc since its inception in May’20.</li><li>A few calls that met their targets successfully were Manappuram Finance (6.5% in only 1 day), JK Lakshmi Cement Limited (5.2% in 1 day), Dalmia Bharat (5.2% in 1 day), PSP Projects Ltd (5.2% in 3 days), APL Apollo Tubes (4% in 3 days), RITES Ltd (4% in 5 days), DCB Bank (6.5% in 11 days), and Bharti Airtel (2%).</li><li>Axis Top Picks: The basket reported an impressive performance with a return of 153% since its inception, notably beating the 102% returns reported by the benchmark NIFTY 50 Index over the same period.</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 Alpha: Axis Alpha reported a dream monthly strike rate of 100% in Nov’22. It continued to deliver robust returns with absolute profits of over 5.11 Lc since its inception in May’20.A few calls that met their targets successfully were Manappuram Finance (6.5% in only 1 day), JK Lakshmi Cement Limited (5.2% in 1 day), Dalmia Bharat (5.2% in 1 day), PSP Projects Ltd (5.2% in 3 days), APL Apollo Tubes (4% in 3 days), RITES Ltd (4% in 5 days), DCB Bank (6.5% in 11 days), and Bharti Airtel (2%).Axis Top Picks: The basket reported an impressive performance with a return of 153% since its inception, notably beating the 102% returns reported by the benchmark NIFTY 50 Index over the same period.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 Research Scorecard Report for the month of November 2022

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.

Equity Bottom-Up

<ul><li>Higher realization (5% higher than our estimate) helped JKLC beat our earnings estimates in 2QFY23.</li><li>Standalone EBITDA/OPM stood at INR1.4b/10.6% (est. INR1.1b/8.3%).</li><li>Profit stood at INR590m (est. INR380m). Standalone Cement realizations (excluding non-Cement revenue) were flat QoQ, but the same declined by 2% QoQ based on consolidated financials.</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.

Higher realization (5% higher than our estimate) helped JKLC beat our earnings estimates in 2QFY23.Standalone EBITDA/OPM stood at INR1.4b/10.6% (est. INR1.1b/8.3%).Profit stood at INR590m (est. INR380m). Standalone Cement realizations (excluding non-Cement revenue) were flat QoQ, but the same declined by 2% QoQ based on consolidated financials.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.

J K Lakshmi Cement - Higher Realization Helps Beat Our Estimates

<ul><li>JKLC reported revenue growth of 16% YoY (marginally below our expectations), supported by higher realization.</li><li>The company’s EBITDA/APAT, however, declined by 15%/23% owing to the elevated cost YoY(in line with the expectations).</li><li>The revenue growth was on account of superior realizations and higher sales of premium products during the quarter.</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.

JKLC reported revenue growth of 16% YoY (marginally below our expectations), supported by higher realization.The company’s EBITDA/APAT, however, declined by 15%/23% owing to the elevated cost YoY(in line with the expectations).The revenue growth was on account of superior realizations and higher sales of premium products during the quarter.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 - Operating Performance Set to Improve Further!

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.

<ul><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industries</li><li>EBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA margin</li><li>Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)</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.

SRF: We retain our ADD rating on SRF, with a target price of INR 2,650 on the back of (1) continued healthy performance from speciality chemicals business; (2) strong balance sheet; and (3) deployment of capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from the agrochemical and pharma industriesEBITDA/APAT were 24/24% below our estimates, owing to a 7% fall in revenue, substantially higher-than-expected raw material cost, offset by lower-than-expected depreciation and higher-than-expected other income. Marico: Marico posted an in-line performance on both revenue and EBITDA marginConsolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)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: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

<ul><li>Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23</li><li>We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2</li><li>Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in south</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 our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year CAGR: 8%) in Q2FY23We estimate average utilisation of ~71% vs 78/70% QoQ/YoY. In our view, cement prices fell ~3% QoQ on pan-India basis in Q2Prices fell 5-6% QoQ each in north and central regions, 3-4% each in east and west regions and ~1-2% in southContent 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 (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

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)

Axis Research Scorecard Report for the month of November 2022

Axis Alpha: Axis Alpha reported a dream monthly strike rate of 100% in Nov’22. It continued to deliver robust returns with absolute profits of over...

Axis Direct

J K Lakshmi Cement - Higher Realization Helps Beat Our Estimates

Higher realization (5% higher than our estimate) helped JKLC beat our earnings estimates in 2QFY23. Standalone EBITDA/OPM stood at INR1.4b/10.6%...

Motilal Oswal

JK Lakshmi Cement - Operating Performance Set to Improve Further!

JKLC reported revenue growth of 16% YoY (marginally below our expectations), supported by higher realization. The company’s EBITDA/APAT, however,...

Axis Direct

HSIE Results Daily: SRF, Marico, TVS Motor, Hero Motocorp, City Union Bank

Consolidated revenue was up 3% YoY while domestic revenue/volume were up 1/3% YoY (three-year revenue/volume CAGRs at 11/7% vs HUL’s 10/3%)

HDFC Securities

Cement (Q2FY23 Results Preview): Healthy offtake; costs to peak out in Q2

Healthy volumes; mixed pricing trend across regions: We estimate our coverage universe of 15 companies to deliver 8% YoY volume growth (three-year...

HDFC Securities

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