External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>KNPL delivered stable results in a tepid demand environment led by ~4% volume growth as high single digit growth in Industrial Paints and success of new initiatives like Paint+, wood coatings, waterproofing and Projects business.</li><li>Competitive intensity remains intense as Birla Opus has garnered around 4-5% market share.</li><li>Medium term outlook looks positive given 1) pickup in discretionary demand post tax cuts 2) positive outlook in non-auto industrials led by strong order pipeline across Infra, Railways, Powder coatings etc.</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.

KNPL delivered stable results in a tepid demand environment led by ~4% volume growth as high single digit growth in Industrial Paints and success of new initiatives like Paint+, wood coatings, waterproofing and Projects business.Competitive intensity remains intense as Birla Opus has garnered around 4-5% market share.Medium term outlook looks positive given 1) pickup in discretionary demand post tax cuts 2) positive outlook in non-auto industrials led by strong order pipeline across Infra, Railways, Powder coatings etc.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.

Kansai Nerolac Paints (KNPL IN) - Industrial Segment Leads Growth

<ul><li>Prabhudas Lilladher's research report onKansai Nerolac Paints We cut our EPS estimates by 0.5/6.3% for FY25/FY26 given 1) increased spends on advertising and distribution in changed industry dynamics 2) limited scope to increase margin as lower margin Industrial paints growing close to double digits 3) negative pricing to sustain in decorative paints.</li><li>Kansai is making all the right moves with continues investment behind new products like paint plus, distribution expansion and NxtGen painting services, expanding product business.</li><li>KNPL is on a strong wicket as revival in automotive paints and general industrial paints (Infra led) is aiding to growth and healthy margins.</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.

Prabhudas Lilladher's research report onKansai Nerolac Paints We cut our EPS estimates by 0.5/6.3% for FY25/FY26 given 1) increased spends on advertising and distribution in changed industry dynamics 2) limited scope to increase margin as lower margin Industrial paints growing close to double digits 3) negative pricing to sustain in decorative paints.Kansai is making all the right moves with continues investment behind new products like paint plus, distribution expansion and NxtGen painting services, expanding product business.KNPL is on a strong wicket as revival in automotive paints and general industrial paints (Infra led) is aiding to growth and healthy margins.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.

Kansai Nerolac Paints (KNPL IN) - Decorative Market Dynamics Masks Strong Industrial Outlook

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>Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%</li><li>Despite an adverse product mix, the street expectation was for better operating leverage (volumes up 19.5% QoQ) to overcome the launch and marketing expenses</li><li>However, the expenses related to five launches/unveils were Rs 700mn, which include Rs 200mn related to the EV ‘Flying Flea’.</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.

Eicher Motors: Eicher Motors’ Q3FY25 EBITDA margin at 24.9% was below our estimate of 27.2% and Bloomberg consensus estimate of 26.9%Despite an adverse product mix, the street expectation was for better operating leverage (volumes up 19.5% QoQ) to overcome the launch and marketing expensesHowever, the expenses related to five launches/unveils were Rs 700mn, which include Rs 200mn related to the EV ‘Flying Flea’.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: Eicher Motors, FSN E-Commerce Ventures (Nykaa), Kansai Nerolac

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</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.

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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.

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

<ul><li>Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)</li><li>DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)</li><li>The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunities</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.

Dr Reddy’s Laboratories: EBITDA grew (14% YoY) as +13% YoY sales growth (-3% QoQ US, +5% YoY in EU, +9% YoY EMs, and +34% YoY in RoW, India declined 12% YoY, adjusted growth was at 11%), steady gross margin (+65 bps YoY) and muted staff cost were offset by higher R&amp;D/SG&amp;A (+28/+22% YoY)DRRD expects to sustain growth in the US over the next few years with steady traction in gRevlimid and new launches (20+ launches p.a for the next few years)The company expects India to see steady growth in FY25, led by new launches, scale-up in key therapies, and in-licensing opportunitiesContent 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: Dr Reddy’s Laboratories, Lupin, IRB Infra, Max Financial

India

Kansai Nerolac Paints Limited manufactures paints, varnishes and enamels. The Company also fabricates synthetic resins, organic & inorganic pigments and oils. Kansai Nerolac's products are used for decorative, marine and industrial purposes.

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Kansai Nerolac Paints (KNPL IN)