External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisation</li><li>Q1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other income</li><li>Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 print</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>

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisationQ1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other incomeCrude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 printContent 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: ONGC, Trent, Phoenix Mills, Fine Organic Industries

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. 

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

<div><div><div><div><ul><li>Order book robust at Rs 9,008 Cr (as of Q4FY22 end): The company’s order book break up is as follows: 30% from the Roads-others, 45% from the roads-HAM, and balance 25% from the Irrigation segment.</li></ul><div><div><div><ul><li>Margin Outlook: KNRCL’s overall margins improved YoY driven by superior execution coupled with normalized economic activities.</li></ul><div><div><div><div><ul><li>Outlook &amp; Valuation: Over the years, KNRCL has emerged as one of the leading EPC (Engineering, Procurement &amp; Construction) players in the Road sector</li></ul></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>

Order book robust at Rs 9,008 Cr (as of Q4FY22 end): The company’s order book break up is as follows: 30% from the Roads-others, 45% from the roads-HAM, and balance 25% from the Irrigation segment.Margin Outlook: KNRCL’s overall margins improved YoY driven by superior execution coupled with normalized economic activities.Outlook &amp; Valuation: Over the years, KNRCL has emerged as one of the leading EPC (Engineering, Procurement &amp; Construction) players in the Road sectorContent 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.

KNR Constructions Ltd - Better Execution; Robust Order Book Provides Healthy Revenue Visibility

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.

<ul><li>KNRC sits on a strong order book of ~INR100b (excluding recently won projects), which provides clear revenue visibility for the next three years.</li><li>It has received appointed dates (AD) for two HAM projects in Jan’22 and financial closure (FC) in one HAM project in Apr’22, which will support execution in FY23E and FY24E.</li><li>We expect margin to stay elevated, despite inflationary pressures from higher commodity prices, as a sizable portion (~26%) of its order book consists of irrigation projects.</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>

KNRC sits on a strong order book of ~INR100b (excluding recently won projects), which provides clear revenue visibility for the next three years.It has received appointed dates (AD) for two HAM projects in Jan’22 and financial closure (FC) in one HAM project in Apr’22, which will support execution in FY23E and FY24E.We expect margin to stay elevated, despite inflationary pressures from higher commodity prices, as a sizable portion (~26%) of its order book consists of irrigation projects.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.

KNR Constructions: Superior Execution with a Comfortable Balance Sheet

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<ul><li>We expect 4QFY22 to be a moderate quarter for the construction companies as execution is expected to remain moderate whereas higher input costs of cement, steel, bitumen and sand/aggregates are likely to weigh negatively on margins.</li><li>Within our coverage universe, we expect KNR and PNC to continue to report industry-leading revenue growth and better margins whereas for most others, execution is likely to dip on YoY basis.</li><li>Given the sharp uptick in order inflow in March’22 and decent order books, we expect FY23 to be a much better year in terms of execution whereas margins are likely to remain under pressure.</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>

We expect 4QFY22 to be a moderate quarter for the construction companies as execution is expected to remain moderate whereas higher input costs of cement, steel, bitumen and sand/aggregates are likely to weigh negatively on margins.Within our coverage universe, we expect KNR and PNC to continue to report industry-leading revenue growth and better margins whereas for most others, execution is likely to dip on YoY basis.Given the sharp uptick in order inflow in March’22 and decent order books, we expect FY23 to be a much better year in terms of execution whereas margins are likely to remain under pressure.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.

Construction Sector:Execution Likely to Remain Weak; FY23 Looks Promising

<ul><li>We expect the road construction companies under our coverage to deliver Revenue/EBITDA/APAT de-growth of 7%/8%/6% YoY during the quarter</li><li>With a robust order book, healthy bidding pipeline and diversified order book, we remain positive on the prospects of the overall sector</li><li>Our preferred picks in the sector are KNR Construction, HG Infra and PNC Infratech</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>

We expect the road construction companies under our coverage to deliver Revenue/EBITDA/APAT de-growth of 7%/8%/6% YoY during the quarterWith a robust order book, healthy bidding pipeline and diversified order book, we remain positive on the prospects of the overall sectorOur preferred picks in the sector are KNR Construction, HG Infra and PNC InfratechContent 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.

Road Infra: Robust Order Book, Increase in Awarding to Drive Growth

India

KNR Constructions Limited operates an infrastructure project development company. The Company provides engineering procurement and construction services across various sectors, such as roads, bridges, flyovers, highways, and water infrastructure management.

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KNR Constructions (KNRC IN)

HSIE Results Daily: ONGC, Trent, Phoenix Mills, Fine Organic Industries

Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a...

HDFC Securities

KNR Constructions Ltd - Better Execution; Robust Order Book Provides Healthy Revenue Visibility

The company reported revenue of Rs 1,011 Cr, up 8% YoY, EBIDTA of Rs 208 Cr, up 14% YoY, and APAT of Rs 113 Cr, up 47% YoY.

Axis Direct

KNR Constructions: Superior Execution with a Comfortable Balance Sheet

KNRC sits on a strong order book of ~INR100b (excluding recently won projects), which provides clear revenue visibility for the next three...

Motilal Oswal

Construction Sector:Execution Likely to Remain Weak; FY23 Looks Promising

4QFY22 Result Preview Construction Sector Execution likely to remain weak; FY23 looks promising We expect 4QFY22 to be a moderate quarter for the...

Nirmal Bang

Road Infra: Robust Order Book, Increase in Awarding to Drive Growth

Road Infra- Q4FY22 Result PreviewContent is external broker report sourced from online content aggregator through publicly available sources and is...

Axis Direct

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