External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<div><div><div><div><ul><li>Revenue ahead of estimate; decent operating margin: Revenue for 4QFY22 stood at Rs9.48bn (our est. Rs7.6bn) and was up by 19.4% YoY and 28.4% QoQ, mainly due to consolidation of MIL figures in this quarter (MIL revenue stood at Rs1.38bn).</li></ul><div><div><div><div><ul><li>Revenue share from the 2W segment declined slightly, which was in line with the decline in the 2W industry as a whole.</li></ul><div><div><div><div><ul><li>Mechatronics, AM &amp; others revenue grew by 6% YoY with 13.4% margin while margin in the ICS segment came in flattish at 7.4%. EBITDA grew by 36.9% QoQ to Rs1,077mn.</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>

Revenue ahead of estimate; decent operating margin: Revenue for 4QFY22 stood at Rs9.48bn (our est. Rs7.6bn) and was up by 19.4% YoY and 28.4% QoQ, mainly due to consolidation of MIL figures in this quarter (MIL revenue stood at Rs1.38bn).Revenue share from the 2W segment declined slightly, which was in line with the decline in the 2W industry as a whole.Mechatronics, AM &amp; others revenue grew by 6% YoY with 13.4% margin while margin in the ICS segment came in flattish at 7.4%. EBITDA grew by 36.9% QoQ to Rs1,077mn.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.

Minda Corporation - Sustains Healthy Growth; Maintain Accumulate

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.

<ul><li>Minda Corporation (Minda Corp) Q3FY22 performance was stable but marginally below of our estimates. </li><li>The company reported revenue of 738 Cr (our estimate – Rs 766 Cr), remaining flat QoQ</li><li>We revise our rating from HOLD to BUY and value the stock at 17x FY24E EPS to arrive at a target price of Rs 230/share.</li></ul><div class="content-highlight"><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></div>

Minda Corporation (Minda Corp) Q3FY22 performance was stable but marginally below of our estimates. The company reported revenue of 738 Cr (our estimate – Rs 766 Cr), remaining flat QoQWe revise our rating from HOLD to BUY and value the stock at 17x FY24E EPS to arrive at a target price of Rs 230/share.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.

Minda Corp: Stable Performance; Long Term Outlook Positive

<p>Given the recent run-up in Minda Corps stock price, we are revising our rating from BUY to HOLD and value the company at 16x FY23E EPS to arrive at a target price of Rs 170.</p><div class="content-highlight"><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></div>

Given the recent run-up in Minda Corps stock price, we are revising our rating from BUY to HOLD and value the company at 16x FY23E EPS to arrive at a target price of Rs 170.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.

Minda Corp: Stable Performance; Cautiously Optimistic Outlook

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<p>About the stock: Minda Corporation (MCL) primarily serves domestic auto OEMs across two main verticals – mechatronics &amp; aftermarket (i.e. MCH – safety &amp; security, die-casting, starter motors, etc) and information &amp; connected systems (i.e. ICS – mainly wiring harnesses).</p><ul><li>FY21 segment mix –2-W ~52%, CV ~21%, PV ~11%, aftermarket ~16%</li><li>FY21 product mix – MCH ~58%, ICS ~42%</li></ul><div class="content-highlight"><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></div>

About the stock: Minda Corporation (MCL) primarily serves domestic auto OEMs across two main verticals – mechatronics &amp; aftermarket (i.e. MCH – safety &amp; security, die-casting, starter motors, etc) and information &amp; connected systems (i.e. ICS – mainly wiring harnesses).FY21 segment mix –2-W ~52%, CV ~21%, PV ~11%, aftermarket ~16%FY21 product mix – MCH ~58%, ICS ~42%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.

Minda Corporation: Strong Performance; Growth, Margin Triggers in Place

Thematic (Sector/Industry)

<p>Our Pick: From the auto component stocks under our coverage, we expect Minda Industries and Minda Corp to benefit from this scheme.</p><p>The Union Cabinet has approved Rs 26,058 Cr of Production Linked Incentives (PLI) to encourage domestic production of automobiles and drones and their components to enhance India’s manufacturing capabilities.</p><div class="content-highlight"><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></div>

Our Pick: From the auto component stocks under our coverage, we expect Minda Industries and Minda Corp to benefit from this scheme.The Union Cabinet has approved Rs 26,058 Cr of Production Linked Incentives (PLI) to encourage domestic production of automobiles and drones and their components to enhance India’s manufacturing capabilities.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

Minda Corporation Limited was founded in 1985. The Company's line of business includes the manufacturing of electrical equipment and supplies.

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Minda Corp Ltd (MDA IN)

Minda Corporation - Sustains Healthy Growth; Maintain Accumulate

Minda Corporation’s (MDA) 4QFY22 results came in ahead of our estimates. Revenue (adjusted for the consolidation of MIL) grew by 2% YoY vs our...

Nirmal Bang

Minda Corp: Stable Performance; Long Term Outlook Positive

Minda Corporation (Minda Corp) Q3FY22 performance was stable but marginally below of our estimates. The company reported revenue of 738 Cr (our...

Axis Direct

Minda Corp: Stable Performance; Cautiously Optimistic Outlook

Given the recent run-up in Minda Corps stock price, we are revising our rating from BUY to HOLD and value the company at 16x FY23E EPS to arrive at...

Axis Direct

Minda Corporation: Strong Performance; Growth, Margin Triggers in Place

Minda Corporation (MCL) primarily serves domestic auto OEMs across two main verticals – mechatronics & aftermarket (i.e. MCH – safety & security,...

ICICI Securities Limited

PLI Scheme - EV Advantage Continues

We expect Minda Industries and Minda Corp to benefit from this scheme. The Union Cabinet has approved Rs 26,058 Cr of Production Linked Incentives...

Axis Direct

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