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>Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businesses</li><li>RIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimate</li><li>Earnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)</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>

Reliance Industries: Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition, and new revenue streams; and (3) potential for further value unlocking in the digital and retail businessesRIL’s consolidated EBITDA stood at INR 352bn (+19% YoY; +13% QoQ, HSIE: INR 344bn), above our estimate, while APAT stood at INR 158bn (-3.2% YoY, +16% QoQ), marginally below our estimateEarnings were mainly driven by improvement in the O2C and E&amp;P segments. ICICI Bank: ICICI Bank (ICICIBC) reported yet another quarter of all-round impressive balance sheet performance with loan growth (+20% YoY), NIMs (4.7%) and asset quality (GNPA at 3.1%), reflecting in strong profitability vectors (standalone RoE of ~18%)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: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

<ul><li>Mahindra &amp; Mahindra: Mahindra &amp; Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES segment</li><li>FES margin remained under pressure due to the inability to pass on rising costs and an adverse mix impact</li><li>We remain optimistic about M&amp;M’s aggressive future roadmap for its core auto and FES segments (target of 15-20% revenue growth CAGR over 2025 and 18% RoCE)</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>

Mahindra &amp; Mahindra: Mahindra &amp; Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES segmentFES margin remained under pressure due to the inability to pass on rising costs and an adverse mix impactWe remain optimistic about M&amp;M’s aggressive future roadmap for its core auto and FES segments (target of 15-20% revenue growth CAGR over 2025 and 18% RoCE)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: Mahindra & Mahindra, Petronet LNG

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.

Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 revenue grew by 47.3% YoY due to the 55.7% increase in COGS caused by the YoY increase in term gas price following the 62% YoY jump in Brent crude oil price.</li></ul><div><div><div><div><ul><li>4QFY22 capacity utilisation: Dahej utilisation stood at 79.4% vs 91% in 4QFY21. Kochi utilisation stood at 20% vs 23% a year ago.</li></ul><div><div><div><div><ul><li>BITDA margin reflected a miss of 231bps at 10.47% while EBITDA came in 9.9% below our estimate and a 9.6% miss vs street estimate.</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>

4QFY22 revenue grew by 47.3% YoY due to the 55.7% increase in COGS caused by the YoY increase in term gas price following the 62% YoY jump in Brent crude oil price.4QFY22 capacity utilisation: Dahej utilisation stood at 79.4% vs 91% in 4QFY21. Kochi utilisation stood at 20% vs 23% a year ago.BITDA margin reflected a miss of 231bps at 10.47% while EBITDA came in 9.9% below our estimate and a 9.6% miss vs street estimate.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.

Petronet LNG - Kochi Tariff-Cut Hits Earnings

<ul><li>GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil &amp; Gas pack even as the rest of the sector companies are trapped in the crosswinds of a sharp spike in crude oil, natural gas and product prices.</li><li>The surge in the Oil &amp; Gas chain prices sustained through April21 to mid-natural gas, especially LNG.</li><li>This has been fueled further by the Russia-Ukraine conflict, which has led to a scramble for crude oil, gas and diesel, with Russian exports (5mn bpd of oil...(continued).</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>

GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil &amp; Gas pack even as the rest of the sector companies are trapped in the crosswinds of a sharp spike in crude oil, natural gas and product prices.The surge in the Oil &amp; Gas chain prices sustained through April21 to mid-natural gas, especially LNG.This has been fueled further by the Russia-Ukraine conflict, which has led to a scramble for crude oil, gas and diesel, with Russian exports (5mn bpd of oil...(continued).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.

Oil & Gas Sector: GAIL Bucks Energy Storm Hitting Sector Demand and Margins

CreditAccess Grameen Ltd / Equity Bottom-Up

<p>CreditAccess Grameen: CreditAccess Grameen's (CREDAG) Q2FY22 earnings beat our estimates, led by healthy NII traction and asset quality improvement. As expected, the portfolio's transient stress from Q1FY22 decreased significantly with PAR-0 falling sharply from 30.6% to 11.5% sequentially (9.9% in Oct-21 for the standalone entity). GNPA increased marginally from 7.6% to 7.7% for the consolidated entity, despite MMFL aligning to 60dpd NPA recognition, in line with the standalone entity. With collection efficiencies on the rise (99% including arrears) and a low number of borrowers (4.4% of AUM) with zero payments, management has guided for a credit cost of ~4.8% and RoA of ~2% in FY22.</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>

CreditAccess Grameen: CreditAccess Grameen's (CREDAG) Q2FY22 earnings beat our estimates, led by healthy NII traction and asset quality improvement. As expected, the portfolio's transient stress from Q1FY22 decreased significantly with PAR-0 falling sharply from 30.6% to 11.5% sequentially (9.9% in Oct-21 for the standalone entity). GNPA increased marginally from 7.6% to 7.7% for the consolidated entity, despite MMFL aligning to 60dpd NPA recognition, in line with the standalone entity. With collection efficiencies on the rise (99% including arrears) and a low number of borrowers (4.4% of AUM) with zero payments, management has guided for a credit cost of ~4.8% and RoA of ~2% in FY22.
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: PGCIL, Petronet LNG, Max Financial, Birla Corporation, CreditAccess Grameen,...

India

Petronet LNG Ltd. was formed by the Government of India to import liquefied natural gas (LNG) into the country. The Company is a joint venture between GAIL, ONGC, IOC and BPCL. Petronet LNG has also selected GAZ de France as a strategic partner. The Company has set up LNG receiving ports in Dahej (Gujarat) and Kochi (Kerala).

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Petronet LNG (PLNG IN)

HSIE Results Daily: Reliance Industries, ICICI Bank, Kotak Mahindra Bank,

Our ADD rating on Reliance Industries (RIL) with a price target of INR 2,735/sh is premised on (1) recovery in the O2C businesses; (2) EBITDA...

HDFC Securities

HSIE Results Daily: Mahindra & Mahindra, Petronet LNG

Mahindra & Mahindra: Mahindra & Mahindra Q1 PAT, at INR 14.7bn, was below our estimate of INR 16.5bn due to lower-than-expected margin in the FES...

HDFC Securities

Petronet LNG - Kochi Tariff-Cut Hits Earnings

Petronet LNG’s (PLNG) 4QFY22 consolidated PAT came in at Rs7.91bn – 3.6%/2.2% miss vs. NBIE/Consensus estimates. There was a 9%/231bps miss on...

Nirmal Bang

Oil & Gas Sector: GAIL Bucks Energy Storm Hitting Sector Demand and Margins

GAIL bucks energy storm hitting sector demand and margins. We see GAIL lead the Oil & Gas pack even as the rest of the sector companies are trapped...

Nirmal Bang

HSIE Results Daily: PGCIL, Petronet LNG, Max Financial, Birla Corporation, CreditAccess Grameen,...

CreditAccess Grameen: CreditAccess Grameen's (CREDAG) Q2FY22 earnings beat our estimates, led by healthy NII traction and asset quality...

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)