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>Key positives: (i) PI added 8 new customers in FY22 (ii) New thrust on non-agrochem CSM - 35% of its 36 enquiries (iii) PI’s goal is to develop high-value CSM services in Agrochem/Pharma/Specialty Chemicals, based on cost leadership and sustainable manufacturing through differentiated technology/synthesis.</li></ul><div><div><div><div><ul><li>We see a bull case/bear case valuation of Rs3,318/Rs2,943 based on 100%/nil impact of the DCF value of a potential M&amp;A deal for a Pharma asset.</li></ul><div><div><div><div><ul><li>4QFY22 results are lower than our estimates. Revenue at Rs13.95bn was a miss of 1.1% vs NBIE estimate, but a beat of 2% 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>

Key positives: (i) PI added 8 new customers in FY22 (ii) New thrust on non-agrochem CSM - 35% of its 36 enquiries (iii) PI’s goal is to develop high-value CSM services in Agrochem/Pharma/Specialty Chemicals, based on cost leadership and sustainable manufacturing through differentiated technology/synthesis.We see a bull case/bear case valuation of Rs3,318/Rs2,943 based on 100%/nil impact of the DCF value of a potential M&amp;A deal for a Pharma asset.4QFY22 results are lower than our estimates. Revenue at Rs13.95bn was a miss of 1.1% vs NBIE estimate, but a beat of 2% 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.

PI Industries - Domestic Revenue Growth Outpaces Exports

Thematic (Sector/Industry)

<ul>
<li>We see the likely hit on demand as well as margins from the supply disruption across energy, fertilizers and chemicals sectors, aggravated by the Russia-Ukraine conflict, cast a shadow on 4QFY22E for NBIE Chemical stocks.</li>
<li>The buoyancy in freight rates (up more than 100% YoY) is an added worry.</li>
<li>On the brighter side, we see pricing power supporting margins, barring in the case of Coromandel International (CRIN).</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 see the likely hit on demand as well as margins from the supply disruption across energy, fertilizers and chemicals sectors, aggravated by the Russia-Ukraine conflict, cast a shadow on 4QFY22E for NBIE Chemical stocks.
The buoyancy in freight rates (up more than 100% YoY) is an added worry.
On the brighter side, we see pricing power supporting margins, barring in the case of Coromandel International (CRIN).

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.

Chemical Sector: Sector Margins to Hold up Despite Cost Push

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.

<ul><li>Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciences</li><li>The company maintains a strong research presence through its R&amp;D facility in Udaipur, where it has a dedicated team of over 300 scientists</li><li>Target Price and Valuation: We value PI Industries at 40x P/E FY24E EPS to arrive at a revised target price of Rs 3375/share (earlier Rs 3340/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>

Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciencesThe company maintains a strong research presence through its R&amp;D facility in Udaipur, where it has a dedicated team of over 300 scientistsTarget Price and Valuation: We value PI Industries at 40x P/E FY24E EPS to arrive at a revised target price of Rs 3375/share (earlier Rs 3340/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.

PI Industries: Strong Order Book to Maintain CSM Momentum

<ul><li>Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciences.</li><li>The company maintains a strong research presence through its R&amp;D facility in Udaipur, where it has a dedicated team of over 300 scientists</li><li>We retain BUY on the back of better growth outlook of CSM business. </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>

Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciences.The company maintains a strong research presence through its R&amp;D facility in Udaipur, where it has a dedicated team of over 300 scientistsWe retain BUY on the back of better growth outlook of CSM business. 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.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>CSM segment going from strength to strength! PI's FY21 Annual Report highlights its intention to build multiple growth engines and take PI to the next level in the global arena, with more substantive participation in the Life Sciences domain. Here are the key insights:...</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>

CSM segment going from strength to strength! PI's FY21 Annual Report highlights its intention to build multiple growth engines and take PI to the next level in the global arena, with more substantive participation in the Life Sciences domain. Here are the key insights:...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.

CSM segment going from strength to strength!

India

PI Industries Limited manufactures agricultural and fine chemicals, and polymers. The Company produces fine chemicals; crop protection, plant nutrients, and seeds; and engineering plastics for use in the automobile, electrical, and home appliances industries.

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Pi Industries (PI IN)

PI Industries - Domestic Revenue Growth Outpaces Exports

We maintain Buy on PI Industries (PI) after a marginal increase in FY23E/FY24E and SOTP- based target price (TP) to Rs3,063 includes PI’s core...

Nirmal Bang

Chemical Sector: Sector Margins to Hold up Despite Cost Push

We see the likely hit on demand as well as margins from the supply disruption across energy, fertilizers and chemicals sectors, aggravated by the...

Nirmal Bang

PI Industries: Strong Order Book to Maintain CSM Momentum

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

PI Industries: Strong Order Book to Maintain CSM Momentum

Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciences. The company maintains a strong research...

ICICI Securities Limited

CSM segment going from strength to strength!

CSM segment going from strength to strength! PI's FY21 Annual Report highlights its intention to build multiple growth engines and take PI to the...

Motilal Oswal

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