External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation</li><li>Cement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MT</li><li>Margin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY)</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.

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuationCement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MTMargin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY)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: Shree Cement, Cummins, Prestige Estates, Apollo Tyres

<ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation</li><li>Cement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MT</li><li>Margin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY).</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.

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuationCement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MTMargin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY).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: Shree Cement, Cummins, Prestige Estates, Apollo Tyres, Alkyl Amines

<ul><li>Whatever is being launched is being sold, presales momentum remains strong: Real estate developers are reporting record presales in the seasonally weakest quarter Q2, Sobha (INR 17bn, growth of 48/18% YoY/QoQ), Prestige (INR 71bn, growth of 102/82% YoY/QoQ), Macrotech (INR 35bn, growth of 12/5% YoY/QoQ) and PHNX (consumption of INR 26.4bn, growth of 9/0% YoY/QoQ on a like-to-like basis)</li><li>We expect this momentum to continue in 3QFY24 with new launches adding a multiplier effect to the presales</li><li>Within micro-markets, we expect the consolidation story to continue in the top six cities with strong volume-driven growth in Bengaluru, MMR and Pune, while NCR growth will be driven largely by higher price appreciation in the luxury segment</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.

Whatever is being launched is being sold, presales momentum remains strong: Real estate developers are reporting record presales in the seasonally weakest quarter Q2, Sobha (INR 17bn, growth of 48/18% YoY/QoQ), Prestige (INR 71bn, growth of 102/82% YoY/QoQ), Macrotech (INR 35bn, growth of 12/5% YoY/QoQ) and PHNX (consumption of INR 26.4bn, growth of 9/0% YoY/QoQ on a like-to-like basis)We expect this momentum to continue in 3QFY24 with new launches adding a multiplier effect to the presalesWithin micro-markets, we expect the consolidation story to continue in the top six cities with strong volume-driven growth in Bengaluru, MMR and Pune, while NCR growth will be driven largely by higher price appreciation in the luxury segmentContent 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.

Real Estate (Q2FY24 Results Preview): Festive cheer awaited

Equity Bottom-Up

Prestige Estates Projects / Equity Bottom-Up

<ul><li>Prestige Estates (PEPL) registered the highest-ever annual presales in FY23, at INR 129bn (+24% YoY), on the back of 16msf of new launches and robust presales in MMR at INR 27bn</li><li>Non-Bengaluru sales climbed to 41%, from 20% in FY22</li><li>In FY24, it expects annual presales to grow by 25% YoY growth to INR 160-180bn</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.

Prestige Estates (PEPL) registered the highest-ever annual presales in FY23, at INR 129bn (+24% YoY), on the back of 16msf of new launches and robust presales in MMR at INR 27bnNon-Bengaluru sales climbed to 41%, from 20% in FY22In FY24, it expects annual presales to grow by 25% YoY growth to INR 160-180bnContent 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.

Prestige Estates - Gaining Traction Across All Verticals. Maintain BUY

<ul><li>Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiaries</li><li>Performance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiary</li><li>We continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bn</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.

Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiariesPerformance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiaryWe continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bnContent 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: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

India

Prestige Estates Projects Ltd. develops real estate.  The Company builds residential projects including apartments, villas, plotted developments and integrated townships; commercial projects including corporate office buildings and technology parks; hotels and resorts; and retail buildings.

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Prestige Estates Projects (PEPL IN)

HSIE Results Daily: Shree Cement, Cummins, Prestige Estates, Apollo Tyres

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation

HDFC Securities

HSIE Results Daily: Shree Cement, Cummins, Prestige Estates, Apollo Tyres, Alkyl Amines

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation

HDFC Securities

Real Estate (Q2FY24 Results Preview): Festive cheer awaited

Whatever is being launched is being sold, presales momentum remains strong: Real estate developers are reporting record presales in the seasonally...

HDFC Securities

Prestige Estates - Gaining Traction Across All Verticals. Maintain BUY

Prestige Estates (PEPL) registered the highest-ever annual presales in FY23, at INR 129bn (+24% YoY), on the back of 16msf of new launches and...

HDFC Securities

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas...

HDFC Securities

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