External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

<ul><li>Post Covid, PVR Inox’s stock performance has been tracking box office collections/upcoming pipeline.</li><li>After a dull H1CY24, box office collections have picked up and are expected to further improve in Q3FY25. We note a couple of key trends in movies: i) dichotomy in performance of big-budget and midsize/small movies – big-budgetmovies that offer differentiated content / experience are seeing more traction; ii) better performance of franchisee movies.</li><li>The Q3 movie pipeline ticks these boxes and provides comfort on better box office performance, even as we remain cognizant of the structural issues hampering the industry.</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.

Post Covid, PVR Inox’s stock performance has been tracking box office collections/upcoming pipeline.After a dull H1CY24, box office collections have picked up and are expected to further improve in Q3FY25. We note a couple of key trends in movies: i) dichotomy in performance of big-budget and midsize/small movies – big-budgetmovies that offer differentiated content / experience are seeing more traction; ii) better performance of franchisee movies.The Q3 movie pipeline ticks these boxes and provides comfort on better box office performance, even as we remain cognizant of the structural issues hampering the industry.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.

Pvr Inox - Q3 Movie Pipeline Inspires Confidence

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Revenues stood at Rs 1191 crore down 5.2 q-o-q/ 8.8% y-o-y in line with our estimates of Rs.1194 crore. EBITDA margin (pre Ind-AS116) stood at -3.2%.</li><li>Average ticket price (ATP) declined to Rs 235, down 4.7% y-o-y while F&amp;B spend per head (SPH) grew 3.1% y-o-y to Rs. 134.</li><li>Content pipeline is looking strong in Q2, Q3 and Q4 partially due to a lot of films which were coming in Q1 being pushed to Q2 or Q3. </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.

Revenues stood at Rs 1191 crore down 5.2 q-o-q/ 8.8% y-o-y in line with our estimates of Rs.1194 crore. EBITDA margin (pre Ind-AS116) stood at -3.2%.Average ticket price (ATP) declined to Rs 235, down 4.7% y-o-y while F&amp;B spend per head (SPH) grew 3.1% y-o-y to Rs. 134.Content pipeline is looking strong in Q2, Q3 and Q4 partially due to a lot of films which were coming in Q1 being pushed to Q2 or Q3. 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.

PVR Inox Ltd - Weak Q1; Downgrade to Hold

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>ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox.</li><li>Takeaways: 1) Rental cost may come down to 16-17% of revenue (from 19-20% at present) over the next 12-18 months.</li><li>2) Company is entering capex sharing contracts with landlords to increase RoCE.</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.

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox.Takeaways: 1) Rental cost may come down to 16-17% of revenue (from 19-20% at present) over the next 12-18 months.2) Company is entering capex sharing contracts with landlords to increase 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.

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

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>After reporting a weak performance in 2QFY23, PVR saw recovery and reported EBITDA of INR1.3b (v/s Est. INR1.1b) in 3QFY23, led by improving occupancies, (albeit below pre-covid levels) and healthy distribution income, driving up PAT to INR252m (v/s INR53m est.).</li><li>Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the combined entity should support growth.</li><li>However, a mixed bag performance of recent big ticket movies coupled with rising concerns of OTT continue to remain our key monitorables</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.

After reporting a weak performance in 2QFY23, PVR saw recovery and reported EBITDA of INR1.3b (v/s Est. INR1.1b) in 3QFY23, led by improving occupancies, (albeit below pre-covid levels) and healthy distribution income, driving up PAT to INR252m (v/s INR53m est.).Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the combined entity should support growth.However, a mixed bag performance of recent big ticket movies coupled with rising concerns of OTT continue to remain our key monitorablesContent 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.

PVR - Occupancies Recover but yet Below Pre Covid Levels

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.

Thematic (Sector/Industry)

<ul><li>PVR and Inox Leisure (INOL) stock prices were down by ~3% and ~4%, respectively in 1QFY23, but outperformed the Nifty Media index (down 21%).</li><li>They also outperformed the NSE Small Cap 100 index (down 19%). This is after a stellar 4QFY22 when each of them delivered ~50% return.</li><li>1QFY23 saw positive sentiments due to strong box office collections (especially from regional movies), addition of new screens and approval of merger (PVR-INOX merger). of the 2 players by SEBI and the two stock exchanges – NSE &amp; BSE – without any objections raised thus far from CCI.</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.

PVR and Inox Leisure (INOL) stock prices were down by ~3% and ~4%, respectively in 1QFY23, but outperformed the Nifty Media index (down 21%).They also outperformed the NSE Small Cap 100 index (down 19%). This is after a stellar 4QFY22 when each of them delivered ~50% return.1QFY23 saw positive sentiments due to strong box office collections (especially from regional movies), addition of new screens and approval of merger (PVR-INOX merger). of the 2 players by SEBI and the two stock exchanges – NSE &amp; BSE – without any objections raised thus far from CCI.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.

Film Exhibition Sector - 1QFY23: All Set to Break Pre-COVID Levels

India

PVR INOX Limited operates cinemas. The Company owns and manages multiplex movie theaters.

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Pvr Inox (PVRINOX IN)

Pvr Inox - Q3 Movie Pipeline Inspires Confidence

The Q3 movie pipeline ticks these boxes and provides comfort on better box office performance, even as we remain cognizant of the structural issues...

Emkay

PVR Inox Ltd - Weak Q1; Downgrade to Hold

Revenues stood at Rs 1191 crore down 5.2 q-o-q/ 8.8% y-o-y in line with our estimates of Rs.1194 crore. EBITDA margin (pre Ind-AS116) stood at -3.2%.

Sharekhan

PVR Inox - CXO 1x1: Nitin Sood, Chief Financial Officer

ICICI Direct's research report onPVR Inox We met Mr Nitin Sood, Chief Financial Officer, PVR Inox. Takeaways: 1) Rental cost may come down to 16...

ICICI Securities Limited

PVR - Occupancies Recover but yet Below Pre Covid Levels

Healthy content pipeline, expected merger completion between PVR Ltd and INOX Leisure, and a guidance of 150-200 screen additions annually for the...

Motilal Oswal

Film Exhibition Sector - 1QFY23: All Set to Break Pre-COVID Levels

PVR and Inox Leisure (INOL) stock prices were down by ~3% and ~4%, respectively in 1QFY23, but outperformed the Nifty Media index (down 21%).

Nirmal Bang

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