External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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)

<div><div><div><ul><li>JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a lower TP of INR 2,485 (11.5x Mar-23E consolidated EBITDA).</li></ul><div><div><ul><li>The Ramco Cements: We maintain ADD on The Ramco Cements (TRCL), with a revised target price of INR 745/share (13x Mar-24E EBITDA).</li><li>Nuvoco Vistas: We maintain BUY on Nuvoco Vistas, with an unchanged TP of INR 620/share (11x its consolidated Mar-24E EBITDA).</li></ul><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>

JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a lower TP of INR 2,485 (11.5x Mar-23E consolidated EBITDA).The Ramco Cements: We maintain ADD on The Ramco Cements (TRCL), with a revised target price of INR 745/share (13x Mar-24E EBITDA).Nuvoco Vistas: We maintain BUY on Nuvoco Vistas, with an unchanged TP of INR 620/share (11x its consolidated Mar-24E EBITDA).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: JK Cement, The Ramco Cements, Nuvoco Vistas, Heidelberg Cement, Karur Vysya Bank

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 performance: TRCL has reported decent set of numbers for 4QFY22, given the cost inflation and pressure on demand &amp; pricing in the market.</li></ul><div><div><div><div><ul><li>Capex update: TRCL had earlier commissioned the Jayanthipuram clinker line 3 of the 1.5mn mt clinker unit in June’21 while 9MW WHRS will be commissioned soon.</li></ul><div><div><div><div><ul><li>Outlook: Cost environment remains volatile and increased competition has made passing on the increased costs difficult, resulting in relatively lower profitability.</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 performance: TRCL has reported decent set of numbers for 4QFY22, given the cost inflation and pressure on demand &amp; pricing in the market.Capex update: TRCL had earlier commissioned the Jayanthipuram clinker line 3 of the 1.5mn mt clinker unit in June’21 while 9MW WHRS will be commissioned soon.Outlook: Cost environment remains volatile and increased competition has made passing on the increased costs difficult, resulting in relatively lower profitability.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.

The Ramco Cement Ltd - Good Sequential Improvement in Profitability

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>Ramco Cements is the dominant player in South India with cement capacity of 19.4 MT spread across Tamil Nadu, Andhra Pradesh, Odisha and West Bengal</li><li>In terms of sales, South contributes ~71% of sales while East contribute 24%, which is served via grinding units in WB (2 MT) and AP (2 MT</li><li>Target Price and Valuation: We value Ramco at Rs 1,130 i.e.17x FY23E EV/EBITDA</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>

Ramco Cements is the dominant player in South India with cement capacity of 19.4 MT spread across Tamil Nadu, Andhra Pradesh, Odisha and West BengalIn terms of sales, South contributes ~71% of sales while East contribute 24%, which is served via grinding units in WB (2 MT) and AP (2 MTTarget Price and Valuation: We value Ramco at Rs 1,130 i.e.17x FY23E EV/EBITDAContent 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.

Ramco Cements: Cost Pressure to Stabilise; Debt Levels to Also Peak Out from Q4FY22E

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.

<p>Lower realization/higher costs led to 9%/6% drop in FY23E/FY24E EBITDA, which along with higher debt assumptions resulted in 20%/14% decline in profit estimates, respectively. Though, TRCL's near-term outlook looks challenging due to higher fuel costs (INR570/t increase in 3QFY22 variable cost v/s FY21 average), we expect the company to benefit from commissioning of new capacities. The stock trades at 15.9x/12.9x FY23E/24E EV/EBITDA and USD165/t capacity.</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>

Lower realization/higher costs led to 9%/6% drop in FY23E/FY24E EBITDA, which along with higher debt assumptions resulted in 20%/14% decline in profit estimates, respectively. Though, TRCL's near-term outlook looks challenging due to higher fuel costs (INR570/t increase in 3QFY22 variable cost v/s FY21 average), we expect the company to benefit from commissioning of new capacities. The stock trades at 15.9x/12.9x FY23E/24E EV/EBITDA and USD165/t capacity.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.

Elevated cost and high volume in the East weigh on margins

<p>Crompton Consumer: Crompton's Q2FY22 was a marginal miss in revenue but beat in margin. Revenue was up 14% (HSIE 20%) with ECD clocking 18% growth (HSIE 21%, 18% two-year CAGR). Lighting was a dragger (mainly due to B-G business, B-C up by 19% YoY), reporting 2% growth (HSIE 18%, flat two-year CAGR). Within ECD, fans registered 17% growth (20% two-year CAGR) with premium fans growing &gt;40%. Crompton gained market share in fans (2.7% in premium and 1.8% overall) during the last 12 months (only player gained as per retail pulse).</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>

Crompton Consumer: Crompton's Q2FY22 was a marginal miss in revenue but beat in margin. Revenue was up 14% (HSIE 20%) with ECD clocking 18% growth (HSIE 21%, 18% two-year CAGR). Lighting was a dragger (mainly due to B-G business, B-C up by 19% YoY), reporting 2% growth (HSIE 18%, flat two-year CAGR). Within ECD, fans registered 17% growth (20% two-year CAGR) with premium fans growing &gt;40%. Crompton gained market share in fans (2.7% in premium and 1.8% overall) during the last 12 months (only player gained as per retail pulse).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: Tech Mahindra, Colgate Palmolive, Tata Elxsi, Crompton Consumer, The Ramco...

India

The Ramco Cements Limited manufactures cement, ready mix concrete and dry mix products.  The Company also exports  cement and owns and operates a private sector wind mill power generating farm.

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Ramco Cements (TRCL IN)

HSIE Results Daily: JK Cement, The Ramco Cements, Nuvoco Vistas, Heidelberg Cement, Karur Vysya Bank

JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a lower TP of INR 2,485 (11.5x Mar-23E consolidated EBITDA).

HDFC Securities

The Ramco Cement Ltd - Good Sequential Improvement in Profitability

The Ramco Cements Ltd (TRCL) reported decent set of numbers for 4QFY22 compared to the sharp disappointment reported in 3QFY22.

Nirmal Bang

Ramco Cements: Cost Pressure to Stabilise; Debt Levels to Also Peak Out from Q4FY22E

Ramco Cements is the dominant player in South India with cement capacity of 19.4 MT spread across Tamil Nadu, Andhra Pradesh, Odisha and West Bengal

ICICI Securities Limited

Elevated cost and high volume in the East weigh on margins

Lower realization/higher costs led to 9%/6% drop in FY23E/FY24E EBITDA, which along with higher debt assumptions resulted in 20%/14% decline in...

Motilal Oswal

HSIE Results Daily: Tech Mahindra, Colgate Palmolive, Tata Elxsi, Crompton Consumer, The Ramco...

Crompton Consumer: Crompton's Q2FY22 was a marginal miss in revenue but beat in margin. Revenue was up 14% (HSIE 20%) with ECD clocking 18% growth...

HDFC Securities

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