External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

Sandhar Technologies Ltd / Equity Bottom-Up

About the stock: Sandhar Technologies (STL) is a leading auto ancillary player primarily serving Indian auto OEM industry through a host of product categories, such as locking systems, Al die-casting &amp; cabins (together form 57% of sales).
<ul>
<li>Established in 1987 with long-standing customer relationships across segments. The 2-W, PV combined accounted for ~80% of FY21 sales</li>
<li>Sustained improvement in blended EBITDA margin profile over the years accompanied by consistent CFO generation and healthy capital efficiency</li>
</ul>
<div class="content-highlight">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.</div>

About the stock: Sandhar Technologies (STL) is a leading auto ancillary player primarily serving Indian auto OEM industry through a host of product categories, such as locking systems, Al die-casting &amp; cabins (together form 57% of sales).

Established in 1987 with long-standing customer relationships across segments. The 2-W, PV combined accounted for ~80% of FY21 sales
Sustained improvement in blended EBITDA margin profile over the years accompanied by consistent CFO generation and healthy capital efficiency

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.

Sandhar Technologies: Multiple Broad-Based Improvement Triggers in Place

Equity Analyst, LightStream Research

Chacko Jacob

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Sandhar Technologies Ltd / Equity Capital Markets

Sandhar Technologies is a component supplier to the automobile industry in India, specializing in safety and security systems.  The company manufactures 21 categories of products and is the leader in the two-wheeler locking system market and the commercial vehicle rearview mirror market in India. The company caters to the needs of nearly 80 OEMs in India and globally. The company received approval for its IPO and the details of the same are shown below:<ul class=""><li>Issue: Sandhar Technologies Ltd</li><li>Total Offer Size: 15,436,145; INR 5.05 - 5.12b</li><li>Price Band: INR 327 - 332</li><li>The 15,436,145, includes an offer for sale of 6.4m equity shares from GTI Capital, one of the two PE investors in the firm</li><li>Issue open/close: 19th March/21st March 2018</li><li>Post-issue, promoter's share will fall to 70% from 80.1% as a result of dilution</li><li>ICICI Securities and Axis Capital have been assigned to manage the offering</li><li>Majority of the proceeds will be used for repayment of loans will the rest will be used for general corporate purposes.</li></ul>On the valuation side, we expect strong topline growth and flat finance expense to drive down FY2018E PE to 23x which is lower than the peer average and median. Based on this we think there is likely to be significant upside post-issue.

Sandhar Technologies is a component supplier to the automobile industry in India, specializing in safety and security systems.  The company manufactures 21 categories of products and is the leader in the two-wheeler locking system market and the commercial vehicle rearview mirror market in India. The company caters to the needs of nearly 80 OEMs in India and globally. The company received approval for its IPO and the details of the same are shown below:Issue: Sandhar Technologies LtdTotal Offer Size: 15,436,145; INR 5.05 - 5.12bPrice Band: INR 327 - 332The 15,436,145, includes an offer for sale of 6.4m equity shares from GTI Capital, one of the two PE investors in the firmIssue open/close: 19th March/21st March 2018Post-issue, promoter's share will fall to 70% from 80.1% as a result of dilutionICICI Securities and Axis Capital have been assigned to manage the offeringMajority of the proceeds will be used for repayment of loans will the rest will be used for general corporate purposes.On the valuation side, we expect strong topline growth and flat finance expense to drive down FY2018E PE to 23x which is lower than the peer average and median. Based on this we think there is likely to be significant upside post-issue.

Sandhar Technologies IPO: Make Hay While the Sun Shines

India

Sandhar Technologies Limited manufactures and distributes automobile equipment. The Company offers locking systems, rear view mirrors, door handles, wheel assemblies, latches, hinges, die casting, clutches, brakes, and automotive electronic equipment. Sandhar Technologies serves automobile industry worldwide.

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Sandhar Technologies Ltd (SANDHAR IN)

Sandhar Technologies: Multiple Broad-Based Improvement Triggers in Place

Sandhar Technologies (STL) is a leading auto ancillary player primarily serving Indian auto OEM industry through a host of product categories

ICICI Securities Limited

Sandhar Technologies IPO: Make Hay While the Sun Shines

Sandhar Technologies is a component supplier to the automobile industry in India, specializing in safety and security systems. The company...

Chacko Jacob

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