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

ICICI Securities Limited

External broker reports(aggregated public sources)

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. 

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Equity Bottom-Up

<ul><li>Siemens Ltd (Siemens) is a leader in technology solutions for smart, intelligent, building technologies, mobility, digital industries and power T&amp;D</li><li>It operates mainly in five key segments including energy/gas &amp; power (34%), smart infrastructure (33%), digital industries (22%), mobility (7%)</li><li>We remain long term positive and retain our BUY rating on the stock. We value Siemens at | 2550 on an SoTP basis</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>

Siemens Ltd (Siemens) is a leader in technology solutions for smart, intelligent, building technologies, mobility, digital industries and power T&amp;DIt operates mainly in five key segments including energy/gas &amp; power (34%), smart infrastructure (33%), digital industries (22%), mobility (7%)We remain long term positive and retain our BUY rating on the stock. We value Siemens at | 2550 on an SoTP basisContent 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.

Siemens Ltd: Decent Performance, Margins Impacted

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>Market dynamics remain healthy and we are continuing to see signs that suggest global equities are entering a new broad-based bull market.</li>
<li>Led by strength from the US, the MSCI ACWI index (ACWI-US) recently broke out to new highs above the key $105.40 resistance level, a bullish sign for global equities.</li>
<li>Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, creating an opportunity to add to value Sectors.</li>
</ul>


Market dynamics remain healthy and we are continuing to see signs that suggest global equities are entering a new broad-based bull market.
Led by strength from the US, the MSCI ACWI index (ACWI-US) recently broke out to new highs above the key $105.40 resistance level, a bullish sign for global equities.
Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, creating an opportunity to add to value Sectors.


MSCI ACWI Breaking To New Highs; Buying Financials, Consumer Discretionary, Industrials, Materials

<p>The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.</p>

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

<p>Well placed to gain from the overall energy market transformation from electrification to automation &amp; digitisation Q1FY22 Results: Siemens reported decent Q3FY21* results amid disruptions...</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>

Well placed to gain from the overall energy market transformation from electrification to automation &amp; digitisation Q1FY22 Results: Siemens reported decent Q3FY21* results amid disruptions...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.

Siemens: Decent Performance, Margins Impacted

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>We roll forward our valuation (35x) to Sep-23E and arrive at a target price of INR 1,860 vs INR 1,811 Mar-23E. Given punchy valuations, we maintain REDUCE on SIL. We have cut our FY21/22/23E EPS estimates by 22.5/7.8/1.7% respectively on account of weak execution. Siemens: Siemens India Ltd (SIL) delivered revenue/EBITDA/APAT miss of 14%/38/40%, impacted by disruptions induced by the second wave and the lockdown that followed. Margins across all segments increased YoY on a low base and dipped sequentially except for mobility.</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>

We roll forward our valuation (35x) to Sep-23E and arrive at a target price of INR 1,860 vs INR 1,811 Mar-23E. Given punchy valuations, we maintain REDUCE on SIL. We have cut our FY21/22/23E EPS estimates by 22.5/7.8/1.7% respectively on account of weak execution. Siemens: Siemens India Ltd (SIL) delivered revenue/EBITDA/APAT miss of 14%/38/40%, impacted by disruptions induced by the second wave and the lockdown that followed. Margins across all segments increased YoY on a low base and dipped sequentially except for mobility.
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.

India

Apar Industries Ltd. manufactures aluminum conductors for power transmission. The Company also manufactures polymers, synthetic rubbers, latexes, transformer oils, pharmaceutical oils and other specialty oils.

Nava Bharat Ventures Limited manufactures ferro alloys which are utilized by the steel industry. The Company also generates & distributes power and manufactures sugar.

Balmer Lawrie & Company Ltd. operates in a diverse range of business areas as a manufacturer and service provider.  The Company produces industrial packaging products, greases and lubricants, performance chemicals and marine freight containers.  Services include tea exporting and trading, project engineering and consultancy and travel, tours and cargo.

Balmer Lawrie Investments Ltd., through subsidiaries, manufactures lubricating greases and lube barrels, exports tea, and operates travel and shipping businesses.

Jaiprakash Associates Ltd. is an industrial conglomerate.  The Company's lines of business include engineering and construction, cement, power, hospitality, real estate, and expressways and highways.

Adani Enterprises Limited is an international trading house that operates from offices in India as well as other countries. The Company is involved in coal mining, cargo handling and power generation.  Adani also trades in a large number of products including textiles, energy, metals and agricultural products.

Bharat Heavy Electricals Limited manufactures power plant equipment. The Company's products include gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switch gears, circuit breakers and boilers. The Company also manufactures compressors, valves, rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.

CG Power and Industrial Solutions Limited manufactures, distributes, installs and services electrical and allied equipment. The Company offers transformers, reactors, switchgear control equipment and accessories, industrial motors, pumps, and communication systems. CG Power and Industrial Solutions serves customers globally. 

Bharat Electronics Ltd. manufactures electronic communication equipment, night vision equipment such as image converter tubes, night vision binoculars, and goggles, periscopes, gunsights and tank electronics.  The Company's electronic communication products include HF/VHF transmitters, receivers, microwave radio relays, radars and other electronic components required by defense services.

Cummins India Limited manufactures internal combustion engines, including diesel, reciprocating piston, gas turbine and gasoline engines. The Company also manufactures generating sets and public transport-type passenger motor vehicles, including luxury coaches and air-field buses.  In addition, Cummins India Ltd. operates a computerized and fully-equipped research and development facility.

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

Carlisle Companies Incorporated manufactures and distributes construction materials, transportation products, and general industry products.  The Company manufactures a variety of products for the roofing, real estate, construction, trucking, food-service, aircraft manufacturing, lawn and garden, and other industries.

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

SM Investments Corporation is an investment holding company. The Company operates retail business and develops shopping mall and other real estate property.  The Company also provides tourism services.

CITIC Limited operates in a range of business activities including financial services, resources and energy, manufacturing, real estate and infrastructure, engineering contracting and other businesses in China and overseas.

Koninklijke Philips NV is a health technology company focused on improving people's health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. The Company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care.

Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

Lifco AB operates as a holding company. The Company, through its subsidiaries, provides dental products, machinery and tools, sawmill equipment, contract manufacturing, vehicle interiors, and environmental technology. Lifco offers its products through a network of subsidiaries and partnerships worldwide.

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

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Siemens Ltd (SIEM IN)

Siemens Ltd: Decent Performance, Margins Impacted

Siemens Ltd (Siemens) is a leader in technology solutions for smart, intelligent, building technologies, mobility, digital industries and power T&D

ICICI Securities Limited

MSCI ACWI Breaking To New Highs; Buying Financials, Consumer Discretionary, Industrials, Materials

Global sovereign yields have moved lower in recent weeks. We expect rates to find support near current levels, and recommend adding exposure to...

Vermilion Research

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

The MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EAFE (EFA-US) are testing important intermediate-term support levels of $99, $54, and $76.50...

Vermilion Research

Siemens: Decent Performance, Margins Impacted

Well placed to gain from the overall energy market transformation from electrification to automation & digitisation Q1FY22 Results: Siemens...

ICICI Securities Limited

HSIE Results Daily: Siemens

We roll forward our valuation (35x) to Sep-23E and arrive at a target price of INR 1,860 vs INR 1,811 Mar-23E. Given punchy valuations, we maintain...

HDFC Securities

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