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>Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%</li><li>SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)</li><li>This consideration was 2.1x the FY22 revenue and 15.5x the FY22 EBITDA</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.

Siemens: Siemens India Ltd (SIL) delivered robust Q2FY23 revenue/EBITDA/APAT of INR 44.7/5.5/5.2bn, beating our estimate by 13/13/32%SIL announced the carving out of its low-voltage motors and geared motors business, which are part of the Digital Industries business, on a slump sale basis to a subsidiary of Siemens AG for a cash consideration of INR 22bn (100% to be paid as a special dividend)This consideration was 2.1x the FY22 revenue and 15.5x the FY22 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.

HSIE Results Daily: Siemens, United Spirits, The Ramco Cements

<ul><li>The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bn</li><li>With this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bn</li><li>Competitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23</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.

The NHAI ordering stayed below the FY23 target, competitive intensity cooling-off, commodities stable: In Q4FY23, the NHAI awarded 74 projects, of which 55 were HAM projects worth INR 455bn and 16 were EPC projects worth INR 215bnWith this, the NHAI awarded c.3,750 km in FY23 (vs a target of 6,500 km), with 75 HAM projects worth INR 655bn and 31 EPC projects worth INR 361bnCompetitive intensity cooled off with average L1 costs at a 5.6% premium over the average NHAI costs in Q4FY23Content 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.

Industrials -  Stable Awards, Pick-Up in Execution

Industrials - Stable Awards, Pick-Up in Execution

<ul><li>The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trn</li><li>Ordering seems to have spilt over to FY24 with our checks suggesting ~INR 350bn of bids expected to be awarded during early H1FY24</li><li>During the year, HAM continued to be its preferred mode of awarding with 75/31/3 projects awarded on HAM/EPC/another basis</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.

The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trnOrdering seems to have spilt over to FY24 with our checks suggesting ~INR 350bn of bids expected to be awarded during early H1FY24During the year, HAM continued to be its preferred mode of awarding with 75/31/3 projects awarded on HAM/EPC/another 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.

Infrastructure: Stable awarding; calibrated aggression

<ul><li>Siemens: Siemens India Ltd (SIL) delivered robust Q1FY23 revenue/EBITDA/APAT of INR 36.5/5.5/4.4bn, beating our estimate by 0/32/43%</li><li>The EBITDA margin expanded both annually and sequentially by 482bps and 422bps resp</li><li>This expansion was on account of lower commodity inflation/better mix (+135bps YoY gross margin), improving supply chain and operating leverage advantage</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.

Siemens: Siemens India Ltd (SIL) delivered robust Q1FY23 revenue/EBITDA/APAT of INR 36.5/5.5/4.4bn, beating our estimate by 0/32/43%The EBITDA margin expanded both annually and sequentially by 482bps and 422bps respThis expansion was on account of lower commodity inflation/better mix (+135bps YoY gross margin), improving supply chain and operating leverage advantageContent 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: Siemens, Eicher Motors, Bharat Forge, Torrent Power

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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