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

<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.

Thematic (Sector/Industry)

<p>We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.</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 expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
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.

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

India

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

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

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22...

HDFC Securities

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