External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.</li><li>The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.</li><li>EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.</li></ul></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>

Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.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.

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Equity Bottom-Up

<div><div><div><div><ul><li>Sales volume increases by 1.5% QoQ and by 0.4% YoY: Average sales volume increased by 1.5% QoQ from ~1.32mn sqft in 3QFY22 to ~1.34mn sqft in 4QFY22 and realization increased by 4.4% QoQ to Rs 8,265/sqft.</li><li>In 4QFY22, the Bangaluru market was the key contributor, with sales volume of 0.93mn sqft and contributed 69% to total volume. Bangaluru was followed by Gurgaon, with sales volume of 0.23mn sqft, which was up by 22% QoQ and contributed 17% to total sales volume.</li><li>The company launched Sobha Brooklyn Tower Wing 3 in Bengaluru with a built up area of ~0.20mn sqft.</li></ul></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>

Sales volume increases by 1.5% QoQ and by 0.4% YoY: Average sales volume increased by 1.5% QoQ from ~1.32mn sqft in 3QFY22 to ~1.34mn sqft in 4QFY22 and realization increased by 4.4% QoQ to Rs 8,265/sqft.In 4QFY22, the Bangaluru market was the key contributor, with sales volume of 0.93mn sqft and contributed 69% to total volume. Bangaluru was followed by Gurgaon, with sales volume of 0.23mn sqft, which was up by 22% QoQ and contributed 17% to total sales volume.The company launched Sobha Brooklyn Tower Wing 3 in Bengaluru with a built up area of ~0.20mn sqft.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.

Sobha - Steady Operating Performance; Deleveraging Balance Sheet

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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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.

<div><div><div><ul><li>NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.</li></ul><div><div><div><ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.</li></ul></div><div><div><div><ul><li>V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.</li></ul></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>

NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.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: NTPC, Shree Cement, V-Guard Industries, Sobha

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>Sobha Ltd (Sobha) is a leading real estate player with ongoing real estate projects with ~20 mn sq feet of saleable area</li>
<li>The company has a real estate presence in 10 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Gujarat (Gift City) and Mysore</li>
<li>We maintain HOLD rating to the company as the recent run up (up ~50% in last three months) restricts meaningful upsides from here. We value Sobha at Rs 970/share.</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>


Sobha Ltd (Sobha) is a leading real estate player with ongoing real estate projects with ~20 mn sq feet of saleable area
The company has a real estate presence in 10 cities, viz. Bengaluru, Gurugram, Chennai, Pune, Coimbatore, Thrissur, Kozhikode, Kochi, Gujarat (Gift City) and Mysore
We maintain HOLD rating to the company as the recent run up (up ~50% in last three months) restricts meaningful upsides from here. We value Sobha at Rs 970/share.

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.

Sobha Limited: Riding on Strong Underlying Demand

<p>Sobha: Sobha's (SDL) Q1FY22 was subdued with presales volume at 0.9msf (38%/-33% YoY/QoQ). Presales value declined by 36.3% QoQ to INR 6.8bn. Real estate collections slipped to INR 5.5bn (vs INR 7.2bn in Q4FY21). The launch pipeline is robust at 12.6msf with 56% of launches planned for Bengaluru. To tame the commodity inflation and protect margins, SDL reversed discounts and took selective 2-3% price hikes in a few projects. Net debt reduced marginally by 1% QoQ to INR 28.2bn and is expected to reduce further, led by sales momentum, forthcoming launches, and a stable pricing environment.</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>

Sobha: Sobha's (SDL) Q1FY22 was subdued with presales volume at 0.9msf (38%/-33% YoY/QoQ). Presales value declined by 36.3% QoQ to INR 6.8bn. Real estate collections slipped to INR 5.5bn (vs INR 7.2bn in Q4FY21). The launch pipeline is robust at 12.6msf with 56% of launches planned for Bengaluru. To tame the commodity inflation and protect margins, SDL reversed discounts and took selective 2-3% price hikes in a few projects. Net debt reduced marginally by 1% QoQ to INR 28.2bn and is expected to reduce further, led by sales momentum, forthcoming launches, and a stable pricing environment.
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: Petronet LNG , NHPC, Sobha

India

Anant Raj Limited is a real estate development company. The Company develops malls, residential, and commercial properties.

Sunteck Realty Ltd. develops real estate.

Mahindra Lifespace Developers Limited specializes in the construction and operation of commercial and residential property complexes, projects management services and business centers.

Mahindra Lifespace Developers Ltd (MLIFE IN)

DB Realty Ltd. develops real estate.  The Company builds customized office space, retail shops, mass residential housing, and cluster redevelopment of old housing.  DB Realty operates in and around Mumbai.

Brigade Enterprises Limited operates as a real estate development company. The Company focuses on the development of residential, commercial, and hospitality properties.

Puravankara Projects Limited is a real estate development company.  The Company focuses on residential and commercial properties, such as apartment complexes, villas, and townhouses.

Ganesh Housing Corporation Limited is a full-service infrastructure development company. The Company has expanded from its origins in residential construction to commercial and infrastructure development facilities. Ganesh Housing not only constructs but also creates comprehensive, economical and fast track projects.

Indiabulls Real Estate Limited is a real estate development company. The Company develops residential and commercial real estate projects, including luxury office and commercial spaces, residential developments, and special economic zones.

Nirlon Ltd. develops real estate.  The Company develops office parks.

Ashiana Housing Ltd. develops real estate in both the residential and commercial sectors.

WHA Corp PCL is a built-to-suit distribution center and factory developer in Thailand.

Frasers Property Limited provides real estate ownership and development services. The Company engages in the development of land, housing projects, apartments, as well as commercial, industrial, and retail properties. Frasers Property serves customers globally.

Xinhu Zhongbao Co., Ltd. provides development and sale of residential properties.  The Company operates in import and export trading, hotel management, and construction materials manufacturing.

Huafa Industrial Co., Ltd. Zhuhai develops residential and commercial properties. The Company also provides property rental services.

Huafa Industrial Co., Ltd. Zhuhai (600325 CH)

Kerry Properties Limited, through its subsidiaries, invests in and develops real estate.  The Company also owns and operates logistics, freight and warehouses business.  In addition, Kerry Properties invests in infrastructure-related projects and operates hotels.

Chengdu Hi-tech Development Co., Ltd. develops and sells real estate properties.  The Company also designs and produces kitchen cabinets, produces pharmaceuticals, and develops taxation software.

Chengdu Hi Tech Development Co Ltd. (000628 CH)

Greentown China Holdings Ltd. develops real estate.  The Company builds residential villas, low-rise apartment buildings, and high-rise apartment buildings for middle and high-income people.

Farglory Land Development Co., Ltd. develops and sells residential and commercial buildings which are constructed by independent contractors.

I-Sunny Construction & Development Co., Ltd. develops and sells real estate properties.

Isunny Construction&Development (2540 TT)

China Enterprise Co., Ltd. develops residential buildings and provides property rental and management services.  Through its subsidiaries, the Company also trades building materials and operates restaurants.

Sobha Limited provides construction services. The Company offers design and architecture, mechanical, plumbing, interiors, landscape, residential, commercial, and civil construction services. Sobha serves customers in India, Singapore, and United Arab Emirates.

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Sobha Ltd (SOBHA IN)

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

Sobha - Steady Operating Performance; Deleveraging Balance Sheet

Sobha achieved steady volume in 4QFY22, which grew by 1.5% QoQ with sales bookings of 1.34mn sqft compared to 1.32mn sqft in 3QFY22.

Nirmal Bang

HSIE Results Daily: NTPC, Shree Cement, V-Guard Industries, Sobha

NTPC:Generation/salesincreased3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand. Coal PAF improved marginally in Q4...

HDFC Securities

Sobha Limited: Riding on Strong Underlying Demand

On the financial front, reported revenues were up 57% YoY at Rs 819 crore, driven by strong real estate revenues recognition (up 96% YoY at Rs 654...

ICICI Securities Limited

HSIE Results Daily: Petronet LNG , NHPC, Sobha

Sobha's (SDL) Q1FY22 was subdued with presales volume at 0.9msf (38%/-33% YoY/QoQ). Presales value declined by 36.3% QoQ to INR 6.8bn. Real estate...

HDFC Securities

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