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>Tiles exports soared to an all-time high of INR 17.6bn in Mar-23</li><li>Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3% YoY in FY23 to 458mn SQM (5-year CAGR: 14%)</li><li>Laminate exports picked up: volume/revenue grew 23/18% MoM in Mar-23 (12-month high)</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.

Tiles exports soared to an all-time high of INR 17.6bn in Mar-23Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3% YoY in FY23 to 458mn SQM (5-year CAGR: 14%)Laminate exports picked up: volume/revenue grew 23/18% MoM in Mar-23 (12-month high)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.

<ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with an unchanged SOTP target price of INR 22,600/share</li><li>In Q4FY23, Shree reported 10/10% YoY/QoQ volume growth</li><li>Cement NSR remained flat QoQ</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.

Shree Cement: We maintain our REDUCE rating on Shree Cement, with an unchanged SOTP target price of INR 22,600/shareIn Q4FY23, Shree reported 10/10% YoY/QoQ volume growthCement NSR remained flat QoQContent 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: Shree Cement, Somany Ceramics

<ul><li>Tiles exports continue to be strong since Nov 2023 at ~INR 14-15bn monthly run-rate</li><li>Laminates export volume was weak (-13% YoY/ flat MoM)</li><li>After four months, the MDF industry was back to the net exporter tag, supported by a huge surge in export</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.

Tiles exports continue to be strong since Nov 2023 at ~INR 14-15bn monthly run-rateLaminates export volume was weak (-13% YoY/ flat MoM)After four months, the MDF industry was back to the net exporter tag, supported by a huge surge in exportContent 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.

Building Materials: Mixed signals across different segments

<ul><li>In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectively</li><li>We estimate tiles majors to report healthy ~9% YoY volume growth (supported by a pick-up in exports)</li><li>We estimate pipes’ majors to report 7% YoY volume growth (muted agri demand)</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.

In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectivelyWe estimate tiles majors to report healthy ~9% YoY volume growth (supported by a pick-up in exports)We estimate pipes’ majors to report 7% YoY volume growth (muted agri demand)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.

Building Materials - Mixed Trends Across the Three Segments

India

Stylam Industries Ltd. manufactures high-pressure laminates.  The Company produces laminates in many colors and that simulate wood grain and metals.

Acrysil Limited manufactures and exports Composite Quartz Granite Kitchen Sinks from India.

Everest Industries Ltd. manufactures asbestos cement sheeting products such as corrugated roofing sheets, corrugated curved tanks, roofing extractors, etc. The Company also manufactures accessories for roofing sheets and its products are sold under the brand name "Everest."

Asian Granito India Limited manufactures a wide range of vitrified tiles.

Rushil Decor Ltd. manufactures building products.  The Company produces particle board, medium density fiberboard, and decorative high pressure laminate sheets.

Orient Bell Ltd manufactures glazed white, colored and decorative ceramic wall and floor tiles.

Nitco Ltd. manufactures wall and floor tiles. The Company produces and imports mosaic, ceramic, vitrified and paving tiles, and imports marble.

Murudeshwar Ceramics Ltd. manufactures ceramic floor and wall tiles. The Company is also in the business of natural granite.

Sintex Industries Limited is a diversified manufacturing and engineering company.  The Group, through its numerous divisions, manufactures a variety of textile products, plastics containers, and organic chemicals.

Alstom India Limited supplies power generation services and equipment. The Company provides energy generation through hydro power, gas turbine-based combined power plants, and steam power plants. The Company also designs, manufactures, and supplies large scale transportation systems, electricity transmission systems, and energy management systems.

Shanghai Everjoy Health Group Co Ltd produces precision ceramics, building ceramics, sanitary ceramics and interior and exterior building decoration.

Shanghai Everjoy Health Group (002162 CH)

Xxentria Technology Materials Co., Ltd. manufactures aluminum composite panels, galvanized composite panels, PP (Polypropylene) sheets, and LCD (liquid crystal display) monitors.  The Company markets its products under the brand names Alcopla and Polydiamon.

LX Hausys, Ltd. manufactures various building materials such as wallcoverings, windows, floor coverings, and acrylic solid surfaces. The Company also produces finishing materials like high-gloss sheets used in home appliances and injection -molded parts & interior coverstocks for auto industry. LX Hausys markets its products worldwide.

Huasu Holdings Co., Ltd. trades building materials. The Company also manufactures apparel.

Hubei Sanxia New Building Material Co., Ltd. manufactures a variety of glass and gypsum products for the construction industry.  The Company's products include float glass, tempered glass, plaster tablet, and plaster powder.

Luoyang Glass Company Limited produces and sells float flat glass and reprocessed automobile glass.

GuangDong Golden Glass Technologies Ltd. manufactures and markets glass products used in construction projects.  The Company's products include fire resistant glass, blast resistant glass, noise control glass, tempered glass, insulated glass, etc.

 Yichen is welding wire expert engaged in R&D, manufacturing, sales and services supply.

Shandong Donghong Pipe Industry Co., Ltd. manufactures and distributes plastic pipes. The Company produces rigid polyvinyl chloride pipes, foamed sandwich pipes, spiral tubes, double wall corrugated pipes, polyethylene pipes, and other related products. Shandong Donghong Pipe Industry markets its products worldwide.

GWA Group Ltd. manufactures building fittings for households and commercial premises.  The Company designs, manufactures, imports and distributes domestic and commercial bathroom, kitchen and laundry products; manufactures and imports hot water and ducted heating and cooling systems; and designs, manufactures, imports and distributes door hardware and fittings and garage doors and openers.

Somany Ceramics Limited manufactures ceramic wall and floor tiles. The Group exports its products to Europe, the Middle East, Australia, New Zealand, Mauritius, South Africa and Sri Lanka.

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Somany Ceramics (SOMC IN)

Building Materials: EXIM Trades Firm Up

Tiles exports soared to an all-time high of INR 17.6bn in Mar-23Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3%...

HDFC Securities

HSIE Results Daily: Shree Cement, Somany Ceramics

Shree Cement: We maintain our REDUCE rating on Shree Cement, with an unchanged SOTP target price of INR 22,600/share. In Q4FY23, Shree reported 10...

HDFC Securities

Building Materials - EXIM Trades Firm Up

Tiles exports soared to an all-time high of INR 17.6bn in Mar-23Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3%...

HDFC Securities

Building Materials: Mixed signals across different segments

Tiles exports continue to be strong since Nov 2023 at ~INR 14-15bn monthly run-rate. Laminates export volume was weak (-13% YoY/ flat MoM)

HDFC Securities

Building Materials - Mixed Trends Across the Three Segments

In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectively. We estimate tiles majors to report...

HDFC Securities

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