External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

Equity Bottom-Up

<div><div><div><div><ul><li>Revenue increased by 24% YoY/35% QoQ to Rs7.5bn. Volumes sharply rose 27% YoY/ 32% QoQ to 1.15mt, owing to a low base.</li><li>EBITDA increased 9% YoY/68% QoQ to Rs1.1bn, while EBITDA/ton fell 15% YoY/rose 27% QoQ to Rs983, owing to lower realization.</li><li>Project updates: 1) Management expects to receive environmental clearance for a 3mt clinker plant in Meghalaya by the end of May’22. </li></ul><ul style="list-style-type: none;"><li><div><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div></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>

Revenue increased by 24% YoY/35% QoQ to Rs7.5bn. Volumes sharply rose 27% YoY/ 32% QoQ to 1.15mt, owing to a low base.EBITDA increased 9% YoY/68% QoQ to Rs1.1bn, while EBITDA/ton fell 15% YoY/rose 27% QoQ to Rs983, owing to lower realization.Project updates: 1) Management expects to receive environmental clearance for a 3mt clinker plant in Meghalaya by the end of May’22.  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.

Star Cement - In-Line Quarter; Cost Headwinds Ahead

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<div><div><div><div><ul><li>4QFY22 performance: In 4QFY22, the company reported volume growth of 27% YoY (up by 33% QoQ) at 1.15mn mt, which was 20.1% above our estimate.</li></ul><div><div><div><div><ul><li>Higher domestic coal sourcing will keep costs lower for STRCEM: The company has used low-cost coal inventory, which was available from CIL (~200k mt). It has a long-term FSA with CIL for 150k mt of coal on an annual basis at a fixed price, which will mitigate the risk of price hikes in the future.</li></ul><div><div><div><div><ul><li>Capex and expansion plan: A 3mn mt clinker unit in Meghalaya and a 2mn mt grinding unit in Guwahati are expected to be commissioned by the end of CY23.</li></ul></div></div></div></div></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>

4QFY22 performance: In 4QFY22, the company reported volume growth of 27% YoY (up by 33% QoQ) at 1.15mn mt, which was 20.1% above our estimate.Higher domestic coal sourcing will keep costs lower for STRCEM: The company has used low-cost coal inventory, which was available from CIL (~200k mt). It has a long-term FSA with CIL for 150k mt of coal on an annual basis at a fixed price, which will mitigate the risk of price hikes in the future.Capex and expansion plan: A 3mn mt clinker unit in Meghalaya and a 2mn mt grinding unit in Guwahati are expected to be commissioned by the end of CY23.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.

Star Cement Ltd -  Volume Growth Finally Kicks In, Driving Earnings Beat

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>Star Cement (SCL) reported robust revenue/volume growth of 27%/24%YoY in Q4FY22, driven by higher demand in its operating region. However, lower realization impacted the company’s margins</li>
<li>The stock is currently trading at 8x FY23E and 7x FY24E EV/EBITDA</li>
<li>We retain our BUY rating on the stock and value the company at 8x FY24E EV/EBITDA to arrive at a target price of Rs 105/share, implying an upside of 14% from the CMP.</li>
</ul>
<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>


Star Cement (SCL) reported robust revenue/volume growth of 27%/24%YoY in Q4FY22, driven by higher demand in its operating region. However, lower realization impacted the company’s margins
The stock is currently trading at 8x FY23E and 7x FY24E EV/EBITDA
We retain our BUY rating on the stock and value the company at 8x FY24E EV/EBITDA to arrive at a target price of Rs 105/share, implying an upside of 14% from the CMP.

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.

Star Cement: Encouraging Volume Growth; Better Cost Management

Thematic (Sector/Industry)

<ul><li>Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.</li><li>During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.</li><li>While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.</li><li>Given the sharp...(continued).</li></ul><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>

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.Given the sharp...(continued).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.

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

<ul>
<li>After a subdued Q3FY22, cement demand witnessed an uptick in the month of Jan’22</li>
<li>While demand in Feb’22 stood a little softer on account of the election in key states of UP and Punjab, it recovered sharply in Mar’22,</li>
<li>We remain constructive on the growth of the cement sector from the medium to long term.</li>
</ul>
<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>


After a subdued Q3FY22, cement demand witnessed an uptick in the month of Jan’22
While demand in Feb’22 stood a little softer on account of the election in key states of UP and Punjab, it recovered sharply in Mar’22,
We remain constructive on the growth of the cement sector from the medium to long term.

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.

Cement: Higher Costs to Impact Margins, Demand Outlook Positive

India

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

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Star Cement Ltd (STRCEM IN)

Star Cement - In-Line Quarter; Cost Headwinds Ahead

Star Cement’s Q4FY22 EBITDA increased 9% YoY/68% QoQ to Rs1.1bn, broadly in line with our and consensus estimates. EBITDA/ton declined 15% YoY to...

Emkay

Star Cement Ltd - Volume Growth Finally Kicks In, Driving Earnings Beat

Star Cement reported good set of numbers for 4QFY22, primarily driven by better-than-expected volume as overall volume growth was propelled by the...

Nirmal Bang

Star Cement: Encouraging Volume Growth; Better Cost Management

The stock is currently trading at 8x FY23E and 7x FY24E EV/EBITDAWe retain our BUY rating on the stock and value the company at 8x FY24E...

Axis Direct

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid...

Nirmal Bang

Cement: Higher Costs to Impact Margins, Demand Outlook Positive

After a subdued Q3FY22, cement demand witnessed an uptick in the month of Jan’22. While demand in Feb’22 stood a little softer on account of the...

Axis Direct

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