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Equity Bottom-Up

Sudarshan Chemical Industries / Equity Bottom-Up

<ul><li>Sudarshan Chemical Industries Limited (SCIL) has entered into a definitive agreement whereby its wholly owned subsidiary (WOS), Sudarshan Europe BV, shall acquire the global pigment business operations of the Heubach Group of Germany</li><li>Having a global scale is essential for success in the pigment business</li><li>It ensures sustainable growth, cheaper feedstock and, more importantly, exposure to cutting-edge technologies</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.

Sudarshan Chemical Industries Limited (SCIL) has entered into a definitive agreement whereby its wholly owned subsidiary (WOS), Sudarshan Europe BV, shall acquire the global pigment business operations of the Heubach Group of GermanyHaving a global scale is essential for success in the pigment businessIt ensures sustainable growth, cheaper feedstock and, more importantly, exposure to cutting-edge technologiesContent 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.

Sudarshan Chemical: Improving Global Asset Footprint. Upgrade to ADD

Thematic (Sector/Industry)

<ul><li>Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income</li><li>AUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)</li><li>While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)</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.

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other incomeAUM growth moderated to +23% YoY (Q4FY24: +27.3% YoY), driven by moderation in disbursements growth (+7% YoY)While SUF’s product and geographic diversification approach to sustain its growth momentum and lift its margins has augured well in the past couple of years, the softening CV and PV cycle is likely to drive moderation in loan growth during FY25-FY26E (18% CAGR vs 22% CAGR during FY23-FY24)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: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

<ul><li>LIC Housing Finance: LICHF’s earnings were ahead of our estimates due to sustained healthy NIMs, partially offset by muted loan growth (+5% YoY) and high credit costs (60bps)</li><li>LICHF’s NIMs continued to surprise positively at 3% (-4bps QoQ) due to muted balance sheet growth, however, the lower incremental spreads amidst elevated competitive intensity, moderation in demand and rising cost of funds are likely to normalise margins near steady state during FY25</li><li>Loan growth remains tepid (+5% YoY) across segments due to organisational and tech changes as per management and remains a key concern</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.

LIC Housing Finance: LICHF’s earnings were ahead of our estimates due to sustained healthy NIMs, partially offset by muted loan growth (+5% YoY) and high credit costs (60bps)LICHF’s NIMs continued to surprise positively at 3% (-4bps QoQ) due to muted balance sheet growth, however, the lower incremental spreads amidst elevated competitive intensity, moderation in demand and rising cost of funds are likely to normalise margins near steady state during FY25Loan growth remains tepid (+5% YoY) across segments due to organisational and tech changes as per management and remains a key concernContent 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: LIC Housing Finance, BSE, Century Plyboards India

<ul><li>Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2Q</li><li>Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished products</li><li>EBITDA could fall by 7% YoY while EBITDA margin could remain flattish YoY.</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.

Revenue for our coverage universe is likely to improve by 6.3% QoQ while it could fall by 6.6% YoY in 2QInventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished productsEBITDA could fall by 7% YoY while EBITDA margin could remain flattish YoY.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.

Chemicals (Q2FY24 Results Preview): Lackluster quarter

<ul><li>Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiaries</li><li>Performance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiary</li><li>We continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bn</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.

Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiariesPerformance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiaryWe continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bnContent 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: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

India

Sudarshan Chemical Industries Limited manufactures color pigments, which are used in paints, printing inks, plastics, rubber artist materials, and textile printing.  The Group also manufactures a basic range of pesticides.

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Sudarshan Chemical Industries (SCHI IN)

Sudarshan Chemical: Improving Global Asset Footprint. Upgrade to ADD

Having a global scale is essential for success in the pigment business. It ensures sustainable growth, cheaper feedstock and, more importantly,...

HDFC Securities

HSIE Results Daily: Sundaram Finance, LIC Housing Finance, Motherson Sumi Wiring India

Sundaram Finance: Sundaram Finance’s (SUF) Q1FY25 earnings were lower than our estimates, largely due to NIM compression and lower other income

HDFC Securities

HSIE Results Daily: LIC Housing Finance, BSE, Century Plyboards India

LIC Housing Finance: LICHF’s earnings were ahead of our estimates due to sustained healthy NIMs, partially offset by muted loan growth (+5% YoY)...

HDFC Securities

Chemicals (Q2FY24 Results Preview): Lackluster quarter

Inventory rationalisation by global agrochemicals and weak demand for products from the US and Europe led to a correction in the prices of finished...

HDFC Securities

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas...

HDFC Securities

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