External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

Thematic (Sector/Industry)

<ul><li>In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices, which would keep buyers at bay</li><li>We expect EBITDA margin to decline for both tiles and pipes, owing to rising gas prices (for tiles) and inventory losses (in pipes)</li><li>Hence, we expect aggregate revenue for our coverage universe to rise 2% YoY</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>

In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices, which would keep buyers at bayWe expect EBITDA margin to decline for both tiles and pipes, owing to rising gas prices (for tiles) and inventory losses (in pipes)Hence, we expect aggregate revenue for our coverage universe to rise 2% YoYContent 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 (Q2FY23 Results Preview): Both tiles and pipes under pressure

<ul><li>Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)</li><li>INFO increased its revenue guidance for FY23E to 14-16% (vs 13-15% earlier) and EBITM guidance was maintained at 21-23%, with a tilt to the lower end</li><li>We expect INFO’s margin recovery ahead, supported by sub-contractor optimisation (~100bps lever) and utilisation increase on trainee productivity (~50bps lever)</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>

Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)INFO increased its revenue guidance for FY23E to 14-16% (vs 13-15% earlier) and EBITM guidance was maintained at 21-23%, with a tilt to the lower endWe expect INFO’s margin recovery ahead, supported by sub-contractor optimisation (~100bps lever) and utilisation increase on trainee productivity (~50bps lever)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: Infosys, Axis Bank, Tech Mahindra, Crompton Consumer

<div><ul><li>Tiles and bathware: Demand was impacted in the quarter amid intense heat.</li><li>Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).</li><li>Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% QoQ.</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></div>

Tiles and bathware: Demand was impacted in the quarter amid intense heat.Plastic pipes demand also remained subdued in Q1FY23 (though higher YoY on a low base).Performance of companies: We expect national ceramic players to deliver ~50% YoY volume growth (on a low base), lower by ~7-10% QoQ.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 - Tiles, Pipes Segments Face Cost Headwinds

<ul>
<li>In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base</li>
<li>Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies</li>
<li>Hence, we expect aggregate revenue for our coverage universe to firm up 19% YoY</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>


In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base
Despite earlier cost pass-through, we estimate margin compression YoY amid elevated gas prices for tiles companies, higher resin prices, and absence of inventory gains for plastic pipe companies
Hence, we expect aggregate revenue for our coverage universe to firm up 19% 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.

Building Materials (Q4FY22 Results Preview): Healthy demand

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.

Equity Bottom-Up

<ul><li>Supreme Industries (SIL) is India’s leading plastic processing company with a presence in four major segments</li><li>Market leader in the PVC pipe industry with a value market share of 14%</li><li>Target Price and Valuation: We roll over our valuation on FY24E and value the stock at 28x P/E FY24E EPS with a revised target price of Rs 2625.</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>

Supreme Industries (SIL) is India’s leading plastic processing company with a presence in four major segmentsMarket leader in the PVC pipe industry with a value market share of 14%Target Price and Valuation: We roll over our valuation on FY24E and value the stock at 28x P/E FY24E EPS with a revised target price of Rs 2625.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.

Supreme Industries: Channel Inventory Rationalisation Hits Volume Offtake

India

Supreme Industries Limited manufactures industrial and engineered molded products and storage and material handling crates.  The Company also manufactures chemicals, multilayer sheets, multilayer films, packaging films and expanded polyethylene foam, PVC pipes and fittings, molded furniture and disposable EPS containers.

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Supreme Industries (SI IN)

Building Materials (Q2FY23 Results Preview): Both tiles and pipes under pressure

In Q2FY23, we expect tiles volume to increase QoQ on good demand while we expect pipes demand to remain weak, owing to sharp fall in resin prices,...

HDFC Securities

HSIE Results Daily: Infosys, Axis Bank, Tech Mahindra, Crompton Consumer

Infosys: Infosys (INFO IN) delivered strong growth in Q1, offset by steeper impact on margins (yet relative outperformance vs peers)

HDFC Securities

Building Materials - Tiles, Pipes Segments Face Cost Headwinds

In Q1FY23, we expect volumes of both tiles and plastic pipe companies to moderate QoQ. However, given last year’s low base, we expect a strong...

HDFC Securities

Building Materials (Q4FY22 Results Preview): Healthy demand

In Q4FY22, we expect both tiles and plastic pipe companies’ volumes to grow YoY, despite the high base Despite earlier cost pass-through, we...

HDFC Securities

Supreme Industries: Channel Inventory Rationalisation Hits Volume Offtake

Supreme Industries (SIL) is India’s leading plastic processing company with a presence in four major segments. Market leader in the PVC pipe...

ICICI Securities Limited

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