External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Domestic HRC Steel prices have corrected by 27% since the peak seen in the 1st week of Apr’22.</li><li>This has been on account of the weakness in the global, domestic demand and lower exports.</li><li>With the monsoon coming to an end, traders will focus on restocking which will gain momentum once the prices stabilize and bottom out.</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>

Domestic HRC Steel prices have corrected by 27% since the peak seen in the 1st week of Apr’22.This has been on account of the weakness in the global, domestic demand and lower exports.With the monsoon coming to an end, traders will focus on restocking which will gain momentum once the prices stabilize and bottom out.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.

Steel Sector Outlook - Domestic Demand Revival A Key to Drive the Steel Sector

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

<div><ul><li>Other subsidiaries offset beat in TSE - <span style="font-size: var(--content-font-size);">On a standalone basis, revenue/EBITDA/APAT grew 73%/33%/40% YoY to </span><span style="font-size: var(--content-font-size);">INR367b/INR122b/INR79b in 4QFY22.</span></li></ul><div><ul><li>The company embarks on long-term capex - <span style="font-size: var(--content-font-size);">TATA plans to raise its India capacity to 40MT by FY30 from 21MT at present (including Neelachal Ispat, or NINL).</span></li></ul><div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">The management said it will be able to maintain India EBITDA margin at similar levels in 1QFY23. While coking coal costs will rise by USD100/t in </span><span style="font-size: var(--content-font-size);">India, it will be offset by an INR8,000-8,500/t hike in ASP</span></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>

Other subsidiaries offset beat in TSE - On a standalone basis, revenue/EBITDA/APAT grew 73%/33%/40% YoY to INR367b/INR122b/INR79b in 4QFY22.The company embarks on long-term capex - TATA plans to raise its India capacity to 40MT by FY30 from 21MT at present (including Neelachal Ispat, or NINL).Highlights from the management commentary - The management said it will be able to maintain India EBITDA margin at similar levels in 1QFY23. While coking coal costs will rise by USD100/t in India, it will be offset by an INR8,000-8,500/t hike in ASPContent 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.

Tata Steel - Result in Line, Europe Beats Our Estimates

<ul><li>Tata Steel reported a strong Q4FY22 performance which stood largely in line with our estimates.</li><li>The company’s revenue increased by 39% YoY and 14% QoQ (in line with our estimate with a slight beat by 1%) but ahead of consensus by 5% at Rs 69,324 Cr</li><li>We ascribe 6.0x, 5.0x and 3.5x multiple to India standalone, other operations (excl standalone) and Europe on FY24E EBITDA to arrive at a 1-year forward TP of Rs 1,700/share (unchanged from our previous TP), implying an upside potential of 35% 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>

Tata Steel reported a strong Q4FY22 performance which stood largely in line with our estimates.The company’s revenue increased by 39% YoY and 14% QoQ (in line with our estimate with a slight beat by 1%) but ahead of consensus by 5% at Rs 69,324 CrWe ascribe 6.0x, 5.0x and 3.5x multiple to India standalone, other operations (excl standalone) and Europe on FY24E EBITDA to arrive at a 1-year forward TP of Rs 1,700/share (unchanged from our previous TP), implying an upside potential of 35% 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.

Tata Steel: Strong Q4FY22 Performance; Deleveraging and Growth to Continue

Cross Asset Strategy

<ul><li>Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.</li><li>However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.</li><li>OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech Mahindra</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>

Q4FY22 is expected to be a roller coaster quarter with COVID 3.0 impacting the first month of the quarter.However, Feb’22 witnessed some recovery as fewer fatalities revived the confidence in improving health conditions and thereby diminished the risk parameters.OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech MahindraContent 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.

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

<ul><li>We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong underlying commodity prices and robust sales volumes</li><li>As the Russia-Ukraine conflict escalated, the market priced in the risk of supply disruption emerging from the conflict and consequently, aluminium and steel prices rallied further QoQ.</li><li>The companies’ EBITDA margins, however, are expected to remain flattish or marginally decline YoY and QoQ mainly due to higher coal and energy prices. </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>

We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong underlying commodity prices and robust sales volumesAs the Russia-Ukraine conflict escalated, the market priced in the risk of supply disruption emerging from the conflict and consequently, aluminium and steel prices rallied further QoQ.The companies’ EBITDA margins, however, are expected to remain flattish or marginally decline YoY and QoQ mainly due to higher coal and energy prices. 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.

Metals and Mining: Strong Commodity Prices to Drive Profitability; Deleveraging to Continue

India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Steel Sector Outlook - Domestic Demand Revival A Key to Drive the Steel Sector

Domestic HRC Steel prices have corrected by 27% since the peak seen in the 1st week of Apr’22. This has been on account of the weakness in the...

Axis Direct

Tata Steel - Result in Line, Europe Beats Our Estimates

On a standalone basis, revenue/EBITDA/APAT grew 73%/33%/40% YoY toINR367b/INR122b/INR79b in 4QFY22. Revenue and EBITDA were broadly in line

Motilal Oswal

Tata Steel: Strong Q4FY22 Performance; Deleveraging and Growth to Continue

We ascribe 6.0x, 5.0x and 3.5x multiple to India standalone, other operations (excl standalone) and Europe on FY24E EBITDA to arrive at a 1-year...

Axis Direct

Q4FY22 Result Preview: Management Commentaries on the Outlook Stand Critical

OUR TOP 10 “TRADING BUYs” Earnings Play: SBI, ICICI bank, Tata Steel, Nalco, Ashok Leyland, Eicher Motors, PSP Projects, ITC, Varun beverages, Tech...

Axis Direct

Metals and Mining: Strong Commodity Prices to Drive Profitability; Deleveraging to Continue

We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong...

Axis Direct

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