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.

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<ul><li>The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trn</li><li>Ordering seems to have spilt over to FY24 with our checks suggesting ~INR 350bn of bids expected to be awarded during early H1FY24</li><li>During the year, HAM continued to be its preferred mode of awarding with 75/31/3 projects awarded on HAM/EPC/another basis</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>

The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trnOrdering seems to have spilt over to FY24 with our checks suggesting ~INR 350bn of bids expected to be awarded during early H1FY24During the year, HAM continued to be its preferred mode of awarding with 75/31/3 projects awarded on HAM/EPC/another basisContent 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.

Infrastructure: Stable awarding; calibrated aggression

Equity Bottom-Up

<ul><li>Thermax has been at the forefront of green technology for more than a decade</li><li>TMX ordering from the green portfolio has expanded from 40% in FY10 to 74% in FY22</li><li>The lower carbon footprint target around the globe has allowed TMX to position itself globally in clean water, air and energy products and solutions</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>

Thermax has been at the forefront of green technology for more than a decadeTMX ordering from the green portfolio has expanded from 40% in FY10 to 74% in FY22The lower carbon footprint target around the globe has allowed TMX to position itself globally in clean water, air and energy products and solutionsContent 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.

Thermax (Initiating Coverage): Decarbonisation theme augurs well. ADD

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.

<ul><li>Thermax Ltd (Thermax) offers integrated solutions in the areas of energy and environment – heating, cooling, power, water &amp; waste management, air pollution control and chemicals.</li><li>It operates in three key segments energy (~70.7% of FY22 revenue), environment segment (~20.6%) and chemicals segment (~8.7%) </li><li>Focus to increase product &amp; services share (~50% in FY22) vs. projects.</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>

Thermax Ltd (Thermax) offers integrated solutions in the areas of energy and environment – heating, cooling, power, water &amp; waste management, air pollution control and chemicals.It operates in three key segments energy (~70.7% of FY22 revenue), environment segment (~20.6%) and chemicals segment (~8.7%) Focus to increase product &amp; services share (~50% in FY22) vs. projects.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.

Thermax Ltd (Thermax) - Cautiously Optimistic…

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>Strong order inflow indicates broad-based recovery: Thermax posted consolidated order inflow of Rs33.96bn, up 127% YoY, aided by a broad-based industrial recovery.</li></ul><div><div><div><div><ul><li>Other business updates: (1) Chemicals segment margins were affected due to the company’s inability to pass on elevated costs through sufficient price hikes and geopolitical tensions.</li></ul><div><div><div><div><ul><li>Outlook and valuation: We expect Thermax to report 34%/46.2% revenue/earnings CAGR over FY22- FY24E. The stock is currently trading at 46.5x FY23E EPS.</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>

Strong order inflow indicates broad-based recovery: Thermax posted consolidated order inflow of Rs33.96bn, up 127% YoY, aided by a broad-based industrial recovery.Other business updates: (1) Chemicals segment margins were affected due to the company’s inability to pass on elevated costs through sufficient price hikes and geopolitical tensions.Outlook and valuation: We expect Thermax to report 34%/46.2% revenue/earnings CAGR over FY22- FY24E. The stock is currently trading at 46.5x FY23E EPS.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.

Thermax - Weak Profitability Offsets Strong Topline Growth; Strong Order Inflow

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

Motilal Oswal

<p>Revenue was 15% below our estimate in 4QFY21, with lower miss (6%) on operating profit. This is largely attributable to higher operating leverage and margin uptick. While margin across segments moderated sequentially, it stood higher YoY (barring the Environment segment), owing to improved execution in the Energy segment, higher mix of Specialty Resin in the Chemical segment, and ongoing cost controls. Order inflows grew 57% YoY to INR15b in 4QFY21 after declining for four consecutive quarters.</p><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>

Revenue was 15% below our estimate in 4QFY21, with lower miss (6%) on operating profit. This is largely attributable to higher operating leverage and margin uptick. While margin across segments moderated sequentially, it stood higher YoY (barring the Environment segment), owing to improved execution in the Energy segment, higher mix of Specialty Resin in the Chemical segment, and ongoing cost controls. Order inflows grew 57% YoY to INR15b in 4QFY21 after declining for four consecutive quarters.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 line earnings, order inflows key to future outlook

India

Thermax Ltd manufactures equipment and machinery used to both produce and to conserve energy. The Company operates through a number of divisions, including Boilers, Heat Recovery Steam Generators, Water Treatment Plants and Air Pollution Control Equipment. In addition, Thermax  produces steam and gas turbines and diesel gensets through a number of strategic alliances.

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Thermax (TMX IN)

Infrastructure: Stable awarding; calibrated aggression

The NHAI had set a target of awarding 6,500 km in FY23, of which it awarded ~3,750 Km (vs 6,306 Km in FY22) at an NHAI cost of INR 1trn

HDFC Securities

Thermax (Initiating Coverage): Decarbonisation theme augurs well. ADD

Thermax has been at the forefront of green technology for more than a decade. TMX ordering from the green portfolio has expanded from 40% in FY10...

HDFC Securities

Thermax Ltd (Thermax) - Cautiously Optimistic…

Thermax Ltd (Thermax) offers integrated solutions in the areas of energy and environment – heating, cooling, power, water & waste management, air...

ICICI Securities Limited

Thermax - Weak Profitability Offsets Strong Topline Growth; Strong Order Inflow

Thermax posted 4QFY22 consolidated revenue of Rs19.9bn, up 26.5% YoY, above our/consensus estimates by 9.9%/5.8%. Topline was aided by healthy...

Nirmal Bang

In line earnings, order inflows key to future outlook

Revenue was 15% below our estimate in 4QFY21, with lower miss (6%) on operating profit. This is largely attributable to higher operating leverage...

Motilal Oswal

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