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>Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.</li><li>Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.</li><li>Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.</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.

Cement demand momentum continued in Q2FY24: Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations due to the monsoon.Demand momentum was primarily driven by government-led infrastructure and housing development, as well as encouraging real estate demand.Demand momentum had slowed in Jul'23 due to monsoon rains, but strengthened in Aug’23 and continued in Sep’23, albeit with some moderation due to monsoon rains.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.

<ul><li>The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.</li><li>EBITDA margins contracted by 80bps YoY but improved by 50bps QoQ.</li><li>EBITDA/tonne for the quarter stood at Rs 858, down 7% YoY but up 2% sequentially.</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.

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.EBITDA margins contracted by 80bps YoY but improved by 50bps QoQ.EBITDA/tonne for the quarter stood at Rs 858, down 7% YoY but up 2% sequentially.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.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>As discussed in our previous Int'l Compass (June 29, 2023), we are bullish on global equities (MSCI ACWI) as long as ACWI-US is above $93, targeting $110</li>
<li>Bullish developments have continued: DXY breaking below $101-$101.50, RS bottoming for small-caps, MSCI ACWI ex-U.S. (ACWX-US) 1+ year breakout above $50, Italy's FTSE MIB breaking above multi-year resistance at 28,100.</li>
<li>This is only further evidence supporting our bullish outlook. We are getting the breakout above 4400-4415 on the EURO STOXX 50 that we've been expecting. Buys in Energy, Materials, Financials</li>
</ul>


As discussed in our previous Int'l Compass (June 29, 2023), we are bullish on global equities (MSCI ACWI) as long as ACWI-US is above $93, targeting $110
Bullish developments have continued: DXY breaking below $101-$101.50, RS bottoming for small-caps, MSCI ACWI ex-U.S. (ACWX-US) 1+ year breakout above $50, Italy's FTSE MIB breaking above multi-year resistance at 28,100.
This is only further evidence supporting our bullish outlook. We are getting the breakout above 4400-4415 on the EURO STOXX 50 that we've been expecting. Buys in Energy, Materials, Financials


Bullish Developments Continue; MSCI ACWI Ex-US 1-Yr Breakout; Buys in Energy, Materials, Financials

Equity Bottom-Up

<ul><li>UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven by better demand YoY while EBITDA was below our and consensus estimates by 15% and 5% respectively, on the back of higher variable cost.</li><li>The company reported a profit of Rs 1,688 Cr against Rs 1,584 Cr in Q1FY23 (below expectation)</li><li>It recorded an EBITDA margin of 17.2% (vs. our estimates of 20%)against 20.4% 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.

UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven by better demand YoY while EBITDA was below our and consensus estimates by 15% and 5% respectively, on the back of higher variable cost.The company reported a profit of Rs 1,688 Cr against Rs 1,584 Cr in Q1FY23 (below expectation)It recorded an EBITDA margin of 17.2% (vs. our estimates of 20%)against 20.4% 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.

UltraTech Cement Limited - Well Aligned To Capture Demand Tailwind

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

<ul><li>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 9,305 (16.5x Mar-25E consolidated EBITDA)</li><li>We continue to like UTCEM for its robust growth and margin outlook and balance sheet management</li><li>It delivered strong 20% YoY volume growth YoY (grey 20%, white/putty 12%)</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.

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 9,305 (16.5x Mar-25E consolidated EBITDA)We continue to like UTCEM for its robust growth and margin outlook and balance sheet managementIt delivered strong 20% YoY volume growth YoY (grey 20%, white/putty 12%)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: UltraTech Cement, United Spirits, Mphasis, Persistent Systems, Dalmia Bharat

India

Ultra Tech Cement Ltd. produces a wide range of cement products. This Company represents the cement operations of Larsen & Toubro which were spun-off into a separate entity in which Grasim Industries holds a majority interest.

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Ultratech Cement (UTCEM IN)

Cement - Q2FY24 Earnings Preview

Following robust volume growth in Q1FY24, cement demand momentum continued in Q2FY24, although Q2 is typically impacted by seasonal fluctuations...

Axis Direct

Cement Sector: Q1FY24 Review

The companies under our coverage reported Volume/Revenue/EBITDA/APAT growth of 19%/16%/10%/15% YoY against expectation of 13%/11%/17%/15%.

Axis Direct

Bullish Developments Continue; MSCI ACWI Ex-US 1-Yr Breakout; Buys in Energy, Materials, Financials

We remain bullish on global equities as long as $ACWI remains above $93, targeting $110; Bullish developments continue: $DXY below $101.50, small...

Vermilion Research

UltraTech Cement Limited - Well Aligned To Capture Demand Tailwind

UTCL reporteda mixed set of numbers during the quarter as its Volume/ Revenue grew by 20% and 17% respectively, (In line with expectations) driven...

Axis Direct

HSIE Results Daily: UltraTech Cement, United Spirits, Mphasis, Persistent Systems, Dalmia Bharat

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with an unchanged target price of INR 9,305 (16.5x Mar-25E consolidated EBITDA)

HDFC Securities

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