External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

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

V-Guard Industries Ltd / Equity Bottom-Up

<ul><li>V-Guard has signed a definitive agreement to acquire 100% stake in Sunflame Enterprises (Sunflame) for a consideration of Rs 660 crore, on a cash-free and debt-free basis.</li><li>In the last 3 years, Sunflame’s revenue grew at 15% CAGR (higher than industry growth of ~10-12%) supported by new product launches and geographical expansions.</li><li>It will finance this acquisition through a mix of debt and internal accruals (V-Guard had net cash of ~Rs 151 crore as on September 2022).</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.

V-Guard has signed a definitive agreement to acquire 100% stake in Sunflame Enterprises (Sunflame) for a consideration of Rs 660 crore, on a cash-free and debt-free basis.In the last 3 years, Sunflame’s revenue grew at 15% CAGR (higher than industry growth of ~10-12%) supported by new product launches and geographical expansions.It will finance this acquisition through a mix of debt and internal accruals (V-Guard had net cash of ~Rs 151 crore as on September 2022).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.

V-Guard Industries - ‘‘Sunflame’ to Scale up V-Guard’s Kitchen Portfolio…

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.

Thematic (Sector/Industry)

<ul><li>Maruti Suzuki: Maruti Q2 PAT at INR 20.6bn came in above our estimate of INR 18.1bn, led by better-than-expected operational performance, higher other income, and a low tax rate</li><li>On the back of new launches, MSIL’s order backlog has increased to record high levels of 412k units</li><li>Its commitment to recovering lost share in SUVs is reinforced by its four launches (new Brezza, Grand Vitara, and mid-cycle upgrades of Ertiga and XL6) in a span of four months</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.

Maruti Suzuki: Maruti Q2 PAT at INR 20.6bn came in above our estimate of INR 18.1bn, led by better-than-expected operational performance, higher other income, and a low tax rateOn the back of new launches, MSIL’s order backlog has increased to record high levels of 412k unitsIts commitment to recovering lost share in SUVs is reinforced by its four launches (new Brezza, Grand Vitara, and mid-cycle upgrades of Ertiga and XL6) in a span of four monthsContent 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: Maruti Suzuki, CDSL, V-Guard Industries

<ul><li>Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)</li><li>The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak execution</li><li>The premium segment has done well across categories but mass segment has seen slowdown during Q2.</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.

Weak Q2 print, aggregate revenue YoY/three-year CAGR at 6/12%: Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in Q2FY22 and 61/9% in Q1FY23)The quarter marred by destocking impact, unfavorable base, and extended monsoon saw weak executionThe premium segment has done well across categories but mass segment has seen slowdown during Q2.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.

Consumer Durables (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

<ul><li>Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)</li><li>During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summer</li><li>Demand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demand</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.

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs -3% in Q1FY22 and 12% in Q4FY22)During Q1FY23, cooling products sustained their demand momentum, with India (ex-south) seeing a strong summerDemand for electrical construction materials has sustained a healthy trend, led by strong housing and home improvement demandContent 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.

Consumer Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

India

HBL Power Systems Ltd. manufactures power systems consisting of batteries and related power electronic products.  The Company makes nickel cadmium pocket plate batteries and thyristor control power convertors.  HBL's products are used in defense, railways, petrochemical, steel, power generation and telecommunication industries.

Voltamp Transformers Ltd. manufactures industrial electricity transformers.

Finolex Cables Ltd. manufactures a wide range of telecommunication and electrical cables. The Company's products include flexible cables for appliances and industrial use electrification, winding wires, automobile cables, welding cables, and cables for submersible pumps. The Company also manufactures jelly filled phone cables, high frequency/radio frequency cables and PVC Sheets.

Schneider Electric Infrastructure Ltd. manufactures electricity power distribution and  secondary distribution equipment, and distribution transformers. The Company produces medium voltage  switchgears, distribution transformers and substation automation equipment.

Schneider Electric Infrastructure (SCHN IN)

Triveni Turbine Ltd. manufactures industrial steam turbines. The Company offers customized Condensing and Back Pressure steam turbines for industry segments as varied and diverse as Biomass IPP, Municipal Solid Waste IPP, District Heating, Palm Oil, Paper, Sugar, Textiles, Metals, Cement, and Oil and Gas.

Inox Wind Ltd. provides wind power solutions. The Company manufactures and distributes wind turbine generator components such as nacelles, hubs, rotor blade sets, and tubular towers, as well as offers wind resource assessment, site acquisition, infrastructure development, and operations and maintenance of wind power projects. Inox Wind serves customers in India.

Elecon Engineering Co. Limited manufactures a wide variety of material handling equipment.  The Company's products include bucket elevators, belt conveyors, gravity roller conveyors, bag filling machines, bag stacking machines and overhead chair conveyors.  Elecon also manufactures reduction gears, wagon marshalling equipment, electric & manual cranes, hoists, winders and stackers.

Transformers & Rectifiers India Limited manufactures a wide range of transformers. The Company's products include power generation, transmission, and distribution transformers.

Transformers & Rectifiers (India) Ltd (TRIL IN)

Amara Raja Batteries Limited specializes in the manufacture of industrial and automotive batteries. The Company manufactures industrial batteries primarily for the telecom and UPS sectors. Amara Raja manufactures automotive batteries for the original equipment manufacturers and the aftermarket.

Graphite India Limited manufactures graphite electrodes, anodes, and other miscellaneous carbon and graphite products, manufactures graphite equipment (IGE) and glass reinforced pipes (GRP). The Company also generates electric energy.

Shanghai Electric Group Company Limited manufactures power generation equipment. The Company produces and sells thermal generator set, nuclear power units, wind power equipment, power transmission and distribution equipment, and other products. Shanghai Electric Group also manufactures environmental protection equipment.

Shanghai Electric Group Company (601727 CH)

Furukawa Electric Co., Ltd. manufactures wires, cables, and metal products. The Company holds patents in optical fiber coating technology and produces optical fiber cables in the United States.  Furukawa Electric's metal products include aluminum cans, air conditioner parts, and shape memory alloys.

Bizlink Holding Inc., manufactures connectors, cable assemblies, as well as wire harnesses. Their main products include HDMI connectors, display port connectors, solar cables, as well as halogen-free power cords.

Titan Wind Energy (Suzhou) Company Limited produces and sells wind towers and wind tower parts.

Xinjiang Goldwind Science & Technology Co., Ltd. manufactures wind generator sets, provides consulting service in building and operating wind generating plants, builds and operates middle-sized wind generating plants.

Xinjiang Goldwind Science & Technology (2208 HK)

Guangdong HuaSheng Electrical Appliances Company Limited develops, produces and sells wiring components for household appliances. The Company's main products include air-conditioning components and power input components for household appliances.

Guangdong Huasheng Elctrcl Aplncs (002670 CH)

Wolong Electric Group Co., Ltd. manufactures and sells a variety of mini electric machinery. The Company's products include electric machines for industrial uses, and micro motors for home electric appliances, motorcycles, and mini vehicles. Zhejiang Wolong also produces powerdriven cars including golf carts.

Taihan Electric Wire Co., Ltd. manufactures a wide range of cables and wires, such as power, communications, copper rod, and enameled cables and wires.  The Company also produces stainless steel sheets and aluminum products including coils, sheets, and plates.  In addition, Taihan Electric offers information and communications equipment, such as optical transmission and network systems.

Xi'an Qiyuan Mechanical and Electrical Equipment Company Limited designs, develops, manufactures, sells and provides services for transformer equipment and components. The Company's main products includes iron core cutting equipment, routing equipment, transformer tank equipment, insulator processing equipment, tooling equipments and radiators etc.

Xian Qiyuan Mchncl And Elctcl Eqp (300140 CH)

Qingdao TGOOD Electric Co Ltd designs and manufactures electrical transformers and provides related technical services.  The Company also provides system solutions for the electrical transformer substations.

V-Guard Industries Limited produces and manufacturers stabilizers, pumps, cables, fans, and electrical and solar water heaters.

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V-Guard Industries Ltd (VGRD IN)

V-Guard Industries - ‘‘Sunflame’ to Scale up V-Guard’s Kitchen Portfolio…

V-Guard has signed a definitive agreement to acquire 100% stake in Sunflame Enterprises (Sunflame) for a consideration of Rs 660 crore, on a cash...

ICICI Securities Limited

HSIE Results Daily: Maruti Suzuki, CDSL, V-Guard Industries

Maruti Suzuki: Maruti Q2 PAT at INR 20.6bn came in above our estimate of INR 18.1bn, led by better-than-expected operational performance, higher...

HDFC Securities

Consumer Durables (Q2FY23 Results Preview): Weak Q2 print, expect better H2FY23 delivery

Our appliances coverage universe is expected to deliver revenue YoY/three-year CAGR (ex-Butterfly acquisition) of 6/12% in Q2FY23 (vs 24/11% in...

HDFC Securities

Consumer Durables (Q1FY23 Results Preview): Demand remains strong; margin recovery on the cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs ...

HDFC Securities

Consumer Durables - Demand Remains Strong; Margin Recovery on the Cards

Aggregate revenue three-year CAGR at 10%: Our appliances coverage universe is expected to deliver three-year revenue CAGR of 10% YoY in Q1FY23 (vs....

HDFC Securities

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