External broker reports(aggregated public sources), Edelweiss Broking Limited

Edelweiss

External broker reports(aggregated public sources)

Edelweiss Broking Limited

Edelweiss Broking Limited is an Indian Financial services company based in Mumbai, India. The company is a subsidiary of Edelweiss Group. 

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

<p>Voltas’ (VOLT) reported decent performance in Q2FY22 with Revenue/EBITDA/PAT for the quarter rising 5%/32%/31% YoY (slightly below our estimates by 2%/1%/4%). The company witnessed better than expected performance in UCP (up 34.3% YoY) and EPS segments (up 34.4% YoY), while EMPS (down 27.9% YoY) segment performance was below expectations.</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>

Voltas’ (VOLT) reported decent performance in Q2FY22 with Revenue/EBITDA/PAT for the quarter rising 5%/32%/31% YoY (slightly below our estimates by 2%/1%/4%). The company witnessed better than expected performance in UCP (up 34.3% YoY) and EPS segments (up 34.4% YoY), while EMPS (down 27.9% YoY) segment performance was below expectations.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.

Voltas Ltd: In-Line Performance with Sustained Margins

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

iShares MSCI ACWI ETF / Technical Analysis

<p>The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.</p>

The broad global indexes (MSCI ACWI, ACWI ex-US, and EAFE) have pulled back to test key intermediate-term supports, and we expect to see buyers step in near current levels. Market dynamics remain largely healthy and our outlook remains neutral yet constructive overall. We see this pullback as a buying opportunity, however breakdowns would be problematic and would suggest additional downside or consolidation is likely.

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

<p>In last week's <em>Int'l Compass</em> (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.</p>

In last week's Int'l Compass (Sept. 2), we highlighted emerging markets (EEM-US, Shanghai Comp) and Japan (TOPIX, TOPIX Small) as areas of bullish interest, with short-term bullish inflections suggesting the tide was turning in favor of these markets. This remains the focus in today's report, and especially on Japan; bullish price inflections and breakouts have started to proliferate, which suggests this could be the start of a broad-based rally for Japan in the weeks and months ahead.

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

<p>Voltas’ (VOLT) performance in Q1FY22 was robust with revenue/EBITDA/PAT rising 38%/103%/50% YoY (ahead of est. by 10%/8%/18%). While the EMPS segment’s performance (67.1% YoY) was below expectations, the UCP segment witnessed betterthan-expected performance (18.7% YoY).</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>

Voltas’ (VOLT) performance in Q1FY22 was robust with revenue/EBITDA/PAT rising 38%/103%/50% YoY (ahead of est. by 10%/8%/18%). While the EMPS segment’s performance (67.1% YoY) was below expectations, the UCP segment witnessed betterthan-expected performance (18.7% 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.

Voltas: Beat on Estimates; Healthy Performance to Continue

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Thematic (Sector/Industry)

<p>In our earlier insight, <a href="https://www.smartkarma.com/insights/pli-schemes-let-s-not-get-carried-away" target="_blank" data-smartkarma-citation="insights:45394" rel="noopener">PLI Schemes: Let's Not Get Carried Away</a> we had discussed our take on the recent PLI introduced by the government and how it can shape the economy. This insight focuses on the White goods PLI which have been handed a total budget of INR 62.4 bn. We further narrow our take on the air conditioners (ACs) segment of the white goods.</p>
<p>Domestic AC manufacturers were particularly abuzz when the first thought of PLI came in from the government. However the recent development of the scheme, which targets only the component manufacturing has left most of the domestic large companies thinking whether to opt for the PLI or not.</p>

In our earlier insight, PLI Schemes: Let's Not Get Carried Away we had discussed our take on the recent PLI introduced by the government and how it can shape the economy. This insight focuses on the White goods PLI which have been handed a total budget of INR 62.4 bn. We further narrow our take on the air conditioners (ACs) segment of the white goods.
Domestic AC manufacturers were particularly abuzz when the first thought of PLI came in from the government. However the recent development of the scheme, which targets only the component manufacturing has left most of the domestic large companies thinking whether to opt for the PLI or not.

PLI for White Goods: Domestic Companies Left Stranded

India

GMR Infrastructure is an infrastructure company with interests in airports, power and roads. The Company is developing a greenfield international airport at Hyderabad, and is also operating, managing and developing the Delhi airport. Additionally, it is involved in development and operation of power plants and road projects in India.

IRB Infrastructure Developers Limited is an infrastructure development and construction company in India with significant experience in the roads and highways sector.  The Company is also involved in the real estate development sector.

NBCC (India) Limited provides construction and engineering services. The Company constructs residential, commercial, and institutional buildings, as well as offers services, including project conceptualization, feasibility studies, construction drawings, detailed project reports, and project consulting services.

Kalpataru Power Transmission Limited manufactures transmission line towers for power distribution which are sold to The Power Grid Corporation of India and State Electricity Boards. The Company also exports its products to various countries and it also develops real estate.

NCC Ltd. is a construction company. The Group undertakes civil and structural infrastructure projects, real estate development and light engineering projects.

KEC International Limited is a power transmission company which is involved in the design, manufacture, supply and construction of turnkey projects of power transmission lines. The company also installs fiber optical cable and provides services for Satellite/GPRS surveys.

Techno Electric & Engineering Company Limited operates as a renewable energy company. The Company generates, transmits, and distributes wind power and electricity, as well as provides engineering and project management services. Techno Electric & Engineering serves customers in India.

Techno Electric & Engineering (TECHNOE IN)

Engineers India Limited is a design and engineering company in the field of petroleum refineries, petrochemicals, oil and gas processing, offshore structures and platforms, fertilizers, metallurgy and power. EIL provides services such as design, engineering, procurement, construction management, commissioning assistance and project management.

Praj Industries Limited is an engineering firm that provides solutions for distillery and brewery wastewater treatment and utilization. The Company's fermentation systems include technology packages for multiple feedstock including cane molasses, cane juice and filtrate, starch based raw material like corn, sorghum, wheat, tapioca and tropical sugarbeet.

H.G. Infra Engineering Limited (HGIEL) provides infrastructure construction services. The Company offers highways, roads, bridges, runways, and civil construction, as well as land development, water pipelines, and rehabilitation and upgradation services. HGIEL serves customers in India.

Shimizu Corporation is a general contractor operating nationwide and overseas. The Company builds residential, commercial, and institutional buildings. Shimizu also performs civil engineering works for roads and operates real estate businesses. The Company, through its subsidiaries, sells and leases construction materials and machinery.

Metallurgical Corporation of China Ltd., through its subsidiaries, operates in EPC projects (engineering, procurement and construction) mainly for metallurgical facilities, natural resources exploration, equipment fabrication, and property development.

Metallurgical Corporation Of China Ltd (601618 CH)

China State Construction International Holdings Limited, through its subsidiaries, provides building construction and civil engineering works services in Hong Kong.

Valmont Industries, Inc. designs and manufactures poles, towers, and structures for lighting, communication, and utility markets and provides protective coating services for infrastructure.  The Company also manufactures and distributes industrial and agricultural irrigation products in addition to a wide variety of fabricated products for commercial and industrial applications.

Gamuda Berhad is an investment holding and civil engineering construction company. Through its subsidiaries, the Company provides earthwork construction, manufactures and supplies road surfacing materials, and operates quarry and road laying projects. Gamuda also has operation in hiring and rental of plant and machinery, develops properties, and manufactures and sells paper.

Dycom Industries, Inc. provides engineering, construction, and maintenance services to telecomm providers in the United States.  In addition to its primary services, the Company performs underground utility locating and electric utility contracting services.  Dycom also provides services related to the installation of integrated voice, data, and video networks in office buildings.

China National Chemical Engineering Company Ltd. offers construction services. The Company builds chemical, petrochemical, pharmaceutical and power plants, and coal industry facilities.

China National Chemical Engineering Company A (601117 CH)

China National Chemical Engineering Company A

China Energy Engineering Group Co. Ltd. (CEEC) provides infrastructure construction and investment for hydroelectrical works. The Company also offers power engineering, electric power equipment, technology, and human resources. CEEC provides its services in China and internationally.

Arcadis N.V. offers consulting and engineering services worldwide.  The Company performs feasibility studies, develops projects, offers financial and legal consulting services, assists in the permitting process, and offers design and maintenance services.

Fomento de Construcciones y Contratas S.A. (FCC) offers construction services and manufactures building materials.  The Company offers civil engineering services, constructs housing and commercial buildings, roads, and other infrastructure projects, develops real estate, collects, treats, and disposes of solid waste, markets street cleaning machines, and produces cement.

Fomento De Construcciones Y Contratas (FCC SM)

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

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Voltas Ltd (VOLT IN)

Voltas Ltd: In-Line Performance with Sustained Margins

Voltas’ (VOLT) reported decent performance in Q2FY22 with Revenue/EBITDA/PAT for the quarter rising 5%/32%/31% YoY (slightly below our estimates by...

Edelweiss

MSCI ACWI, ACWI Ex-US, EAFE Testing Key Supports; Buy Ideas in Financials, Materials, Industrials

The MSCI ACWI (ACWI-US), ACWI ex-US (ACWX-US), and EAFE (EFA-US) are testing important intermediate-term support levels of $99, $54, and $76.50...

Vermilion Research

Buy Japan On This Breakout ; TOPIX Breaking Out To 21-Year Highs; Actionable Theme: Growth Sectors

Japan (TOPIX, TOPIX Small) was a big focus for us last week, and it remains the focus in today's report; this could be the start of a broad-based...

Vermilion Research

Voltas: Beat on Estimates; Healthy Performance to Continue

Voltas’ (VOLT) performance in Q1FY22 was robust with revenue/EBITDA/PAT rising 38%/103%/50% YoY (ahead of est. by 10%/8%/18%).

Edelweiss

PLI for White Goods: Domestic Companies Left Stranded

AC manufacturers were particularly abuzz when the first thought of PLI came in. However, the recent development of the scheme has left most of the...

Nitin Mangal

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