In today’s briefing:
- Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers
- Kajaria Ceramics – Ramping up of Capacity Shall Support Volume; Operating Margi
- Nuvoco Vistas Corporation Ltd – Good Results Amid Challenging Environment
Jinke & Jiayuan: Pledged Shares And Leveraged Property Developers
- On the 21 May, Jinke Property (000656 CH) announced the forced sale of shares by its controlling shareholder. One day later, Jiayuan International (2768 HK) announced a similar event.
- Jinke’s 52.3%-owned Jinke Smart (9666 HK) has now announced an agreement to acquire Jiayuan International’s 73.56% stake in property service play Jiayuan Services Holdings (1153 HK). No price was announced.
- In the past month, Jinke Property is down 24%, Jinke Smart 23%, Jiayuan International 54% and Jiayuan Services 80%. Jiayuan International and Jiayuan Services remain suspended.
Kajaria Ceramics – Ramping up of Capacity Shall Support Volume; Operating Margi
- Revenue grew by 15.7% YoY and 3.1% QoQ to Rs11,018mn: KCL reported revenue of Rs11,018mn in 4QFY22, up 15.7% YoY and 3.1% QoQ.
- Revenue from in-house tiles segment grew by 19.1% YoY to Rs5,587mn in 4QFY22 due to growth in blended pricing and volume.
- The company has taken price hikes at regular intervals, which led to blended realization growth of Rs424/sq mt in 4QFY22 vs Rs417/sq mt in 3QFY22.
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.
Nuvoco Vistas Corporation Ltd – Good Results Amid Challenging Environment
- 4QFY22 performance: Nuvoco has reported extremely good set of numbers given the challenging environment with EBITDA of Rs4.25bn against our expectation of Rs3.8bn.
- Capex update: Nuvoco plans to augment its cement volume by ~2.4mn mt from both north and east regions.
- Outlook: Given the increased competition in the eastern region post recent capex by various companies, it will be challenging for Nuvoco to sustain this performance.
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.
Before it’s here, it’s on Smartkarma
