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.
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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.
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