External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades.

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External broker reports(aggregated public sources)

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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

<ul><li>We had recently initiated coverage on Hindalco indicating that the stock is pricing in all the positives and a part of that optimism was around Novelis in the lead up to its IPO, which was later called off.</li><li>We were not convinced with its steep EBITDA/t improvement trajectory in the medium term and in playing the Bay Minette capex cycle.</li><li>With the company now withdrawing its EBITDA/t guidance over concerns surrounding ‘accelerating’ tightening of scrap spreads with liberalization of scrap import by China, we think it creates a near-term overhang for the stock.</li></ul><p><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></p>

We had recently initiated coverage on Hindalco indicating that the stock is pricing in all the positives and a part of that optimism was around Novelis in the lead up to its IPO, which was later called off.We were not convinced with its steep EBITDA/t improvement trajectory in the medium term and in playing the Bay Minette capex cycle.With the company now withdrawing its EBITDA/t guidance over concerns surrounding ‘accelerating’ tightening of scrap spreads with liberalization of scrap import by China, we think it creates a near-term overhang for the stock.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.

Hindalco - Novelis Pain Likely to Persist for Some Time; D/G to SELL

Hindalco Industries

Hindalco - Novelis Pain Likely to Persist for Some Time; D/G to SELL