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

Hatsun Agro Products Limited manufactures skimmed milk powder, skimmed milk powd er blends, instant skimmed milk powder, whole milk powder, and full cream milk p owder.

<ul><li>Hatsun reported strong Q1FY25 numbers led by volume-driven revenue growth and a 14-quarter high EBITDA margin.</li><li>We reckon the deflationary trend in milk procurement prices persisting Q1FY25 and is likely the chief driver of gross/EBITDA margin expansion.</li><li>We also believe there is likely strong revenue growth in ice cream sales YoY.</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.

Hatsun reported strong Q1FY25 numbers led by volume-driven revenue growth and a 14-quarter high EBITDA margin.We reckon the deflationary trend in milk procurement prices persisting Q1FY25 and is likely the chief driver of gross/EBITDA margin expansion.We also believe there is likely strong revenue growth in ice cream sales 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.

Hatsun Agro Products - Strong Margin Expansion Led by Lower Milk Procurement Prices

Lupin Limited manufactures bulk actives and formulations. The principal bulk actives manufactured by it include Rifampicin, Pyrazinamide, Ethambutol (anti-TB), Cephalosporins (anti-infectives) and cardiovasculars. The company also possesses competencies in phytomedicines, in which medicines are made out of plant and herbal resources supported by the discipline of modern medicine.

<ul><li>Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.</li><li>Share of inhalation products has risen from 25% of US sales in FY22 (USD 185mn) to 40% in FY24 (USD 326mn) post the launch of gSpiriva.</li><li>In India, growth had been subdued due to the discontinuation of in-licensed brands (contribution down from 15% in FY23 to 11% in Q4FY24).</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.

Lupin’s recent success in US (sales grew ~34% YoY in FY24) is driven by its better regulatory track record and traction in inhalation portfolio.Share of inhalation products has risen from 25% of US sales in FY22 (USD 185mn) to 40% in FY24 (USD 326mn) post the launch of gSpiriva.In India, growth had been subdued due to the discontinuation of in-licensed brands (contribution down from 15% in FY23 to 11% in Q4FY24).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.

Lupin - Launches Critical for Sustenance of Turnaround

Solar Industries India / Equity Bottom-Up

Solar Industries India Limited manufactures and supplies explosives and explosives accessories. The company's products include bulk, cartridge, detonators, detonating cords Pentaerythritol Tetranitrate ("PETN"), and cast boosters.

<ul><li>Solar Industries (SOIL) has developed three new explosives: 1) SEBEX-2 with lethality of 2.01x of TNT. 2) SITBEX-1, a solid thermobaric polymer-bonded explosive. 3) SIMEX-4, a new insensitive explosive formulation.</li><li>These new explosives exhibit higher performance and lethality compared to the existing ones.</li><li>As per media reports (Link), the Indian Navy has successfully completed certification tests for all the three explosives.</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.

Solar Industries (SOIL) has developed three new explosives: 1) SEBEX-2 with lethality of 2.01x of TNT. 2) SITBEX-1, a solid thermobaric polymer-bonded explosive. 3) SIMEX-4, a new insensitive explosive formulation.These new explosives exhibit higher performance and lethality compared to the existing ones.As per media reports (Link), the Indian Navy has successfully completed certification tests for all the three explosives.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.

Solar Industries - More Arrows in Its Quiver

Star Health and Allied Insurance Company Limited operates as insurance company. The Company offers health, travel, and accidental insurance policies. Star Health and Allied Insurance serves customers in India.

<ul><li>ICICI Securitie's research report on Star Health and Allied Insurance We attended Star Health’s (Star) ‘Investor and Analyst Day’ on 27 Jun’24 in Chennai.</li><li>Star is building well on its vantage in the retail segment via a well-concerted strategy encompassing distribution, product innovation, superior claims processing and enhanced underwriting.</li><li>It envisions doubling premiums over the next four years; thus, enabling PAT of INR 25bn under IFRS by FY28. </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.

ICICI Securitie's research report on Star Health and Allied Insurance We attended Star Health’s (Star) ‘Investor and Analyst Day’ on 27 Jun’24 in Chennai.Star is building well on its vantage in the retail segment via a well-concerted strategy encompassing distribution, product innovation, superior claims processing and enhanced underwriting.It envisions doubling premiums over the next four years; thus, enabling PAT of INR 25bn under IFRS by FY28. 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.

Star Health and Allied Insurance - General Insurance

Tata Power Company Limited generates and supplies electricity in Mumbai and its suburbs. The Company also constructs and operates independent power plants as well as captive power plants for industrial concerns. Tata Power also provides various services related to electricity distribution, erects and commissions transmission lines, and is diversifying into the telecommunications market.

<ul><li>ICICI Securities research report onTata Power Tata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses.</li><li>It has built: a) Renewable assets of 10GW b) solar manufacturing of 4GW, c) solar EPC arm d) rooftop solar and e) is currently developing two pumped storage systems.</li><li>It also has the first mover advantage in electric vehicle charging market.</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.

ICICI Securities research report onTata Power Tata Power is building one of the best RE (renewable) platforms – a mix of asset-light and asset-heavy businesses.It has built: a) Renewable assets of 10GW b) solar manufacturing of 4GW, c) solar EPC arm d) rooftop solar and e) is currently developing two pumped storage systems.It also has the first mover advantage in electric vehicle charging market.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.

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.