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

<ul><li><span style="font-size: var(--content-font-size);">Countercyclical diversified conglomerate evolution - ABCL has, over the past decade under Mr. Srinivasan’s leadership, seeded, nurtured and evolved as a countercyclical diversified conglomerate.</span></li></ul><div><div><div><div><ul><li>Ms. Mulye too would focus on accelerating ABCL’s unique business proposition flowing from group synergies.</li><li>Outlook for NBFC/HFC business: For ABCL’s NBFC business, we believe strong focus in retail and SME (scaling it up to 65%)</li></ul><ul style="list-style-type: none;"><li> </li></ul></div></div></div></div><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>

Countercyclical diversified conglomerate evolution - ABCL has, over the past decade under Mr. Srinivasan’s leadership, seeded, nurtured and evolved as a countercyclical diversified conglomerate.Ms. Mulye too would focus on accelerating ABCL’s unique business proposition flowing from group synergies.Outlook for NBFC/HFC business: For ABCL’s NBFC business, we believe strong focus in retail and SME (scaling it up to 65%) 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.

Aditya Birla Capital - Management Change: New CEO to Take Charge Come June

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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.

<ul><li>Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)</li><li>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/share</li><li>Aditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720</li></ul><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>

Astral: We maintain our REDUCE rating on Astral with a revised TP of INR 2,180/sh (34x its Dec-23E consolidated EBITDA, implying 53x P/E)Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,380/shareAditya Birla Capital: We maintain BUY on ABCL with a revised SOTP-based TP of INR157 and initiate coverage on ABSLAMC with a target price of INR720Content 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.

HSIE Results Daily: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

<p>Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,330/share. We expect the company's PAT to grow at a 31% CAGR over FY22-24E. AIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer base. The toluene segment in India is mainly untapped and catered to through imports; AIL will benefit in the long term by entering this segment. Q2 EBITDA/APAT were 4/2% below our estimates, attributable to significantly higher-than-expected raw material cost, higher-than-expected opex, offset by a 16% rise in revenue, lower-than-expected depreciation, and finance cost.</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>

Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,330/share. We expect the company's PAT to grow at a 31% CAGR over FY22-24E. AIL's constant focus on Capex and R&amp;D will enable it to remain competitive and expand its customer base. The toluene segment in India is mainly untapped and catered to through imports; AIL will benefit in the long term by entering this segment. Q2 EBITDA/APAT were 4/2% below our estimates, attributable to significantly higher-than-expected raw material cost, higher-than-expected opex, offset by a 16% rise in revenue, lower-than-expected depreciation, and finance cost.
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.

HSIE Results Daily: Aditya Birla Capital, Indian Oil Corporation, BPCL, Cholamandalam, Voltas,...

Specialist in Indian Banking and Economic Research

Hemindra Hazari

<p>Senior executives are rushing for the exit door at Aditya Birla Finance Ltd. (ABFL), the non-bank finance company (NBFC) subsidiary of <a href="https://www.smartkarma.com/entities/aditya-birla-capital-ltd" target="_blank" data-smartkarma-citation="entities:27031:1" rel="noopener">Aditya Birla Capital Ltd (ABCAP IN)</a> (ABC), the holding company for all the financial services business of the Aditya Birla group. Since May 2021, at least five senior officials in-charge of business verticals and control functions including the Chief Financial Officer (CFO) have quit.</p><p> Coincidentally, the Securities and Exchange Board of India (SEBI)  <a href="https://hemindrahazari.com/2021/06/23/aditya-birla-finances-loans-to-a-shell-company-another-reason-why-corporates-shouldnt-be-allowed-to-control-banks/" target="_blank" rel="noopener">issued</a>  a show cause notice to ABFL as the regulator was investigating the NBFC’s dubious role in structuring and disbursing loans to a shell company linked to the erstwhile promoters of CG Power wherein the funds were used to transfer liabilities from the erstwhile promoter companies to the listed CG Power. The SEBI show cause notice cited by <em>ET Prime</em> specifically mentioned the role played by <a href="https://www.adityabirlacapital.com/about-us/leadership-team/ajay-srinivasan" target="_blank" rel="noopener">Ajay Srinivasan</a>  (non-executive director, ABFL and group CEO, ABC) and <a href="https://abfl.adityabirlacapital.com/pages/individual/about-us/peopledescription.aspx?ItemID=67&amp;TeamType=SM" target="_blank" rel="noopener">Devang Rawal</a> (then Head - Corporate Finance and subsequently promoted as Head – Corporate and Institutional, ABFL).</p><p>Interestingly, ABFL is led by two CEOs, <a href="https://www.adityabirlacapital.com/about-us/leadership-team/rakesh-singh" target="_blank" rel="noopener">Rakesh Singh</a> (Managing Director and CEO, ABFL) and <a href="https://www.adityabirlacapital.com/about-us/leadership-team/tushar-shah" target="_blank" rel="noopener">Tushar Shah</a> (CEO for infrastructure business) and all the five individuals who have resigned reported to the former. Incidentally, Devang Rawal’s division which is currently being extensively investigated by SEBI also reports to Rakesh Singh.</p><p>ABC declined to respond to queries sent by this analyst to enquire why these executives had quit and whether the board of directors at ABFL and ABC, especially the independent directors were informed of their departure.</p><p>Stakeholders are concerned when there is a flurry of exits by senior executives in any firm as was seen in the recent case of <a href="https://www.newindianexpress.com/business/2021/sep/02/top-level-exits-irk-investorsof-au-smallfinance-bank-2353132.html" target="_blank" rel="noopener">AU Small Finance Bank</a>. That such an event at ABFL coincides with agencies investigating dodgy deals at a NBFC belonging to a prestigious industrial house should send alarm bells ringing.</p>

Senior executives are rushing for the exit door at Aditya Birla Finance Ltd. (ABFL), the non-bank finance company (NBFC) subsidiary of Aditya Birla Capital Ltd (ABCAP IN) (ABC), the holding company for all the financial services business of the Aditya Birla group. Since May 2021, at least five senior officials in-charge of business verticals and control functions including the Chief Financial Officer (CFO) have quit. Coincidentally, the Securities and Exchange Board of India (SEBI)  issued  a show cause notice to ABFL as the regulator was investigating the NBFC’s dubious role in structuring and disbursing loans to a shell company linked to the erstwhile promoters of CG Power wherein the funds were used to transfer liabilities from the erstwhile promoter companies to the listed CG Power. The SEBI show cause notice cited by ET Prime specifically mentioned the role played by Ajay Srinivasan  (non-executive director, ABFL and group CEO, ABC) and Devang Rawal (then Head - Corporate Finance and subsequently promoted as Head – Corporate and Institutional, ABFL).Interestingly, ABFL is led by two CEOs, Rakesh Singh (Managing Director and CEO, ABFL) and Tushar Shah (CEO for infrastructure business) and all the five individuals who have resigned reported to the former. Incidentally, Devang Rawal’s division which is currently being extensively investigated by SEBI also reports to Rakesh Singh.ABC declined to respond to queries sent by this analyst to enquire why these executives had quit and whether the board of directors at ABFL and ABC, especially the independent directors were informed of their departure.Stakeholders are concerned when there is a flurry of exits by senior executives in any firm as was seen in the recent case of AU Small Finance Bank. That such an event at ABFL coincides with agencies investigating dodgy deals at a NBFC belonging to a prestigious industrial house should send alarm bells ringing.

Flurry of Senior Level Exits at Aditya Birla Financial Services

<p>Aditya Birla Capital: As outlined in our Initiation note, Aditya Birla Capital (ABCL) continues on its journey towards a credible makeover, driving consolidated return ratios closer to franchise potential over the next three years. We believe that ABCL is steadily repositioning its lending businesses towards retail and granular loans (58% of NBFC AUM towards Retail + SME + HNI; 29% of HF AUM towards affordable housing), likely to reflect in sustained improvement in franchise earnings. Although Q1FY22 was weak for insurers in general, we draw comfort from both of ABCL's insurance businesses steadily building their profitability trajectory (VNB margins +300bps YoY to -1.6% on account of better mix and all-time low loss ratios (40%) in the health insurance business).</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>

Aditya Birla Capital: As outlined in our Initiation note, Aditya Birla Capital (ABCL) continues on its journey towards a credible makeover, driving consolidated return ratios closer to franchise potential over the next three years. We believe that ABCL is steadily repositioning its lending businesses towards retail and granular loans (58% of NBFC AUM towards Retail + SME + HNI; 29% of HF AUM towards affordable housing), likely to reflect in sustained improvement in franchise earnings. Although Q1FY22 was weak for insurers in general, we draw comfort from both of ABCL's insurance businesses steadily building their profitability trajectory (VNB margins +300bps YoY to -1.6% on account of better mix and all-time low loss ratios (40%) in the health insurance business).
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.

HSIE Results Daily: Godrej Consumers, Cipla, GAIL, Gujarat Gas, Hindustan Petroleum Corporation,...

India

Aditya Birla Capital Ltd (ABCL) is a non-banking financial company and the financial services flagship of the Aditya Birla Group. It offers a comprehensive suite of financial solutions, including loans, investments, insurance, and payments. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 2007.

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Aditya Birla Capital (ABCAP IN)

Aditya Birla Capital - Management Change: New CEO to Take Charge Come June

Aditya Birla Capital’s (ABCL) Board, based on the NRC recommendations, has approved appointment of Ms. Vishakha Mulye (ED, ICICI Bank) as CEO.

ICICI Securities Limited

HSIE Results Daily: Astral, Aarti Industries , Aditya Birla Capital, Narayana Health, Radico...

Prince Pipes: We maintain our BUY rating on Prince Pipes, with an unchanged target price of INR 940/sh (18.5x its Dec-23E EBITDA, implying 31x P...

HDFC Securities

HSIE Results Daily: Aditya Birla Capital, Indian Oil Corporation, BPCL, Cholamandalam, Voltas,...

Aarti Industries: We maintain our BUY recommendation on Aarti Industries (AIL) with a target price of INR 1,330/share. We expect the company's PAT...

HDFC Securities

Flurry of Senior Level Exits at Aditya Birla Financial Services

When senior executives quitting an organisation coincides with regulatory investigations stakeholders should be concerned

Hemindra Hazari

HSIE Results Daily: Godrej Consumers, Cipla, GAIL, Gujarat Gas, Hindustan Petroleum Corporation,...

Aditya Birla Capital: As outlined in our Initiation note, Aditya Birla Capital (ABCL) continues on its journey towards a credible makeover, driving...

HDFC Securities

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