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>AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills).</li><li>Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings &amp; crusher parts for cement, mining and power</li><li>The company is the second largest hi-chrome producer in the world.</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>

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills).Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings &amp; crusher parts for cement, mining and powerThe company is the second largest hi-chrome producer in the world.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.

AIA Engineering (AIA) - Growth in Volumes Visible…

AIA Engineering (AIAENG) - Growth in Volumes Visible…

<ul><li>AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills)</li><li>Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings &amp; crusher parts for cement, mining and power</li><li>Target Price and Valuation: We value AIA at Rs 1895 i.e. 28x P/E on FY24E EPS</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>

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement, mining and thermal power plants (or mills)Products include tube mill internals (grinding media, shell liners, diaphragm), HRCS castings &amp; crusher parts for cement, mining and powerTarget Price and Valuation: We value AIA at Rs 1895 i.e. 28x P/E on FY24E EPSContent 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.

AIA Engineering: Volumes Disappoint, Recovery to Be Gradual

<p>New mining customer acquisition is expected to pick up once the travel situation normalises, as expected, in H2FY22E and will allow AIA to gain incremental volume growth in coming years despite likely base volume...</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>

New mining customer acquisition is expected to pick up once the travel situation normalises, as expected, in H2FY22E and will allow AIA to gain incremental volume growth in coming years despite likely base volume...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.

AIA Engineering: Steady Performance Amid Challenges

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

TSE Tokyo Price Index TOPIX / Technical Analysis

<p>Our outlook for ex-U.S. markets (MSCI ACWI ex-U.S. index, local currency) remains neutral - bordering on cautious. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight.  Two bright spots: we are seeing bullish inflections in Japan (TOPIX and Nikkei 225), and India's SENSEX.  We unpack these, and also highlight actionable set ups in our global Communications, and Transportation Sectors.</p>

Our outlook for ex-U.S. markets (MSCI ACWI ex-U.S. index, local currency) remains neutral - bordering on cautious. Our concern stems from the recent pattern of lower highs and continued underperformance relative to MSCI ACWI - remain underweight.  Two bright spots: we are seeing bullish inflections in Japan (TOPIX and Nikkei 225), and India's SENSEX.  We unpack these, and also highlight actionable set ups in our global Communications, and Transportation Sectors.

Global Equity Strategy: Opportunities in Japan and India

India

AIA Engineering Ltd. manufactures high chromium wear, corrosion, and abrasion resistant parts used by the cement, mining, and thermal power generation industries.

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Aia Engineering (AIAE IN)

AIA Engineering (AIA) - Growth in Volumes Visible…

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement,...

ICICI Securities Limited

AIA Engineering (AIAENG) - Growth in Volumes Visible…

AIA Engineering (AIA) is India’s largest manufacturer and supplier of high chrome wear, corrosion and abrasion resistance castings used in cement,...

ICICI Securities Limited

AIA Engineering: Volumes Disappoint, Recovery to Be Gradual

New mining customer acquisition are expected to pick up as the travel situation has started to normalise in H1FY23E and will allow AIA to gain...

ICICI Securities Limited

AIA Engineering: Steady Performance Amid Challenges

New mining customer acquisition is expected to pick up once the travel situation normalises, as expected, in H2FY22E and will allow AIA to gain...

ICICI Securities Limited

Global Equity Strategy: Opportunities in Japan and India

Our outlook for ex-U.S. markets (MSCI ACWI ex-U.S. index, local currency) remains neutral - bordering on cautious. Our concern stems from the...

Vermilion Research

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