External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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

Amber Enterprises India / Equity Bottom-Up

<ul><li>We recently interacted with Amber Enterprises (AMBER) management to understand the scope of growth in the consumer durables, railways, and electronics segments.</li><li>Management highlighted a positive view on the long-term growth of the RAC segment, particularly components expected to be driven by improved AC demand in the coming years and continuous addition of new segments and clients in consumer durables.</li><li>For the electronics division, the company is adding new customers in segments such as automotive, defense, medical, and telecom and is targeting to grow its electronics division at a fast pace.</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.

We recently interacted with Amber Enterprises (AMBER) management to understand the scope of growth in the consumer durables, railways, and electronics segments.Management highlighted a positive view on the long-term growth of the RAC segment, particularly components expected to be driven by improved AC demand in the coming years and continuous addition of new segments and clients in consumer durables.For the electronics division, the company is adding new customers in segments such as automotive, defense, medical, and telecom and is targeting to grow its electronics division at a fast pace.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.

Amber Enterprises - Electronics Segment to Grow at a Fast Pace

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>We met the management of Amber Enterprises (Amber) wherein they reiterated their vision of evolving from being a pure-play RAC player to a comprehensive, backward integrated, and diversified B2B solutions provider to the HVAC and electronics space</li><li>Within Consumer Durables, Amber remains focused on maintaining its RAC value share (25-26%) thereby enabling it to mimic industry growth (mid-high teens) while remaining focused on diversifying into margin accretive components (incl non-RAC) and other products (Ductable AC, Wearables, etc.)</li><li>In the high-growth EMS segment, Amber is expanding its end-user industry within PCBA</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.

We met the management of Amber Enterprises (Amber) wherein they reiterated their vision of evolving from being a pure-play RAC player to a comprehensive, backward integrated, and diversified B2B solutions provider to the HVAC and electronics spaceWithin Consumer Durables, Amber remains focused on maintaining its RAC value share (25-26%) thereby enabling it to mimic industry growth (mid-high teens) while remaining focused on diversifying into margin accretive components (incl non-RAC) and other products (Ductable AC, Wearables, etc.)In the high-growth EMS segment, Amber is expanding its end-user industry within PCBAContent 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.

Amber Enterprises: Diversifying Offerings, Strengthening the Future. Maintain BUY

Thematic (Sector/Industry)

<ul><li>In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)</li><li>The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer season</li><li>White goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr CAGR)</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.

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR)The growth was driven by the summer portfolio (room AC, air coolers, fans) which benefited from a harsh summer seasonWhite goods/ ECD segments’ revenues grew by 41%/17% YoY (+19%/+12% 2-yr CAGR)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.

Consumer Durables & EMS: Decoding Q1FY25 Trends

<ul><li>ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core income), partly offset by elevated credit costs</li><li>Loan growth (+15 YoY) was in line, largely driven by SME, business banking and credit card businesses</li><li>ICICIBC witnessed lower recoveries in the corporate and SME portfolios alongside a marginal uptick in retail slippages; however, the bank continued to maintain a healthy PCR (80%)</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 Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core income), partly offset by elevated credit costsLoan growth (+15 YoY) was in line, largely driven by SME, business banking and credit card businessesICICIBC witnessed lower recoveries in the corporate and SME portfolios alongside a marginal uptick in retail slippages; however, the bank continued to maintain a healthy PCR (80%)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: ICICI Bank, Dr Reddy’s Laboratories, Ashok Leyland

<ul><li>Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to 132/142mmscmd by FY25/26 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</li><li>Q4FY24 reported EBITDA stood at INR 36bn (+11.6x YoY, -7% QoQ), which came broadly in line with our estimate, however, PAT at INR 22bn (+3.6x YoY, -23% QoQ), came below our estimate, impacted by higher depreciation and interest cost and lower other income</li><li>Depreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional depreciation of INR 1.7bn in Q4</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.

Gail (India): Our BUY recommendation for GAIL with a target price of INR 212 is based on (1) an increase in gas transmission volume to 132/142mmscmd by FY25/26 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentQ4FY24 reported EBITDA stood at INR 36bn (+11.6x YoY, -7% QoQ), which came broadly in line with our estimate, however, PAT at INR 22bn (+3.6x YoY, -23% QoQ), came below our estimate, impacted by higher depreciation and interest cost and lower other incomeDepreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional depreciation of INR 1.7bn in Q4Content 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: Gail (India), Phoenix Mills, Balkrishna Industries

India

Amber Enterprises India Limited manufactures heating and ventilation equipment. The Company offers refrigerators, heat exchangers, air conditioners, home appliances, vacuum forming, and lighting products. Amber Enterprises also produces auto parts, injection molding, and sheet metal components. Amber Enterprises serves clients in India.

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Amber Enterprises India (AMBER IN)

Amber Enterprises - Electronics Segment to Grow at a Fast Pace

We recently interacted with Amber Enterprises (AMBER) management to understand the scope of growth in the consumer durables, railways, and...

Motilal Oswal

Amber Enterprises: Diversifying Offerings, Strengthening the Future. Maintain BUY

Within Consumer Durables, Amber remains focused on maintaining its RAC value share (25-26%) thereby enabling it to mimic industry growth (mid-high...

HDFC Securities

Consumer Durables & EMS: Decoding Q1FY25 Trends

In Q1FY25, the consumer durables aggregate revenue grew by 21% YoY (+16% 2-yr CAGR). The growth was driven by the summer portfolio (room AC, air...

HDFC Securities

HSIE Results Daily: ICICI Bank, Dr Reddy’s Laboratories, Ashok Leyland

ICICI Bank: ICICI Bank (ICICIBC) clocked a mild beat on the back of steady margins (-4bps QoQ) and better operating efficiency (higher non-core...

HDFC Securities

HSIE Results Daily: Gail (India), Phoenix Mills, Balkrishna Industries

Depreciation was higher at INR 12bn (+80% YoY, +48% QoQ) due to the revision in the residual value of pipelines resulting in additional...

HDFC Securities

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