External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

<ul><li>The synergies with the group resulted in a cost reduction of 9% on a per tonne basis sequentially and more cost optimization is expected which shall aid in further margin enhancement.</li><li>Business initiatives are expected to further bring down the operating costs, reduce the clinker factor, reduce logistics costs, improve the sale of blended cement and, expand the EBITDA margin.</li><li>We foresee the company’s EBITDA margins to improve from the current 15% to 22-23% in FY24E/25E.</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.

The synergies with the group resulted in a cost reduction of 9% on a per tonne basis sequentially and more cost optimization is expected which shall aid in further margin enhancement.Business initiatives are expected to further bring down the operating costs, reduce the clinker factor, reduce logistics costs, improve the sale of blended cement and, expand the EBITDA margin.We foresee the company’s EBITDA margins to improve from the current 15% to 22-23% in FY24E/25E.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.

Ambuja Cements Limited - Robust Operating Performance

Mid-Small Cap specialist | Equities | India, Nurture Capital Advisory

Nurture Capital Advisory

Mid-Small Cap specialist | Equities | India

Buyside Outfit and Advisory Services

We are a Buyside outfit and also offer Advisory services. Most notes published here are written for our consumption. These notes offer readers a perspective of our approach to scanning sectors and distilling ideas to constructing a bottom-up Equity portfolio. Combining top down and bottom-up approaches to identifying themes/ value stocks at inflexion Sector agnostic | Value oriented - Inflexion approach | Bottom-Up Ideas Biased towards Sustainability, ESG Team is Wall Street Journal, ET Now - Star mine Lipper, Asia money rated.

<ul>
<li>Cement sector is witnessing a margin recovery and valuations are reasonable. </li>
<li>Ambuja Cements, the second largest in the sector provides a tactical opportunity for a valuation pop. </li>
<li>Avoid | as any inclusion amounts to adding to the risk rather than to the return of the portfolio. </li>
</ul>


Cement sector is witnessing a margin recovery and valuations are reasonable. 
Ambuja Cements, the second largest in the sector provides a tactical opportunity for a valuation pop. 
Avoid | as any inclusion amounts to adding to the risk rather than to the return of the portfolio. 


Ambuja Cements - Quick Insight on Valuation

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>With only 5 trading days to go in the review period, we see no constituent changes to the <a href="https://www.smartkarma.com/entities/nifty-index" target="_blank" data-smartkarma-citation="entities:23617:1" rel="noopener">NIFTY Index (NIFTY INDEX)</a> at the March rebalance.</li>
<li>
<a href="https://www.smartkarma.com/entities/pidilite-industries-ltd" target="_blank" data-smartkarma-citation="entities:20573:1" rel="noopener">Pidilite Industries (PIDI IN)</a> is the highest ranked non-index constituent, but its free float market cap does not exceed 1.5x the free-float market cap of <a href="https://www.smartkarma.com/entities/bharat-petroleum-corp-ltd" target="_blank" data-smartkarma-citation="entities:10222:1" rel="noopener">Bharat Petroleum Corp (BPCL IN)</a>. </li>
<li>We do not expect LTIMindtree (LTIM IN) to be added to the index in March post the merger between <a href="https://www.smartkarma.com/entities/larsen-toubro-ltd" target="_blank" data-smartkarma-citation="entities:2499:1" rel="noopener">Larsen &amp; Toubro (LT IN)</a> and <a href="https://www.smartkarma.com/entities/mindtree-ltd" target="_blank" data-smartkarma-citation="entities:7297:1" rel="noopener">Mindtree Ltd (MTCL IN)</a>. </li>
</ul>


With only 5 trading days to go in the review period, we see no constituent changes to the NIFTY Index (NIFTY INDEX) at the March rebalance.

Pidilite Industries (PIDI IN) is the highest ranked non-index constituent, but its free float market cap does not exceed 1.5x the free-float market cap of Bharat Petroleum Corp (BPCL IN). 
We do not expect LTIMindtree (LTIM IN) to be added to the index in March post the merger between Larsen &amp; Toubro (LT IN) and Mindtree Ltd (MTCL IN). 


NIFTY50 Index Rebalance Preview: No Changes Likely in March

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.

Thematic (Sector/Industry)

<ul><li>Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23</li><li>We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3</li><li>Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction QoQ</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.

Healthy volumes; mixed pricing trend across regions: We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23We expect average utilisation of ~77% vs 72/74% QoQ/YoY. Cement prices increased ~2% QoQ across India in Q3Prices increased ~4-6% QoQ each in the east and south regions, there was 1-2% rise in the west, while the north was flattish and the central region witnessed a ~1% correction QoQContent 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.

Cement (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

<ul><li>Traditionally, H2 (second half of the year) stands out to be a favourable period for cement producers from a demand perspective as it revives after the end of the monsoon season.</li><li>Post witnessing soft demand in Oct’22 due to festivity, demand revived sharply in Nov’22 and the trend continued in Dec’22 as well, which was driven by higher retail and institutional demand.</li><li>Institutional demand was more robust led by increasing construction activity in most of the regions as Q2FY23 had been impacted due to an extended monsoon.</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.

Traditionally, H2 (second half of the year) stands out to be a favourable period for cement producers from a demand perspective as it revives after the end of the monsoon season.Post witnessing soft demand in Oct’22 due to festivity, demand revived sharply in Nov’22 and the trend continued in Dec’22 as well, which was driven by higher retail and institutional demand.Institutional demand was more robust led by increasing construction activity in most of the regions as Q2FY23 had been impacted due to an extended monsoon.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.

Cement Q3fy23 Preview - Cost Pressure to Ease, Demand Outlook Encouraging

India

Ambuja Cements Limited manufactures cement in India. The Company owns specially designed ships and terminals for bulk transportation of its products. Ambuja Cement sells most of its products domestically, but also has a subsidiary that markets the Group's items in Sri Lanka.

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Ambuja Cements (ACEM IN)

Ambuja Cements Limited - Robust Operating Performance

The synergies with the group resulted in a cost reduction of 9% on a per tonne basis sequentially and more cost optimization is expected which...

Axis Direct

Ambuja Cements - Quick Insight on Valuation

Ambuja Cements, the second largest in the sector provides a tactical opportunity for a valuation pop. Avoid as it amplifies risk rather than adding...

Nurture Capital Advisory

NIFTY50 Index Rebalance Preview: No Changes Likely in March

We do not expect any changes in March since Pidilite's average FFMC does not exceed 1.5x the FFMC for BPCL. There will be an adhoc change prior to...

Brian Freitas

Cement (Q3FY23 Results Preview): Decent volume offtake, recovery in profitability

We estimate that our coverage universe of 15 companies will deliver 10/8% YoY/QoQ volume growth (three-year CAGR: +6%) in Q3FY23

HDFC Securities

Cement Q3fy23 Preview - Cost Pressure to Ease, Demand Outlook Encouraging

Traditionally, H2 (second half of the year) stands out to be a favourable period for cement producers from a demand perspective as it revives after...

Axis Direct

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