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. 

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Equity Bottom-Up

<ul><li>Apcotex Industries (APCOTEX) Q2FY23 results missed our estimates on all fronts as company struggles from weakening demand for Nitrile Rubber as gloves demand declined globally</li><li>Revenues came in at Rs 283 Cr up 16% YoY but down 7% QoQ on account of an decrease in realization.</li><li>The company reported an EBITDA of Rs 45 Cr (our estimate: Rs 49 Cr), up 44% YoY reporting EBITDA Margin of 16% (our estimate: 16%). PAT stood at Rs 31 Cr (est Rs 35 Cr).</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>

Apcotex Industries (APCOTEX) Q2FY23 results missed our estimates on all fronts as company struggles from weakening demand for Nitrile Rubber as gloves demand declined globallyRevenues came in at Rs 283 Cr up 16% YoY but down 7% QoQ on account of an decrease in realization.The company reported an EBITDA of Rs 45 Cr (our estimate: Rs 49 Cr), up 44% YoY reporting EBITDA Margin of 16% (our estimate: 16%). PAT stood at Rs 31 Cr (est Rs 35 Cr).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.

Apcotex Industries - Hawkish Commentary, Weak Outlook; Revise Sell

<ul><li>Apcotex Industries (APCOTEX) Q4FY22 results beat our estimates on all fronts. The revenues came in at Rs 277 Cr, reporting a 48% growth YoY, largely on a lower base of the last year.</li><li>On a sequential basis, the top line grew by 10.7% on account of strong volumes and an increase in realizations</li><li>We roll forward our estimates and multiple, valuing the company at 20x (30% discount to TTM PE of 28x) FY24E earnings to arrive at a revised TP to Rs 550/share (Rs 435 earlier).</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>

Apcotex Industries (APCOTEX) Q4FY22 results beat our estimates on all fronts. The revenues came in at Rs 277 Cr, reporting a 48% growth YoY, largely on a lower base of the last year.On a sequential basis, the top line grew by 10.7% on account of strong volumes and an increase in realizationsWe roll forward our estimates and multiple, valuing the company at 20x (30% discount to TTM PE of 28x) FY24E earnings to arrive at a revised TP to Rs 550/share (Rs 435 earlier).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.

Apcotex Industries: Strong Demand in Domestic Market; Positive Growth Outlook

<ul><li>Apcotex Industries (APCOTEX) Q3FY22 results missed our estimates on all fronts</li><li>The revenues came in at Rs 251 Cr, reporting a 52% growth YoY largely on a lower base of the last year</li><li>We maintain BUY recommendation with the TP to Rs 435/share valuing it at 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>

Apcotex Industries (APCOTEX) Q3FY22 results missed our estimates on all frontsThe revenues came in at Rs 251 Cr, reporting a 52% growth YoY largely on a lower base of the last yearWe maintain BUY recommendation with the TP to Rs 435/share valuing it at FY24E EPS. 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.

Apcotex Industries: Demand Bouncing Back; Strong Growth Outlook

<p>This results in a rating upgrade to BUY (HOLD earlier) and revision in TP to Rs 410 (Rs 315 earlier) as we roll forward our estimates and multiple to FY24E EPS.</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>

This results in a rating upgrade to BUY (HOLD earlier) and revision in TP to Rs 410 (Rs 315 earlier) as we roll forward our estimates and multiple to FY24E EPS.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.

Apcotex Industries: Strong Growth Outlook; Demand Bouncing Back

<p>We would await for a better entry point and thus downgrade the stock to HOLD (previously BUY) while valuing the stock at 20x FY23E EPS to arrive at a TP of Rs 315/share.</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>

We would await for a better entry point and thus downgrade the stock to HOLD (previously BUY) while valuing the stock at 20x FY23E EPS to arrive at a TP of Rs 315/share.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.

India

Apcotex Industries Limited, manufactures synthetic rubber, lattices, and associated items.  The Company's products include styrene butadiene lattices, nitrile lattices, vinyl pyridine latex, and styrene butadiene rubber.

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Apcotex Industries (APCO IN)

Apcotex Industries - Hawkish Commentary, Weak Outlook; Revise Sell

The company reported an EBITDA of Rs 45 Cr (our estimate: Rs 49 Cr), up 44% YoY reporting EBITDA Margin of 16% (our estimate: 16%). PAT stood at Rs...

Axis Direct

Apcotex Industries: Strong Demand in Domestic Market; Positive Growth Outlook

We roll forward our estimates and multiple, valuing the company at 20x (30% discount to TTM PE of 28x) FY24E earnings to arrive at a revised TP to...

Axis Direct

Apcotex Industries: Demand Bouncing Back; Strong Growth Outlook

We maintain BUY recommendation with the TP to Rs 435/share valuing it at FY24E EPS. The key downside risk to our estimates Uncertainties caused by...

Axis Direct

Apcotex Industries: Strong Growth Outlook; Demand Bouncing Back

This results in a rating upgrade to BUY (HOLD earlier) and revision in TP to Rs 410 (Rs 315 earlier) as we roll forward our estimates and multiple...

Axis Direct

Axis Annual Analysis:Apcotex Industri

We would await for a better entry point and thus downgrade the stock to HOLD (previously BUY) while valuing the stock at 20x FY23E EPS to arrive at...

Axis Direct

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