CEO, Helixtap

Farah Miller

Global Commodities Alternative Data and Insights

Helixtap

Helixtap collects, processes and distributes proprietary data, analyses and forecasts for the rubber, latex and automotive markets

Commodities

<ul><li>JK Tyre completes first phase expansion at Banmore at INR 312 crore investment  </li><li>CEAT acquires 56.9% stake in online tire-trading firm Tyresnmore   </li><li>Apollo lines up INR 1,100 crore overall capex for India</li></ul>

JK Tyre completes first phase expansion at Banmore at INR 312 crore investment  CEAT acquires 56.9% stake in online tire-trading firm Tyresnmore   Apollo lines up INR 1,100 crore overall capex for India

Indian Tire Majors On Expansion, Consolidation Mode

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

<ul>
<li>Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.</li>
<li>In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.</li>
<li>We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.</li>
</ul>


Global equities (MSCI ACWI) have marginally broken above the top-end of our anticipated 2023 trading range of $93 on ACWI-US.
In our 4/18/23 Int’l MacroVision we acknowledged that a break above $93 and a reach to $96-$97 was also possible – and so far, this is what has played out.
We will continue to watch the $93 level for a potential false breakout, but as long as the ACWI-US is above $90.50, we cannot be bearish.


MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

<ul><li>NR supplied to Apollo Tyres’ factories in the Netherlands and Hungary should meet GPSNR code of conduct</li><li>JK Tyre comes out with ‘UX Green’ tyre that’s 80% sustainable</li><li>‘Lighthouse Certification’ to CEAT for using industry 4.0 technologies</li></ul>

NR supplied to Apollo Tyres’ factories in the Netherlands and Hungary should meet GPSNR code of conductJK Tyre comes out with ‘UX Green’ tyre that’s 80% sustainable‘Lighthouse Certification’ to CEAT for using industry 4.0 technologies

Indian Tire Majors Dash Onto Sustainability Highway

S&P BSE SENSEX Index / Technical Analysis

S&P BSE SENSEX Index (SENSEX INDEX EQUITY)

<ul>
<li>Our 2023 outlook remains unchanged as we continue to expect broad-based consolidation with $93 capping upside on MSCI ACWI (ACWI-US), while important downside targets are $86, $84, and $75-77.</li>
<li>We still recommend tactical overweight to defensives including gold miners and MSCI ACWI Staples, Health Care, and Utilities, given ACWI-US remains near the top of our expected 2023 trading range.</li>
<li>We are now starting to see broad-based improvement, particularly in Japan and India, but also in Taiwan and South Korea. Most of today's buy recommendations are cyclicals in these countries.</li>
</ul>


Our 2023 outlook remains unchanged as we continue to expect broad-based consolidation with $93 capping upside on MSCI ACWI (ACWI-US), while important downside targets are $86, $84, and $75-77.
We still recommend tactical overweight to defensives including gold miners and MSCI ACWI Staples, Health Care, and Utilities, given ACWI-US remains near the top of our expected 2023 trading range.
We are now starting to see broad-based improvement, particularly in Japan and India, but also in Taiwan and South Korea. Most of today's buy recommendations are cyclicals in these countries.


Broad-Based Improvement in India, Add Exposure/Overweight. Buys: Cyclicals in Japan, India, & Taiwan

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1/(8.4)/(7.5)% respectively</li><li>EBITDA margin: 11.7% (-65/+78bps YoY/QoQ) vs our estimate of 12.8%</li><li>The margin was impacted largely by higher input prices in projects and manufacturing portfolio</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>

Larsen &amp; Toubro: Larsen &amp; Toubro (LT) reported Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1/(8.4)/(7.5)% respectivelyEBITDA margin: 11.7% (-65/+78bps YoY/QoQ) vs our estimate of 12.8%The margin was impacted largely by higher input prices in projects and manufacturing portfolioContent 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: Larsen & Toubro, SRF, Apollo Tyres, Kansai Nerolac

India

Apollo Tyres Limited is an Indian multinational tyre manufacturing company that produces and sells tyres, tubes, and flaps for a diverse range of vehicles, including passenger cars, commercial vehicles, two-wheelers, and off-highway vehicles. The company markets its products under the Apollo and Vredestein brands. Apollo Tyres is headquartered in Gurugram, Haryana, India, and was founded in 1972.

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Apollo Tyres (APTY IN)

Indian Tire Majors On Expansion, Consolidation Mode

With JK Tyre completing the expansion of its radial tire manufacturing unit in Madhya Pradesh State, Apollo Tyres lining up INR 1100 crore for...

Helixtap

MSCI EM Improving; Buys in Value & Large-Cap EM; Remain Overweight Japan, India, Taiwan, and Greece

MSCI EM Improving; Buys in Value & Large-Cap EM $TSM #Samsung $BABA; Remain Overweight Japan, India, Taiwan, and Greece. $ACWI break above $93 and...

Vermilion Research

Indian Tire Majors Dash Onto Sustainability Highway

Spurred by the global thrust on sustainability values, Indian tire makers have moved over to the responsible track in a cogent way to make a...

Helixtap

Broad-Based Improvement in India, Add Exposure/Overweight. Buys: Cyclicals in Japan, India, & Taiwan

Seeing broad-based improvement in India #SENSEX -- overweight/add exposure. We still recommend a tactical overweight to ACWI defensives with $ACWI...

Vermilion Research

HSIE Results Daily: Larsen & Toubro, SRF, Apollo Tyres, Kansai Nerolac

Larsen & Toubro: Larsen & Toubro (LT) reported Q4FY23 revenue/EBITDA/APAT at INR 583.4/68.3/39.9bn, in line/(missing) with our estimates by 0.1...

HDFC Securities

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