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>Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India &amp; Europe and an installed capacity of ~7.9 lakh MT per annum.</li><li>In India, ATL has substantial presence in TBR (31% market share) &amp; PCR space (21% market share)</li><li>Derives ~67% revenues from APMEA (largely India), ~32% from Europe </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>

Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India &amp; Europe and an installed capacity of ~7.9 lakh MT per annum.In India, ATL has substantial presence in TBR (31% market share) &amp; PCR space (21% market share)Derives ~67% revenues from APMEA (largely India), ~32% from Europe 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.

Apollo Tyres (ATL) - Raw Material Tailwinds to Start Flowing from Q3FY23…

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>In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2Ws</li><li>However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season</li><li>Overall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2</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>

In Q2, retail demand has remained healthy in PVs, steady in CVs and lacklustre in 2WsHowever, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive seasonOverall, wholesales have been better in PVs&gt;2Ws&gt;CVs in Q2Content 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.

Autos (Q2FY23 Results Preview): Margins likely to bottom out

<ul><li>JK Cement: We downgrade our rating on JK Cement (JKCE) with a revised TP of INR 2,475 (11.5x Mar-24E consolidated EBITDA) on expensive valuations</li><li>In Q1FY23, healthy pricing recovery in north regions and subdued fuel cost inflation (low cost inventory benefits) drove up blended unitary EBITDA by 16% QoQ to INR 1,101 per MT as margin rebounded for both grey and white/putty segments</li><li>While consolidated revenue rose 32% YoY, EBITDA came in flat</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>

JK Cement: We downgrade our rating on JK Cement (JKCE) with a revised TP of INR 2,475 (11.5x Mar-24E consolidated EBITDA) on expensive valuationsIn Q1FY23, healthy pricing recovery in north regions and subdued fuel cost inflation (low cost inventory benefits) drove up blended unitary EBITDA by 16% QoQ to INR 1,101 per MT as margin rebounded for both grey and white/putty segmentsWhile consolidated revenue rose 32% YoY, EBITDA came in flatContent 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: JK Cement, Apollo Tyres, Ahluwalia Contracts

<div><ul><li>Q1 margin pressure likely to be lower than earlier envisaged - We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.</li><li><p>Outliers expected within our coverage universe in Q1 - <span style="font-size: var(--content-font-size);">We expect M&amp;M to be the best performer in Q1, with an estimated 41% growth in earnings QoQ.</span></p></li><li><p><span style="font-size: var(--content-font-size);">Q1 estimates for ancillaries - </span><span style="font-size: var(--content-font-size);">At the moment, we only have two ancillary companies under coverage.</span></p></li></ul></div><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>

Q1 margin pressure likely to be lower than earlier envisaged - We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.Outliers expected within our coverage universe in Q1 - We expect M&amp;M to be the best performer in Q1, with an estimated 41% growth in earnings QoQ.Q1 estimates for ancillaries - At the moment, we only have two ancillary companies under coverage.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.

Autos - Margin Pressure to Be Lower than Earlier Envisaged

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>Market share gains in TBR &amp; PCR led by R&amp;D investment: APTY’s R&amp;D spends have been consistently ahead of competition over the last 5-10 years (Exhibit 5), which is reflected in its better quality TBR and PCR tyres.</li></ul><div><div><div><div><ul><li>Demand outlook remains positive: The domestic replacement tyre market is witnessing signs of recovery, led by the PCR and T&amp;B segments.</li></ul><div><div><div><div><ul><li>Margin headwinds to persist with elevated crude prices and depreciated INR: Crude derivatives account for ~40% of the RM basket for APTY.</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><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>

Market share gains in TBR &amp; PCR led by R&amp;D investment: APTY’s R&amp;D spends have been consistently ahead of competition over the last 5-10 years (Exhibit 5), which is reflected in its better quality TBR and PCR tyres.Demand outlook remains positive: The domestic replacement tyre market is witnessing signs of recovery, led by the PCR and T&amp;B segments.Margin headwinds to persist with elevated crude prices and depreciated INR: Crude derivatives account for ~40% of the RM basket for APTY.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.

Apollo Tyres - Margin Headwinds Owing to Rising RM Prices; Maintain BUY

India

Apollo Tyres Limited manufactures tires and tubes for cars, trucks, farm equipment and light commercial vehicles. The Company also manufactures automobile flaps and retreading materials.

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Apollo Tyres (APTY IN)

Apollo Tyres (ATL) - Raw Material Tailwinds to Start Flowing from Q3FY23…

Apollo Tyres (ATL) is a leading tyre manufacturer, with operations in India & Europe and an installed capacity of ~7.9 lakh MT per annum.

ICICI Securities Limited

Autos (Q2FY23 Results Preview): Margins likely to bottom out

However, all the segments have seen QoQ growth in volumes as all OEMs prepare for a pick-up in demand during the festive season

HDFC Securities

HSIE Results Daily: JK Cement, Apollo Tyres, Ahluwalia Contracts

JK Cement: We downgrade our rating on JK Cement (JKCE) with a revised TP of INR 2,475 (11.5x Mar-24E consolidated EBITDA) on expensive valuations

HDFC Securities

Autos - Margin Pressure to Be Lower than Earlier Envisaged

We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.

HDFC Securities

Apollo Tyres - Margin Headwinds Owing to Rising RM Prices; Maintain BUY

We have cut our margin estimates by ~80bps for FY23 and FY24 each, leading to EPS cut of ~16%/15% for FY23/FY24. Crude oil prices have risen by...

Nirmal Bang

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