External broker reports(aggregated public sources), Sharekhan

Sharekhan

External broker reports(aggregated public sources)

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Sharekhan's research report onApollo Tyres We reiterate our BUY on Apollo Tyres (ATL) on (1) Its continuous focus on premiumisation (2) Its priority to operating performance in place of plain-vanilla volume growth (3) Judicious capex plans and (4) Disciplined capital allocation plan.</li><li>ATL continues to sustain its operating profitability via improving product mix focusing, given it has been reporting EBITDA margins above 18% for last two quarters.</li><li>Given that the ATL is prioritising operating performance over volume growth we expect its bottom-line performance would beat its topline performance in medium term, subjected to sustenance of operating excellence.</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.

Sharekhan's research report onApollo Tyres We reiterate our BUY on Apollo Tyres (ATL) on (1) Its continuous focus on premiumisation (2) Its priority to operating performance in place of plain-vanilla volume growth (3) Judicious capex plans and (4) Disciplined capital allocation plan.ATL continues to sustain its operating profitability via improving product mix focusing, given it has been reporting EBITDA margins above 18% for last two quarters.Given that the ATL is prioritising operating performance over volume growth we expect its bottom-line performance would beat its topline performance in medium term, subjected to sustenance of operating excellence.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 Ltd - Continue to Focus on Operating Excellence!

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>Over the last few years, there has been a noticeable change at Apollo Tyres</li><li>From a focus on gaining market share, it is now clearly seen working towards its Vision 2026, which amongst other things, targets to achieve a RoCE of 12-15% on a sustainable basis</li><li>Some of the key initiatives undertaken include a rising focus on premiumisation both in India and Europe, a conscious decision to exit certain SKUs which are not remunerative, a focus on increased use of digital tools to improve operational efficiencies and an ever-rising focus on sweating existing assets and hence targeting a much lower annual capex</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.

Over the last few years, there has been a noticeable change at Apollo TyresFrom a focus on gaining market share, it is now clearly seen working towards its Vision 2026, which amongst other things, targets to achieve a RoCE of 12-15% on a sustainable basisSome of the key initiatives undertaken include a rising focus on premiumisation both in India and Europe, a conscious decision to exit certain SKUs which are not remunerative, a focus on increased use of digital tools to improve operational efficiencies and an ever-rising focus on sweating existing assets and hence targeting a much lower annual capexContent 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 - On Track to Achieve Vision 2026. Maintain ADD

Thematic (Sector/Industry)

<ul><li>The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth</li><li>The entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4</li><li>It is pertinent to highlight, however, that demand for 125cc and above continued to be strong</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 premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growthThe entry-level 2W demand, which picked up in the festive season, has failed to sustain in Q4It is pertinent to highlight, however, that demand for 125cc and above continued to be strongContent 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: Q4 preview - Premiumisation is the way to go

<ul><li>Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)</li><li>LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)</li><li>It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launches</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.

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW), higher GM (+629 bps YoY), but it was partly offset by higher costs (staff/R&amp;D/SG&amp;A up +16/ 23/ 15% YoY)LPC expects the US business to see single-digit growth on traction in gSpiriva (targets ~40% market share in FY25) and new launches (opthal, injectable, respiratory, etc.)It expects its India business to see double-digit growth as slower growth in anti-diabetic (patent expiry of in-licensing products in FY25) is expected to be offset by traction in key therapies and new launchesContent 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: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

<ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation</li><li>Cement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MT</li><li>Margin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY)</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.

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuationCement volume grew 10% YoY in Q2FY24 and its unit EBITDA expanded INR 25/MT QoQ to INR 1024/MTMargin expanded INR 340/MT on a sharp fall in fuel costs (INR 0.8/mnCal and green power consumption share increased to 59% vs 51% YoY)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: Shree Cement, Cummins, Prestige Estates, Apollo Tyres

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 Ltd - Continue to Focus on Operating Excellence!

ATL continues to sustain its operating profitability via improving product mix focusing, given it has been reporting EBITDA margins above 18% for...

Sharekhan

Apollo Tyres - On Track to Achieve Vision 2026. Maintain ADD

From a focus on gaining market share, it is now clearly seen working towards its Vision 2026, which amongst other things, targets to achieve a RoCE...

HDFC Securities

Autos: Q4 preview - Premiumisation is the way to go

The premiumisation trend continues to remain in focus with UVs and premium 2Ws driving the growth. The entry-level 2W demand, which picked up in...

HDFC Securities

HSIE Results Daily: Lupin, Cummins, Apollo Tyres, Kalpataru Projects International

Lupin: EBITDA growth (+98% YoY and +11% QoQ) was led by 20% YoY sales growth (US: flat QoQ, India +13% YoY, EMEA: +36% YoY and +71% RoW),

HDFC Securities

HSIE Results Daily: Shree Cement, Cummins, Prestige Estates, Apollo Tyres

Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 24,000/share, owing to its expensive valuation

HDFC Securities

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