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. 

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Equity Bottom-Up

<ul><li>We believe, it would be tough for Asahi India Glass (AIG) to sustain its present elevated profitability levels amidst steep rise in energy costs.</li><li>We expect it to surge a further ~400bps by Q1FY23E, assuming present natural gas and crude oil prices.</li><li>Also, logistics cost to sales is ~5-6%, and ~20% increase in fuel costs would add a further 100bps pressure on margins.</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>

We believe, it would be tough for Asahi India Glass (AIG) to sustain its present elevated profitability levels amidst steep rise in energy costs.We expect it to surge a further ~400bps by Q1FY23E, assuming present natural gas and crude oil prices.Also, logistics cost to sales is ~5-6%, and ~20% increase in fuel costs would add a further 100bps pressure on margins.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.

Energy cost inflation to drive margin reversion

India focused Portfolio Advisory - Exp of 40+years, Das Capital Management and Advisors

Arun Thirumalai

India focused Portfolio Advisory - Exp of 40+years

Das Capital Management and Advisors

Das Capital is a research boutique with an aim to continuously map and plan the investment needs of investors focused on India. We have a six member research team with a combined experience of over 40 years as a part of our investment wing. Our team assisted in the setup of Premji Investments, which was one of India’s first family offices focused to managing Mr.Azim Premji personal wealth. We also serve as a research team to two Indian private equity energy funds “Small is Beautiful” and “KSK Emerging India Energy Fund”.

Thematic (Sector/Industry)

<div class="content-highlight"><h2><strong>Market Overview</strong></h2></div><p>The S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.</p><ul>
<li>The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.</li>
<li>The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…</li>
</ul>

Market OverviewThe S&amp;P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017.
The market witnessed a steady rise post budget as fears of an extension of holding period for long-term capital gains in Budget 2017 proved unfounded. The Government kept the fiscal deficit target of FY18 at 3.2%, a positive signal for markets.
The rally was further accentuated post a massive win for the Bharatiya Janata Party in the states of Uttar Pradesh and Uttarakhand. Winning a major…


Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

<p><strong>At 2x the Size, Feature Phone Market Looms over Smartphones in India</strong></p><p>Much like the unsophisticated Maruti Suzuki 800 that became a part of 2.6 million households, feature phones too are making a strong drive into the hands of consumers in India, especially in rural areas where wireless teledensity is a low 52.84 compared to 165.04 in urban India. According to Speeda, the Indian mobile phone market is predominantly a feature phone market with smartphones making up for only 39.7% of handset sales…</p>

At 2x the Size, Feature Phone Market Looms over Smartphones in IndiaMuch like the unsophisticated Maruti Suzuki 800 that became a part of 2.6 million households, feature phones too are making a strong drive into the hands of consumers in India, especially in rural areas where wireless teledensity is a low 52.84 compared to 165.04 in urban India. According to Speeda, the Indian mobile phone market is predominantly a feature phone market with smartphones making up for only 39.7% of handset sales…

Feature Phones Dominate Sales Even as India Enters Age Where "Data Is the New Oil"

<p><strong>Executive summary</strong></p><p>Digitisation of cable in India has disrupted the traditional analogue cable industry and has catapulted DTH (direct-to-home) providers into the limelight. But rising prices could put pressure on consumers who now have the opportunity to substitute DTH with other cord-cutters. Will broadband and OTT (over-the-top) operators disrupt the DTH market in India?</p><p><strong>Detail</strong></p><p><strong>DTH Subscribers Capitalise on Digitisation of Cable TV in India</strong></p><p>The Indian DTH (Direct-to-Home) market is the largest in…</p>

Executive summaryDigitisation of cable in India has disrupted the traditional analogue cable industry and has catapulted DTH (direct-to-home) providers into the limelight. But rising prices could put pressure on consumers who now have the opportunity to substitute DTH with other cord-cutters. Will broadband and OTT (over-the-top) operators disrupt the DTH market in India?DetailDTH Subscribers Capitalise on Digitisation of Cable TV in IndiaThe Indian DTH (Direct-to-Home) market is the largest in…

Cable TV Digitisation in India: Growth of Broadband Users Unlikely to Lead to Cord-Cutting of DTH

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<h2>Headlines</h2><ul>
<li>Chocolate confectionery value sales grow by 14% to reach INR113 billion in 2016</li>
<li>Increasing distribution, availability and new variants support the sales of chocolate confectionery in 2016</li>
<li>Chocolate with toys sees the fastest growth in 2016, with value sales increasing by 27%</li>
<li>Average unit price increases by 7% in 2016</li>
<li>Mondelez India Foods Ltd maintains the lead with a value share of 49% in 2016</li>
<li>Chocolate confectionery value sales are expected to see a constant value CAGR of 8% over 2016-2021…</li>
</ul>

Headlines
Chocolate confectionery value sales grow by 14% to reach INR113 billion in 2016
Increasing distribution, availability and new variants support the sales of chocolate confectionery in 2016
Chocolate with toys sees the fastest growth in 2016, with value sales increasing by 27%
Average unit price increases by 7% in 2016
Mondelez India Foods Ltd maintains the lead with a value share of 49% in 2016
Chocolate confectionery value sales are expected to see a constant value CAGR of 8% over 2016-2021…


Sector Capsule: Chocolate Confectionery in India

India

Asahi India Glass Limited manufactures automotive safety glass and float glass. The Company's product range includes laminated windshields, tempered glass, silver printed defogger glass, black ceramic printed flush fitting glass and PVC-encapsulated fixed glass.

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Asahi India Glass (AISG IN)

Energy cost inflation to drive margin reversion

We believe, it would be tough for Asahi India Glass (AIG) to sustain its present elevated profitability levels amidst steep rise in energy costs....

ICICI Securities Limited

Market Outlook- Massive Victory for BJP in State Elections to Accentuate Reforms

Market OverviewThe S&P BSE Sensex and CNX NIFTY rose 2.1% and 3.4% respectively from 14 Feb-14March 2017. The market witnessed a steady rise...

Das Capital Management and Advisors

Feature Phones Dominate Sales Even as India Enters Age Where "Data Is the New Oil"

At 2x the Size, Feature Phone Market Looms over Smartphones in IndiaMuch like the unsophisticated Maruti Suzuki 800 that became a part of 2.6...

Speeda Research

Cable TV Digitisation in India: Growth of Broadband Users Unlikely to Lead to Cord-Cutting of DTH

Executive summaryDigitisation of cable in India has disrupted the traditional analogue cable industry and has catapulted DTH (direct-to-home)...

Speeda Research

Sector Capsule: Chocolate Confectionery in India

Headlines Chocolate confectionery value sales grow by 14% to reach INR113 billion in 2016 Increasing distribution, availability and new variants...

Euromonitor International Ltd.

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