External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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>Astral: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E consolidated EBITDA implied P/E 50x Mar-25E)</li><li>We believe Astral’s foray into new businesses (paints and bath ware) will reduce its valuation premium</li><li>In Q4FY23, its consolidated revenue rose 8/19% YoY/QoQ (strong growth across both plumbing and adhesives), while EBITDA/APAT grew by 43/47%, as margin expanded across plumbing/paints and adhesives (P&amp;A) segments by 600/410bps 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.

Astral: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E consolidated EBITDA implied P/E 50x Mar-25E)We believe Astral’s foray into new businesses (paints and bath ware) will reduce its valuation premiumIn Q4FY23, its consolidated revenue rose 8/19% YoY/QoQ (strong growth across both plumbing and adhesives), while EBITDA/APAT grew by 43/47%, as margin expanded across plumbing/paints and adhesives (P&amp;A) segments by 600/410bps YoYContent 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: Astral, Oberoi Realty, Jubilant FoodWorks

<ul><li>In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectively</li><li>We estimate tiles majors to report healthy ~9% YoY volume growth (supported by a pick-up in exports)</li><li>We estimate pipes’ majors to report 7% YoY volume growth (muted agri demand)</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.

In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectivelyWe estimate tiles majors to report healthy ~9% YoY volume growth (supported by a pick-up in exports)We estimate pipes’ majors to report 7% YoY volume growth (muted agri demand)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.

Building Materials - Mixed Trends Across the Three Segments

<ul><li>This report covers 15 major building material companies within the three categories of wood panel, tiles, and plastic pipes</li><li>The demand outlook for these materials is positive due to factors like urbanisation, increased investment towards infrastructure projects, and a rebound in the housing and commercial real estate markets</li><li>The wood panel segment, in particular, is expected to see strong growth in the coming years, with major opportunities in the MDF and particle board markets</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.

This report covers 15 major building material companies within the three categories of wood panel, tiles, and plastic pipesThe demand outlook for these materials is positive due to factors like urbanisation, increased investment towards infrastructure projects, and a rebound in the housing and commercial real estate marketsThe wood panel segment, in particular, is expected to see strong growth in the coming years, with major opportunities in the MDF and particle board marketsContent 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.

Building Materials: Multiple tailwinds for a cheerful new year!

<ul><li>Trent: Trent reported a stellar Q2 top-line print</li><li>Standalone revenue grew 30% CAGR (three-year) to INR18.14bn</li><li>We suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-mover</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.

Trent: Trent reported a stellar Q2 top-line printStandalone revenue grew 30% CAGR (three-year) to INR18.14bnWe suspect while Westside’s growth remains handsome (HSIE: 3-yr CAGR 17%), Zudio’s blitz-scaling continues to be a big needle-moverContent 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: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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>Covid-19 Update: Moderation seen in the caseload across the world – The rise in Covid-19 cases across the world moderated in Sep’22 vis-à-vis previous months, providing much-needed relief from the anticipated COVID 4.0.</li><li>The large-scale vaccination drive undertaken by the Government of India picked up further pace in Sep’22 and crossed a remarkable milestone of 218 Cr (as of 28th Sep’22).</li><li>Average daily doses have moderated to 18.3 Lc/day in Sep’22 from 57 Lc/day in Nov’21 as COVID 3.0 retreated and the majority of the population is already vaccinated.</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.

Covid-19 Update: Moderation seen in the caseload across the world – The rise in Covid-19 cases across the world moderated in Sep’22 vis-à-vis previous months, providing much-needed relief from the anticipated COVID 4.0.The large-scale vaccination drive undertaken by the Government of India picked up further pace in Sep’22 and crossed a remarkable milestone of 218 Cr (as of 28th Sep’22).Average daily doses have moderated to 18.3 Lc/day in Sep’22 from 57 Lc/day in Nov’21 as COVID 3.0 retreated and the majority of the population is already vaccinated.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.

Axis Multi-Asset Strategy - Stay Focused on Asset Allocation

India

Astral Polytechnik Limited manufactures and markets CPVC plumbing systems for residential and industrial applications. The Company also manufactures ASTM solvent weld lead free PVC plumbing systems.

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Astral Ltd (ASTRA IN)

HSIE Results Daily: Astral, Oberoi Realty, Jubilant FoodWorks

Astral: We maintain REDUCE on Astral, as we believe its valuation is expensive, and we revise the target price to INR 1,480/sh (30x its Mar-25E...

HDFC Securities

Building Materials - Mixed Trends Across the Three Segments

In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectively. We estimate tiles majors to report...

HDFC Securities

Building Materials: Multiple tailwinds for a cheerful new year!

This report covers 15 major building material companies within the three categories of wood panel, tiles, and plastic pipes

HDFC Securities

HSIE Results Daily: Trent, NHPC, Astral, Torrent Power, Emami, Fine Organic Industries

Trent: Trent reported a stellar Q2 top-line print. Standalone revenue grew 30% CAGR (three-year) to INR18.14bn. We suspect while Westside’s growth...

HDFC Securities

Axis Multi-Asset Strategy - Stay Focused on Asset Allocation

The rise in Covid-19 cases across the world moderated in Sep’22 vis-à-vis previous months, providing much-needed relief from the anticipated COVID...

Axis Direct

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