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)

<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

Equity Bottom-Up

<ul><li>Investor concerns around a slowdown in US Class8 in CY24 to derail BHFC’s growth momentum seem overdone, given that the company has multiple growth drivers to offset this slowdown, which include (1) new defence orders which are likely to see this segment revenue ramp up to INR 17bn by FY25E from INR 3.5bn in FY23, (2) strong order backlog in aerospace which would help boost revenues to INR 5bn from INR 1.7bn over next 4 years; (3) steady growth expected in PVs and from industrial exports (4) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is huge demand for AL castings, both in India and abroad</li><li>Also, overseas subs would cease to be a drag on its consolidated performance as it ramps up the new Al forgings facilities in the US and Europe, which would in turn help recover their margins back to 10% by FY25E.</li><li><span lang="EN-US">Management has set targets for FY30, which include: 1) revenue growth of 12-15% CAGR 2) sustainable consolidated EBIDTA margin above 20% 3) consolidated RoCE at 25%.</span></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>

Investor concerns around a slowdown in US Class8 in CY24 to derail BHFC’s growth momentum seem overdone, given that the company has multiple growth drivers to offset this slowdown, which include (1) new defence orders which are likely to see this segment revenue ramp up to INR 17bn by FY25E from INR 3.5bn in FY23, (2) strong order backlog in aerospace which would help boost revenues to INR 5bn from INR 1.7bn over next 4 years; (3) steady growth expected in PVs and from industrial exports (4) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is huge demand for AL castings, both in India and abroadAlso, overseas subs would cease to be a drag on its consolidated performance as it ramps up the new Al forgings facilities in the US and Europe, which would in turn help recover their margins back to 10% by FY25E.Management has set targets for FY30, which include: 1) revenue growth of 12-15% CAGR 2) sustainable consolidated EBIDTA margin above 20% 3) consolidated RoCE at 25%.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.

Bharat Forge: Diversifying Away from Its Cyclicality. Maintain BUY

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

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.

<ul><li>Bharat Forge (BFL) is India’s leading auto component exporter with strong engineering, technological competencies in forging, metallurgy.</li><li>With global forging capacity of 7 lakh tonne per annum, its products find application in domestic, exports markets across PV, CV, oil &amp; gas, construction &amp; mining, power, defence, etc.</li><li>FY22 standalone segment mix – ~42% CV, ~44% Industrial, ~14% PV </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>

Bharat Forge (BFL) is India’s leading auto component exporter with strong engineering, technological competencies in forging, metallurgy.With global forging capacity of 7 lakh tonne per annum, its products find application in domestic, exports markets across PV, CV, oil &amp; gas, construction &amp; mining, power, defence, etc.FY22 standalone segment mix – ~42% CV, ~44% Industrial, ~14% PV 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.

Bharat Forge (BFL) - Steering into Era of Harvesting Developed Capabilities

<ul><li>Bharat Forge (BFL) is India’s leading auto component exporter with strong engineering, technological competencies in forging and metallurgy.</li><li>With total capacity of 6.83 lakh MT per annum, its products find application in domestic, exports markets across PV, CV, oil &amp; gas, construction &amp; mining, power, defence, etc.</li><li>FY22 standalone segment mix – ~30% CV, ~47% Industrial, ~12% PV </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>

Bharat Forge (BFL) is India’s leading auto component exporter with strong engineering, technological competencies in forging and metallurgy.With total capacity of 6.83 lakh MT per annum, its products find application in domestic, exports markets across PV, CV, oil &amp; gas, construction &amp; mining, power, defence, etc.FY22 standalone segment mix – ~30% CV, ~47% Industrial, ~12% PV 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.

Bharat Forge (BHAFOR) - Robust Order Wins Across Segments Bode Well…

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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.

<div><div><div><div><ul><li>HCV volume growth outlook intact in CY22; moderation in expectations for CY23</li></ul><div><div><div><div><ul><li>CY22 PV demand outlook positive, but supply issues persist: Volkswagen and Mercedes expect up to 10% growth in CY22 in their global businesses, led by pending order books and low channel inventories.</li></ul><div><div><div><div><ul><li>Robust CY22 outlook for industrials: Volvo and John Deere expect the construction equipment (CE) and tractor segments to grow by 5-20% in the North America and Europe regions in CY22, driven by higher commodity prices and infra spends.</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>

HCV volume growth outlook intact in CY22; moderation in expectations for CY23CY22 PV demand outlook positive, but supply issues persist: Volkswagen and Mercedes expect up to 10% growth in CY22 in their global businesses, led by pending order books and low channel inventories.Robust CY22 outlook for industrials: Volvo and John Deere expect the construction equipment (CE) and tractor segments to grow by 5-20% in the North America and Europe regions in CY22, driven by higher commodity prices and infra spends.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.

Bharat Forge - CY22 Outlook Strong; Moderate Growth Expectations in CY23

India

Bharat Forge is an Indian multinational company and a global leader in manufacturing high-performance, safety-critical forged and machined components for the automotive, aerospace, defense, railways, and industrial equipment sectors. The company provides a wide range of products including crankshafts, connecting rods, chassis components, and powertrain solutions. Bharat Forge was founded on June 19, 1961, and is headquartered in Pune, Maharashtra, India.

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Bharat Forge (BHFC IN)

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

Bharat Forge: Diversifying Away from Its Cyclicality. Maintain BUY

Management has set targets for FY30, which include: 1) revenue growth of 12-15% CAGR 2) sustainable consolidated EBIDTA margin above 20% 3)...

HDFC Securities

Bharat Forge (BFL) - Steering into Era of Harvesting Developed Capabilities

Bharat Forge (BFL) is India’s leading auto component exporter with strong engineering, technological competencies in forging, metallurgy.

ICICI Securities Limited

Bharat Forge (BHAFOR) - Robust Order Wins Across Segments Bode Well…

Bharat Forge (BFL) is India’s leading auto component exporter with strong engineering, technological competencies in forging and metallurgy.

ICICI Securities Limited

Bharat Forge - CY22 Outlook Strong; Moderate Growth Expectations in CY23

The demand outlook for CY22 provided by 24 global entities, including CV/PV OEMs, non-auto companies and industry associations

Emkay

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