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>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

<div><div><div><div><ul><li>What we like? 1) In FY22, the Indian operations secured new orders worth ~Rs10bn across automotive and industrial applications.</li></ul><div><div><div><div><ul><li>EBITDA above estimates: Revenue grew by 28% yoy to Rs16.7bn (est.: Rs15bn), above estimates due to higher sales in the domestic industrials and overseas auto segments.</li></ul><div><div><div><div><ul><li>Maintain Buy with a TP of Rs810, based on 24x P/E for the standalone business on Jun’24E EPS.</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>

What we like? 1) In FY22, the Indian operations secured new orders worth ~Rs10bn across automotive and industrial applications.EBITDA above estimates: Revenue grew by 28% yoy to Rs16.7bn (est.: Rs15bn), above estimates due to higher sales in the domestic industrials and overseas auto segments.Maintain Buy with a TP of Rs810, based on 24x P/E for the standalone business on Jun’24E EPS.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.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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>Core businesses to see sustained recovery in FY23; geographical expansion on the cards</li></ul><div><ul><li>Non-auto business grows both in the domestic and export markets</li></ul><div><ul><li>Highlights from the management interaction - <span style="font-size: var(--content-font-size);">In FY22, the Indian operations have received new orders of ~INR10b p.a. and the US operations have won new orders worth USD150m p.a.</span></li></ul></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>

Core businesses to see sustained recovery in FY23; geographical expansion on the cardsNon-auto business grows both in the domestic and export marketsHighlights from the management interaction - In FY22, the Indian operations have received new orders of ~INR10b p.a. and the US operations have won new orders worth USD150m p.a.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 - Strong All-Round Performance Drives Beat

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)

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

Result Update - Bharat Forge

Results above estimates; growth prospects remain positive; BHFC's Q4 EBITDA grew 29% yoy to Rs4.3bn and came in 15% above our estimate, driven by...

Emkay

Bharat Forge - Strong All-Round Performance Drives Beat

Bharat Forge (BHFC)’s 4QFY22 result was above expectation propelled by strong all-round performance with better-than-expected revenue, margins and...

Motilal Oswal

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