External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li><span style="font-size: var(--content-font-size);">Domestic business sees strong growth momentum in key segments</span></li></ul><div><div><ul><li>New order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, <span style="font-size: var(--content-font-size);">(1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.</span></li></ul><div><div><div><ul><li>Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.</li></ul></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>

Domestic business sees strong growth momentum in key segmentsNew order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, (1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.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 (Initiating Coverage): Multiple Growth Drivers in Place. BUY

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

ICICI Securities Limited

<p>BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the recent past), (ii) BFL has recently won an order from Government of India in the defence domain (non-automotive) wherein BFL will start supplying components in a month's timeframe (quantum not disclosed); (iii) BFL will be acquiring land to the tune of ~70 hectares at Khed (Maharashtra, near Pune) at an outlay of ~Rs 240 crore (over the next two to three years) wherein they intend to construct two new plants in the domain of e-mobility and defence.</p><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>

BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the recent past), (ii) BFL has recently won an order from Government of India in the defence domain (non-automotive) wherein BFL will start supplying components in a month's timeframe (quantum not disclosed); (iii) BFL will be acquiring land to the tune of ~70 hectares at Khed (Maharashtra, near Pune) at an outlay of ~Rs 240 crore (over the next two to three years) wherein they intend to construct two new plants in the domain of e-mobility and defence.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.

BHARATFORG: BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the ...

<p>We maintain BUY with a revised target price of INR 860 at 34.5x FY23E EPS (vs 32x earlier) the multiple has been raised to factor in the reorganised group structure, emerging opportunities in defence and PV segments, and stronger-than-expected demand. The stock is our preferred pick in the CV segment. Key risks: delayed defence orders; any sudden lockdowns due to COVID Bharat Forges (BFL) 4QFY21 results were a significant beat with APAT coming in at INR 2.06bn (vs 0.98bn QoQ). The management is upbeat on the outlook for Class-8 trucks and expects its volume to reach 300k (+50%) in FY22E.</p><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 maintain BUY with a revised target price of INR 860 at 34.5x FY23E EPS (vs 32x earlier) the multiple has been raised to factor in the reorganised group structure, emerging opportunities in defence and PV segments, and stronger-than-expected demand. The stock is our preferred pick in the CV segment. Key risks: delayed defence orders; any sudden lockdowns due to COVID Bharat Forges (BFL) 4QFY21 results were a significant beat with APAT coming in at INR 2.06bn (vs 0.98bn QoQ). The management is upbeat on the outlook for Class-8 trucks and expects its volume to reach 300k (+50%) in FY22E.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 (4QFY21): Outlook upbeat; simplifying group structure. Maintain BUY

India

Bharat Forge Limited manufactures steel forgings and machined components for the automotive, diesel engine, railway, earthmoving, cement, sugar, steel, coal, ship building and oilfield industries. The Company specializes in Closed Die as well as Open Die Forgings.

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Bharat Forge (BHFC IN)

Bharat Forge (Initiating Coverage): Multiple Growth Drivers in Place. BUY

BHFC’s recent stock underperformance has been attributed to: (1) concerns around slowdown in Europe and US amid geopolitical tensions

HDFC Securities

BHARATFORG: BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the ...

BFL said: (i) cost pressure exists on raw material and freight costs (up 3-4x in the recent past), (ii) BFL has recently won an order from...

ICICI Securities Limited

Bharat Forge (4QFY21): Outlook upbeat; simplifying group structure. Maintain BUY

We maintain BUY with a revised target price of INR 860 at 34.5x FY23E EPS (vs 32x earlier) the multiple has been raised to factor in the...

HDFC Securities

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