External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>Vanillin Facilty has started production, started with sample batches for approval</li><li>Going forward focus on HQ derivatives</li><li>CFS Brazil &amp; CFS North America to turn EBITDA positive, Lockheed Martin order to supplied in Q3FY24</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>

Vanillin Facilty has started production, started with sample batches for approvalGoing forward focus on HQ derivativesCFS Brazil &amp; CFS North America to turn EBITDA positive, Lockheed Martin order to supplied in Q3FY24Content 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.

Camlin Fine Sciences Ltd. - Story Builds, Execution Awaited, Valuation Comfort

<ul><li>Camlin Fine Sciences (CFS) reported highest ever quarterly &amp; half yearly revenues for Q2FY23.</li><li>Consolidated revenues stood at Rs 483 Cr, up 55% YoY (our estimate: Rs 389 Cr).</li><li>The company’s EBITDA Margins contracted by 72 bps q-o-q to 11.4% (our estimate: 10.5%) to report absolute EBITDA of Rs55 Cr, up 143%/18% y-o-y/q- o-q, this included the net effect of 15 Cr from CFS Europe.</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>

Camlin Fine Sciences (CFS) reported highest ever quarterly &amp; half yearly revenues for Q2FY23.Consolidated revenues stood at Rs 483 Cr, up 55% YoY (our estimate: Rs 389 Cr).The company’s EBITDA Margins contracted by 72 bps q-o-q to 11.4% (our estimate: 10.5%) to report absolute EBITDA of Rs55 Cr, up 143%/18% y-o-y/q- o-q, this included the net effect of 15 Cr from CFS Europe.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.

Camlin Fine Sciences Ltd - Strong Performance Across Subsidiaries/Geographies

<div><ul><li>Company may be able to capitalize on demand supply mismatch is sustained in Vanillin market</li><li>Benefits of Dahej expansion to kick in: Diphenol captive requirement in India will be met through the Dahej facility which will lead to significant reduction in logistics, packaging, labour and electricity costs, leading to improved operational efficiencies and lower turnaround time.</li><li>Improving product profile: CFS plans to add high-margin and value-added downstream products in the performance chemicals and shelf life solutions segments by captively using hydroquinone and catechol produced at Dahej reducing its impact on margins.</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>

Company may be able to capitalize on demand supply mismatch is sustained in Vanillin marketBenefits of Dahej expansion to kick in: Diphenol captive requirement in India will be met through the Dahej facility which will lead to significant reduction in logistics, packaging, labour and electricity costs, leading to improved operational efficiencies and lower turnaround time.Improving product profile: CFS plans to add high-margin and value-added downstream products in the performance chemicals and shelf life solutions segments by captively using hydroquinone and catechol produced at Dahej reducing its impact 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.

Pick of the Week - Camlin Fine Sciences Ltd

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

<div><div><div><div><ul><li>The management indicated that in their diphenols capacity, mix between HQ and Catechol cannot be skewed beyond a point (say, 55:45) and hence it has to produce Catechol, which is undergoing demand and pricing pressure.</li><li>Currently, CFIN is operating at US$1.5/kg loss in Catechol.</li><li>Vanillin capacity is expected to be commissioned in July’22, post which Catechol would be used for captive use and the same would arrest margin pressure.</li></ul></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>

The management indicated that in their diphenols capacity, mix between HQ and Catechol cannot be skewed beyond a point (say, 55:45) and hence it has to produce Catechol, which is undergoing demand and pricing pressure.Currently, CFIN is operating at US$1.5/kg loss in Catechol.Vanillin capacity is expected to be commissioned in July’22, post which Catechol would be used for captive use and the same would arrest margin pressure.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.

Camlin Fine Sciences - Execution Is the Key

<ul><li>Camlin Fine Sciences (CFS) Q4 FY22 performance was lower than our expectations as the company witnessed severe raw material inflation as increased gas prices affected the CFS Euro subsidiary due to the ongoing Russia-Ukraine conflict.</li><li>Consolidated Revenues stood at Rs 389 Cr, up 19% YoY (our estimate: Rs 377 Cr).</li><li>With regards to the Lockheed Martin deal, the pilot project with a 1,500-ton capacity has the potential to generate Rs 120-140 Cr revenue with contribution kicking in from FY24 onwards.</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>

Camlin Fine Sciences (CFS) Q4 FY22 performance was lower than our expectations as the company witnessed severe raw material inflation as increased gas prices affected the CFS Euro subsidiary due to the ongoing Russia-Ukraine conflict.Consolidated Revenues stood at Rs 389 Cr, up 19% YoY (our estimate: Rs 377 Cr).With regards to the Lockheed Martin deal, the pilot project with a 1,500-ton capacity has the potential to generate Rs 120-140 Cr revenue with contribution kicking in from FY24 onwards.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.

Camlin Fine Sciences: RM Pressure Weighs on Performance; Structural Change Underway

India

Camlin Fine Sciences Limited is an international chemicals manufacturing company.  The Company specializes in bulk drugs, fine chemicals, and food grade products.

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Camlin Fine Sciences (CFIN IN)

Camlin Fine Sciences Ltd. - Story Builds, Execution Awaited, Valuation Comfort

Vanillin Facilty has started production, started with sample batches for approval. Going forward focus on HQ derivatives

Axis Direct

Camlin Fine Sciences Ltd - Strong Performance Across Subsidiaries/Geographies

Camlin Fine Sciences (CFS) reported highest ever quarterly & half yearly revenues for Q2FY23. Consolidated revenues stood at Rs 483 Cr, up 55% YoY...

Axis Direct

Pick of the Week - Camlin Fine Sciences Ltd

The company has began with commercial production of Vanillin in current quarter is expected to ramp up the utilisation levels in coming quarter.

Axis Direct

Camlin Fine Sciences - Execution Is the Key

We hosted the management of Camlin Fine Sciences (CFIN) at our Annual Investor Conference in order to understand the overall demand outlook across...

Nirmal Bang

Camlin Fine Sciences: RM Pressure Weighs on Performance; Structural Change Underway

With regards to the Lockheed Martin deal, the pilot project with a 1,500-ton capacity has the potential to generate Rs 120-140 Cr revenue with...

Axis Direct

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