External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>We maintain our BUY rating on Century Plyboards, with a revised TP of INR 945/sh (40x Sep-26E EPS)</li><li>In our recent interactions, the management highlighted that despite muted demand, Century will deliver double-digit revenue growth for its ply, laminates and MDF segments (market share gains)</li><li>Timber prices have slightly increased QoQ in Q2</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.

We maintain our BUY rating on Century Plyboards, with a revised TP of INR 945/sh (40x Sep-26E EPS)In our recent interactions, the management highlighted that despite muted demand, Century will deliver double-digit revenue growth for its ply, laminates and MDF segments (market share gains)Timber prices have slightly increased QoQ in Q2Content 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.

Century Plyboards India: Growth to Accelerate. Maintain BUY

<ul><li>We recently interacted with the management of Century Ply</li><li>The management believes that FY24 will remain challenging, owing to muted domestic demand for wood panels and elevated MDF imports</li><li>The management expects demand to accelerate from FY25 onwards</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.

We recently interacted with the management of Century PlyThe management believes that FY24 will remain challenging, owing to muted domestic demand for wood panels and elevated MDF importsThe management expects demand to accelerate from FY25 onwardsContent 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.

Century Plyboards India: Weak Near-Term Prospects, Outlook Healthy.

<ul><li>We maintain our BUY rating on Century Ply, with a lower target price of INR 700/sh (20x its Mar’25E consolidated EBITDA, implies 34x P/E)</li><li>We like Century for its strong franchise (pan-India distribution, aggressive marketing, and a wide range of SKUs), leadership presence in most wood segments, market share gains and healthy return ratios</li><li>Century Ply reported weak performance in Q1FY24, owing to muted demand, rising timber prices and one-off expense in the laminates segment for the new catalogue launch</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.

We maintain our BUY rating on Century Ply, with a lower target price of INR 700/sh (20x its Mar’25E consolidated EBITDA, implies 34x P/E)We like Century for its strong franchise (pan-India distribution, aggressive marketing, and a wide range of SKUs), leadership presence in most wood segments, market share gains and healthy return ratiosCentury Ply reported weak performance in Q1FY24, owing to muted demand, rising timber prices and one-off expense in the laminates segment for the new catalogue launchContent 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.

Century Plyboards India (Q1FY24): Weak Performance in a Subdued Demand Environment.

Century Plyboards India (Q1FY24Z: Weak Performance in a Subdued Demand Environment.

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.

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while the balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with the capacity to handle 156,000 TEUs containers and contributed ~4% to the overall FY21 revenues...<div class="content-highlight">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.</div>

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while the balance is contributed by fibre cement boards and particle board divisions. Century also operates a CFS with the capacity to handle 156,000 TEUs containers and contributed ~4% to the overall FY21 revenues...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.

Century Plyboard: Strong Performance Across the Board

India

Century Plyboards is an Indian manufacturer and exporter of wood panel and interior infrastructure products. The company offers a comprehensive range of products including plywood, laminates, decorative veneers, medium-density fiberboard (MDF), pre-laminated boards, particle boards, and flush doors. It was founded in 1986 and is headquartered in Kolkata, India.

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Century Plyboards (CPBI IN)

Century Plyboards India: Growth to Accelerate. Maintain BUY

We maintain our BUY rating on Century Plyboards, with a revised TP of INR 945/sh (40x Sep-26E EPS) In our recent interactions, the management...

HDFC Securities

Century Plyboards India: Weak Near-Term Prospects, Outlook Healthy.

The management believes that FY24 will remain challenging, owing to muted domestic demand for wood panels and elevated MDF imports

HDFC Securities

Century Plyboards India (Q1FY24): Weak Performance in a Subdued Demand Environment.

We maintain our BUY rating on Century Ply, with a lower target price of INR 700/sh (20x its Mar’25E consolidated EBITDA, implies 34x P/E)

HDFC Securities

Century Plyboards India (Q1FY24Z: Weak Performance in a Subdued Demand Environment.

We maintain our BUY rating on Century Ply, with a lower target price of INR 700/sh (20x its Mar’25E consolidated EBITDA, implies 34x P/E)

HDFC Securities

Century Plyboard: Strong Performance Across the Board

It derives majority of revenues from plywood (53% of FY21 revenue), followed by laminates (19%), and MDF (17%) segments while the balance is...

ICICI Securities Limited

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