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. 

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)

<ul><li>Our honourable Finance Minister Nirmala Sitaraman presented the Interim Budget 2024-25 today.</li><li>Being the “vote of account” budget before the Union Election 2024, the expectations of the budget were naturally low.</li><li>The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium-term flavour of populism.</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>

Our honourable Finance Minister Nirmala Sitaraman presented the Interim Budget 2024-25 today.Being the “vote of account” budget before the Union Election 2024, the expectations of the budget were naturally low.The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium-term flavour of populism.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.

<ul><li>Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely to be another subdued quarter.</li><li>This subdued performance would be led by a demand slowdown in key export markets and from an inventory destocking situation coupled with a cyclical slowdown in discretionary spending in certain geographic regions (like Europe).</li><li>Domestic demand remains decent. Demand in textiles and dyes is still bleak, with limited green shoots in discretionary spending such as pigments and polymers as they have started to show signs of improvement. </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>

Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely to be another subdued quarter.This subdued performance would be led by a demand slowdown in key export markets and from an inventory destocking situation coupled with a cyclical slowdown in discretionary spending in certain geographic regions (like Europe).Domestic demand remains decent. Demand in textiles and dyes is still bleak, with limited green shoots in discretionary spending such as pigments and polymers as they have started to show signs of improvement. 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.

Chemicals - Q3FY24 - Earnings Preview (Agro-Chem SpChem)

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Paradeep Phosphates / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paradeep-phosphates" target="_blank" data-smartkarma-citation="entities:35965:1" rel="noopener">Paradeep Phosphates (75690Z IN)</a> is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares.</li>
<li>Paradeep Phosphates (PP) is a fertilizer manufacturing company based in India. The firm engages in manufacturing, trading, distribution and sales of a variety of complex fertilizers.</li>
<li>At listing, while PP would be the smallest peer on the revenue and mcap fronts, it trails our identified peer set on the margin front as well.</li>
</ul>



Paradeep Phosphates (75690Z IN) is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares.
Paradeep Phosphates (PP) is a fertilizer manufacturing company based in India. The firm engages in manufacturing, trading, distribution and sales of a variety of complex fertilizers.
At listing, while PP would be the smallest peer on the revenue and mcap fronts, it trails our identified peer set on the margin front as well.


Paradeep Phosphates IPO - Smallest of the Lot and Fairly Valued as Well

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paradeep-phosphates" target="_blank" data-smartkarma-citation="entities:35965:1" rel="noopener">Paradeep Phosphates (75690Z IN)</a> is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares. </li>
<li>Paradeep Phosphates (PP) is a fertilizer manufacturing company based in India. The firm engages in manufacturing, trading, distribution and sales of a variety of complex fertilizers.</li>
<li>While profitability improved, margins have fluctuated over the track period. Subsidies provide some downside risk protection from a raw mat price squeeze, however, MRP also limits the firm’s pricing power.</li>
</ul>



Paradeep Phosphates (75690Z IN) is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares. 
Paradeep Phosphates (PP) is a fertilizer manufacturing company based in India. The firm engages in manufacturing, trading, distribution and sales of a variety of complex fertilizers.
While profitability improved, margins have fluctuated over the track period. Subsidies provide some downside risk protection from a raw mat price squeeze, however, MRP also limits the firm’s pricing power.


Paradeep Phosphates IPO - Operates in a Regulated Industry and Hasn't Done Much over the past Decade

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.

Equity Bottom-Up

Coromandel International / Equity Bottom-Up

<div><ul><li>4QFY22 earnings beat our estimates - CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs, <span style="font-size: var(--content-font-size);">selective price increases, better outsourcing of raw material, mix management of raw material (while maintaining quality), and better capacity utilization.</span></li></ul><div><ul><li>Higher fertilizer margin drives operating performance - <span style="font-size: var(--content-font-size);">CRIN reported an overall revenue of INR42.3b (est. INR40.3b) in 4QFY22, up 44% YoY.</span></li></ul><div><div><div><ul><li>Highlights from the management commentary - <span style="font-size: var(--content-font-size);">Subsidy outstanding as of Mar'22 stood at INR2.94b (v/s INR5.9b in </span><span style="font-size: var(--content-font-size);">Mar'21).</span></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>

4QFY22 earnings beat our estimates - CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs, selective price increases, better outsourcing of raw material, mix management of raw material (while maintaining quality), and better capacity utilization.Higher fertilizer margin drives operating performance - CRIN reported an overall revenue of INR42.3b (est. INR40.3b) in 4QFY22, up 44% YoY.Highlights from the management commentary - Subsidy outstanding as of Mar'22 stood at INR2.94b (v/s INR5.9b in Mar'21).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.

Coromandel International - Backward Integration and Operating Leverage Drive EBIDTA

India

Coromandel International Ltd. manufactures fertilizers and pesticides.  The Company produces both chemical and organic fertilizers, insecticides, fungicides, herbcides, and plant biostimulant.

Coromandel International (CRIN IN)

Post Budget Analysis and Stock Ideas

The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium...

Axis Direct

Chemicals - Q3FY24 - Earnings Preview (Agro-Chem SpChem)

Specialty Chemicals: In Q3FY24, we expect specialty chemical companies under our coverage to give early signs of demand recovery but it is likely...

Axis Direct

Paradeep Phosphates IPO - Smallest of the Lot and Fairly Valued as Well

Paradeep Phosphates (75690Z IN) is looking to raise up to US$194m in its India IPO. At listing, PP would be the smallest peer on the revenue and...

Clarence Chu

Paradeep Phosphates IPO - Operates in a Regulated Industry and Hasn't Done Much over the past Decade

Paradeep Phosphates (75690Z IN) is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares.

Clarence Chu

Coromandel International - Backward Integration and Operating Leverage Drive EBIDTA

CRIN reported a better than expected operating performance despite rising input costs, due to backward integration, control on fixed costs,...

Motilal Oswal