External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Coromandel International / Equity Bottom-Up

<div><div><div><div><ul><li>Revenue at Rs42.27bn was 14% below NBIE estimate: EBITDA margin at 9% was a beat on our estimate of 4.8% due to higher-than-expected gross margin of 25.7% - a beat of 668bps.</li></ul><div><div><div><div><ul><li>4QFY22 revenue was up 48% YoY: Nutrient segment’s revenue was up 55.8% YoY at Rs36.82bn, a miss of 13.3% compared toth NBIE estimate of Rs42.47bn.</li></ul><div><div><div><div><ul><li>EBITDA margin beats NBIE est. by 418bps, but down 15bps YoY at 9%</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>

Revenue at Rs42.27bn was 14% below NBIE estimate: EBITDA margin at 9% was a beat on our estimate of 4.8% due to higher-than-expected gross margin of 25.7% - a beat of 668bps.4QFY22 revenue was up 48% YoY: Nutrient segment’s revenue was up 55.8% YoY at Rs36.82bn, a miss of 13.3% compared toth NBIE estimate of Rs42.47bn.EBITDA margin beats NBIE est. by 418bps, but down 15bps YoY at 9%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 - Maintain Buy Despite Interim Worries on Input Costs

Thematic (Sector/Industry)

<ul>
<li>Potential deflation in input costs is margin accretive for Indian CPC stocks.</li>
<li>FY23 fertilizer subsidy may touch Rs1.75-Rs2trn.</li>
<li>IMD forecast for South West Monsoon an added catalyst.</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>


Potential deflation in input costs is margin accretive for Indian CPC stocks.
FY23 fertilizer subsidy may touch Rs1.75-Rs2trn.
IMD forecast for South West Monsoon an added catalyst.

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.

Chemical Sector- Indian Met Forecast Positive for Kharif Prospects Facing with High Input Costs

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.

<p>In this note we have analyzed the volume performance for CRIN in 3QFY22, the trend in its key RMs, Rabi sowing in its key markets, and capacity expansion in sulfuric acid. The key insights are highlighted below:...</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>

In this note we have analyzed the volume performance for CRIN in 3QFY22, the trend in its key RMs, Rabi sowing in its key markets, and capacity expansion in sulfuric acid. The key insights are highlighted below:...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.

Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

<p>The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. </p>
<p>Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.</p>

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.  </p>

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications. Materials remains an attractive cyclical value Sector as both price and RS show signs of bottoming -- add exposure. In this report we offer a number of attractive set ups with the EM universe across sectors.  

Global Equity Chart Book: Stick With EM Over EAFE

India

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

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Coromandel International (CRIN IN)

Coromandel International - Maintain Buy Despite Interim Worries on Input Costs

We maintain Buy on Coromandel International (CRIN) based on the revised target price (TP) of Rs1,058 on the back of 10.4%/5.2% increase in FY23E...

Nirmal Bang

Chemical Sector- Indian Met Forecast Positive for Kharif Prospects Facing with High Input Costs

The Indian Agrochemicals sector looks better off compared to the prospects for exports in FY23. This is based on potential divergence in volume...

Nirmal Bang

Near-term challenges on higher RM

In this note we have analyzed the volume performance for CRIN in 3QFY22, the trend in its key RMs, Rabi sowing in its key markets, and capacity...

Motilal Oswal

Review for the Year 2020

We review our entire cloud of insights covered in 2020, and give a snapshot of how did they pay out in the market, including future prospects.

Nitin Mangal

Global Equity Chart Book: Stick With EM Over EAFE

With RS uptrends intact we continue to recommend Sector overweights to MSCI EM Technology, Consumer Discretionary, Health Care, and Communications....

Vermilion Research

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