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.

Thematic (Sector/Industry)

<ul><li>ITC: ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%</li><li>Cigarette net revenue/EBIT growth was at 11% each, with volume growth at c.8% (4% four-year CAGR)</li><li>The relative stability in taxes backed by deterrent action by agencies on illicit trade continued to support cigarette recovery</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.

ITC: ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%Cigarette net revenue/EBIT growth was at 11% each, with volume growth at c.8% (4% four-year CAGR)The relative stability in taxes backed by deterrent action by agencies on illicit trade continued to support cigarette recoveryContent 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.

HSIE Results Daily: ITC, ONGC, Crompton Consumer, TTK Prestige, Galaxy Surfactants

APAC IPOs & Placements, Aequitas Research

Ethan Aw

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

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<li>
<a href="https://www.smartkarma.com/entities/r-r-kabel" target="_blank" data-smartkarma-citation="entities:39810:1" rel="noopener">R R Kabel (2333180Z IN)</a> is looking to raise about US$200m in its upcoming India IPO. </li>
<li>R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG). </li>
<li>R R Kabel registered strong earnings growth on the back of growth in the volume of wires and cables sold. However, the lack of commodity hedging affected the firm’s margins.  </li>
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R R Kabel (2333180Z IN) is looking to raise about US$200m in its upcoming India IPO. 
R R Kabel is an Indian consumer electrical company, which primarily sells wires, cables and fast moving electrical goods (FMEG). 
R R Kabel registered strong earnings growth on the back of growth in the volume of wires and cables sold. However, the lack of commodity hedging affected the firm’s margins.  


R R Kabel Pre-IPO - Strong Earnings Growth but Competition Seems Stiff

<ul><li>Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)</li><li>The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actions</li><li>In addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)</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.

Unseasonal rains disrupt sale of summer products, aggregate revenue YoY/four-year CAGR at 6/8%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly/Sunflame acquisition) of 6/8% in Q1FY24 (vs 63/10% in Q1FY23 and 5/11% in Q4FY23)The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the pyramid), and pricing actionsIn addition to this, unseasonal rains during peak summer months disrupted sales of cooling products (room AC, air coolers, fans, etc.)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.

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

<ul><li>Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capex</li><li>Q4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segment</li><li>Reported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</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.

Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capexQ4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segmentReported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentContent 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.

HSIE Results Daily: Bharat Petroleum Corporation, Gail (India), Vinati Organics

<ul><li>Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)</li><li>Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segment</li><li>Moreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)</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.

Delayed summer/low primary sales of rated fans to impact Q4 print, aggregate revenue YoY/four-year CAGR at 7/11%: Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in Q4FY22 and 7/10% in Q3FY23)Demand softness seen in the post-festive season in Q3FY23 has sustained in Q4FY23 as well on account of weak consumer sentiment and an inflationary environment, more so in the economy segmentMoreover, delayed summer during the quarter further impacted the sale of cooling products (room AC, air coolers, fans, etc.)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.

Consumer Durables - Delayed Summer Season to Impact Q4FY23 Print

India

Crompton Greaves Consumer Electricals Limited manufactures consumer electrical products. The Company offers fans, lamps, luminaires, and pumps, as well as a variety of other household appliances.

Crompton Greaves Consumer Electricals (CROMPTON IN)

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Crompton Greaves Consumer Electricals (CROMPTON IN)

HSIE Results Daily: ITC, ONGC, Crompton Consumer, TTK Prestige, Galaxy Surfactants

ITC’s Q1 print was operationally in line, with EBITDA/APAT growing by 11/18% vs the expectation of 11/16%C. igarette net revenue/EBIT growth was at...

HDFC Securities

R R Kabel Pre-IPO - Strong Earnings Growth but Competition Seems Stiff

R R Kabel (2333180Z IN) is looking to raise about US$200m in its upcoming India IPO. R R Kabel registered strong earnings growth on the back of...

Ethan Aw

Consumer Durables - Unseasonal Rains Add to a Volatile Demand Environment

The demand environment continues to remain volatile given rating change (fans and RAC), softness in consumer sentiment (largely bottom of the...

HDFC Securities

HSIE Results Daily: Bharat Petroleum Corporation, Gail (India), Vinati Organics

Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated...

HDFC Securities

Consumer Durables - Delayed Summer Season to Impact Q4FY23 Print

Our appliances coverage universe is expected to deliver revenue YoY/four-year CAGR (ex-Butterfly acquisition) of 7/11% in Q4FY23 (vs 14/11% in...

HDFC Securities

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