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>Dalmia Bharat Cement (DBCL) – a wholly-owned subsidiary of the company, added 5.15 MTPA of Grinding Capacity (2.25 MTPA at Dalmia DSP Unit- II, near Cuttack (Odisha) and 2.9 MTPA at Murli Plant in Maharashtra) during the year.</li><li>The said expansion increased its total capacity to 35.9 MTPA in FY22 from 30.75 MTPA in FY21</li><li>We value the company at 10x FY24E EV/EBITDA to arrive at a target price of Rs 1,635/share implying an upside potential of 30% from the CMP and maintain our BUY rating on the stock.</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>

Dalmia Bharat Cement (DBCL) – a wholly-owned subsidiary of the company, added 5.15 MTPA of Grinding Capacity (2.25 MTPA at Dalmia DSP Unit- II, near Cuttack (Odisha) and 2.9 MTPA at Murli Plant in Maharashtra) during the year.The said expansion increased its total capacity to 35.9 MTPA in FY22 from 30.75 MTPA in FY21We value the company at 10x FY24E EV/EBITDA to arrive at a target price of Rs 1,635/share implying an upside potential of 30% from the CMP and maintain our BUY rating on the stock.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.

Dalmia Bharat Ltd: Gearing for the Next Phase of Growth; Cost Headwind a Concern

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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.

<div><div><div><ul><li>Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.</li><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.</li><li>Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin.</li></ul><ul style="list-style-type: none;"><li><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></li></ul></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>

Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin. 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.

HSIE Results Daily: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

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.

<ul><li>DALBHARA is a dominant player in East India with a clinker/grinding capacity share of 18%/17%.</li><li>The company will be a beneficiary of: 1) improved consolidation in the region, which should aid an improvement in Cement prices and 2) recent increase in Cement prices in East India.</li><li>The management has set yet another aggressive capacity addition target to emerge a pan-India player and achieve a grinding capacity of 110-130mtpa by CY31 (at a 14-15% CAGR)</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>

DALBHARA is a dominant player in East India with a clinker/grinding capacity share of 18%/17%.The company will be a beneficiary of: 1) improved consolidation in the region, which should aid an improvement in Cement prices and 2) recent increase in Cement prices in East India.The management has set yet another aggressive capacity addition target to emerge a pan-India player and achieve a grinding capacity of 110-130mtpa by CY31 (at a 14-15% CAGR)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.

Dalmia Bharat: Growth Insights Are in Place; Valuations Attractive

Thematic (Sector/Industry)

<ul>
<li>After a subdued Q3FY22, cement demand witnessed an uptick in the month of Jan’22</li>
<li>While demand in Feb’22 stood a little softer on account of the election in key states of UP and Punjab, it recovered sharply in Mar’22,</li>
<li>We remain constructive on the growth of the cement sector from the medium to long term.</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>


After a subdued Q3FY22, cement demand witnessed an uptick in the month of Jan’22
While demand in Feb’22 stood a little softer on account of the election in key states of UP and Punjab, it recovered sharply in Mar’22,
We remain constructive on the growth of the cement sector from the medium to long term.

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.

Cement: Higher Costs to Impact Margins, Demand Outlook Positive

<ul>
<li>We roll over our estimate to FY24E and value the company at 11x FY24E EV/EBITDA, to arrive at a target price of Rs1945/share. This implies an upside of 9% from the CMP and hence we change our rating from BUY to HOLD.</li>
<li>Dalmia Bharat Limited (DBL) reported flat revenue for Q3fY22 (based on restated financials) YoY. The company registered a volume of 5.7 million tonnes per annum (mntpa) against 5.8 mntpa YoY, implying a volume de-growth of 2%, primarily owing to subdued demand.</li>
<li>Its EBITDA degrew by 40% on account of higher power/fuel cost and lower realization. Power/fuel cost on a per tonne basis was up 36% while realization contracted by 3%YoY. APAT declined by 48% owing to lower realization and higher costs.</li>
<li 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></li>
</ul>


We roll over our estimate to FY24E and value the company at 11x FY24E EV/EBITDA, to arrive at a target price of Rs1945/share. This implies an upside of 9% from the CMP and hence we change our rating from BUY to HOLD.
Dalmia Bharat Limited (DBL) reported flat revenue for Q3fY22 (based on restated financials) YoY. The company registered a volume of 5.7 million tonnes per annum (mntpa) against 5.8 mntpa YoY, implying a volume de-growth of 2%, primarily owing to subdued demand.
Its EBITDA degrew by 40% on account of higher power/fuel cost and lower realization. Power/fuel cost on a per tonne basis was up 36% while realization contracted by 3%YoY. APAT declined by 48% owing to lower realization and higher costs.
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.


Dalmia Bharat: Weak Q3; Higher Realization and Demand Key Monitorables

India

Dalmia Bharat Limited holds cement and power businesses. The Company's interests include cement, power and refractory businesses.

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Dalmia Bharat (DALBHARA IN)

Dalmia Bharat Ltd: Gearing for the Next Phase of Growth; Cost Headwind a Concern

We value the company at 10x FY24E EV/EBITDA to arrive at a target price of Rs 1,635/share implying an upside potential of 30% from the CMP and...

Axis Direct

HSIE Results Daily: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

Asian Paints’ (APNT) Q4 performance was broadly in line. Sales growth, at 18.7% (three year CAGR: 17%), marginally exceeded expectations (+3% vs...

HDFC Securities

Dalmia Bharat: Growth Insights Are in Place; Valuations Attractive

DALBHARA is a dominant player in East India with a clinker/grinding capacity share of 18%/17%.The company will be a beneficiary of: 1) improved...

Motilal Oswal

Cement: Higher Costs to Impact Margins, Demand Outlook Positive

After a subdued Q3FY22, cement demand witnessed an uptick in the month of Jan’22. While demand in Feb’22 stood a little softer on account of the...

Axis Direct

Dalmia Bharat: Weak Q3; Higher Realization and Demand Key Monitorables

We roll over our estimate to FY24E and value the company at 11x FY24E EV/EBITDA, to arrive at a target price of Rs1945/share. This implies an...

Axis Direct

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