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

Endurance Technologies Ltd / Equity Bottom-Up

<ul><li>Endurance Technologies’ (ENDU) consolidated revenue came in above our estimate by ~15%, mainly on the back of higher realizations following price hikes.</li></ul><div><div><div><div><ul><li>Increase in content per vehicle due to premiumisation in the suspension business, new growth opportunities due to import substitution &amp; regulatory tailwinds (alloy wheels and disc brakes), new products like ABS, growing orders in fully machined casting from automotive &amp; non-auto companies and a sharper focus on aftermarket (recently entered tyre distribution business) are the growth levers going forward. ENDU’s wallet share across OEMs has been gradually rising via cross-selling of new products.</li></ul><div><div><div><div><ul><li>EV order wins remain key: ENDU is in an advanced stage of discussion with start-ups, in addition to the existing OEMs, to supply them EV products</li></ul></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>

Endurance Technologies’ (ENDU) consolidated revenue came in above our estimate by ~15%, mainly on the back of higher realizations following price hikes.Increase in content per vehicle due to premiumisation in the suspension business, new growth opportunities due to import substitution &amp; regulatory tailwinds (alloy wheels and disc brakes), new products like ABS, growing orders in fully machined casting from automotive &amp; non-auto companies and a sharper focus on aftermarket (recently entered tyre distribution business) are the growth levers going forward. ENDU’s wallet share across OEMs has been gradually rising via cross-selling of new products.EV order wins remain key: ENDU is in an advanced stage of discussion with start-ups, in addition to the existing OEMs, to supply them EV productsContent 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.

Endurance Technologies  - Multiple Growth Levers to Drive Industry Outperformance

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.

<ul><li><span style="font-size: var(--content-font-size);">Domestic business sees strong growth momentum in key segments</span></li></ul><div><div><ul><li>New order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, <span style="font-size: var(--content-font-size);">(1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.</span></li></ul><div><div><div><ul><li>Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.</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>

Domestic business sees strong growth momentum in key segmentsNew order wins to drive strong export growth - BHFC’s strong export momentum is likely to continue over FY22-24E, (1) strong demand in CV segment, both in the US and Europe, which would be visible in BHFC numbers as the chip shortage impact gradually wanes away in the coming quarters; (2) new order wins in PVs (management has guided for 30% growth in FY23E); (3) huge opportunities in renewable business globally in multiple sectors and stable demand from oil and gas segment.Subsidiary business performance likely to improve further - Post the restructuring of overseas subsidiaries, its margin has improved to 10% in FY22, from 5% in FY21.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 Forge (Initiating Coverage): Multiple Growth Drivers in Place. BUY

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>Endurance Technologies Ltd. (ENDU) reported a subdued Q3FY22 performance, primarily impacted due to the weak 2W demand in India</li><li>The consolidated revenue stood at Rs 1,889 Cr (our estimate – Rs 1,775 Cr), down 7% YoY</li><li>We maintain a BUY rating on the stock and value it at 27x FY24E P/E to arrive at a target price of Rs 1,750/share (Rs 2,000/share earlier), implying an upside of 20% from CMP.</li></ul><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>

Endurance Technologies Ltd. (ENDU) reported a subdued Q3FY22 performance, primarily impacted due to the weak 2W demand in IndiaThe consolidated revenue stood at Rs 1,889 Cr (our estimate – Rs 1,775 Cr), down 7% YoYWe maintain a BUY rating on the stock and value it at 27x FY24E P/E to arrive at a target price of Rs 1,750/share (Rs 2,000/share earlier), implying an upside of 20% from CMP.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.

Endurance Technologies: A Subdued Quarter; Margins Impacted Due to Multiple Headwinds

<ul><li>Endurance Technologies Ltd. (ENDU) reported a subdued Q2FY22 performance, primarily due to the steep decline in Europe PV production and RM cost pressures on the domestic side.</li><li>ENDU has been a leading auto ancillary with expertise in manufacturing technology-oriented products viz., Aluminium casting, Suspension, Braking System, and Transmission</li><li>We maintain a BUY rating on the stock and value it at 30x FY23E P/E to arrive at a target price of Rs 2,000/share, implying an upside of 10% from CMP.</li></ul><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>

Endurance Technologies Ltd. (ENDU) reported a subdued Q2FY22 performance, primarily due to the steep decline in Europe PV production and RM cost pressures on the domestic side.ENDU has been a leading auto ancillary with expertise in manufacturing technology-oriented products viz., Aluminium casting, Suspension, Braking System, and TransmissionWe maintain a BUY rating on the stock and value it at 30x FY23E P/E to arrive at a target price of Rs 2,000/share, implying an upside of 10% from CMP.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.

Endurance Technologies: Fundamentals Remain Intact Despite A Subdued Quarter

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Sona Blw Precision Forgings Lt / Equity Capital Markets

<p>Sona Comstar (Sona) aims to raise around US$761m in its Indian IPO. The company is backed by Blackstone, which held a 66.2% stake prior to listing.</p><p>Sona is an automotive technology company, designing, manufacturing and supplying highly engineered, mission critical automotive systems and components to automotive OEMs across US, Europe, India and China, for both electrified and non-electrified powertrain segments.</p><p>Sona delivered a steady performance in 2019 with revenue up 16.6% and PAT up 24.1%. However, its revenue fell by 14.5% in FY20, although it still managed to grow its PAT by 4%. It registered a strong bounce bank in FY21 with 28.4% revenue growth but PAT was flat.</p><p>While the company enjoys a long customer relationship, its largest customers haven’t consistently grown their contribution to revenue over the past few years.</p><p>We have covered the deal background in our earlier note, <a href="https://www.smartkarma.com/insights/sona-comstar-pre-ipo-inconsistent-growth-patchy-disclosures" target="_blank" rel="noopener">Sona Comstar Pre-IPO - Inconsistent growth, patchy disclosures. </a></p><p>In this note, we will talk about the recent updates and run the deal through our ECM framework.</p>

Sona Comstar (Sona) aims to raise around US$761m in its Indian IPO. The company is backed by Blackstone, which held a 66.2% stake prior to listing.Sona is an automotive technology company, designing, manufacturing and supplying highly engineered, mission critical automotive systems and components to automotive OEMs across US, Europe, India and China, for both electrified and non-electrified powertrain segments.Sona delivered a steady performance in 2019 with revenue up 16.6% and PAT up 24.1%. However, its revenue fell by 14.5% in FY20, although it still managed to grow its PAT by 4%. It registered a strong bounce bank in FY21 with 28.4% revenue growth but PAT was flat.While the company enjoys a long customer relationship, its largest customers haven’t consistently grown their contribution to revenue over the past few years.We have covered the deal background in our earlier note, Sona Comstar Pre-IPO - Inconsistent growth, patchy disclosures. In this note, we will talk about the recent updates and run the deal through our ECM framework.

Sona Comstar - Has Its Positives, but We Remain Unconvinced

India

Endurance Technologies Limited designs, develops, manufactures, and exports auto parts. The Company provides casting, suspension, transmission, and braking products for the automobile industry. Endurance Technologies conducts business worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Endurance Technologies Ltd (ENDU IN)

Endurance Technologies - Multiple Growth Levers to Drive Industry Outperformance

Endurance Technologies’ (ENDU) consolidated revenue came in above our estimate by ~15%, mainly on the back of higher realizations following price...

Nirmal Bang

Bharat Forge (Initiating Coverage): Multiple Growth Drivers in Place. BUY

BHFC’s recent stock underperformance has been attributed to: (1) concerns around slowdown in Europe and US amid geopolitical tensions

HDFC Securities

Endurance Technologies: A Subdued Quarter; Margins Impacted Due to Multiple Headwinds

We maintain a BUY rating on the stock and value it at 27x FY24E P/E to arrive at a target price of Rs 1,750/share (Rs 2,000/share earlier),...

Axis Direct

Endurance Technologies: Fundamentals Remain Intact Despite A Subdued Quarter

We maintain a BUY rating on the stock and value it at 30x FY23E P/E to arrive at a target price of Rs 2,000/share, implying an upside of 10% from CMP.

Axis Direct

Sona Comstar - Has Its Positives, but We Remain Unconvinced

Sona Comstar aims to raise around US$761m in its Indian IPO. The company is backed by Blackstone, which held a 66.2% stake prior to listing.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)