External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

External broker reports(aggregated public sources)

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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

Gujarat Fluorochemicals / Equity Bottom-Up

<ul><li>Prabhudas Lilladher's research report onBritannia Industries We are increasing FY25/26 EPS estimates by 2.7/3.1% mainly factoring in 1) improved margin guidance following strong 4Q24 (absorbed 190bps PLI impact in base successfully) 2) Double digit volume growth guidance post elections and monsoons 3) improving innovations and faster growing adjacencies and market share gain in core categories.</li><li>BRIT has undertaken price actions (increased grammage) in several key brands, which enabled it to post ~5.5% volume growth while deflation in packaging cost and Palmoil enabled margin beat.</li><li>Innovation pipeline remains strong as BRIT launched Good Day (Fruit and Nut), Cake Rusk and Bourbon Milk shake even as earlier innovations like Jimjam Pops, Treat and 50-50 Gol Maal sustained traction.</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.

Prabhudas Lilladher's research report onBritannia Industries We are increasing FY25/26 EPS estimates by 2.7/3.1% mainly factoring in 1) improved margin guidance following strong 4Q24 (absorbed 190bps PLI impact in base successfully) 2) Double digit volume growth guidance post elections and monsoons 3) improving innovations and faster growing adjacencies and market share gain in core categories.BRIT has undertaken price actions (increased grammage) in several key brands, which enabled it to post ~5.5% volume growth while deflation in packaging cost and Palmoil enabled margin beat.Innovation pipeline remains strong as BRIT launched Good Day (Fruit and Nut), Cake Rusk and Bourbon Milk shake even as earlier innovations like Jimjam Pops, Treat and 50-50 Gol Maal sustained traction.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.

Gujarat Fluorochemicals (FLUOROCH IN) - In Line Performance

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Emkay Global Financial's research report onGujarat Fluorochemicals GFL’s Q4 EBITDA fell 54% YoY to Rs2.4bn (+15% QoQ) on sluggish performance in the bulk and fluorochemicals businesses.</li><li>Fluoropolymers business is seeing sequential recovery in volumes on a lower base.</li><li>Management expects to report FY25E EBITDA at Rs18-19bn, which we believe is farfetched; we factor-in ~Rs14bn in our estimates.</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.

Emkay Global Financial's research report onGujarat Fluorochemicals GFL’s Q4 EBITDA fell 54% YoY to Rs2.4bn (+15% QoQ) on sluggish performance in the bulk and fluorochemicals businesses.Fluoropolymers business is seeing sequential recovery in volumes on a lower base.Management expects to report FY25E EBITDA at Rs18-19bn, which we believe is farfetched; we factor-in ~Rs14bn in our estimates.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.

Gujarat Fluorochemicals - Farfetched Guidance and Modest Recovery

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

Ishares Global Consumer Disc / Technical Analysis

<ul>
<li>We are seeing some positive signals that suggest the lows for this bear market may have already been established, or at the very least, that downside is limited from here.</li>
<li>Still, YTD downtrends remain intact on the global MSCI equity indexes, and we need to see reversals of their downtrends in order to get more constructive at the index level.</li>
<li>Cyclical Growth Sectors continue to gain momentum and we are upgrading the MSCI ACWI Technology, Consumer Discretionary, and Communication Services Sectors from underweight to market weight. Add exposure.</li>
</ul>


We are seeing some positive signals that suggest the lows for this bear market may have already been established, or at the very least, that downside is limited from here.
Still, YTD downtrends remain intact on the global MSCI equity indexes, and we need to see reversals of their downtrends in order to get more constructive at the index level.
Cyclical Growth Sectors continue to gain momentum and we are upgrading the MSCI ACWI Technology, Consumer Discretionary, and Communication Services Sectors from underweight to market weight. Add exposure.


Positive Signals; Growth Sectors Gaining Momentum; Buy Ideas Within Global Growth Sectors

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Gujarat Fluorochemicals Ltd (GFCL) will likely benefit from rising demand / realisation for fluoropolymers.</li><li>Company is backward-integrated for most products, which enables it to expand capacity faster than global peers.</li><li>PTFE price increase is being reflected in export realisatons; PVDF and FKM product developments are moving in the right direction.</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.

Gujarat Fluorochemicals Ltd (GFCL) will likely benefit from rising demand / realisation for fluoropolymers.Company is backward-integrated for most products, which enables it to expand capacity faster than global peers.PTFE price increase is being reflected in export realisatons; PVDF and FKM product developments are moving in the right direction.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.

Gujarat Fluorochemicals: Fluoropolymer Opportunities Shaping up Well

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

The Indian mutual fund industry has assets of almost INR 7.93 trillion (US$106.3bn) across Multi cap, Large Cap, Large and Mid Cap, Mid Cap, Small Cap and Flexi Cap equity schemes. Equity schemes classified as large cap need to have at least 80% of their assets invested in large cap stocks, large and mid cap schemes need to have at least 35% of their assets in large cap stocks and at least 35% in mid cap stocks, mid cap funds need to hold at least 65% of their assets in mid cap stocks, and small cap funds need to hold at least 65% of their assets in small cap stocks. Flexi cap funds can invest across market caps.The Association of Mutual Funds in India (AMFI) publishes the list of the stocks in each market cap segment in January and July each year and mutual funds have one month to rebalance their portfolios to adhere to the new categorization.We are just past halfway through the review period for the second half of 2021. Using data to the close on 4 October, at the next recategorization in January 2022, we see 10 stocks moving from the mid cap segment to the large cap segment, 11 stocks moving from the large cap segment to the mid cap segment , 11 stocks are expected to move from the small cap segment to the mid cap segment, with16 stocks moving from the mid cap to the small cap segment. Zomato (ZOMATO IN) will be a part of the large cap universe, while 4 other newly listed stocks will be a part of the mid cap universe.Historically, stocks moving to a higher market cap category have outperformed stocks that migrate to a lower market cap category over the back half of the review period. In some cases, the outperformance continues past the announcement of the changes as well. This can be attributed to fund managers realigning their portfolios to meet the new categorization. This provides opportunities to pre-position for the move and unwind post the announcement of the reclassification.

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

India

Gujarat Fluorochemicals Ltd. manufactures chlorofluorocarbon refrigerant gases and anhydrous hydrofluoric acid. The Company also trades in Certified Emission Reduction, or carbon credits. Gujarat Flourochemicals owns and operates a chain of family entertainment centers and multiplex cinema theaters.

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

Gujarat Fluorochemicals (GFLC IN)

Gujarat Fluorochemicals (FLUOROCH IN) - In Line Performance

Prabhudas Lilladher's research report onBritannia Industries We are increasing FY25/26 EPS estimates by 2.7/3.1% mainly factoring in 1) improved...

Prabhudas Lilladhar

Gujarat Fluorochemicals - Farfetched Guidance and Modest Recovery

Emkay Global Financial's research report onGujarat Fluorochemicals GFL’s Q4 EBITDA fell 54% YoY to Rs2.4bn (+15% QoQ) on sluggish performance in...

Emkay

Positive Signals; Growth Sectors Gaining Momentum; Buy Ideas Within Global Growth Sectors

Starting to see positive signals that suggest downside is limited from here. Still, we need to see reversals of YTD downtrends on $ACWI $ACWX $EFA...

Vermilion Research

Gujarat Fluorochemicals: Fluoropolymer Opportunities Shaping up Well

Gujarat Fluorochemicals Ltd (GFCL) will likely benefit from rising demand / realisation for fluoropolymers.Company is backward-integrated for...

ICICI Securities Limited

India: Stock Reclassification & Active Portfolio Management (Dec 2021)

Halfway through the review period, we take a look at stocks that could migrate across the large, mid and small cap segments. With over US$100bn of...

Brian Freitas

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)