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.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Summary of change in recommendation of our coverage universe: We have cut targets prices for our covered companies by 10-30% on account of reduced earnings expectations as well as lower target multiples.</li></ul><div><div><div><div><ul><li>Near term earnings outlook weak and positive triggers missing: We expect earnings to remain weak for the cement sector for the next two quarters on account of elevated costs and weak realizations amid a seasonally weak demand period.</li></ul><div><div><div><div><ul><li>Reversal in coal and crude prices can offer some solace: We believe that high competitive intensity will subside once the inflationary pressures recede and hence reversal of higher coal and crude prices is important.</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>

Summary of change in recommendation of our coverage universe: We have cut targets prices for our covered companies by 10-30% on account of reduced earnings expectations as well as lower target multiples.Near term earnings outlook weak and positive triggers missing: We expect earnings to remain weak for the cement sector for the next two quarters on account of elevated costs and weak realizations amid a seasonally weak demand period.Reversal in coal and crude prices can offer some solace: We believe that high competitive intensity will subside once the inflationary pressures recede and hence reversal of higher coal and crude prices is important.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 Sector - Headwinds Galore; Turning 'neutral' on the Sector

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>JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a lower TP of INR 2,485 (11.5x Mar-23E consolidated EBITDA).</li></ul><div><div><ul><li>The Ramco Cements: We maintain ADD on The Ramco Cements (TRCL), with a revised target price of INR 745/share (13x Mar-24E EBITDA).</li><li>Nuvoco Vistas: We maintain BUY on Nuvoco Vistas, with an unchanged TP of INR 620/share (11x its consolidated Mar-24E EBITDA).</li></ul><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>

JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a lower TP of INR 2,485 (11.5x Mar-23E consolidated EBITDA).The Ramco Cements: We maintain ADD on The Ramco Cements (TRCL), with a revised target price of INR 745/share (13x Mar-24E EBITDA).Nuvoco Vistas: We maintain BUY on Nuvoco Vistas, with an unchanged TP of INR 620/share (11x its consolidated Mar-24E EBITDA).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: JK Cement, The Ramco Cements, Nuvoco Vistas, Heidelberg Cement, Karur Vysya Bank

Equity Bottom-Up

Heidelberg Cement India / Equity Bottom-Up

<div><div><div><div><ul><li>4QFY22 performance: HEIM reported adjusted revenue of Rs5.99bn, flat YoY and 2% ahead of our estimate.</li></ul><div><div><div><div><ul><li>Volume at 1.23mn mt came in 2.7% ahead of our estimate whereas realization was 1% lower than estimate.</li></ul><div><div><div><div><ul><li>Capex plans: As mentioned earlier, significant long-term capex plans are missing, and the company is focusing on increasing capacity marginally through debottlenecking.</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>

4QFY22 performance: HEIM reported adjusted revenue of Rs5.99bn, flat YoY and 2% ahead of our estimate.Volume at 1.23mn mt came in 2.7% ahead of our estimate whereas realization was 1% lower than estimate.Capex plans: As mentioned earlier, significant long-term capex plans are missing, and the company is focusing on increasing capacity marginally through debottlenecking.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.

Heidelberg Cement India Ltd - Capex Visibility Still Missing

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>Heidelberg Cement reported Q4FY22 Revenue growth of 3% YoY but Volume /EBITDA/APAT degrowth of 1%/22%/33% YoY. </li><li>We value the company at 8x FY24 EV/EBITDA and roll over our estimates to FY24 to arrive at TP of Rs 205/share, implying an upside of 9% from the current level</li><li>We maintain our HOLD 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>

Heidelberg Cement reported Q4FY22 Revenue growth of 3% YoY but Volume /EBITDA/APAT degrowth of 1%/22%/33% YoY. We value the company at 8x FY24 EV/EBITDA and roll over our estimates to FY24 to arrive at TP of Rs 205/share, implying an upside of 9% from the current levelWe maintain our HOLD 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.

Heidelberg Cement India: Inline Result; Cost Pressure to Sustain

<ul><li>Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.</li><li>During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.</li><li>While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.</li><li>Given the sharp...(continued).</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>

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid acute inflationary cost environment.During the quarter, demand growth was sluggish (on a high base of last year) and companies tried to meet year-end volume targets in a weaker demand scenario, resulting in pressure on pricing.While prices increased on QoQ as well as YoY basis, growth was not enough to restore industry margins to optimal levels.Given the sharp...(continued).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 Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

India

Heidelbergcement India Ltd. manufactures portland slag cement and portland pozzolana cement.

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Heidelberg Cement India (HEIM IN)

Cement Sector - Headwinds Galore; Turning 'neutral' on the Sector

We are turning ‘neutral’ on the cement sector as we believe that there are multiple headwinds, which will inhibit earnings growth and in turn lead...

Nirmal Bang

HSIE Results Daily: JK Cement, The Ramco Cements, Nuvoco Vistas, Heidelberg Cement, Karur Vysya Bank

JK Cement: We maintain our REDUCE rating on JK Cement (JKCE), with a lower TP of INR 2,485 (11.5x Mar-23E consolidated EBITDA).

HDFC Securities

Heidelberg Cement India Ltd - Capex Visibility Still Missing

Heidelberg Cement (HEIM) reported marginally better set of numbers for 4QFY22 as adjusted EBITDA at Rs980mn was in line with consensus estimate and...

Nirmal Bang

Heidelberg Cement India: Inline Result; Cost Pressure to Sustain

We value the company at 8x FY24 EV/EBITDA and roll over our estimates to FY24 to arrive at TP of Rs 205/share, implying an upside of 9% from the...

Axis Direct

Cement Sector- 4QFY22 Earnings Preview- Steady performance expected amid severe cost inflation

Steady performance expected amid severe cost inflation 4QFY22 earnings of the cement sector will be characterized by the resilience of margins amid...

Nirmal Bang

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