Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Eternal, Hindalco Industries, Mahindra &amp; Mahindra, State Bank of India, HDFC Bank, Adani Enterprises, ICICI Bank, State Bank Of India, Hdfc Bank, Hindalco Industries.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Eternal, Hindalco Industries, Mahindra &amp; Mahindra, State Bank of India, HDFC Bank, Adani Enterprises, ICICI Bank, State Bank Of India, Hdfc Bank, Hindalco Industries.


NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

<ul>
<li>Vertically integrated Inner Mongolia smelter with second-quartile cost positioning, expanding renewables and alumina self-sufficiency, and entering overseas low-carbon production via its Saudi project.</li>
<li>FY24 margins inflected sharply; mid-cycle valuation implies material upside with strong sensitivity to aluminium pricing and structural demand drivers including AI datacentres, EVs, and grid expansion.</li>
<li>Base-Case Target Price HK$18.6 (24% upside); bull-case HK$22.1; bear-case HK$16.9, supported by integrated operations and medium-term EBITDA expansion potential.</li>
</ul>


Vertically integrated Inner Mongolia smelter with second-quartile cost positioning, expanding renewables and alumina self-sufficiency, and entering overseas low-carbon production via its Saudi project.
FY24 margins inflected sharply; mid-cycle valuation implies material upside with strong sensitivity to aluminium pricing and structural demand drivers including AI datacentres, EVs, and grid expansion.
Base-Case Target Price HK$18.6 (24% upside); bull-case HK$22.1; bear-case HK$16.9, supported by integrated operations and medium-term EBITDA expansion potential.


Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility

<ul>
<li>We analysed the earning revision of component stocks of NIFTY in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors, HDFC Bank, Coal India, Eternal, Hdfc Bank, Icici Bank, Infosys, Tata Motors, Coal India, Jsw Steel.</li>
</ul>


We analysed the earning revision of component stocks of NIFTY in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors, HDFC Bank, Coal India, Eternal, Hdfc Bank, Icici Bank, Infosys, Tata Motors, Coal India, Jsw Steel.


NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors

<ul>
<li>ESG Premium Anchored: 100% hydro power + FTSE4Good inclusion support Press Metal’s 12× EV/EBITDA multiple, in line with Norsk Hydro.</li>
<li>Commodity Torque: Earnings highly leveraged to LME aluminium (~RM0.2 bn EBITDA shift per US$100/t); current base case assumes US$2,650/t.</li>
<li>Valuation Balance: SoTP fair value MYR 6.5–6.9/share (~10–15% upside); without ESG uplift, fair value reverts to ~MYR 5.0–5.2/share.</li>
</ul>


ESG Premium Anchored: 100% hydro power + FTSE4Good inclusion support Press Metal’s 12× EV/EBITDA multiple, in line with Norsk Hydro.
Commodity Torque: Earnings highly leveraged to LME aluminium (~RM0.2 bn EBITDA shift per US$100/t); current base case assumes US$2,650/t.
Valuation Balance: SoTP fair value MYR 6.5–6.9/share (~10–15% upside); without ESG uplift, fair value reverts to ~MYR 5.0–5.2/share.


Press Metal: ESG Premium Vs. Aluminium Price Torque

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.</li>
<li>Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. </li>
<li>At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.</li>
</ul>


The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.
Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. 
At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.


India

Hindalco Industries Limited is an Indian aluminium and copper manufacturing company, and a subsidiary of the Aditya Birla Group. It is a major producer of primary aluminium, flat-rolled products, extrusions, and foils, and also manufactures copper cathodes and continuous cast copper rods. The company is headquartered in Mumbai, Maharashtra, India, and was founded in 1958.

Price Gauge
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Hindalco Industries (HNDL IN)

NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

We analyzed NIFTY's consensus for Nov 2025 and highlighted changes of EPS in Eternal (ETERNAL IN), Hindalco Industries (HNDL IN), Mahindra &...

Ke Yan, CFA, FRM

Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility

Inner Mongolia smelter poised for growth with renewables expansion and overseas projects, FY24 margins strong with potential upside in aluminium...

Rahul Jain

NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors

We analyzed NIFTY's consensus for Oct 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), JSW Steel (JSTL IN), ICICI Bank (ICICIBC...

Ke Yan, CFA, FRM

Press Metal: ESG Premium Vs. Aluminium Price Torque

Press Metal's ESG focus and inclusion in FTSE4Good drive valuation, with potential upside based on commodity prices and sustainability factors.

Rahul Jain

India & China – Rekindling Brotherhood

India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...

Pranav Bhavsar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NIFTY Index Earning Revision (Nov): Eternal, Hindalco Industries, Mahindra & Mahindra

We analyzed NIFTY's consensus for Nov 2025 and highlighted changes of EPS in Eternal (ETERNAL IN), Hindalco Industries (HNDL IN), Mahindra &...

Ke Yan, CFA, FRM

Chuangxin Industries: Buy – Attractive Cost Positioning and Medium-Term Growth Visibility

​Inner Mongolia smelter poised for growth with renewables expansion and overseas projects, FY24 margins strong with potential upside in aluminium...

Rahul Jain

NIFTY Index Earning Revision (Oct): Adani Enterprises, JSW Steel, ICICI Bank, Infosys, Tata Motors

We analyzed NIFTY's consensus for Oct 2025 and highlighted changes of EPS in Adani Enterprises (ADE/S IN), JSW Steel (JSTL IN), ICICI Bank (ICICIBC...

Ke Yan, CFA, FRM

Press Metal: ESG Premium Vs. Aluminium Price Torque

​Press Metal's ESG focus and inclusion in FTSE4Good drive valuation, with potential upside based on commodity prices and sustainability factors.

Rahul Jain

India & China – Rekindling Brotherhood

​India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...

Pranav Bhavsar

Inner Mongolia smelter poised for growth with renewables expansion and overseas projects, FY24 margins strong with potential upside in aluminium...

Press Metal's ESG focus and inclusion in FTSE4Good drive valuation, with potential upside based on commodity prices and sustainability factors.

India-China relations have seen a notable improvement, but India still struggles with trade deficit and dependence on Chinese imports, giving...