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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<p>Hindalco’s decision to acquire Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of Hindalco’s ‘Doubling the downstream’ strategy wherein the company has entailed a capex of US$1.1bn. The plant will also serve as an archetype for Hindalco's upcoming extrusions plant in Silvassa (Rs7.3bn capex for 34ktpa greenfield plant).</p><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>

Hindalco’s decision to acquire Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of Hindalco’s ‘Doubling the downstream’ strategy wherein the company has entailed a capex of US$1.1bn. The plant will also serve as an archetype for Hindalco's upcoming extrusions plant in Silvassa (Rs7.3bn capex for 34ktpa greenfield plant).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.

Look downstream, look converter series - Focus on downstream remains key to value creation

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>We raise HNDL's FY22/FY23 EBITDA estimate by 3%/7% Novelis, Hindalco's wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions.</p><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>

We raise HNDL's FY22/FY23 EBITDA estimate by 3%/7% Novelis, Hindalco's wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj for one-off income of USD47m) on the back of record-high margins of USD522/t (+2% QoQ). Novelis should see mix improvement in 2HFY22 and FY23 as the share of auto volumes should increase on account of capacity additions.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.

Hindalco Industries: Margin Outlook Remains Strong

External broker reports(aggregated public sources), SMC Global

SMC Online

<p>20.69% of total sales). Sales of Others segment has gone up 7.81% to Rs 69.00 crore Aluminium segment has gone up 12.64% to Rs 5,969.00 crore (accounting for 14.51% of total (accounting for 0.17% of total sales). Sales of Novelis segment has gone up 34.42% to Rs...</p><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>

20.69% of total sales). Sales of Others segment has gone up 7.81% to Rs 69.00 crore Aluminium segment has gone up 12.64% to Rs 5,969.00 crore (accounting for 14.51% of total (accounting for 0.17% of total sales). Sales of Novelis segment has gone up 34.42% to Rs...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.

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

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<h2>About India Channel Insight</h2>
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<p>Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  </p>
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<p>For this insight, we share our takeaways from interaction with two major consumer durable industry professionals. First, is the Co-founder of a well-known consumer brand that outsources and also imports some of the products. The second professional holds a leadership position in the second-largest durable manufacturer supplying to brands like <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN). </a></p>
<p>These takeaways will be interesting for investors in <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> , <a href="https://www.smartkarma.com/entities/voltas-ltd" target="_blank" data-smartkarma-citation="entities:19924:1" rel="noopener">Voltas Ltd (VOLT IN)</a>, <a href="https://www.smartkarma.com/entities/amber-enterprises-india-ltd" target="_blank" data-smartkarma-citation="entities:32202:1" rel="noopener">Amber Enterprises India (AMBER IN)</a> and <a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> </p>
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About India Channel Insight



Our objective with India Channel Insight is to share snippets from our channel interactions that are part of our research process. These snippets can potentially be signals for larger themes/ideas emerging out of these interactions.  


For this insight, we share our takeaways from interaction with two major consumer durable industry professionals. First, is the Co-founder of a well-known consumer brand that outsources and also imports some of the products. The second professional holds a leadership position in the second-largest durable manufacturer supplying to brands like Voltas Ltd (VOLT IN) and Havells India (HAVL IN). 
These takeaways will be interesting for investors in Havells India (HAVL IN) , Voltas Ltd (VOLT IN), Amber Enterprises India (AMBER IN) and Dixon Technologies India Ltd (DIXON IN) 



India Channel Insight | Supply Chain Interactions - Havells, Voltas, Amber, Dixon

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<p>In mid-December, eight trading days after Vedanta promotor Anil Agarwal said the promoter (Vedanta Resources, himself, the associated companies) had no plans at all to increase their stake in <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a> and no plans to make an Open Offer, the promoter launched a block bid to buy 4.98% in a post-market trade. The shares had climbed more than 50% in the previous two months to Rs 150/share, but the deal got done at Rs 160/share.</p><p>Less than three weeks later, two entities controlled by <a href="https://www.smartkarma.com/entities/vedanta-resources-limited" target="_blank" data-smartkarma-citation="entities:22202:1" rel="noopener">Vedanta Resources (VED LN)</a> announced an intention to conduct an Open Offer to buy another 10% of its main Indian-listed asset, VEDL at the same Rs. 160/share price as the clearing price. But by that time (9 January), the price had risen past Rs. 180/share as global market movements had propelled gains in cyclicals and commodity markets had propelled the underlying products.</p><p>But even then, VEDL was quite cheap on a relative basis. The question was about the nature of the Open Offer. Was it a <em>real</em> Open Offer?  Or was it designed for another purpose in mind? </p><p>We still do not know the answer, but on 18 February the stock reached a new 2-year intraday high, closing at Rs. 195+/share. </p><p>And VEDL is still not expensive vs peers. </p><p><strong>Q3 results at both HZ and at VEDL ex-HZ were great.</strong> VEDL ex-HZ Operating Income was the highest since March 2014, and VEDL ex-HZ Net Income in Q3 was the second highest non-accounting gimmick Net Income ever?</p><p><strong>Looking forward, consensus on VEDL is stale.</strong> It shows the largest negative number for VEDL ex-HZ OP in the modern VEDL era in Q4 this year despite strong commodity pricing.</p><p><strong>And VEDL still owes a lot of back dividends to its shareholders. </strong></p><p><strong>And we await the Open Offer details.</strong></p><p>This and a lot more below.</p>

In mid-December, eight trading days after Vedanta promotor Anil Agarwal said the promoter (Vedanta Resources, himself, the associated companies) had no plans at all to increase their stake in Vedanta Ltd (VEDL IN) and no plans to make an Open Offer, the promoter launched a block bid to buy 4.98% in a post-market trade. The shares had climbed more than 50% in the previous two months to Rs 150/share, but the deal got done at Rs 160/share.Less than three weeks later, two entities controlled by Vedanta Resources (VED LN) announced an intention to conduct an Open Offer to buy another 10% of its main Indian-listed asset, VEDL at the same Rs. 160/share price as the clearing price. But by that time (9 January), the price had risen past Rs. 180/share as global market movements had propelled gains in cyclicals and commodity markets had propelled the underlying products.But even then, VEDL was quite cheap on a relative basis. The question was about the nature of the Open Offer. Was it a real Open Offer?  Or was it designed for another purpose in mind? We still do not know the answer, but on 18 February the stock reached a new 2-year intraday high, closing at Rs. 195+/share. And VEDL is still not expensive vs peers. Q3 results at both HZ and at VEDL ex-HZ were great. VEDL ex-HZ Operating Income was the highest since March 2014, and VEDL ex-HZ Net Income in Q3 was the second highest non-accounting gimmick Net Income ever?Looking forward, consensus on VEDL is stale. It shows the largest negative number for VEDL ex-HZ OP in the modern VEDL era in Q4 this year despite strong commodity pricing.And VEDL still owes a lot of back dividends to its shareholders. And we await the Open Offer details.This and a lot more below.

Vedanta Soars Beyond Indicative Open Offer Level. Not Expensive

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.

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Hindalco Industries (HNDL IN)

Look downstream, look converter series - Focus on downstream remains key to value creation

Hindalco’s decision to acquire Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of...

ICICI Securities Limited

Hindalco Industries: Margin Outlook Remains Strong

We raise HNDL's FY22/FY23 EBITDA estimate by 3%/7%. Novelis, Hindalco's wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj...

Motilal Oswal

HINDALCO: 20.69% of total sales)

20.69% of total sales). Sales of Others segment has gone up 7.81% to Rs 69.00 crore Aluminium segment has gone up 12.64% to Rs 5,969.00 crore...

SMC Online

India Channel Insight | Supply Chain Interactions - Havells, Voltas, Amber, Dixon

We share our takeaways from interaction with consumer durable industry professionals. These takeaways will be interesting for investors invested or...

Pranav Bhavsar

Vedanta Soars Beyond Indicative Open Offer Level. Not Expensive

VEDL is STILL cheap to peers relative, on a stub basis, on a fundamental basis using current or forward EV/consensus EBIT or EBITDA. We await the...

Travis Lundy

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Look downstream, look converter series - Focus on downstream remains key to value creation

Hindalco’s decision to acquire Hydro&#x27;s aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of...

ICICI Securities Limited

Hindalco Industries: Margin Outlook Remains Strong

We raise HNDL's FY22/FY23 EBITDA estimate by 3%/7%. Novelis, Hindalco's wholly-owned subsidiary, reported record-high adj EBITDA of USD508m (adj...

Motilal Oswal

HINDALCO: 20.69% of total sales)

20.69% of total sales). Sales of Others segment has gone up 7.81% to Rs 69.00 crore Aluminium segment has gone up 12.64% to Rs 5,969.00 crore...

SMC Online

India Channel Insight | Supply Chain Interactions - Havells, Voltas, Amber, Dixon

We share our takeaways from interaction with consumer durable industry professionals. These takeaways will be interesting for investors invested or...

Pranav Bhavsar

Vedanta Soars Beyond Indicative Open Offer Level. Not Expensive

VEDL is STILL cheap to peers relative, on a stub basis, on a fundamental basis using current or forward EV/consensus EBIT or EBITDA. We await the...

Travis Lundy

Hindalco’s decision to acquire Hydro's aluminium extrusions business in India (Kuppam in AP) for Rs2.5bn falls within the envelope of...