External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<div><div><div><div><ul style="list-style-type: disc;"><li><p>Novelis (Results reported on 11th May): EBITDA/tonne declined to $437/tonne (Q3FY22 at $544 and Q4FY21 at $514/tonne).</p></li><li><p>Aluminium India: EBITDA stood at a record high at Rs 4,050 Cr, up 123% YoY and 20% QoQ and stood ahead of our estimate by 5% led by higher realised prices, higher sales volume (Q4FY22: 336kt, Q3FY22 at 325kt and Q4FY21 at 329kt and higher VAP sales (Q4FY22: 93kt, Q3FY22 at 86kt and Q4FY21 at 92kt).</p></li><li><p>Copper India: EBITDA stood at Rs 387 Cr up 20% YoY and flat QoQ due to operational efficiencies and improved by-product realizations.</p></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></div></div></div></div>

Novelis (Results reported on 11th May): EBITDA/tonne declined to $437/tonne (Q3FY22 at $544 and Q4FY21 at $514/tonne).Aluminium India: EBITDA stood at a record high at Rs 4,050 Cr, up 123% YoY and 20% QoQ and stood ahead of our estimate by 5% led by higher realised prices, higher sales volume (Q4FY22: 336kt, Q3FY22 at 325kt and Q4FY21 at 329kt and higher VAP sales (Q4FY22: 93kt, Q3FY22 at 86kt and Q4FY21 at 92kt).Copper India: EBITDA stood at Rs 387 Cr up 20% YoY and flat QoQ due to operational efficiencies and improved by-product realizations.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 Ltd - Prudent Capex Amidst Macro Risks; Retain BUY with Lower TP

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Paradeep Phosphates / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paradeep-phosphates" target="_blank" data-smartkarma-citation="entities:35965:1" rel="noopener">Paradeep Phosphates (75690Z IN)</a> is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares.</li>
<li>Paradeep Phosphates (PP) is a fertilizer manufacturing company based in India. The firm engages in manufacturing, trading, distribution and sales of a variety of complex fertilizers.</li>
<li>At listing, while PP would be the smallest peer on the revenue and mcap fronts, it trails our identified peer set on the margin front as well.</li>
</ul>



Paradeep Phosphates (75690Z IN) is looking to raise up to US$194m in its India IPO. The IPO will consist of a mix of primary and secondary shares.
Paradeep Phosphates (PP) is a fertilizer manufacturing company based in India. The firm engages in manufacturing, trading, distribution and sales of a variety of complex fertilizers.
At listing, while PP would be the smallest peer on the revenue and mcap fronts, it trails our identified peer set on the margin front as well.


Paradeep Phosphates IPO - Smallest of the Lot and Fairly Valued as Well

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Today is the last day of the review period for the June review of the <a href="https://www.smartkarma.com/entities/s-p-bse-sensex-index" target="_blank" data-smartkarma-citation="entities:31494:1" rel="noopener">S&amp;P BSE SENSEX Index (SENSEX INDEX)</a>. Changes become effective at the close on 17 June. </li>
<li>We see <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> and <a href="https://www.smartkarma.com/entities/tata-motors-ltd-a-dvr" target="_blank" data-smartkarma-citation="entities:349:1" rel="noopener">Tata Motors DVR (TTMT/A IN)</a> replacing <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">Dr. Reddy's Laboratories (DRRD IN)</a>. <a href="https://www.smartkarma.com/entities/hindalco-industries-ltd" target="_blank" data-smartkarma-citation="entities:18490:1" rel="noopener">Hindalco Industries (HNDL IN)</a> is a close add on sector balance.</li>
<li>The impact on <a href="https://www.smartkarma.com/entities/dr-reddy-s-laboratories-ltd" target="_blank" data-smartkarma-citation="entities:16406:1" rel="noopener">DRRD IN</a> will be higher than on <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">TTMT IN</a>, in terms of days of ADV to trade and days of delivery volume that needs to change hands.</li>
</ul>


Today is the last day of the review period for the June review of the S&amp;P BSE SENSEX Index (SENSEX INDEX). Changes become effective at the close on 17 June. 
We see Tata Motors Ltd (TTMT IN) and Tata Motors DVR (TTMT/A IN) replacing Dr. Reddy's Laboratories (DRRD IN). Hindalco Industries (HNDL IN) is a close add on sector balance.
The impact on DRRD IN will be higher than on TTMT IN, in terms of days of ADV to trade and days of delivery volume that needs to change hands.


SENSEX Index Rebalance Preview: Tata Motors Should Replace Dr. Reddy; Hindalco Is Close

Thematic (Sector/Industry)

<ul><li>We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong underlying commodity prices and robust sales volumes</li><li>As the Russia-Ukraine conflict escalated, the market priced in the risk of supply disruption emerging from the conflict and consequently, aluminium and steel prices rallied further QoQ.</li><li>The companies’ EBITDA margins, however, are expected to remain flattish or marginally decline YoY and QoQ mainly due to higher coal and energy prices. </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>

We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong underlying commodity prices and robust sales volumesAs the Russia-Ukraine conflict escalated, the market priced in the risk of supply disruption emerging from the conflict and consequently, aluminium and steel prices rallied further QoQ.The companies’ EBITDA margins, however, are expected to remain flattish or marginally decline YoY and QoQ mainly due to higher coal and energy prices. 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.

Metals and Mining: Strong Commodity Prices to Drive Profitability; Deleveraging to Continue

<ul>
<li>Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%</li>
<li>However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%</li>
<li>The current market performance is factoring in the current rising inflation and the rising interest rate regime</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>


Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by 30%, and the IT index by 40%
However, the consumer-facing sectors closed FY22 on a muted note with FMCG reporting growth of only 4% and the Auto sector of 5%
The current market performance is factoring in the current rising inflation and the rising interest rate regime

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.

India

Hindalco Industries Limited is an integrated aluminum manufacturer. The Company mines bauxite and refines it into alumina. The Company's other operations include the smelting of alumina into aluminum, the manufacture of semi-fabricated rolled and extruded products. The Company's products include aluminum ingots, steel rods and rolled flat steel products.

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

Hindalco Industries (HNDL IN)

Hindalco Industries Ltd - Prudent Capex Amidst Macro Risks; Retain BUY with Lower TP

Hindalco reported a strong set of numbers with consolidated revenue increasing by 38% YoY and 11% QoQ at Rs 55,764 Cr in line with our estimate of...

Axis Direct

Paradeep Phosphates IPO - Smallest of the Lot and Fairly Valued as Well

Paradeep Phosphates (75690Z IN) is looking to raise up to US$194m in its India IPO. At listing, PP would be the smallest peer on the revenue and...

Clarence Chu

SENSEX Index Rebalance Preview: Tata Motors Should Replace Dr. Reddy; Hindalco Is Close

Tata Motors should replace Dr Reddy at the June rebalance. Hindalco is an alternate add on sector balance. Passives will need to trade 4-7 days of...

Brian Freitas

Metals and Mining: Strong Commodity Prices to Drive Profitability; Deleveraging to Continue

We expect Metals and Steel companies under our coverage to deliver robust Revenue/EBITDA growth on a YoY basis, primarily on account of strong...

Axis Direct

Axis Top Picks April 2022

Commodities and IT sectors are the biggest winners of FY22. In the last one year, the Metals sector has gone up 53%, Energy by 40%, commodities by...

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)