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

<div><div><div><div><ul><li>4QFY22 performance: JKCE reported revenue of Rs22.7bn, up 10.5% YoY, driven by 1% YoY growth in volume and 9.5% YoY growth in realization.</li></ul><div><div><div><div><ul><li>Capex plans: Work on the Panna project has started in full swing. Work at both the locations of the integrated plant and grinding units is progressing as per schedule.</li></ul><div><div><div><div><ul><li>White cement pricing can increase from hereon: For the past several quarters, white cement realizations have been hovering between Rs11,500/mt and Rs12,000/mt with very limited growth.</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: JKCE reported revenue of Rs22.7bn, up 10.5% YoY, driven by 1% YoY growth in volume and 9.5% YoY growth in realization.Capex plans: Work on the Panna project has started in full swing. Work at both the locations of the integrated plant and grinding units is progressing as per schedule.White cement pricing can increase from hereon: For the past several quarters, white cement realizations have been hovering between Rs11,500/mt and Rs12,000/mt with very limited growth.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.

JK Cement Ltd - In-Line Results; New Capex to Drive Volume Growth from FY24

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>JK Cement reported satisfactory volume and revenue growth in Q4FY22, supported by better demand and higher realization in its key markets. </li><li>The stock is currently trading at 15x/12x FY23E/FY24E EV/EBITDA</li><li>We value JKCL at 13x FY24E EV/EBITDA to arrive at a TP of Rs 2,800 (Rs 3100 earlier) implying an upside of 15% from the CMP and maintaining our BUY 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>

JK Cement reported satisfactory volume and revenue growth in Q4FY22, supported by better demand and higher realization in its key markets. The stock is currently trading at 15x/12x FY23E/FY24E EV/EBITDAWe value JKCL at 13x FY24E EV/EBITDA to arrive at a TP of Rs 2,800 (Rs 3100 earlier) implying an upside of 15% from the CMP and maintaining our BUY 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.

JK Cements: Growth Visibility Intact. Maintain BUY

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<li>North: Cement prices increased sharply in North in April’22, driven by higher pricing in Rajasthan (up by Rs40- 50/bag).</li>
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<li>West: Overall, the region saw Rs23/bag (+6.6%) increase in trade prices at Rs367/bag. Institutional demand in cities like Mumbai and Pune was stable.</li>
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<p>South: South India witnessed relatively lower MoM increase in prices at Rs8-10/bag (+1.9%).</p>
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<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>






North: Cement prices increased sharply in North in April’22, driven by higher pricing in Rajasthan (up by Rs40- 50/bag).






West: Overall, the region saw Rs23/bag (+6.6%) increase in trade prices at Rs367/bag. Institutional demand in cities like Mumbai and Pune was stable.




South: South India witnessed relatively lower MoM increase in prices at Rs8-10/bag (+1.9%).













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 - Prices up Sharply Across India; No Rollbacks Yet

India

JK Cement Limited produces and manufactures Portland and White cement products.

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JK Cement Ltd (JKCE 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

JK Cement Ltd - In-Line Results; New Capex to Drive Volume Growth from FY24

JK Cement (JKCE) has reported good set of numbers for 4QFY22 with EBITDA of Rs3.8bn, which was marginally ahead of our estimates.

Nirmal Bang

JK Cements: Growth Visibility Intact. Maintain BUY

The stock is currently trading at 15x/12x FY23E/FY24E EV/EBITDAWe value JKCL at 13x FY24E EV/EBITDA to arrive at a TP of Rs 2,800 (Rs 3100...

Axis Direct

Cement Sector - Prices up Sharply Across India; No Rollbacks Yet

Prices up sharply across India; no rollbacks yet We interacted with cement dealers across the country to assess demand and pricing trends.

Nirmal Bang

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