External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<div><div><div><ul><li>Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).</li></ul><div><div><div><ul><li>Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.</li></ul><div><div><div><ul><li>Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.</li></ul></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>

Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.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.

Power - Shifting Energy Landscape: Grey to Green Gains Pace

<ul><li>Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisations</li><li>Revenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarter</li><li>The quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levels</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>

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisationsRevenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarterThe quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levelsContent 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.

Power: Better Realisation and Low YoY Base to Boost PAT

APAC IPOs & Placements, Aequitas Research

Akshat Shah

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Indo-MIM Ltd (1666551D IN) is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

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

<p><a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a> in yet another contestable decision by the founders, face scrutiny in form of rising shareholder activism. The activism movement relates to the decision of selling its entire power arm, Jindal Power Limited to a promoter group entity, a decision that embarked a controversy. This is a second major shareholder activism, creating a roadblock for the promoters, after what happened with JSW Energy recently, which was covered by us in <a href="https://www.smartkarma.com/insights/jsw-energy-fresh-trouble" target="_blank" data-smartkarma-citation="insights:42651" rel="noopener">JSW Energy: Fresh Trouble</a>. </p>
<p>With the above two entities combined with <a href="https://www.smartkarma.com/entities/vedanta-ltd" target="_blank" data-smartkarma-citation="entities:514:1" rel="noopener">Vedanta Ltd (VEDL IN)</a>'s <a href="https://www.smartkarma.com/insights/vedanta-delisting-failure-the-upsurge-of-shareholder-activism-in-india" target="_blank" data-smartkarma-citation="insights:44110" rel="noopener">Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India?</a>  , one thing is certain, that shareholder activism in India is gaining credence, and it is about time that these promoter-family-businesses take them seriously.</p>

Jindal Steel &amp; Power (JSP IN) in yet another contestable decision by the founders, face scrutiny in form of rising shareholder activism. The activism movement relates to the decision of selling its entire power arm, Jindal Power Limited to a promoter group entity, a decision that embarked a controversy. This is a second major shareholder activism, creating a roadblock for the promoters, after what happened with JSW Energy recently, which was covered by us in JSW Energy: Fresh Trouble. 
With the above two entities combined with Vedanta Ltd (VEDL IN)'s Vedanta Delisting Failure: The Upsurge of Shareholder Activism in India?  , one thing is certain, that shareholder activism in India is gaining credence, and it is about time that these promoter-family-businesses take them seriously.

JSPL- Shareholder Activism Gains Credence

<p>The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. </p>
<p>Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.</p>

The year 2020 was a wild swing for the capital markets; it was off in a flash but still won't be forgotten by many. It was a year marked by unpredictability, right from Covid-19 to the crashing of indices. It was a challenge to many, but still the year has uncovered several new, differentiated potholes for many companies on corporate governance, accounting engineering. We have provided critical views on few of the companies on these two aspects. 
Going forward we will continue to provide critical views on the companies especially in our core area of corporate governance and forensic research. Beginning 2021, we will be covering the same through our product 'AGE Analysis' (Accounting. Governance. Earnings). We also look to enhance our reach in macro coverage, along with event driven insights.

India

JSW Energy Limited is an Indian power company primarily engaged in power generation, transmission, and trading. The company operates a diversified portfolio of thermal, hydro, wind, and solar power assets, and is expanding into new energy frontiers like green hydrogen and battery energy storage systems. JSW Energy was founded in 1994 and is headquartered in Mumbai, Maharashtra, India.

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JSW Energy (JSW IN)

Power - Shifting Energy Landscape: Grey to Green Gains Pace

Renewables are poised to play a huge role in India’s energy sector, with capacity increasing fourfold by 2030, aided by stringent Renewable Power...

HDFC Securities

Power: Better Realisation and Low YoY Base to Boost PAT

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall...

HDFC Securities

Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Indo-MIM Ltd (IML) is looking to raise about US$395m in its India IPO, downsized from its earlier estimated size of US$750m. In this note, we talk...

Akshat Shah

JSPL- Shareholder Activism Gains Credence

JSPL in yet another contestable decision by the founders, face scrutiny in form of rising shareholder activism with the decision to sell off its...

Nitin Mangal

Review for the Year 2020

We review our entire cloud of insights covered in 2020, and give a snapshot of how did they pay out in the market, including future prospects.

Nitin Mangal

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