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. 

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Equity Bottom-Up

<ul><li>Order Book: As of date, KEC International’s order book +L1 position stands at Rs 30,000 Cr, giving revenue visibility for the next 2-3 years.</li><li>The order intake currently stands at Rs 6,000 Cr and L1 at Rs 8,000 Cr. Tenders under evaluation and tenders in the pipeline cumulatively amount to over Rs 110,000 Cr since there are opportunities across all segments.</li><li>The management expects the order book to be Rs 40,000 Cr by FY25. The company expects to maintain a healthy order inflow to revenue ratio of 1.4x for continuous revenue growth. The company aims for revenue growth of 10- 15% each year.</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>

Order Book: As of date, KEC International’s order book +L1 position stands at Rs 30,000 Cr, giving revenue visibility for the next 2-3 years.The order intake currently stands at Rs 6,000 Cr and L1 at Rs 8,000 Cr. Tenders under evaluation and tenders in the pipeline cumulatively amount to over Rs 110,000 Cr since there are opportunities across all segments.The management expects the order book to be Rs 40,000 Cr by FY25. The company expects to maintain a healthy order inflow to revenue ratio of 1.4x for continuous revenue growth. The company aims for revenue growth of 10- 15% each year.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.

KEC International - Robust Order Book, Improving Business Traction

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.

<ul><li>We attended the KEC International (KEC) Annual Investor Conference for 2022 held on September 14 2022 in Mumbai</li><li>We noted the following key takeaways from the call: (1) KEC has guided for an OI of INR 200bn for FY23, of which FYTD23 order inflow (OI) stands at INR 60bn (~30% of FY23 guidance) (2) With the last EPC project expected to be commissioned in Q3FY23, the SAE projects are expected to achieve a positive margin (3) Without EPC projects, the company expects to maintain a margin of 8% on manufactured products in SAE from FY24 onwards (4) Management has guided that it would bring NWC days down to 125-130 by Q4FY23 and subsequently to 100 by Q4FY24.</li><li><div><div><div><p>Given rich valuation and a debt-heavy balance sheet, we maintain REDUCE rating on the stock, with a target price of INR 375/share (14x Mar-24E EPS). </p></div></div></div></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 attended the KEC International (KEC) Annual Investor Conference for 2022 held on September 14 2022 in MumbaiWe noted the following key takeaways from the call: (1) KEC has guided for an OI of INR 200bn for FY23, of which FYTD23 order inflow (OI) stands at INR 60bn (~30% of FY23 guidance) (2) With the last EPC project expected to be commissioned in Q3FY23, the SAE projects are expected to achieve a positive margin (3) Without EPC projects, the company expects to maintain a margin of 8% on manufactured products in SAE from FY24 onwards (4) Management has guided that it would bring NWC days down to 125-130 by Q4FY23 and subsequently to 100 by Q4FY24.Given rich valuation and a debt-heavy balance sheet, we maintain REDUCE rating on the stock, with a target price of INR 375/share (14x Mar-24E EPS). 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.

KEC International - High Leverage to Limit Further Rerating

Thematic (Sector/Industry)

<ul><li>Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways program</li><li>Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share</li><li>This has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaults</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>

Despite strong ordering momentum, we are seeing emergence of headwinds to the Indian highways programSubstantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market shareThis has the potential of de-railing the NH program, creation of sub quality infrastructure, time and cost overruns and eventually higher cost to completion and defaultsContent 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.

<ul><li>Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in line</li><li>Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%</li><li>Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%, Nestle 11/7%</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>

Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in lineRevenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%, Nestle 11/7%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: Dabur, Britannia Industries, Godrej Consumers, GAIL (India)

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers

India

KEC International Limited is a power transmission company which is involved in the design, manufacture, supply and construction of turnkey projects of power transmission lines. The company also installs fiber optical cable and provides services for Satellite/GPRS surveys.

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KEC International (KECI IN)

KEC International - Robust Order Book, Improving Business Traction

Order Book: As of date, KEC International’s order book +L1 position stands at Rs 30,000 Cr, giving revenue visibility for the next 2-3 years.

Axis Direct

KEC International - High Leverage to Limit Further Rerating

Given rich valuation and a debt-heavy balance sheet, we maintain REDUCE rating on the stock, with a target price of INR 375/share (14x Mar-24E EPS).

HDFC Securities

Infrastructure - Betting on Conservatism

Substantial dilution of bid qualification has exposed the sector to low quality, inadequately funded developers taking large order inflow market share

HDFC Securities

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers, GAIL (India)

Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%. Domestic revenue/volume grew 10/5% YoY, with three-year CAGR at 12/8% vs HUL 9/2%,...

HDFC Securities

HSIE Results Daily: Dabur, Britannia Industries, Godrej Consumers

Dabur: Dabur’s Q1 revenue growth and EBITDA margin were in line. Revenue grew 8% YoY (HSIE 8%), with three-year CAGR at 7%

HDFC Securities

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