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

<ul><li>KEC International (KEC Int.) reported a positive set of numbers in Q4FY23 with revenues at Rs5,525Cr (up 29%YoY), EBITDA of Rs 283 Cr (down 13% YoY) and PAT of Rs72 Cr (down 36% YoY).</li><li>The company’s EBITDA stood at5.1% in Q4FY23 vs.4.6% in Q3FY23and 5.9% in Q4FY22.</li><li>While its EBITDA margins have shown a sequential improvement, they have been impacted by adverse commodity prices, issues in Brazil, and certain legacy projects.</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>

KEC International (KEC Int.) reported a positive set of numbers in Q4FY23 with revenues at Rs5,525Cr (up 29%YoY), EBITDA of Rs 283 Cr (down 13% YoY) and PAT of Rs72 Cr (down 36% YoY).The company’s EBITDA stood at5.1% in Q4FY23 vs.4.6% in Q3FY23and 5.9% in Q4FY22.While its EBITDA margins have shown a sequential improvement, they have been impacted by adverse commodity prices, issues in Brazil, and certain legacy projects.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 - Superior Execution Drives Growth; Margin Recovery Onthe Cards

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<p>We recommend a BUY on KEC International Limited with a Target Price of Rs.504 an upside of 10% from CMP of Rs.458 and Stop Loss Rs.428</p>
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<p>KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major.</p>
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<p>It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Smart Infrastructure, Oil &amp; Gas Pipelines, and Cables.</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>



We recommend a BUY on KEC International Limited with a Target Price of Rs.504 an upside of 10% from CMP of Rs.458 and Stop Loss Rs.428


KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major.


It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Smart Infrastructure, Oil &amp; Gas Pipelines, and Cables.


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 Limited - We Recommend a BUY on KEC International Limited

<ul><li>As on 31st Dec’22, the company’s order book stood at Rs 28,981 Cr and an order inflow of Rs 15,500 Cr giving a revenue growth visibility for the next 2 years.</li><li>With its proven execution prowess and increasing government’s thrust on developing the infrastructure of the country, the company is well-poised to grow its revenue moving ahead.</li><li>The company’s orderbook plus L1 position stands robust at over Rs 35,000 Cr (T&amp;D – 46% and Non T&amp;D- 54% ).</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>

As on 31st Dec’22, the company’s order book stood at Rs 28,981 Cr and an order inflow of Rs 15,500 Cr giving a revenue growth visibility for the next 2 years.With its proven execution prowess and increasing government’s thrust on developing the infrastructure of the country, the company is well-poised to grow its revenue moving ahead.The company’s orderbook plus L1 position stands robust at over Rs 35,000 Cr (T&amp;D – 46% and Non T&amp;D- 54% ).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 - Margin Recovery on Cards

<ul><li>KEC International (KEC Int) reported a mixed set of numbers in Q2FY23 with revenues at Rs 4,064Cr (up13% YoY, above expectations), EBIDTA of Rs 178 Cr (down 30% YoY, below expectations), and PAT of Rs 55 Cr (down 31% YoY, above expectations).</li><li>The company’s EBIDTA Margins declined to 4.4% in Q2FY23 from 5.1% in Q1FY23 and 7.1% in Q2FY22, primarily owing to elevated logistic costs, execution of legacy projects having adverse commodity prices, and costs of completion of EPC project in Brazil.</li><li>The company’s order intake stood at Rs 10,465 Cr led by orders from Civil and T&amp;D, followed by Railways, Cables, and Oil &amp; Gas segments.</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>

KEC International (KEC Int) reported a mixed set of numbers in Q2FY23 with revenues at Rs 4,064Cr (up13% YoY, above expectations), EBIDTA of Rs 178 Cr (down 30% YoY, below expectations), and PAT of Rs 55 Cr (down 31% YoY, above expectations).The company’s EBIDTA Margins declined to 4.4% in Q2FY23 from 5.1% in Q1FY23 and 7.1% in Q2FY22, primarily owing to elevated logistic costs, execution of legacy projects having adverse commodity prices, and costs of completion of EPC project in Brazil.The company’s order intake stood at Rs 10,465 Cr led by orders from Civil and T&amp;D, followed by Railways, Cables, and Oil &amp; Gas segments.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 - Margins Decline Continues But Order Book Robust

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 (Update): High Leverage to Limit Further Rerating

India

KEC International is an Indian multinational company and a global Engineering, Procurement, and Construction (EPC) major. It specializes in power transmission and distribution, railways, civil, urban infrastructure, oil and gas pipelines, renewables, and cables. The company also manufactures electric power transmission towers and a range of power and special-purpose cables. KEC International is headquartered in Mumbai, India, and was founded on May 7, 1945.

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KEC International (KECI IN)

KEC International - Superior Execution Drives Growth; Margin Recovery Onthe Cards

KEC International (KEC Int.) reported a positive set of numbers in Q4FY23 with revenues at Rs5,525Cr (up 29%YoY), EBITDA of Rs 283 Cr (down 13%...

Axis Direct

KEC International - Margin Recovery on Cards

As on 31st Dec’22, the company’s order book stood at Rs 28,981 Cr and an order inflow of Rs 15,500 Cr giving a revenue growth visibility for the...

Axis Direct

KEC International - Margins Decline Continues But Order Book Robust

The company’s order intake stood at Rs 10,465 Cr led by orders from Civil and T&D, followed by Railways, Cables, and Oil & Gas segments.

Axis Direct

KEC International (Update): 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

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