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>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

<div><div><div><div><ul><li>Revenue Outlook: The company has been consciously eyeing to diversify revenue streams.</li><li>Resultantly, the difference between the contribution from Railways, Civil, Smart Infra, Solar (non-T&amp;D), and T&amp;D space has been narrowing steadily.</li><li>The company reached 46:54 in Q1FY23 from 49:51 in Q4FY22. </li></ul></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>

Revenue Outlook: The company has been consciously eyeing to diversify revenue streams.Resultantly, the difference between the contribution from Railways, Civil, Smart Infra, Solar (non-T&amp;D), and T&amp;D space has been narrowing steadily.The company reached 46:54 in Q1FY23 from 49:51 in Q4FY22. 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 - Higher Costs Dent Margins But Recovery On Cards; Order Book Robust

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<div><div><div><div><ul><li>15% growth guidance for FY23; margins expected to normalize in 2HFY23</li></ul><div><div><div><div><ul><li>Working capital position: NWC declined to 137 days at end-4QFY22 vs.</li></ul><div><div><div><div><ul><li>Key business updates: (1) The company expects to receive 100% payments from Afghanistan in the next 2-3 months, and hence has made no provisions related to it.</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>

15% growth guidance for FY23; margins expected to normalize in 2HFY23Working capital position: NWC declined to 137 days at end-4QFY22 vs.Key business updates: (1) The company expects to receive 100% payments from Afghanistan in the next 2-3 months, and hence has made no provisions related to it.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 - Result Below Expectations; Margin Headwinds Likely to Persist in FY23

<ul><li>KEC International (KEC Int) reported a poor set of numbers in Q4FY22 with revenues at Rs 4,275 Cr (down 2% YoY), EBIDTA of Rs 252 Cr ( down 29% YoY), and PAT of Rs 112 Cr (down 42% YoY)</li><li>The company’s EBIDTA Margins declined to 5.9% in Q4FY22 from 7.2% in Q3FY22 and 8.1% in Q4FY21, primarily owing to an increase in material costs as well as interest costs during the quarter</li><li>We value KEC International at 12.5x (14x earlier) FY24E EPS to arrive at a target price of Rs 385/share (Rs.555 earlier) implying an upside of 3% from the CMP and revise our rating from BUY to HOLD.</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 poor set of numbers in Q4FY22 with revenues at Rs 4,275 Cr (down 2% YoY), EBIDTA of Rs 252 Cr ( down 29% YoY), and PAT of Rs 112 Cr (down 42% YoY)The company’s EBIDTA Margins declined to 5.9% in Q4FY22 from 7.2% in Q3FY22 and 8.1% in Q4FY21, primarily owing to an increase in material costs as well as interest costs during the quarterWe value KEC International at 12.5x (14x earlier) FY24E EPS to arrive at a target price of Rs 385/share (Rs.555 earlier) implying an upside of 3% from the CMP and revise our rating from BUY to HOLD.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: Higher Costs Dent Margins; Order Book Robust

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 - 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

KEC International - Higher Costs Dent Margins But Recovery On Cards; Order Book Robust

KEC International (KEC Int) reported a mixed set of numbers in Q1FY23 with revenues at Rs 3,318 Cr (up 31% YoY, above expectation)

Axis Direct

KEC International - Result Below Expectations; Margin Headwinds Likely to Persist in FY23

KEC International (KEC) reported consolidated revenue of Rs42.7bn, marginally down by 2% YoY, below our/consensus estimate by 22.2%/6.5%.

Nirmal Bang

KEC International: Higher Costs Dent Margins; Order Book Robust

We value KEC International at 12.5x (14x earlier) FY24E EPS to arrive at a target price of Rs 385/share (Rs.555 earlier) implying an upside of 3%...

Axis Direct

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