External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>We attended the KEC International (KEC) Annual Investor Conference for FY23 held on 16 June 2023 in Mumbai</li><li>We noted the following key takeaways from the call: (1) KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance) (2) with completion of largely all legacy (loss-making EPC) projects by H1FY24, the SAE projects are expected to achieve a positive PBT margin from H2FY24 (3) it guided for FY24 revenue of INR 200bn+ with EBITDA margins of 6/8% in H1/H2FY24</li><li>This shall result in an FY24 EBITDA margin of ~7% (4) it guided FY24 debt to be at similar levels i.e ~INR 50bn, as of Mar’23</li></ul>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.

We attended the KEC International (KEC) Annual Investor Conference for FY23 held on 16 June 2023 in MumbaiWe noted the following key takeaways from the call: (1) KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance) (2) with completion of largely all legacy (loss-making EPC) projects by H1FY24, the SAE projects are expected to achieve a positive PBT margin from H2FY24 (3) it guided for FY24 revenue of INR 200bn+ with EBITDA margins of 6/8% in H1/H2FY24This shall result in an FY24 EBITDA margin of ~7% (4) it guided FY24 debt to be at similar levels i.e ~INR 50bn, as of Mar’23Content 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: Looking at Better Margins for FY24. Maintain REDUCE

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>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>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 (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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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
</li>
<li>
KEC International is a global infrastructure Engineering, Procurement and Construction (EPC) major.
</li>
<li>
It has presence in the verticals of Power Transmission and Distribution, Railways, Civil, Urban Infrastructure, Solar, Smart Infrastructure, Oil &amp; Gas Pipelines, and Cables.
</li>
</ul>
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.



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>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.

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

Equity L/S Analyst | Forensic Accounting | India, Yellowstone Equity

Ankit Agrawal, CFA

Equity L/S Analyst | Forensic Accounting | India

Creating Wealth through Alpha and Compounding

Yellowstone Equity

Providing unbiased and independent research on Indian equities to global institutions and individual investors


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Note that Ankit Agrawal (Proprietor of Yellowstone Equity) is a SEBI registered Research Analyst (Registration No.: INH000007216). Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

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<ul>
<li>Polycab is a high-quality wires/cables and FMEG brand, benefitting from growing domestic consumption and rising capex led by India gaining foothold in global manufacturing.</li>
<li>Its FMEG business is currently in nascent stage representing just 10-12% of revenues but is poised to scale up exponentially over the next 3 years.</li>
<li>Its Wires and Cables business, despite commanding a dominant 22%+ market share, has been gaining share and is benefitting from strong demand tailwinds, positioning it well for double-digit growth.</li>
</ul>


Polycab is a high-quality wires/cables and FMEG brand, benefitting from growing domestic consumption and rising capex led by India gaining foothold in global manufacturing.
Its FMEG business is currently in nascent stage representing just 10-12% of revenues but is poised to scale up exponentially over the next 3 years.
Its Wires and Cables business, despite commanding a dominant 22%+ market share, has been gaining share and is benefitting from strong demand tailwinds, positioning it well for double-digit growth.


2023 High Conviction | Polycab: A High Quality Play on Rise of India as a Manufacturing Hub

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: Looking at Better Margins for FY24. Maintain REDUCE

KEC has guided for an order inflow (OI) of INR 250bn for FY24, of which FYTD24 OI stands at INR 25.9bn (~10.3% of FY24 guidance)

HDFC Securities

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

2023 High Conviction | Polycab: A High Quality Play on Rise of India as a Manufacturing Hub

Polycab is well-placed to see strong earnings growth over the next 3 years starting FY24. We project a 65%+ upside potential, bulk of which could...

Ankit Agrawal, CFA

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