External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<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

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 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

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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) is one of the EPC majors in key infrastructure sectors like power T&amp;D, railways, civil, urban infrastructure, solar, smart infrastructure, oil &amp; gas pipelines and cables</li><li>A strategic shift in portfolio from T&amp;D to non-T&amp;D (13% contribution in FY16 increased to 42% in FY21)</li><li>Target Price and Valuation: We value KEC at Rs 535 i.e. 17x P/E on FY24E EPS.</li></ul><div class="content-highlight"><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></div>

KEC International (KEC) is one of the EPC majors in key infrastructure sectors like power T&amp;D, railways, civil, urban infrastructure, solar, smart infrastructure, oil &amp; gas pipelines and cablesA strategic shift in portfolio from T&amp;D to non-T&amp;D (13% contribution in FY16 increased to 42% in FY21)Target Price and Valuation: We value KEC at Rs 535 i.e. 17x P/E on FY24E 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: Weak Numbers but Saved by Non-T&D Segment

<ul><li>KEC International (KEC Int) reported a mixed set of numbers in Q3FY22</li><li>The company reported revenues of Rs 3,340 Cr (up 2% YoY), EBIDTA of Rs 239 Cr ( down 20% YoY), and PAT of Rs 94 Cr (down 35% YoY)</li><li>We roll over our estimate to FY24E and value KEC International at 14x FY24E EPS to arrive at a target price of Rs 555/share, implying an upside of 10% from the CMP and maintain a BUY rating on the stock.</li></ul><div class="content-highlight"><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></div>

KEC International (KEC Int) reported a mixed set of numbers in Q3FY22The company reported revenues of Rs 3,340 Cr (up 2% YoY), EBIDTA of Rs 239 Cr ( down 20% YoY), and PAT of Rs 94 Cr (down 35% YoY)We roll over our estimate to FY24E and value KEC International at 14x FY24E EPS to arrive at a target price of Rs 555/share, implying an upside of 10% from the CMP and maintain a BUY rating on the stock.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 Intl: Margin Pressure to Subside Gradually; Order Book Robust!

<ul><li>The company has a robust order book position and L1 of over Rs 29,000 Cr with T&amp;D and Non-T&amp;D share at 52:48</li><li>The company continues to sharply focus on international T&amp;D orders as it foresees notable international opportunities in its various operating regions</li><li>We value KEC International at 14x FY23E EPS to arrive at a target price of Rs490/share, implying an upside of 13% from CMP. We, therefore, change our rating from HOLD to BUY.</li></ul><div class="content-highlight"><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></div>

The company has a robust order book position and L1 of over Rs 29,000 Cr with T&amp;D and Non-T&amp;D share at 52:48The company continues to sharply focus on international T&amp;D orders as it foresees notable international opportunities in its various operating regionsWe value KEC International at 14x FY23E EPS to arrive at a target price of Rs490/share, implying an upside of 13% from CMP. We, therefore, change our rating from HOLD to BUY.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: Healthy Order Book; Better Execution To Drive Growth

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 - 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

KEC International: Weak Numbers but Saved by Non-T&D Segment

KEC International (KEC) is one of the EPC majors in key infrastructure sectors like power T&D, railways, civil, urban infrastructure, solar, smart...

ICICI Securities Limited

KEC Intl: Margin Pressure to Subside Gradually; Order Book Robust!

We roll over our estimate to FY24E and value KEC International at 14x FY24E EPS to arrive at a target price of Rs 555/share, implying an upside of...

Axis Direct

KEC International: Healthy Order Book; Better Execution To Drive Growth

We value KEC International at 14x FY23E EPS to arrive at a target price of Rs490/share, implying an upside of 13% from CMP. We, therefore, change...

Axis Direct

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