External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We initiate coverage with a BUY and value the EPC business at 17.5x FY24E EPS and HAM portfolio at 1x book value, to arrive at a target price of Rs.360/share, implying an upside potential of 17% from the current levels.</p><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>

We initiate coverage with a BUY and value the EPC business at 17.5x FY24E EPS and HAM portfolio at 1x book value, to arrive at a target price of Rs.360/share, implying an upside potential of 17% from the current levels.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.

KNR Constructions: Well-Positioned to Reap Benefits of Infra Spending

External broker reports(aggregated public sources), Geojit BNP Paribas

Geojit

<p>Q1FY22 revenue grew by 54% YoY driven by pick up in execution post ease in lockdown and increase in operational efficiency to 95% of pre-covid level. Order book stood at Rs11,679cr (incl. L1) which is 3.9x TTM revenue and adds revenue visibility for two to three years. EBITDA margin declined by 31bps YoY to 19.4% due to higher material cost and other expenses. The management expects an order inflow of ~Rs3,000cr in...</p><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>

Q1FY22 revenue grew by 54% YoY driven by pick up in execution post ease in lockdown and increase in operational efficiency to 95% of pre-covid level. Order book stood at Rs11,679cr (incl. L1) which is 3.9x TTM revenue and adds revenue visibility for two to three years. EBITDA margin declined by 31bps YoY to 19.4% due to higher material cost and other expenses. The management expects an order inflow of ~Rs3,000cr in...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.

KNR Constructions: Steady Execution and Strong Order Book

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

Thematic (Sector/Industry)

<p>We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.</p>
<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>

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22 marred by multiple challenges: When the sector was closing in on normalisation, the resurgence of COVID-19 led to a loss of momentum. Labour migration picked up in early part of Q1FY22; although with cases trending down, labour availability has normalised now. Most of the coverage universe lost precious early part of Q1FY22, resulting in execution coming down to 60-100% of Q4FY21 exit.
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.

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. The one bright spot is EM.  In this report we highlight a number of attractive set-ups within the Financial, Communication, Engineering &amp; Construction, and Transportation Sectors.</p>

Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI ex-U.S., EAFE, and EM) are all trading within patterns of lower highs and lower lows, leading us to believe the most likely scenario is that this near-term bounce is likely nothing more than a countertrend rally before longer-term downtrends reassert themselves. The one bright spot is EM.  In this report we highlight a number of attractive set-ups within the Financial, Communication, Engineering &amp; Construction, and Transportation Sectors.

Global Equity Strategy: Bearish with the Exception of EM.

India

KNR Constructions Limited operates an infrastructure project development company. The Company provides engineering procurement and construction services across various sectors, such as roads, bridges, flyovers, highways, and water infrastructure management.

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KNR Constructions (KNRC IN)

KNR Constructions: Well-Positioned to Reap Benefits of Infra Spending

We initiate coverage with a BUY and value the EPC business at 17.5x FY24E EPS and HAM portfolio at 1x book value, to arrive at a target price of...

Axis Direct

KNR Constructions: Steady Execution and Strong Order Book

Q1FY22 revenue grew by 54% YoY driven by pick up in execution post ease in lockdown and increase in operational efficiency to 95% of pre-covid...

Geojit

Industrials (1QFY22 Results Preview): Loss in Momentum Due to Second Wave

We expect the bid momentum to pick up from here on. With central elections coming up in Q1FY25E, we expect strong ordering in FY22/23E. Q1FY22...

HDFC Securities

Global Equity Strategy: Bearish with the Exception of EM.

Our cautious outlook and expectation for continued downward consolidation for global equities remains intact. Broad global indexes (MSCI ACWI, ACWI...

Vermilion Research

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