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>Strong underlying demand, shift towards premium range and rising salience of e- commerce: <div><div><div><div><p>4QFY22 revenue was well above pre-covid level and similar momentum has continued in 1QFY23, led by growth across channels</p></div></div></div></div></li></ul><div><div><div><div><ul><li>LOG has an edge in Borosilicate despite being a late entrant: Borosilicate capacity is expected to be commissioned in 2HFY24 and should start contributing to revenue meaningfully from FY25 (peak revenue potential of Rs1.25bn).</li></ul><div><div><div><div><ul><li>Revamping distribution strategy: Appointment of dedicated persons to lead the channels has led to improvement overall total distribution reach (19,000 outlets compared to 14,000 a couple of years ago) as well as its quality.</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>

Strong underlying demand, shift towards premium range and rising salience of e- commerce: 4QFY22 revenue was well above pre-covid level and similar momentum has continued in 1QFY23, led by growth across channelsLOG has an edge in Borosilicate despite being a late entrant: Borosilicate capacity is expected to be commissioned in 2HFY24 and should start contributing to revenue meaningfully from FY25 (peak revenue potential of Rs1.25bn).Revamping distribution strategy: Appointment of dedicated persons to lead the channels has led to improvement overall total distribution reach (19,000 outlets compared to 14,000 a couple of years ago) as well as its quality.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.

La Opala RG - Positive Demand Outlook; Bright Prospects for Borosilicate

<div><div><div><div><ul><li>4QFY22 performance: LOG’s 4QFY22 revenue at Rs896mn (up 12% YoY) came in line with our estimate.</li><li>Revenue was well ahead of pre-Covid level. The management indicated that growth was equally strong across channels.</li><li>EBITDA margin witnessed 520bps QoQ moderation despite strong gross margin, mainly on account of higher other expenses (4Q other expenses are always high on account of director commissions and channel partners incentives etc.) </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>

4QFY22 performance: LOG’s 4QFY22 revenue at Rs896mn (up 12% YoY) came in line with our estimate.Revenue was well ahead of pre-Covid level. The management indicated that growth was equally strong across channels.EBITDA margin witnessed 520bps QoQ moderation despite strong gross margin, mainly on account of higher other expenses (4Q other expenses are always high on account of director commissions and channel partners incentives etc.) 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.

La Opala RG - Tracking Expectations; Demand Outlook Is Positive

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>Although the company's earnings growth will be unexciting in 2020-21E, its long-term growth story remains intact for both the core power business (with some deals likely to be concluded within 2Q-4Q20E) and diversified investments in infrastructure systems.</li><li>RATCH reported a 1Q20 NP of Bt1.36bn (-22% YoY, +50% QoQ), including forex loss at the consolidated line (-Bt623mn), forex gain at the affiliates' line (+Bt232mn) and gain from derivatives (+Bt350mn).</li><li>Excluding extraordinary items, the company delivered a core profit of Bt1.4bn (-24% YoY, +129% QoQ), with a stronger profit contribution from affiliates YoY and QoQ, against a fading performance YoY by RATCH itself.</li></ul>

Although the company's earnings growth will be unexciting in 2020-21E, its long-term growth story remains intact for both the core power business (with some deals likely to be concluded within 2Q-4Q20E) and diversified investments in infrastructure systems.RATCH reported a 1Q20 NP of Bt1.36bn (-22% YoY, +50% QoQ), including forex loss at the consolidated line (-Bt623mn), forex gain at the affiliates' line (+Bt232mn) and gain from derivatives (+Bt350mn).Excluding extraordinary items, the company delivered a core profit of Bt1.4bn (-24% YoY, +129% QoQ), with a stronger profit contribution from affiliates YoY and QoQ, against a fading performance YoY by RATCH itself.

Unexciting Earnings Growth; but Potential Growth Ahead

India

La Opala RG Ltd. is a leading Indian manufacturer and marketer of lifestyle tableware products, specializing primarily in Opalware and Crystalware. The company offers a wide range of products including dinner sets, tea sets, coffee mugs, barware, and vases under brands like La Opala, Diva, Solitaire, and Cook Serve Store. La Opala pioneered opal glass technology in India in 1989. The company is headquartered in Kolkata, West Bengal, and was incorporated in 1987.

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La Opala (LOG IN)

La Opala RG - Positive Demand Outlook; Bright Prospects for Borosilicate

We recently interacted with the management of La Opala RG (LOG) to get some perspective on demand trends, status of expansion plans in Opalware &...

Nirmal Bang

La Opala RG - Tracking Expectations; Demand Outlook Is Positive

La Opala RG’s (LOG) 4QFY22 operating performance came in line with our estimates, but importantly, the third consecutive strong quarter indicates...

Nirmal Bang

Unexciting Earnings Growth; but Potential Growth Ahead

Although the company's earnings growth will be unexciting in 2020-21E, its long-term growth story remains intact for both the core power business...

Krungthai XSpring

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