Global Materials | Industrials | Commodities

Rahul Jain

Equity Bottom-Up

Lloyds Metals & Energy / Equity Bottom-Up

<ul>
<li>Resource-Backed Growth Story: Lloyds Metals &amp; Energy Ltd. owns 857 MT of iron ore reserves (including 700 MT BHQ) with a 50-year lease, providing unmatched raw material security.</li>
<li>Transformational Expansion + MDO Play: Ongoing capex will ramp mining to 25+ MTPA and add 4.2 MTPA of steel capacity. Acquisition of Thriveni’s MDO business adds high-margin, annuity-style revenue stream.</li>
<li>Tax-Efficient, Debt-Light Strategy: Supported by Maharashtra’s IPS benefits, Lloyds is executing a capital-intensive buildout while aiming to remain net-debt free and structurally cost-advantaged.</li>
</ul>


Resource-Backed Growth Story: Lloyds Metals &amp; Energy Ltd. owns 857 MT of iron ore reserves (including 700 MT BHQ) with a 50-year lease, providing unmatched raw material security.
Transformational Expansion + MDO Play: Ongoing capex will ramp mining to 25+ MTPA and add 4.2 MTPA of steel capacity. Acquisition of Thriveni’s MDO business adds high-margin, annuity-style revenue stream.
Tax-Efficient, Debt-Light Strategy: Supported by Maharashtra’s IPS benefits, Lloyds is executing a capital-intensive buildout while aiming to remain net-debt free and structurally cost-advantaged.


Lloyds Metals: On the Verge of a Massive Ramp-Up

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

ICICI Securities Limited

External broker reports(aggregated public sources)

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>We initiate coverage on Lloyd Metals and Energy (LMEL) with BUY recommendation.</li><li>Key points: 1) Structural iron ore cost advantage compared to peers; 2) capex of INR 327bn for 4.2mpta steel plant likely to be value accretive; 3) various cost initiatives may provide a cumulative benefit of USD 2.4bn over the next 10 years; 4) acquisition of TEIL likely to be cost efficient; and 5) superior returns vs peers.</li><li>Going ahead, we expect EBITDA/PAT CAGR (FY24-31E) of 35% and RoE/RoCE in excess of 23% (best among steel peers).</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 initiate coverage on Lloyd Metals and Energy (LMEL) with BUY recommendation.Key points: 1) Structural iron ore cost advantage compared to peers; 2) capex of INR 327bn for 4.2mpta steel plant likely to be value accretive; 3) various cost initiatives may provide a cumulative benefit of USD 2.4bn over the next 10 years; 4) acquisition of TEIL likely to be cost efficient; and 5) superior returns vs peers.Going ahead, we expect EBITDA/PAT CAGR (FY24-31E) of 35% and RoE/RoCE in excess of 23% (best among steel peers).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.

Lloyds Metals and Energy - Catch It Early, Catch It Young

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

WeWork India Management Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/wework-india-management-ltd" target="_blank" data-smartkarma-citation="entities:44329:1" rel="noopener">WeWork India Management Ltd (1690124D IN)</a> is looking to raise about US$338m in its India IPO.</li>
<li>WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.</li>
</ul>



WeWork India Management Ltd (1690124D IN) is looking to raise about US$338m in its India IPO.
WeWork India (WWI) offers a wide range of workspace solutions, including custom-designed buildings, floors, and offices, enterprise office suites, private offices, co-working spaces, customized managed offices, and hybrid digital solutions.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the peer comp and IPO valuations.


WeWork India IPO - Thoughts on Peer Comp and Valuation

Jain Resource Recycling / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jain-resource-recycling" target="_blank" data-smartkarma-citation="entities:45058:1" rel="noopener">Jain Resource Recycling (2300699D IN)</a> is looking to raise about US$142m in its India IPO.</li>
<li>The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.</li>
<li>In this note, we take a quick look at the company’s past performance</li>
</ul>



Jain Resource Recycling (2300699D IN) is looking to raise about US$142m in its India IPO.
The company is primarily focused on manufacturing of non-ferrous metal products by recycling of non-ferrous metal scrap. It is also engaged in trading of non-ferrous metals and other commodities.
In this note, we take a quick look at the company’s past performance


Jain Resource Recycling Pre-IPO - Robust Growth but Inorganic Moves Lack Full Value

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.

Thematic (Sector/Industry)

<ul><li>Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.</li><li>Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.</li><li>What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) </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.

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) 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.

India

Lloyds Metals and Energy Ltd. manufactures sponge iron.  The Company also operates a cogeneration waste heat recovery plant to recover heat from its kilns.

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Lloyds Metals & Energy (LYDM IN)

Lloyds Metals: On the Verge of a Massive Ramp-Up

Lloyds Metals & Energy Ltd. secures iron ore reserves for growth, expands mining and steel capacity, and aims for tax-efficient, debt-light...

Rahul Jain

Lloyds Metals and Energy - Catch It Early, Catch It Young

We initiate coverage on Lloyd Metals and Energy (LMEL) with BUY recommendation.Key points: 1) Structural iron ore cost advantage compared to peers

ICICI Securities Limited

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Jain Resource Recycling Pre-IPO - Robust Growth but Inorganic Moves Lack Full Value

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the past performance.

Akshat Shah

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

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Lloyds Metals: On the Verge of a Massive Ramp-Up

​Lloyds Metals & Energy Ltd. secures iron ore reserves for growth, expands mining and steel capacity, and aims for tax-efficient, debt-light...

Rahul Jain

Lloyds Metals and Energy - Catch It Early, Catch It Young

We initiate coverage on Lloyd Metals and Energy (LMEL) with BUY recommendation.Key points: 1) Structural iron ore cost advantage compared to peers

ICICI Securities Limited

WeWork India IPO - Thoughts on Peer Comp and Valuation

WeWork India Management Ltd is looking to raise about US$338m in its India IPO. In this note, we talk about the peer comp and implied valuations in...

Akshat Shah

Jain Resource Recycling Pre-IPO - Robust Growth but Inorganic Moves Lack Full Value

Jain Resource Recycling is looking to raise about US$142m in its India IPO. In this note, we take a quick look at the past performance.

Akshat Shah

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Lloyds Metals & Energy Ltd. secures iron ore reserves for growth, expands mining and steel capacity, and aims for tax-efficient, debt-light...