External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund 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>SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)</li><li>Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the base</li><li>Our high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)</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.

SBI Life Insurance: SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in the overall APE mix at 69% (H1FY24: 64%)Based on the management commentary, we maintain our APE growth forecast (+14% YoY), driven by sustained growth in individual business, and a weak Q4FY24 in the baseOur high conviction BUY is anchored on three powerful and sustainable moats: (a) exclusive access to SBI’s massive distribution network (branch penetration at ~2%), (b) scope for improvement in margin-accretive traditional mix, and (c) cost leadership (excl renewal comm)/APE ratio among peers (H1FY25: 37.1%, H1FY24: 36.3%)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.

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

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.

Equity Bottom-Up

Navin Fluorine International / Equity Bottom-Up

<ul><li>Strong Momentum in HPP and CDMO: The company’s HPP segment posted a 23% YoY growth during the quarter, with HFO and R32 operations running at an optimum level.</li><li>This growth was driven by higher R32 sales and improved R22 realizations. The company is on track to commission AHF and additional R32 capacities and sees good momentum in the offtake of R32 capacities.</li><li>There is also notable traction in the CDMO segment, which grew by 41% YoY during the quarter. </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.

Strong Momentum in HPP and CDMO: The company’s HPP segment posted a 23% YoY growth during the quarter, with HFO and R32 operations running at an optimum level.This growth was driven by higher R32 sales and improved R22 realizations. The company is on track to commission AHF and additional R32 capacities and sees good momentum in the offtake of R32 capacities.There is also notable traction in the CDMO segment, which grew by 41% YoY during the quarter. 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.

Navin Fluorine International Ltd. - HPP & CDMO Offset Specialty Chemicals Headwinds

<ul><li>Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.</li><li>Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.</li><li>Growth prospects remain uncertain as a clear upward trend has yet to emerge.</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.

Chemicals &amp; Agrochemicals: In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains subdued and weak pricing persists.Volume growth is anticipated compared to the previous quarter, which was affected by several headwinds, including weak demand (with exceptions in a few segments), logistical challenges at ports, and adverse weather conditions.Growth prospects remain uncertain as a clear upward trend has yet to emerge.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.

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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 visited Navin Fluorine’s plant based in Dewas, Madhya Pradesh which caters to its CDMO business vertical.</li><li>The company manufacture pharma intermediates for commercialized (50-60%) and last-stage molecules.</li><li>The management revisited its CDMO guidance of USD100mn by FY27 on the back of execution of cGMP-4 phase-1 (dedicated for Fermion) and conviction to start phase-2 expansion in the next 6-12 months, subject to addition of new molecules/clients.</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 visited Navin Fluorine’s plant based in Dewas, Madhya Pradesh which caters to its CDMO business vertical.The company manufacture pharma intermediates for commercialized (50-60%) and last-stage molecules.The management revisited its CDMO guidance of USD100mn by FY27 on the back of execution of cGMP-4 phase-1 (dedicated for Fermion) and conviction to start phase-2 expansion in the next 6-12 months, subject to addition of new molecules/clients.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.

<ul><li>We visited Navin Fluorine International’s (NFIL) Dewas, Indore plant, which currently houses three cGMP facilities, with a fourth under construction</li><li>The INR 2.9bn investment in cGMP4 is set to help NFIL achieve its ambitious USD 100mn revenue target by FY27</li><li>In total, an INR 14bn capex is underway across various segments, supporting growth through FY27 and beyond.</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 visited Navin Fluorine International’s (NFIL) Dewas, Indore plant, which currently houses three cGMP facilities, with a fourth under constructionThe INR 2.9bn investment in cGMP4 is set to help NFIL achieve its ambitious USD 100mn revenue target by FY27In total, an INR 14bn capex is underway across various segments, supporting growth through FY27 and beyond.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.

Navin Fluorine International: On Track for Expansion. Maintain BUY

India

Navin Fluorine International Limited manufactures fluorochemicals. The Company produces benzotrifuoride derivatives, fluoro benzene derivatives, fluoro toluene derivatives, and aliphatic fluoro compounds.

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Navin Fluorine International (NFIL IN)

HSIE Results Daily: SBI Life Insurance, Godrej Properties, SRF, AU Small Finance Bank

SBILIFE’s H1FY25 VNB printed at INR24.2bn (+2.5% YoY), as the VNB margin softened to 26.8% (-180bps YoY) on the back of a higher share of ULIP in...

HDFC Securities

Navin Fluorine International Ltd. - HPP & CDMO Offset Specialty Chemicals Headwinds

Strong Momentum in HPP and CDMO: The company’s HPP segment posted a 23% YoY growth during the quarter, with HFO and R32 operations running at an...

Axis Direct

Q2FY25 Earnings Preview - Chemicals, Capital Goods and Midcaps

In Q2FY25, most specialty chemical companies under coverage are expected to show marginally improved performance, although demand recovery remains...

Axis Direct

Navin Fluorine - Dewas Plant Visit

We visited Navin Fluorine’s plant based in Dewas, Madhya Pradesh which caters to its CDMO business vertical. The company manufacture pharma...

Emkay

Navin Fluorine International: On Track for Expansion. Maintain BUY

We visited Navin Fluorine International’s (NFIL) Dewas, Indore plant, which currently houses three cGMP facilities, with a fourth under construction

HDFC Securities

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