External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<div><div><div><ul><li>NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.</li><li>Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.</li><li><span style="font-size: var(--content-font-size);">Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.</span></li></ul></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>

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.Powergrid: Capitalisation is expected to be at INR25bn (-56% YoY on a high base), while Capex is expected to be INR18.5bn (+67% YoY) in Q1FY23.Tata Power: Revenue is expected to grow by 21.6% YoY to INR123bn, led by improved generation at the Mundra plant, higher power demand across its distribution circles and executions across its solar EPC segment.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.

Power - Better Realisation and Low YoY Base to Boost PAT

<div><div><div><ul><li>Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).</li></ul><div><div><div><ul><li>Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.</li></ul><div><div><div><ul><li>Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.</li></ul></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>

Hybrid structures to gain more traction: We expect India will add ~342GW of RES capacity over FY22-FY30, led by solar +280GW which represents a capex opportunity of INR11.2 trillion (debt funding of INR9.0trillion).Duty imposition and incentives to amplify domestic solar equipment industry: Duty imposition on cells/modules and other supportive schemes will provide the much- needed price parity for domestic manufacturers, to compete with Chinese players.Green hydrogen—huge potential ahead: We believe that green hydrogen’s early adoption will take place across the fertilizer, refining, ammonia, marine, and steel industries.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.

Power - Shifting Energy Landscape: Grey to Green Gains Pace

<div><div><div><ul><li>NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.</li></ul><div><div><div><ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.</li></ul></div><div><div><div><ul><li>V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.</li></ul></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>

NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.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: NTPC, Shree Cement, V-Guard Industries, Sobha

<ul><li>Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisations</li><li>Revenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarter</li><li>The quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levels</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>

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall improved merchant realisationsRevenue for our coverage universe is likely to improve by 7.5% YoY, while PAT is likely to grow 30.8% YoY during the quarterThe quarter also witnessed a steep rise in imported coal prices and domestic supply constraints, which led to almost 80 plants operating at low inventory levelsContent 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.

Power: Better Realisation and Low YoY Base to Boost PAT

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/indo-mim-ltd" target="_blank" data-smartkarma-citation="entities:45956:1" rel="noopener">Indo-MIM Ltd (1666551D IN)</a> is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.</li>
<li>IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.</li>
</ul>



Indo-MIM Ltd (1666551D IN) is looking to raise about US$395m in its India IPO. The deal has been downsized from its earlier estimated size of US$750m.
IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the RHP updates, peer comp and implied valuations in the price range.


Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

India

NTPC Limited is India's largest integrated power utility, primarily engaged in the generation and sale of electricity through a diversified portfolio including coal, gas, hydro, solar, and wind assets. The company also undertakes coal mining, power trading, and consultancy services for power projects. NTPC is headquartered in New Delhi, India, and was founded on November 7, 1975.

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NTPC (NTPC IN)

Power - Better Realisation and Low YoY Base to Boost PAT

NTPC: Generation is expected to report a strong growth of 19.8% YoY to 79.8bus, led by strong demand recovery during peak summer and low YoY base.

HDFC Securities

Power - Shifting Energy Landscape: Grey to Green Gains Pace

Renewables are poised to play a huge role in India’s energy sector, with capacity increasing fourfold by 2030, aided by stringent Renewable Power...

HDFC Securities

HSIE Results Daily: NTPC, Shree Cement, V-Guard Industries, Sobha

NTPC:Generation/salesincreased3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand. Coal PAF improved marginally in Q4...

HDFC Securities

Power: Better Realisation and Low YoY Base to Boost PAT

Our power universe is expected to report a strong 30.8% YoY earnings growth, owing to better power demand in the latter part of Q4FY22 and overall...

HDFC Securities

Aequitas: Indo-MIM IPO - RHP Updates, Peer Comp and Thoughts on Valuation

Indo-MIM Ltd (IML) is looking to raise about US$395m in its India IPO, downsized from its earlier estimated size of US$750m. In this note, we talk...

Akshat Shah

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