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

Emkay

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<div><div><div><div><ul><li>Highlights: Standalone employee costs were 29% below our est. (down 22% yoy/9% qoq), but Other Expenditure was 20% above our estimate due to higher sundry expenses and provisions (down 5%/8%) in Q4FY22.</li><li>DD&amp;A was down due to a 70% decline in depletion. Other Income fell 63% yoy to Rs4.9bn, a 34% miss (from lower dividends).</li><li>The tax rate was lower at 20%. For FY22, OIL reported S/A EBITDA/PAT of Rs53.7bn/Rs38.9bn, up over 4x/2x, driven by higher realizations.</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>

Highlights: Standalone employee costs were 29% below our est. (down 22% yoy/9% qoq), but Other Expenditure was 20% above our estimate due to higher sundry expenses and provisions (down 5%/8%) in Q4FY22.DD&amp;A was down due to a 70% decline in depletion. Other Income fell 63% yoy to Rs4.9bn, a 34% miss (from lower dividends).The tax rate was lower at 20%. For FY22, OIL reported S/A EBITDA/PAT of Rs53.7bn/Rs38.9bn, up over 4x/2x, driven by higher realizations.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.

Oil India - Lower Dry Wells and DD&A Drive PAT Beat; Production Grows

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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.

Oil & Natural Gas Corp / Equity Bottom-Up

<ul><li>Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) have outperformed the Sensex by 74/42% over the last twelve months, as Brent crude price increased by 68%; we expect the outperformance to continue</li><li>The Domestic Administered Pricing Mechanism (APM) gas price was revised upwards by 110% to USD 6.1/mmbtu in H1FY23; we expect it to further rise by 45% to &gt;USD 8.8/mmbtu in H2FY23</li><li>We expect Brent crude price, which is currently at &gt;USD 100/bbl, to remain elevated, as Organisation of the Petroleum Exporting Countries (OPEC) supply growth is likely to lag global demand growth and supply concerns surrounding geopolitical issues would prevail.</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>

Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) have outperformed the Sensex by 74/42% over the last twelve months, as Brent crude price increased by 68%; we expect the outperformance to continueThe Domestic Administered Pricing Mechanism (APM) gas price was revised upwards by 110% to USD 6.1/mmbtu in H1FY23; we expect it to further rise by 45% to &gt;USD 8.8/mmbtu in H2FY23We expect Brent crude price, which is currently at &gt;USD 100/bbl, to remain elevated, as Organisation of the Petroleum Exporting Countries (OPEC) supply growth is likely to lag global demand growth and supply concerns surrounding geopolitical issues would prevail.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.

Indian Oil and Gas – Upstream: Further upside to gas realisation

<p>Nuvoco Vistas: We maintain our BUY rating on Nuvoco Vistas (Nuvoco) with an unchanged target price of INR 827/share (11x its consolidated Sep-23E EBITDA). We continue to like it for its leadership presence in the east, its various margin initiatives, and continued deleveraging of its balance sheet. Weak demand in the east and high opex hit its profitability in Q2. The impact, however, was moderated by rising contribution of synergy benefits and ongoing cost reductions. While consolidated revenue grew 13% YoY to INR 20.20bn, EBITDA fell 9% YoY to INR 3.31bn.</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>

Nuvoco Vistas: We maintain our BUY rating on Nuvoco Vistas (Nuvoco) with an unchanged target price of INR 827/share (11x its consolidated Sep-23E EBITDA). We continue to like it for its leadership presence in the east, its various margin initiatives, and continued deleveraging of its balance sheet. Weak demand in the east and high opex hit its profitability in Q2. The impact, however, was moderated by rising contribution of synergy benefits and ongoing cost reductions. While consolidated revenue grew 13% YoY to INR 20.20bn, EBITDA fell 9% YoY to INR 3.31bn.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: Godrej Consumers, Astral, Oil India, Vinati Organics, Nuvoco Vistas, Sundram...

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

TSMC (Taiwan Semiconductor Manufacturing) / Technical Analysis

TSMC (Taiwan Semiconductor Manufacturing)

<p>Emerging market equities have been one of the worst areas to invest in 2021, but we see early signs of positive change. With the US dollar failing to break above resistance at $93.50 and the MSCI EM ETF (EEM-US) displaying a false breakdown at $52, we believe now is an opportune time to add exposure to emerging market equities. To be clear, we are not getting overly bullish on EM; we have favored developed int’l (EAFE) over EM since May, and we are now shifting back to a neutral stance between the two. We see reason to believe the tide is shifting in EM’s favor. Below we highlight attractive and actionable themes within EM.</p>

Emerging market equities have been one of the worst areas to invest in 2021, but we see early signs of positive change. With the US dollar failing to break above resistance at $93.50 and the MSCI EM ETF (EEM-US) displaying a false breakdown at $52, we believe now is an opportune time to add exposure to emerging market equities. To be clear, we are not getting overly bullish on EM; we have favored developed int’l (EAFE) over EM since May, and we are now shifting back to a neutral stance between the two. We see reason to believe the tide is shifting in EM’s favor. Below we highlight attractive and actionable themes within EM.

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

<p>Risk-on signals continue to pile up, which continues to support our constructive outlook. Building off of last week's report, growth Sectors such as Technology and Communications continue to improve and we recommend adding exposure (e.g., Bilibili BILI-US/9626-HK).</p>

Risk-on signals continue to pile up, which continues to support our constructive outlook. Building off of last week's report, growth Sectors such as Technology and Communications continue to improve and we recommend adding exposure (e.g., Bilibili BILI-US/9626-HK).

Global Equity Strategy: Growth Sectors Continue To Improve -- Add Exposure

India

Oil India Ltd. explores, develops, and produces crude oil and natural gas in India and internationally. The Company is also involved in the transportation of crude oil, production of liquefied petroleum gas, pipeline services, as well as various exploration and production related services.

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Oil India Ltd (OINL IN)

Oil India - Lower Dry Wells and DD&A Drive PAT Beat; Production Grows

Q4FY22 S/A revenue/EBITDA/APAT of Rs44.8bn/Rs19.6bn/Rs16.3bn beat our estimates by 2%/10%/16%. EBITDA beat was led by Rs185mn of negative dry well...

Emkay

Indian Oil and Gas – Upstream: Further upside to gas realisation

Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) have outperformed the Sensex by 74/42% over the last twelve months, as Brent crude...

HDFC Securities

HSIE Results Daily: Godrej Consumers, Astral, Oil India, Vinati Organics, Nuvoco Vistas, Sundram...

Nuvoco Vistas: We maintain our BUY rating on Nuvoco Vistas (Nuvoco) with an unchanged target price of INR 827/share (11x its consolidated Sep-23E...

HDFC Securities

Shifting Exposure To Emerging Markets; Buying TSMC/Taiwan Semi, ICICI Bank, Many Others

We see early signs of positive change within EM, and we present a strong case as to why we believe now is an opportune time to add exposure.

Vermilion Research

Global Equity Strategy: Growth Sectors Continue To Improve -- Add Exposure

Building off of last week's report, growth Sectors such as Technology and Communications continue to improve and we recommend adding exposure...

Vermilion Research

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