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>We expect our coverage universe EBITDA to increase by +2% YoY, +10% QoQ, owing to an improvement in profitability from the downstream segment due to higher demand for petroleum products, higher refining throughput and GRMs</li><li>Upstream segment earnings are impacted by ~18/8% YoY/QoQ decline in crude oil prices and lower production, despite a YoY increase in domestic APM gas realisations</li><li>We expect lower gas volumes for City Gas Distribution (CGD) companies, owing to high retail CNG prices and spot LNG prices.</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>

We expect our coverage universe EBITDA to increase by +2% YoY, +10% QoQ, owing to an improvement in profitability from the downstream segment due to higher demand for petroleum products, higher refining throughput and GRMsUpstream segment earnings are impacted by ~18/8% YoY/QoQ decline in crude oil prices and lower production, despite a YoY increase in domestic APM gas realisationsWe expect lower gas volumes for City Gas Distribution (CGD) companies, owing to high retail CNG prices and spot LNG prices.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 and Gas: Improvement for downstream segment

<ul><li>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisation</li><li>Q3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other income</li><li>Crude oil and gas production came broadly in line</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>

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an improvement in domestic gas price realisationQ3FY23 revenue/EBITDA at INR 386/204bn, came in marginally above our estimates but APAT, at INR 110bn, came below estimates due to higher-than-expected DD&amp;A and finance costs and lower-than-expected other incomeCrude oil and gas production came broadly in lineContent 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: ONGC, Bata India, Prestige Estates, Radico Khaitan

<ul><li>ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisation</li><li>Q1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other income</li><li>Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 print</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>

ONGC: We maintain our BUY recommendation on ONGC with a target price of INR 178, based on (1) increase in crude price realisation and (2) improvement in domestic gas price realisationQ1FY23 revenue/EBITDA/APAT stood at INR 423/259/152bn, below our estimates, owing to higher other expenses, depreciation and interest cost, partially offset by higher-than-expected other incomeCrude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a stellar Q1 printContent 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: ONGC, Trent, Phoenix Mills, Fine Organic Industries

<div><div><div><ul><li>Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF <span style="font-size: var(--content-font-size);">and INR 13/ltr (USD 27/bbl) on exports of diesel.</span></li></ul></div></div><div><div><div><div><ul><li>Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced <span style="font-size: var(--content-font-size);">crude oil. </span></li><li><span style="font-size: var(--content-font-size);">However, no cess will be imposed on the quantity of crude that is </span><span style="font-size: var(--content-font-size);">produced in excess of FY22 production.</span></li></ul></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>

Imposition of a SAED of INR 6/ltr (USD 12/bbl) on exports of petrol and ATF and INR 13/ltr (USD 27/bbl) on exports of diesel.Levy of a SAED of INR 23,250/mt (USD 40/bbl) on domestically produced crude oil. However, no cess will be imposed on the quantity of crude that is produced in excess of FY22 production.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 Sector - Subsidy Overhang to Reduce

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and 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.

Equity Bottom-Up

Oil & Natural Gas Corporation / Equity Bottom-Up

<ul><li>ONGC’s 3QFY25 EBITDA was in line with our estimate at INR189.7b, as crude oil/gas sales came in line.</li><li>Both crude oil and natural gas production trends were flat QoQ.</li><li>With higher-than-estimated DDA, PAT stood 13% below our estimate.</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>

ONGC’s 3QFY25 EBITDA was in line with our estimate at INR189.7b, as crude oil/gas sales came in line.Both crude oil and natural gas production trends were flat QoQ.With higher-than-estimated DDA, PAT stood 13% below our estimate.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.

Ongc - Valuations Inexpensive; Focus on Volume Growth

India

Oil & Natural Gas Corporation (ONGC) is India's largest crude oil and natural gas company, engaged in the exploration, development, and production of oil and gas. It supplies crude oil, natural gas, and value-added products to major Indian oil and gas refining and marketing companies. The company is headquartered in New Delhi, India, and was founded on August 14, 1956.

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Oil & Natural Gas Corporation (ONGC IN)

Oil and Gas: Improvement for downstream segment

We expect our coverage universe EBITDA to increase by +2% YoY, +10% QoQ, owing to an improvement in profitability from the downstream segment due...

HDFC Securities

HSIE Results Daily: ONGC, Bata India, Prestige Estates, Radico Khaitan

We maintain our BUY recommendation on ONGC with a target price of INR 170, based on (1) an increase in crude price realisation and (2) an...

HDFC Securities

HSIE Results Daily: ONGC, Trent, Phoenix Mills, Fine Organic Industries

Crude oil and gas production were broadly in line, but total crude oil sales, including JV share, came below estimates. Trent: Trent reported a...

HDFC Securities

Indian Oil and Gas Sector - Subsidy Overhang to Reduce

Reliance Industries (RIL), ONGC and Oil India (OIL) stocks declined 7-15% on 1st Jul-22 as investors took a dim view of the new levies applied on...

HDFC Securities

Ongc - Valuations Inexpensive; Focus on Volume Growth

ONGC’s 3QFY25 EBITDA was in line with our estimate at INR189.7b, as crude oil/gas sales came in line. Both crude oil and natural gas production...

Motilal Oswal

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