External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>The Capacity expansion plan announced earlier by the company has not progressed much and the management has indicated that it would take a firm call on the same after the Q4FY23 result.</li><li>The company does not expect much respite from power/fuel cost till Q2FY24 as current inventory pertains to higher costs and will last till May’23, thereafter fuel cost is expected to reduce.</li><li>Cement demand is expected to be resilient driven by the government’s focus on the development of infrastructure, Housing for All, and robust overall real estate demand.</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>

The Capacity expansion plan announced earlier by the company has not progressed much and the management has indicated that it would take a firm call on the same after the Q4FY23 result.The company does not expect much respite from power/fuel cost till Q2FY24 as current inventory pertains to higher costs and will last till May’23, thereafter fuel cost is expected to reduce.Cement demand is expected to be resilient driven by the government’s focus on the development of infrastructure, Housing for All, and robust overall real estate demand.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.

Orient Cement Limited - Capacity Expansion Delayed; Maintain HOLD!

<ul><li>OCL reported flattish Revenue growth YoY (below expectation) in Q1FY23 while reporting Volume/EBITDA/APAT degrowth of 3%/74%/117% YoY (below expectation).</li><li>This was primarily on account of escalated input costs during the quarter.</li><li>The company reported a volume of 1.24 Mn tonnes per annum (mtpa), down 3% YoY as heavy monsoon and lower demand impacted the cement sale in its operating regions.</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>

OCL reported flattish Revenue growth YoY (below expectation) in Q1FY23 while reporting Volume/EBITDA/APAT degrowth of 3%/74%/117% YoY (below expectation).This was primarily on account of escalated input costs during the quarter.The company reported a volume of 1.24 Mn tonnes per annum (mtpa), down 3% YoY as heavy monsoon and lower demand impacted the cement sale in its operating regions.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.

Orient Cement Ltd - Capacity Expansion Delayed; Downgrade to HOLD

<ul><li>Orient cement reported Revenue growth of 2% in Q3FY22 owing to higher realization. However, the company’s EBITDA/APAT posted a de-growth of 14%/19% on account of elevated costs</li><li>The company reported a volume of 1.22 million tonnes per annum (mntpa), down 10% YoY as it did not resort to selling cement at unremunerative prices and maintained price discipline.</li><li>We value the company at 6x of its FY23E EV/EBITDA and retain our BUY rating on the stock with a target price of Rs 200/share. TP implies an upside of 16% from CMP.</li></ul><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>

Orient cement reported Revenue growth of 2% in Q3FY22 owing to higher realization. However, the company’s EBITDA/APAT posted a de-growth of 14%/19% on account of elevated costsThe company reported a volume of 1.22 million tonnes per annum (mntpa), down 10% YoY as it did not resort to selling cement at unremunerative prices and maintained price discipline.We value the company at 6x of its FY23E EV/EBITDA and retain our BUY rating on the stock with a target price of Rs 200/share. TP implies an upside of 16% from CMP.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.

Orient Cement: Cost Headwinds Dampens Profitability; Capacity Expansion On Track

<p>The stock is currently trading at 5.7x and 4.5x FY22E and FY23E EV/EBITDA and EV/tonne of $66 and $55 FY22E and FY23E. We retain our BUY rating on the stock with a target price of Rs 205/share, valuing the company at 5.5x of its FY23E EV/EBITDA implying an upside of 23% from CMP.</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>

The stock is currently trading at 5.7x and 4.5x FY22E and FY23E EV/EBITDA and EV/tonne of $66 and $55 FY22E and FY23E. We retain our BUY rating on the stock with a target price of Rs 205/share, valuing the company at 5.5x of its FY23E EV/EBITDA implying an upside of 23% from CMP.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.

Orient Cement: Strong Performance Backed by Higher Volume and Realization

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

<p>HSIE Results Daily Dabur: Daburs Q1 performance was inspiring with a beat in revenue, volume and EBITDA. Revenue growth was at 32% YoY (HSIE 22%), 2-year CAGR at 7%. Domestic revenue/volume growth were at 35/34% YoY, 2-year CAGR at 12/10% vs. Britannias 12/13%, Nestles 8/6%, Maricos 7/2%, Colgates 4/0%, Emamis 3/2% and HULs 2/0%. Daburs healthcare/HPC/F&amp;B; grew 30/26/80% YoY (vs. +29/-15/-34% in Q1FY21 and +23/+33/+28% in Q4FY21). The international business saw continued recovery, growing 29% YoY.</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>

HSIE Results Daily Dabur: Daburs Q1 performance was inspiring with a beat in revenue, volume and EBITDA. Revenue growth was at 32% YoY (HSIE 22%), 2-year CAGR at 7%. Domestic revenue/volume growth were at 35/34% YoY, 2-year CAGR at 12/10% vs. Britannias 12/13%, Nestles 8/6%, Maricos 7/2%, Colgates 4/0%, Emamis 3/2% and HULs 2/0%. Daburs healthcare/HPC/F&amp;B; grew 30/26/80% YoY (vs. +29/-15/-34% in Q1FY21 and +23/+33/+28% in Q4FY21). The international business saw continued recovery, growing 29% YoY.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: Dabur, Godrej Properties, Alkyl Amines and More

India

Orient Cement Limited manufactures and distributes cement.

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Orient Cement (ORCMNT IN)

Orient Cement Limited - Capacity Expansion Delayed; Maintain HOLD!

The Capacity expansion plan announced earlier by the company has not progressed much and the management has indicated that it would take a firm...

Axis Direct

Orient Cement Ltd - Capacity Expansion Delayed; Downgrade to HOLD

OCL reported flattish Revenue growth YoY (below expectation) in Q1FY23 while reporting Volume/EBITDA/APAT degrowth of 3%/74%/117% YoY (below...

Axis Direct

Orient Cement: Cost Headwinds Dampens Profitability; Capacity Expansion On Track

We value the company at 6x of its FY23E EV/EBITDA and retain our BUY rating on the stock with a target price of Rs 200/share. TP implies an upside...

Axis Direct

Orient Cement: Strong Performance Backed by Higher Volume and Realization

The stock is currently trading at 5.7x and 4.5x FY22E and FY23E EV/EBITDA and EV/tonne of $66 and $55 FY22E and FY23E. We retain our BUY rating on...

Axis Direct

HSIE Results Daily: Dabur, Godrej Properties, Alkyl Amines and More

Dabur: Daburs Q1 performance was inspiring with a beat in revenue, volume and EBITDA. Revenue growth was at 32% YoY (HSIE 22%), 2-year CAGR at 7%....

HDFC Securities

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