External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiaries</li><li>Performance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiary</li><li>We continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bn</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.

Bharat Forge: Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas subsidiariesPerformance beat was largely driven by better-than-expected revenue growth at the standalone entity and break-even at the Europe subsidiaryWe continue to highlight that BHFC has multiple growth levers to offset any potential slowdown from US Class8 which include: (1) defence orders that are likely to see this segment’s revenue ramp-up to INR 17bn by FY25E, from INR 3.5bn in FY23, (2) strong growth expected in PV and industrial exports, (3) huge ramp-up potential at JS-Auto Cast, given its capacity is expected to increase by 2x and there is a huge demand for castings, both in India and abroad, (4) strong order backlog in aerospace, which would help boost revenue to INR 5bn over next the four years, from INR 1.7bnContent 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: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

<ul><li>Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)</li><li>In the absence of major new launches, sustenance sales are likely to remain robust</li><li>We expect new project launches to come to market in H2FY24</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.

Housing demand continues to surprise positively: After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)In the absence of major new launches, sustenance sales are likely to remain robustWe expect new project launches to come to market in H2FY24Content 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>Cummins: Cummins India Ltd (CIL) delivered a positive surprise with quarterly revenue/EBITDA/PAT at INR 19.2/3.3/3.2bn, beating our estimates by 7/15/33%</li><li>On a full-year basis, these were the highest ever</li><li>CIL is seeing strong pre-buy for its below 800kW power gensets as the CPCB 4+ norm will become effective from 1 July 2023</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.

Cummins: Cummins India Ltd (CIL) delivered a positive surprise with quarterly revenue/EBITDA/PAT at INR 19.2/3.3/3.2bn, beating our estimates by 7/15/33%On a full-year basis, these were the highest everCIL is seeing strong pre-buy for its below 800kW power gensets as the CPCB 4+ norm will become effective from 1 July 2023Content 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: Cummins, Oil India, Phoenix Mills, Emami

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, 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

Nexus Select Trust / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn (US$2.6bn) was from its retail assets.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.</li>
</ul>



Nexus Select Trust (NST IN) raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn (US$2.6bn) was from its retail assets.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.


Nexus Select Trust IPO Trading - Decent but Mostly Domestic Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nexus-select-trust" target="_blank" data-smartkarma-citation="entities:36566:1" rel="noopener">Nexus Select Trust (NST IN)</a> is looking to raise around US$391m in its upcoming India IPO.</li>
<li>NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.</li>
</ul>



Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO.
NST is a REIT with a portfolio of 17 Grade A urban consumption centers. It is backed by Blackstone.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about implied valuations in the IPO price range.


Nexus Select Trust IPO - Strong 9M23, Just About Digestible Pricing

India

Phoenix Mills Ltd. is engaged, directly and through its subsidiaries and investments in the business of ownership, management, and development of large-format retail-led mixed use properties. The Company's properties include shopping, entertainment, commercial, residential, and hospitality properties. Phoenix Mills owns and operates High Street Phoenix Center in Mumbai.

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Phoenix Mills (PHNX IN)

HSIE Results Daily: Bharat Forge, Phoenix Mills, Oil India, Prestige Estates

Bharat Forge’s consolidated PAT at INR 2.2 bn is better than our estimate of INR 1.8bn, led by a performance beat at both standalone and overseas...

HDFC Securities

Real Estate: Presale momentum continues

After a strong Q4FY24, we expect a sequentially flattish presale growth in Q1FY24 (on a high Q4FY23 base, driven by sustenance sales)

HDFC Securities

HSIE Results Daily: Cummins, Oil India, Phoenix Mills, Emami

Cummins: Cummins India Ltd (CIL) delivered a positive surprise with quarterly revenue/EBITDA/PAT at INR 19.2/3.3/3.2bn, beating our estimates by 7...

HDFC Securities

Nexus Select Trust IPO Trading - Decent but Mostly Domestic Demand

Nexus Select Trust (NST IN) raised around US$391m in its India IPO. The market value of its assets stood at INR234bn (US$2.9bn), of which INR211bn...

Sumeet Singh

Nexus Select Trust IPO - Strong 9M23, Just About Digestible Pricing

Nexus Select Trust (NST IN) is looking to raise around US$391m in its upcoming India IPO. In this note, we talk about the recent updates and the...

Sumeet Singh

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