External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

A Relationship Beyond Broking

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

Thematic (Sector/Industry)

<div><div><div><div><ul><li>Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.</li><li>The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.</li><li>EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.</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>

Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.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.

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Equity Bottom-Up

<div><ul><li>Revenue increases by 16.6% QoQ and 28.4% YoY to Rs4,954mn: The company reported revenue of Rs4,954mn in 4QFY22, up 16.6% QoQ, led by 20.7%/17.8%/80.4% QoQ increase in revenue from Retail/Commercial/Residential segments.</li></ul><div><ul><li>However, revenue from Hotels declined by 11% QoQ to Rs586mn in 4QFY22 on account of a decline in occupancy level in Jan’22 amid the 3rd covid wave.</li></ul><div><ul><li>Retail - Strong driven by consumption: Revenue grew by 21% QoQ and 26% YoY to Rs3,358mn in 4QFY22, mainly as better recovery was witnessed across cities on the back of (1) Improving demand from new tenants, l<span style="font-size: var(--content-font-size);">ed by pick-up in their business activities (2) More categories and businesses, especially food courts, being allowed to re-open amid the waning impact of 3rd covid wave and reduced restrictions (3) More footfalls amid festive and wedding season.</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>

Revenue increases by 16.6% QoQ and 28.4% YoY to Rs4,954mn: The company reported revenue of Rs4,954mn in 4QFY22, up 16.6% QoQ, led by 20.7%/17.8%/80.4% QoQ increase in revenue from Retail/Commercial/Residential segments.However, revenue from Hotels declined by 11% QoQ to Rs586mn in 4QFY22 on account of a decline in occupancy level in Jan’22 amid the 3rd covid wave.Retail - Strong driven by consumption: Revenue grew by 21% QoQ and 26% YoY to Rs3,358mn in 4QFY22, mainly as better recovery was witnessed across cities on the back of (1) Improving demand from new tenants, led by pick-up in their business activities (2) More categories and businesses, especially food courts, being allowed to re-open amid the waning impact of 3rd covid wave and reduced restrictions (3) More footfalls amid festive and wedding season.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.

Phoenix Mills - Strong Consumption Recovery Continues

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.

<div><div><div><ul><li>Phoenix Mills: Phoenix Mills (PHNX) reported strong revenue/EBITDA/ APAT at INR 4.9/2.4/1.05bn, beat at all levels.</li></ul></div><div><div><div><ul><li>HG Infra: HG Infra’s (HG) revenue/EBITDA/APAT came in at INR 10.3/1.6/0.9bn, a beat of 0.9%/0.9%/-1.9%.</li></ul><div><div><div><ul><li>Deccan Cements: We maintain our ADD rating on Deccan Cements (DCL), with a lower target price of INR 515/sh (6x its Mar-24E EBITDA).</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>

Phoenix Mills: Phoenix Mills (PHNX) reported strong revenue/EBITDA/ APAT at INR 4.9/2.4/1.05bn, beat at all levels.HG Infra: HG Infra’s (HG) revenue/EBITDA/APAT came in at INR 10.3/1.6/0.9bn, a beat of 0.9%/0.9%/-1.9%.Deccan Cements: We maintain our ADD rating on Deccan Cements (DCL), with a lower target price of INR 515/sh (6x its Mar-24E EBITDA).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: Phoenix Mills, HG Infra, Deccan Cements

<ul><li>The upswing in the residential market continues driven by (1) Low interest rates (2) Higher disposable income and (3) Pricing discipline.</li><li>Demand for commercial realty will continue to recover in short to medium term, led by (1) Large hiring in IT/ITeS and other sectors (2) Return to office trend.</li><li>Leasing activity in the commercial segment has started to see a revival, driven by return to office trend post easing of covid-led r...(continued).</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 upswing in the residential market continues driven by (1) Low interest rates (2) Higher disposable income and (3) Pricing discipline.Demand for commercial realty will continue to recover in short to medium term, led by (1) Large hiring in IT/ITeS and other sectors (2) Return to office trend.Leasing activity in the commercial segment has started to see a revival, driven by return to office trend post easing of covid-led r...(continued).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.

Real Estate and Ceramics: Real Estate on an Upswing

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

<p>As per company, The Phoenix Mills (PHNX) has clocked mall consumption of Rs6.6bn in Nov’21 which is 116% of Nov’19 levels and Rs6.7bn in Oct’21 which is 91% of Oct’19 levels. While the threat of a fresh round of Covid induced mall closures remains a risk, we expect mall rentals to revert to pre-Covid levels by Q4FY22 as consumption continues to improve.</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>

As per company, The Phoenix Mills (PHNX) has clocked mall consumption of Rs6.6bn in Nov’21 which is 116% of Nov’19 levels and Rs6.7bn in Oct’21 which is 91% of Oct’19 levels. While the threat of a fresh round of Covid induced mall closures remains a risk, we expect mall rentals to revert to pre-Covid levels by Q4FY22 as consumption continues to improve.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.

Consumption revives, capital position a bulwark

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)

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

Phoenix Mills - Strong Consumption Recovery Continues

Performance of Phoenix Mills in 4QFY22 was healthy on the back of rental growth while consumption was driven by the strong operational performance...

Nirmal Bang

HSIE Results Daily: Phoenix Mills, HG Infra, Deccan Cements

Phoenix Mills: Phoenix Mills (PHNX) reported strong revenue/EBITDA/ APAT at INR 4.9/2.4/1.05bn, beat at all levels. Retail consumption for the year...

HDFC Securities

Real Estate and Ceramics: Real Estate on an Upswing

The upswing in the residential market continues driven by (1) Low interest rates (2) Higher disposable income and (3) Pricing discipline.

Nirmal Bang

Consumption revives, capital position a bulwark

As per company, The Phoenix Mills (PHNX) has clocked mall consumption of Rs6.6bn in Nov’21 which is 116% of Nov’19 levels and Rs6.7bn in Oct’21...

ICICI Securities Limited

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