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. 

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

<ul><li>PI Industries (PIIND) posted a steady quarter in line with our estimates as the company proved its execution &amp; operational capabilities in this volatile environment. The company reported revenue of Rs. 1395 cr higher by 17.7% / 3% YoY/QoQ.</li><li>EBITDA Margin came in at 22% which was 101 bps higher YoY, led by favourable product mix in export &amp; domestic market and ISAGRO performance, coupled with improved operating leverage</li><li>The stock currently trades at 47x at FY22 EPS, given strong performance on the export and domestic front we value PIIND at 35x (its FY24E EPS) coming at a Target Price of Rs 3161.</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>

PI Industries (PIIND) posted a steady quarter in line with our estimates as the company proved its execution &amp; operational capabilities in this volatile environment. The company reported revenue of Rs. 1395 cr higher by 17.7% / 3% YoY/QoQ.EBITDA Margin came in at 22% which was 101 bps higher YoY, led by favourable product mix in export &amp; domestic market and ISAGRO performance, coupled with improved operating leverageThe stock currently trades at 47x at FY22 EPS, given strong performance on the export and domestic front we value PIIND at 35x (its FY24E EPS) coming at a Target Price of Rs 3161.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.

PI Industries: Executional & Operational Improvement. Positive Outlook!

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.

<div><ul><li>Operating performance better than our estimates - PI Industries (PI)’s consolidated revenue growth was primarily driven by the domestic Crop Protection segment (up 47% YoY) in 4QFY22 with CSM segment rising 11% YoY.</li></ul><div><ul><li>Higher volume as well as value growth drives overall sales growth - <span style="font-size: var(--content-font-size);">PI’s revenue of INR14b (est. INR13.3b) was up 17% YoY in 4QFY22 driven by price increase of ~7% and the balance from volume growth.</span></li></ul><div><ul><li>Highlights from the management interaction - <span style="font-size: var(--content-font-size);">New products: PI aims to commercialize seven new molecules under the CSM business (three non-agrochemical and four agrochemical molecules) and five new products under the domestic business in FY23E. Two new process innovations would be commercialized in FY23E.</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>

Operating performance better than our estimates - PI Industries (PI)’s consolidated revenue growth was primarily driven by the domestic Crop Protection segment (up 47% YoY) in 4QFY22 with CSM segment rising 11% YoY.Higher volume as well as value growth drives overall sales growth - PI’s revenue of INR14b (est. INR13.3b) was up 17% YoY in 4QFY22 driven by price increase of ~7% and the balance from volume growth.Highlights from the management interaction - New products: PI aims to commercialize seven new molecules under the CSM business (three non-agrochemical and four agrochemical molecules) and five new products under the domestic business in FY23E. Two new process innovations would be commercialized in FY23E.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.

PI Industries - Domestic Business Resilient, Drivers in Place for Future

External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

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.

<div><div><div><div><ul><li>Key positives: (i) PI added 8 new customers in FY22 (ii) New thrust on non-agrochem CSM - 35% of its 36 enquiries (iii) PI’s goal is to develop high-value CSM services in Agrochem/Pharma/Specialty Chemicals, based on cost leadership and sustainable manufacturing through differentiated technology/synthesis.</li></ul><div><div><div><div><ul><li>We see a bull case/bear case valuation of Rs3,318/Rs2,943 based on 100%/nil impact of the DCF value of a potential M&amp;A deal for a Pharma asset.</li></ul><div><div><div><div><ul><li>4QFY22 results are lower than our estimates. Revenue at Rs13.95bn was a miss of 1.1% vs NBIE estimate, but a beat of 2% vs street estimate.</li></ul></div></div></div></div></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>

Key positives: (i) PI added 8 new customers in FY22 (ii) New thrust on non-agrochem CSM - 35% of its 36 enquiries (iii) PI’s goal is to develop high-value CSM services in Agrochem/Pharma/Specialty Chemicals, based on cost leadership and sustainable manufacturing through differentiated technology/synthesis.We see a bull case/bear case valuation of Rs3,318/Rs2,943 based on 100%/nil impact of the DCF value of a potential M&amp;A deal for a Pharma asset.4QFY22 results are lower than our estimates. Revenue at Rs13.95bn was a miss of 1.1% vs NBIE estimate, but a beat of 2% vs street 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.

PI Industries - Domestic Revenue Growth Outpaces Exports

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>We are past the halfway mark in the review period for the September rebalance of the NIFTY100 Index. We see five potential changes which should be announced end August.</li>
<li>There is a high probability of <a href="https://www.smartkarma.com/entities/tata-power-co-ltd" target="_blank" data-smartkarma-citation="entities:15618:1" rel="noopener">Tata Power (TPWR IN)</a>, <a href="https://www.smartkarma.com/entities/indian-railway-catering-and-tourism-corporation-limited" target="_blank" data-smartkarma-citation="entities:33951:1" rel="noopener">Indian Railway Catering and Tourism (IRCTC IN)</a>, <a href="https://www.smartkarma.com/entities/bharat-electronics-ltd" target="_blank" data-smartkarma-citation="entities:6636:1" rel="noopener">Bharat Electronics (BHE IN)</a> and <a href="https://www.smartkarma.com/entities/mphasis-ltd" target="_blank" data-smartkarma-citation="entities:7672:1" rel="noopener">Mphasis Ltd (MPHL IN)</a> being added to the index.</li>
<li>High probability deletions are <a href="https://www.smartkarma.com/entities/lupin-ltd" target="_blank" data-smartkarma-citation="entities:17910:1" rel="noopener">Lupin Ltd (LPC IN)</a>, <a href="https://www.smartkarma.com/entities/jubilant-foodworks-ltd" target="_blank" data-smartkarma-citation="entities:986:1" rel="noopener">Jubilant Foodworks (JUBI IN)</a>, <a href="https://www.smartkarma.com/entities/zydus-lifesciences-ltd" target="_blank" data-smartkarma-citation="entities:12914:1" rel="noopener">Zydus Lifesciences Ltd (ZYDUSLIF IN)</a>, <a href="https://www.smartkarma.com/entities/punjab-national-bank" target="_blank" data-smartkarma-citation="entities:542:1" rel="noopener">Punjab National Bank (PNB IN)</a> and <a href="https://www.smartkarma.com/entities/steel-authority-of-india" target="_blank" data-smartkarma-citation="entities:14323:1" rel="noopener">Steel Authority of India (SAIL IN)</a>.</li>
</ul>


We are past the halfway mark in the review period for the September rebalance of the NIFTY100 Index. We see five potential changes which should be announced end August.
There is a high probability of Tata Power (TPWR IN), Indian Railway Catering and Tourism (IRCTC IN), Bharat Electronics (BHE IN) and Mphasis Ltd (MPHL IN) being added to the index.
High probability deletions are Lupin Ltd (LPC IN), Jubilant Foodworks (JUBI IN), Zydus Lifesciences Ltd (ZYDUSLIF IN), Punjab National Bank (PNB IN) and Steel Authority of India (SAIL IN).


NIFTY100 Index Rebalance Preview: Five Potential Changes in September

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.

<ul><li>Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciences</li><li>The company maintains a strong research presence through its R&amp;D facility in Udaipur, where it has a dedicated team of over 300 scientists</li><li>Target Price and Valuation: We value PI Industries at 40x P/E FY24E EPS to arrive at a revised target price of Rs 3375/share (earlier Rs 3340/share)</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>

Incorporated in 1947, PI Industries focuses on complex chemistry solutions in agri and pharma sciencesThe company maintains a strong research presence through its R&amp;D facility in Udaipur, where it has a dedicated team of over 300 scientistsTarget Price and Valuation: We value PI Industries at 40x P/E FY24E EPS to arrive at a revised target price of Rs 3375/share (earlier Rs 3340/share)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.

PI Industries: Strong Order Book to Maintain CSM Momentum

India

PI Industries Limited manufactures agricultural and fine chemicals, and polymers. The Company produces fine chemicals; crop protection, plant nutrients, and seeds; and engineering plastics for use in the automobile, electrical, and home appliances industries.

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Pi Industries (PI IN)

PI Industries: Executional & Operational Improvement. Positive Outlook!

The stock currently trades at 47x at FY22 EPS, given strong performance on the export and domestic front we value PIIND at 35x (its FY24E EPS)...

Axis Direct

PI Industries - Domestic Business Resilient, Drivers in Place for Future

Operating performance better than our estimates - PI Industries (PI)’s consolidated revenue growth was primarily driven by the domestic Crop...

Motilal Oswal

PI Industries - Domestic Revenue Growth Outpaces Exports

We maintain Buy on PI Industries (PI) after a marginal increase in FY23E/FY24E and SOTP- based target price (TP) to Rs3,063 includes PI’s core...

Nirmal Bang

NIFTY100 Index Rebalance Preview: Five Potential Changes in September

We see five potential changes to the NIFTY100 Index at the September rebalance. Most are high probability changes and there will be over 1.5 days...

Brian Freitas

PI Industries: Strong Order Book to Maintain CSM Momentum

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general...

ICICI Securities Limited

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