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>Polycab India reported consolidated revenues of Rs 3,332 Cr (up 11% YoY and 22% QoQ), marginally higher than our estimates of Rs 3,285 Cr.</li><li>Strong demand and volume growth have offset the impact of softening copper prices and channel de-stocking.</li><li>The FMEG segment revenue degrew 12% YoY to Rs 305 Cr due to subdued demand in rural markets and re- alignment of the distribution network.</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>

Polycab India reported consolidated revenues of Rs 3,332 Cr (up 11% YoY and 22% QoQ), marginally higher than our estimates of Rs 3,285 Cr.Strong demand and volume growth have offset the impact of softening copper prices and channel de-stocking.The FMEG segment revenue degrew 12% YoY to Rs 305 Cr due to subdued demand in rural markets and re- alignment of the distribution network.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.

Polycab India - Growth Driven By Cables & Wires Segment

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC 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

Campus Activewear / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/campus-activewear-ltd" target="_blank" data-smartkarma-citation="entities:35877:1" rel="noopener">Campus Activewear Ltd (1535013D IN)</a> India IPO raised around US$184m. The IPO was a 100% secondary selldown.</li>
<li>The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.</li>
<li>Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. </li>
</ul>



Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The IPO was a 100% secondary selldown.
The overall subscription rate for Campus had led the likes of Zomato, PAYTM and PB Fintech, and was most similar to that of Polycab India.
Campus’ growth outlook and vertically integrated model should warrant it to trade at a premium to Metro Brands, while at a discount to Relaxo, given the latter’s more diversified offering. 


Campus Activewear IPO Trading - Strong Bookbuild and Anchor

<ul><li>Polycab India is a leading manufacturer of cables &amp; wires with a diverse product range catering to industrial and household segments</li><li>In 2009 the company diversified into EPC business to strategically cater to the Cables &amp; Wires requirement of large infrastructure EPC projects</li><li>We recommend a Buy the stock for a target price of Rs 2,640 implying an upside of 11% 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>

Polycab India is a leading manufacturer of cables &amp; wires with a diverse product range catering to industrial and household segmentsIn 2009 the company diversified into EPC business to strategically cater to the Cables &amp; Wires requirement of large infrastructure EPC projectsWe recommend a Buy the stock for a target price of Rs 2,640 implying an upside of 11% from CMPContent 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.

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>Polycab is the largest manufacturer of wire &amp; cable in India</li><li>The company also entered the fast moving electrical goods (FMEG) space in 2014 and has recorded strong segment revenue CAGR of 43% in the last five years</li><li>Target Price and Valuation: We revise our target price to Rs 3000/share valuing stock at 35x P/E on FY24E EPS</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>

Polycab is the largest manufacturer of wire &amp; cable in IndiaThe company also entered the fast moving electrical goods (FMEG) space in 2014 and has recorded strong segment revenue CAGR of 43% in the last five yearsTarget Price and Valuation: We revise our target price to Rs 3000/share valuing stock at 35x P/E on FY24E EPSContent 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.

Polycab India: Strong Revenue Growth; High Inflation Drags Margin

<p>We value Polycab at 27x FY24 EPS of Rs 92.3 to arrive at target price of Rs 2,490/share (vs. Rs 2,575/share earlier),implying an upside of 4% from CMP. Hence, we recommend HOLD rating on the stock at current levels.</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>

We value Polycab at 27x FY24 EPS of Rs 92.3 to arrive at target price of Rs 2,490/share (vs. Rs 2,575/share earlier),implying an upside of 4% from CMP. Hence, we recommend HOLD rating on the stock at current levels.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.

Polycab India: Divests 100% Stake in Ryker Base

India

Polycab India Ltd. is India's largest manufacturer of wires and cables, and a prominent player in the Fast Moving Electrical Goods (FMEG) industry, offering products such as electric fans, LED lighting, switches, switchgear, and solar products. The company also operates in the Engineering, Procurement, and Construction (EPC) sector, specializing in power distribution and rural electrification projects. Polycab India is headquartered in Mumbai, India, and was incorporated in 1996.

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Polycab India (POLYCAB IN)

Polycab India - Growth Driven By Cables & Wires Segment

Polycab India reported consolidated revenues of Rs 3,332 Cr (up 11% YoY and 22% QoQ), marginally higher than our estimates of Rs 3,285 Cr.

Axis Direct

Campus Activewear IPO Trading - Strong Bookbuild and Anchor

Campus Activewear Ltd (1535013D IN) India IPO raised around US$184m. The overall subscription rate had led the likes of Zomato, PAYTM and PB...

Clarence Chu

Pick of the Week: Polycab India

Polycab India is a leading manufacturer of cables & wires with a diverse product range catering to industrial and household segments

Axis Direct

Polycab India: Strong Revenue Growth; High Inflation Drags Margin

Polycab is the market leader in the wire & cable business with organised market share of 23%. In the FMEG segment, it is growing through new...

ICICI Securities Limited

Polycab India: Divests 100% Stake in Ryker Base

We value Polycab at 27x FY24 EPS of Rs 92.3 to arrive at target price of Rs 2,490/share (vs. Rs 2,575/share earlier),implying an upside of 4% from...

Axis Direct

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