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)

<ul><li>PVR and Inox Leisure (INOL) stock prices were down by ~3% and ~4%, respectively in 1QFY23, but outperformed the Nifty Media index (down 21%).</li><li>They also outperformed the NSE Small Cap 100 index (down 19%). This is after a stellar 4QFY22 when each of them delivered ~50% return.</li><li>1QFY23 saw positive sentiments due to strong box office collections (especially from regional movies), addition of new screens and approval of merger (PVR-INOX merger). of the 2 players by SEBI and the two stock exchanges – NSE &amp; BSE – without any objections raised thus far from CCI.</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.

PVR and Inox Leisure (INOL) stock prices were down by ~3% and ~4%, respectively in 1QFY23, but outperformed the Nifty Media index (down 21%).They also outperformed the NSE Small Cap 100 index (down 19%). This is after a stellar 4QFY22 when each of them delivered ~50% return.1QFY23 saw positive sentiments due to strong box office collections (especially from regional movies), addition of new screens and approval of merger (PVR-INOX merger). of the 2 players by SEBI and the two stock exchanges – NSE &amp; BSE – without any objections raised thus far from CCI.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.

Film Exhibition Sector - 1QFY23: All Set to Break Pre-COVID Levels

<ul><li>PVR and Inox Leisure (INOL) stock prices appreciated by 48% and 50%, respectively in 4QFY22, owing to quick opening up after the third covid wave, better-than-expected response to content, and proposed merger of these two players.</li><li>The merger would create a formidable player in the Indian Film Exhibition space with significant bargaining power vis-à-vis the ecosystem stakeholders (PVR-INOX merger)</li><li>Emergence of the Omicron variant affected the performance in the first one &amp; half months of 4QFY22, with film releases getting postponed and fresh restrictions being put up by various states on cinema operations.</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.

PVR and Inox Leisure (INOL) stock prices appreciated by 48% and 50%, respectively in 4QFY22, owing to quick opening up after the third covid wave, better-than-expected response to content, and proposed merger of these two players.The merger would create a formidable player in the Indian Film Exhibition space with significant bargaining power vis-à-vis the ecosystem stakeholders (PVR-INOX merger)Emergence of the Omicron variant affected the performance in the first one &amp; half months of 4QFY22, with film releases getting postponed and fresh restrictions being put up by various states on cinema operations.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.

Film Exhibition Sector: Good Show After an Initial Blip; Strong Recovery

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>We cut our pre-IND AS PAT estimates by 14.9%/14.2% for FY26E/FY27E respectively as we re-align our screen opening timelines and footfall growth assumptions.</li><li>PVR-Inox reported an in-line performance with pre-IND AS EBITDA margin of 13.8% (PLe 13.7%) led by strong performance from movies like Pushpa-2, Bhool Bhulaiya-3, and Singham Again.</li><li>Given rising volatility in flow and acceptability of content, PVR-Inox is figuring innovative ways to boost footfalls like 1) scheduling re-runs 2) broadcasting trailers 3) offering passport plans and 4) providing private screening options.</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.

We cut our pre-IND AS PAT estimates by 14.9%/14.2% for FY26E/FY27E respectively as we re-align our screen opening timelines and footfall growth assumptions.PVR-Inox reported an in-line performance with pre-IND AS EBITDA margin of 13.8% (PLe 13.7%) led by strong performance from movies like Pushpa-2, Bhool Bhulaiya-3, and Singham Again.Given rising volatility in flow and acceptability of content, PVR-Inox is figuring innovative ways to boost footfalls like 1) scheduling re-runs 2) broadcasting trailers 3) offering passport plans and 4) providing private screening options.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.

PVR Inox (PVRINOX IN) - Footfall Recovery Key to Re-Rating

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

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>Post Covid, PVR Inox’s stock performance has been tracking box office collections/upcoming pipeline.</li><li>After a dull H1CY24, box office collections have picked up and are expected to further improve in Q3FY25. We note a couple of key trends in movies: i) dichotomy in performance of big-budget and midsize/small movies – big-budgetmovies that offer differentiated content / experience are seeing more traction; ii) better performance of franchisee movies.</li><li>The Q3 movie pipeline ticks these boxes and provides comfort on better box office performance, even as we remain cognizant of the structural issues hampering the industry.</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.

Post Covid, PVR Inox’s stock performance has been tracking box office collections/upcoming pipeline.After a dull H1CY24, box office collections have picked up and are expected to further improve in Q3FY25. We note a couple of key trends in movies: i) dichotomy in performance of big-budget and midsize/small movies – big-budgetmovies that offer differentiated content / experience are seeing more traction; ii) better performance of franchisee movies.The Q3 movie pipeline ticks these boxes and provides comfort on better box office performance, even as we remain cognizant of the structural issues hampering the industry.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.

Pvr Inox - Q3 Movie Pipeline Inspires Confidence

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

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>Revenues stood at Rs 1191 crore down 5.2 q-o-q/ 8.8% y-o-y in line with our estimates of Rs.1194 crore. EBITDA margin (pre Ind-AS116) stood at -3.2%.</li><li>Average ticket price (ATP) declined to Rs 235, down 4.7% y-o-y while F&amp;B spend per head (SPH) grew 3.1% y-o-y to Rs. 134.</li><li>Content pipeline is looking strong in Q2, Q3 and Q4 partially due to a lot of films which were coming in Q1 being pushed to Q2 or Q3. </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.

Revenues stood at Rs 1191 crore down 5.2 q-o-q/ 8.8% y-o-y in line with our estimates of Rs.1194 crore. EBITDA margin (pre Ind-AS116) stood at -3.2%.Average ticket price (ATP) declined to Rs 235, down 4.7% y-o-y while F&amp;B spend per head (SPH) grew 3.1% y-o-y to Rs. 134.Content pipeline is looking strong in Q2, Q3 and Q4 partially due to a lot of films which were coming in Q1 being pushed to Q2 or Q3. 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.

PVR Inox Ltd - Weak Q1; Downgrade to Hold

India

PVR Inox is India's largest film exhibition company, operating a vast network of multiplex cinemas across India and Sri Lanka. The company generates revenue through movie ticket sales, food and beverage sales, in-cinema advertising, and also engages in film distribution and production. PVR Inox is headquartered in Gurugram, India, and was founded in 1991.

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PVR Inox (PVRINOX IN)

Film Exhibition Sector - 1QFY23: All Set to Break Pre-COVID Levels

PVR and Inox Leisure (INOL) stock prices were down by ~3% and ~4%, respectively in 1QFY23, but outperformed the Nifty Media index (down 21%).

Nirmal Bang

Film Exhibition Sector: Good Show After an Initial Blip; Strong Recovery

PVR and Inox Leisure (INOL) stock prices appreciated by 48% and 50%, respectively in 4QFY22, owing to quick opening up after the third covid wave...

Nirmal Bang