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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Reliance Industries (RIL) is one of India’s biggest conglomerates with a presence in oil refining &amp; marketing and petrochemicals, oil &amp; gas exploration, retail, digital services and media, etc, making it a well-diversified business entity</li><li>Reliance Jio raised its prepaid tariffs by ~20% across the board, albeit maintaining the popular packs pricing at 7-14% discount to peers.</li><li>We upgrade the stock to BUY after ~9% correction in the last 1.5 months. On an SOTP basis, we value the stock at Rs 2925/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>

Reliance Industries (RIL) is one of India’s biggest conglomerates with a presence in oil refining &amp; marketing and petrochemicals, oil &amp; gas exploration, retail, digital services and media, etc, making it a well-diversified business entityReliance Jio raised its prepaid tariffs by ~20% across the board, albeit maintaining the popular packs pricing at 7-14% discount to peers.We upgrade the stock to BUY after ~9% correction in the last 1.5 months. On an SOTP basis, we value the stock at Rs 2925/shareContent 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.

Reliance Industries: Raises Tariffs; Pricing Still at Discount to Peers

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.

<ul><li>RJio, the telecom vertical of Reliance Industries, is in a sweet spot as peers Bharti and VIL have taken a 20% tariff hike. We expect RJio to follow suit</li><li>The Retail segment is seeing strong revival across categories during the festive season, accelerated store adds, and healthy scale in the Digital business</li><li>The strong earning levers in the Consumer business should support the stock. Using SOTP, we value the stock at INR2,900 and reiterate Buy</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>

RJio, the telecom vertical of Reliance Industries, is in a sweet spot as peers Bharti and VIL have taken a 20% tariff hike. We expect RJio to follow suitThe Retail segment is seeing strong revival across categories during the festive season, accelerated store adds, and healthy scale in the Digital businessThe strong earning levers in the Consumer business should support the stock. Using SOTP, we value the stock at INR2,900 and reiterate BuyContent 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.

Reliance Industries: How the Growth Levers Are Stacked

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.

<p>We use EV/EBITDA to value downstream at Sep-23E EV/e, retail on peer benchmarked EV/e and E&amp;P and Jio on DCF. The stock is currently trading at 12.2x Sep-23E EV/EBITDA and 24.6x Sep-23E EPS. Maintain ADD.</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 use EV/EBITDA to value downstream at Sep-23E EV/e, retail on peer benchmarked EV/e and E&amp;P and Jio on DCF. The stock is currently trading at 12.2x Sep-23E EV/EBITDA and 24.6x Sep-23E EPS. Maintain ADD.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.

Reliance Industries (Results Review 2QFY22): Continues to show promise. Maintain ADD

<p>Kajaria Ceramics: We maintain our BUY rating on Kajaria Ceramics (KJC) with an unchanged target price of INR 1,360/share (21x its Sep'23E consolidated EBITDA). We continue to like KJC for its superior margin in the tiles segment (function of its robust distribution and cost controls) and its fast expansion in the bathware and ply businesses. In Q2FY22, KJC's consolidated net sales rose 37/26/30% YoY to INR 9.74/1.81/1.16bn respectively. This is driven by strong growth across tiles (revenue up 37%) and bathware/ply segments (+48%).</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>

Kajaria Ceramics: We maintain our BUY rating on Kajaria Ceramics (KJC) with an unchanged target price of INR 1,360/share (21x its Sep'23E consolidated EBITDA). We continue to like KJC for its superior margin in the tiles segment (function of its robust distribution and cost controls) and its fast expansion in the bathware and ply businesses. In Q2FY22, KJC's consolidated net sales rose 37/26/30% YoY to INR 9.74/1.81/1.16bn respectively. This is driven by strong growth across tiles (revenue up 37%) and bathware/ply segments (+48%).
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: Reliance Industries, ICICI Bank, Kajaria Ceramics

<p>Reliance Industries’ (RIL) Q2FY22 EPS was up 43% YoY driven by rise in EBITDA across segments and fall in interest cost. Oct’21-TD Singapore GRM is at 25- month high on Chinese refinery utilisation fall, demand rise on switch from gas to liquid fuels, and fall in US and Asian auto fuel inventories.</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>

Reliance Industries’ (RIL) Q2FY22 EPS was up 43% YoY driven by rise in EBITDA across segments and fall in interest cost. Oct’21-TD Singapore GRM is at 25- month high on Chinese refinery utilisation fall, demand rise on switch from gas to liquid fuels, and fall in US and Asian auto fuel inventories.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.

GRM surge & retail on the mend boost outlook

India

Reliance Industries is an Indian multinational conglomerate with diverse businesses including energy, petrochemicals, oil and gas exploration, telecommunications (Jio), and retail (Reliance Retail). The company is a major producer of petroleum products and a significant player in digital services and consumer goods. Reliance Industries is headquartered in Mumbai, India, and was founded in 1958.

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Reliance Industries (RELIANCE IN)

Reliance Industries: Raises Tariffs; Pricing Still at Discount to Peers

On a consolidated basis, O2C and oil & gas contributed 62% to revenue, while retail, digital and others contributed 28%, 3% and 7%, respectively....

ICICI Securities Limited

Reliance Industries: How the Growth Levers Are Stacked

The Retail segment is seeing strong revival across categories during the festive season, accelerated store adds, and healthy scale in the Digital...

Motilal Oswal

Reliance Industries (Results Review 2QFY22): Continues to show promise. Maintain ADD

We use EV/EBITDA to value downstream at Sep-23E EV/e, retail on peer benchmarked EV/e and E&P and Jio on DCF. The stock is currently trading at...

HDFC Securities

HSIE Results Daily: Reliance Industries, ICICI Bank, Kajaria Ceramics

Kajaria Ceramics: We maintain our BUY rating on Kajaria Ceramics (KJC) with an unchanged target price of INR 1,360/share (21x its Sep'23E...

HDFC Securities

GRM surge & retail on the mend boost outlook

Reliance Industries’ (RIL) Q2FY22 EPS was up 43% YoY driven by rise in EBITDA across segments and fall in interest cost. Oct’21-TD Singapore GRM is...

ICICI Securities Limited

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