External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn</li><li>Capital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansion</li><li>Earnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.</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>

Q1 starts on a good note for infrastructure; competitive intensity cools off, commodities correct: In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bnCapital goods sector to benefit from reviving private Capex and realignment of global supply chains; strong case for PE multiple expansionEarnings trend YoY/QoQ: We expect EPC/infra universe revenue/EBITDA/PAT to degrow 11.5/6.9/26.5% sequentially and grow 15.7/4.1/10.9% YoY, with EBITDA margin expanding by 72/(163)bps QoQ/YoY.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.

Equity Bottom-Up

<div><div><div><ul><li>Q2FY22 highlights: Revenue: INR 36.3bn (+8.2%/+12% YoY/QoQ, 8.3% miss) driven largely by the digital industries (DI), energy (SE), mobility (MO) and smart infra (SI).</li></ul><div><div><div><ul><li>All segments other than mobility recorded sequential growth with SE/ SI/DI/portfolio companies/others recording sequential growth of 9.8%/21%/- 10%/11%/18%80% respectively.</li><li>EBITDA: INR 4.5bn (+0.9%/+34.2% YoY/QoQ, 0.6% miss). <span style="font-size: var(--content-font-size);">EBITDA margin: 12.3%(-88/+203bps YoY/QoQ) vs. estimate of 11.3%.</span></li></ul></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>

Q2FY22 highlights: Revenue: INR 36.3bn (+8.2%/+12% YoY/QoQ, 8.3% miss) driven largely by the digital industries (DI), energy (SE), mobility (MO) and smart infra (SI).All segments other than mobility recorded sequential growth with SE/ SI/DI/portfolio companies/others recording sequential growth of 9.8%/21%/- 10%/11%/18%80% respectively.EBITDA: INR 4.5bn (+0.9%/+34.2% YoY/QoQ, 0.6% miss). EBITDA margin: 12.3%(-88/+203bps YoY/QoQ) vs. estimate of 11.3%.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.

<ul>
<li>SIL delivered revenue/EBITDA/APAT beat of 12/(6)/(0.2)%. Higher commodity prices and logistics costs resulted in EBITDA margin miss</li>
<li>Digitalisation is accelerating, which, along with product orders and higher share of private sector in the mix, will help margins re-rate</li>
<li>We maintain REDUCE on SIL but increase TP to INR 2,035/sh (from INR 2,019/sh earlier)</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>


SIL delivered revenue/EBITDA/APAT beat of 12/(6)/(0.2)%. Higher commodity prices and logistics costs resulted in EBITDA margin miss
Digitalisation is accelerating, which, along with product orders and higher share of private sector in the mix, will help margins re-rate
We maintain REDUCE on SIL but increase TP to INR 2,035/sh (from INR 2,019/sh earlier)

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.

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.

<p>End markets see recovery: After the brief resumption of execution over 1HFY21, the second COVID wave once again disrupted the end markets. While capex in the Automobile sector remained subdued in FY21, end markets such as Pharmaceuticals, Food and Beverages, Metro, Railways, Steel and Cement, and Power T&amp;D saw an uptick in ordering activity. In the Buildings segment, while ordering activity declined for the industry, it stood flat YoY for Siemens (SIEM) as it was able to tap certain pockets of growth.</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>

End markets see recovery: After the brief resumption of execution over 1HFY21, the second COVID wave once again disrupted the end markets. While capex in the Automobile sector remained subdued in FY21, end markets such as Pharmaceuticals, Food and Beverages, Metro, Railways, Steel and Cement, and Power T&amp;D saw an uptick in ordering activity. In the Buildings segment, while ordering activity declined for the industry, it stood flat YoY for Siemens (SIEM) as it was able to tap certain pockets of growth.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.

Short cycle orders strong; cost inflation persists

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>Siemens Ltd (Siemens) is a leader in technology solutions for smart, intelligent, building technologies, mobility, digital industries and power T&amp;D</li><li>It operates mainly in five key segments including energy/gas &amp; power (34%), smart infrastructure (33%), digital industries (22%), mobility (7%)</li><li>We remain long term positive and retain our BUY rating on the stock. We value Siemens at | 2550 on an SoTP basis</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>

Siemens Ltd (Siemens) is a leader in technology solutions for smart, intelligent, building technologies, mobility, digital industries and power T&amp;DIt operates mainly in five key segments including energy/gas &amp; power (34%), smart infrastructure (33%), digital industries (22%), mobility (7%)We remain long term positive and retain our BUY rating on the stock. We value Siemens at | 2550 on an SoTP basisContent 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.

Siemens Ltd: Decent Performance, Margins Impacted

India

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

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Siemens Ltd (SIEM IN)

Industrials - Bracing for Recovery

In Q1FY23, NHAI awarded ten projects, of which, nine were HAM projects worth INR 98.1bn and one was an EPC project worth INR 7.7bn.

HDFC Securities

Siemens - Robust Topline Growth

Siemens India Ltd (SIL) delivered Q2FY22 revenue/EBITDA of INR 36.3/4.5bn (8.3%/0.6% miss), impacted marginally by COVID-19 and supply chain...

HDFC Securities

Siemens: In-Line Performance

We maintain REDUCE on SIL but increase TP to INR 2,035/sh (from INR 2,019/sh earlier). We believe that the current punchy valuation limits any...

HDFC Securities

Short cycle orders strong; cost inflation persists

End markets see recovery: After the brief resumption of execution over 1HFY21, the second COVID wave once again disrupted the end markets. While...

Motilal Oswal

Siemens Ltd: Decent Performance, Margins Impacted

Siemens Ltd (Siemens) is a leader in technology solutions for smart, intelligent, building technologies, mobility, digital industries and power T&D

ICICI Securities Limited

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