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)

<div><div><div><div><ul><li>Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.</li><li>The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.</li><li>EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.</li></ul></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>

Brigade Enterprise: We expect revenue to increase by 122% YoY in 1QFY23, but decline by 10% QoQ to Rs8,493mn.The sharp increase in revenue YoY is mainly due to a lower base in 1QFY22, which was affected by the second covid wave.EBITDA margin for 1QFY23 is expected at 26.2% vs 21.8%/29.1% in 4QFY22/1QFY22.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.

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

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. 

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<div><div><div><ul><li>NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.</li></ul><div><div><div><ul><li>Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.</li></ul></div><div><div><div><ul><li>V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.</li></ul></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>

NTPC: Generation/sales increased 3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand.Shree Cement: We maintain our REDUCE rating on Shree Cement, with a revised SOTP target price of INR 22,200/share.V-GuardIndustries: V-Guard delivered a beat on revenue, with 24 % YoY. growth (12% three-year CAGR), while EBITDA came in line.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: NTPC, Shree Cement, V-Guard Industries, Sobha

Equity Bottom-Up

<ul><li>In our Sobha (SDL) deep dive note ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating, we had premised our investment thesis on a strong demand undercurrent in the Bengaluru market and SDL hitting the Reset-Restart button</li><li>There is a clear focus on deleveraging, tying up new business development (15msf new launch pipeline, 20msf advance stage tie-up), and ramping up new launches (with minimal incremental INR 8-10bn of residual capex)</li><li>Q2FY24 operational data further strengthens our thesis as Sobha reported lifetime high presales of INR 17.2bn (+48.1%/+17.7% YoY/QoQ).</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>

In our Sobha (SDL) deep dive note ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating, we had premised our investment thesis on a strong demand undercurrent in the Bengaluru market and SDL hitting the Reset-Restart buttonThere is a clear focus on deleveraging, tying up new business development (15msf new launch pipeline, 20msf advance stage tie-up), and ramping up new launches (with minimal incremental INR 8-10bn of residual capex)Q2FY24 operational data further strengthens our thesis as Sobha reported lifetime high presales of INR 17.2bn (+48.1%/+17.7% YoY/QoQ).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.

Sobha: Presales run rate reset. Maintain BUY

<ul><li>Over the last year, SOBHA Ltd (SDL) has underperformed the Nifty Realty Index by 38% and peers Brigade and Prestige Estates by 33%/53%</li><li>Whilst negative news flow on enforcement agencies’ (ED/IT) actions (during FY23) has led to de-rating, SDL judiciously strengthened its balance sheet by reducing INR 15bn net debt</li><li>SDL scale/size has lagged peers over FY20-23 with the Bengaluru presales CAGR of 16% vs 29%/34% for Brigade/Prestige</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>

Over the last year, SOBHA Ltd (SDL) has underperformed the Nifty Realty Index by 38% and peers Brigade and Prestige Estates by 33%/53%Whilst negative news flow on enforcement agencies’ (ED/IT) actions (during FY23) has led to de-rating, SDL judiciously strengthened its balance sheet by reducing INR 15bn net debtSDL scale/size has lagged peers over FY20-23 with the Bengaluru presales CAGR of 16% vs 29%/34% for Brigade/PrestigeContent 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.

Sobha: ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating. Maintain BUY

<div><div><div><div><ul><li>Sales volume increases by 1.5% QoQ and by 0.4% YoY: Average sales volume increased by 1.5% QoQ from ~1.32mn sqft in 3QFY22 to ~1.34mn sqft in 4QFY22 and realization increased by 4.4% QoQ to Rs 8,265/sqft.</li><li>In 4QFY22, the Bangaluru market was the key contributor, with sales volume of 0.93mn sqft and contributed 69% to total volume. Bangaluru was followed by Gurgaon, with sales volume of 0.23mn sqft, which was up by 22% QoQ and contributed 17% to total sales volume.</li><li>The company launched Sobha Brooklyn Tower Wing 3 in Bengaluru with a built up area of ~0.20mn sqft.</li></ul></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>

Sales volume increases by 1.5% QoQ and by 0.4% YoY: Average sales volume increased by 1.5% QoQ from ~1.32mn sqft in 3QFY22 to ~1.34mn sqft in 4QFY22 and realization increased by 4.4% QoQ to Rs 8,265/sqft.In 4QFY22, the Bangaluru market was the key contributor, with sales volume of 0.93mn sqft and contributed 69% to total volume. Bangaluru was followed by Gurgaon, with sales volume of 0.23mn sqft, which was up by 22% QoQ and contributed 17% to total sales volume.The company launched Sobha Brooklyn Tower Wing 3 in Bengaluru with a built up area of ~0.20mn sqft.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.

Sobha - Steady Operating Performance; Deleveraging Balance Sheet

India

Sobha Limited provides construction services. The Company offers design and architecture, mechanical, plumbing, interiors, landscape, residential, commercial, and civil construction services. Sobha serves customers in India, Singapore, and United Arab Emirates.

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Sobha Ltd (SOBHA IN)

Real Estate and Ceramics - Residential Demand Remains Strong; Commercial Demand in Recovering Phase

Demand for residential real estate continued to remain strong in 1QFY23 while a sharp recovery is expected in rental assets (malls/offices) as the...

Nirmal Bang

HSIE Results Daily: NTPC, Shree Cement, V-Guard Industries, Sobha

NTPC:Generation/salesincreased3.0%/2.4%YoYto79.9/73.9bnunitsinQ4FY22 on higher YoY base, led by improved demand. Coal PAF improved marginally in Q4...

HDFC Securities

Sobha: Presales run rate reset. Maintain BUY

Q2FY24 operational data further strengthens our thesis as Sobha reported lifetime high presales of INR 17.2bn (+48.1%/+17.7% YoY/QoQ).

HDFC Securities

Sobha: ‘R’eset, ‘R’estart, ‘R’efocus = ‘R’erating. Maintain BUY

Over the last year, SOBHA Ltd (SDL) has underperformed the Nifty Realty Index by 38% and peers Brigade and Prestige Estates by 33%/53%

HDFC Securities

Sobha - Steady Operating Performance; Deleveraging Balance Sheet

Sobha achieved steady volume in 4QFY22, which grew by 1.5% QoQ with sales bookings of 1.34mn sqft compared to 1.32mn sqft in 3QFY22.

Nirmal Bang

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