External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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>Shree Cement: We maintain our REDUCE rating on Shree Cement, with an unchanged SOTP target price of INR 22,600/share</li><li>In Q4FY23, Shree reported 10/10% YoY/QoQ volume growth</li><li>Cement NSR remained flat QoQ</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.

Shree Cement: We maintain our REDUCE rating on Shree Cement, with an unchanged SOTP target price of INR 22,600/shareIn Q4FY23, Shree reported 10/10% YoY/QoQ volume growthCement NSR remained flat QoQContent 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: Shree Cement, Somany Ceramics

<ul><li>Tiles exports soared to an all-time high of INR 17.6bn in Mar-23</li><li>Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3% YoY in FY23 to 458mn SQM (5-year CAGR: 14%)</li><li>Laminate exports picked up: volume/revenue grew 23/18% MoM in Mar-23 (12-month high)</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.

Tiles exports soared to an all-time high of INR 17.6bn in Mar-23Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3% YoY in FY23 to 458mn SQM (5-year CAGR: 14%)Laminate exports picked up: volume/revenue grew 23/18% MoM in Mar-23 (12-month high)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>Tiles exports continue to be strong since Nov 2023 at ~INR 14-15bn monthly run-rate</li><li>Laminates export volume was weak (-13% YoY/ flat MoM)</li><li>After four months, the MDF industry was back to the net exporter tag, supported by a huge surge in export</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.

Tiles exports continue to be strong since Nov 2023 at ~INR 14-15bn monthly run-rateLaminates export volume was weak (-13% YoY/ flat MoM)After four months, the MDF industry was back to the net exporter tag, supported by a huge surge in exportContent 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.

Building Materials: Mixed signals across different segments

<ul><li>In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectively</li><li>We estimate tiles majors to report healthy ~9% YoY volume growth (supported by a pick-up in exports)</li><li>We estimate pipes’ majors to report 7% YoY volume growth (muted agri demand)</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.

In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectivelyWe estimate tiles majors to report healthy ~9% YoY volume growth (supported by a pick-up in exports)We estimate pipes’ majors to report 7% YoY volume growth (muted agri demand)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.

Building Materials - Mixed Trends Across the Three Segments

<ul><li>LIC Housing Finance: LICHF’s earnings continued to remain sub-par with P&amp;L outcomes significantly below estimates</li><li>Credit costs shot up to ~120bps (annualised), as the company shored up its Stage-III provisions to 51% (Q2FY23: 44%) in order to maintain healthy provisioning levels</li><li>While there were low incremental impairments (no write-offs during Q3), the slow pace of resolutions, particularly in project loans (GS-III at ~46%), remains a concer.</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.

LIC Housing Finance: LICHF’s earnings continued to remain sub-par with P&amp;L outcomes significantly below estimatesCredit costs shot up to ~120bps (annualised), as the company shored up its Stage-III provisions to 51% (Q2FY23: 44%) in order to maintain healthy provisioning levelsWhile there were low incremental impairments (no write-offs during Q3), the slow pace of resolutions, particularly in project loans (GS-III at ~46%), remains a concer.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: LIC Housing Finance, Vinati Organics, The Ramco Cements

India

Somany Ceramics Limited manufactures ceramic wall and floor tiles. The Group exports its products to Europe, the Middle East, Australia, New Zealand, Mauritius, South Africa and Sri Lanka.

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Somany Ceramics (SOMC IN)

HSIE Results Daily: Shree Cement, Somany Ceramics

Shree Cement: We maintain our REDUCE rating on Shree Cement, with an unchanged SOTP target price of INR 22,600/share. In Q4FY23, Shree reported 10...

HDFC Securities

Building Materials - EXIM Trades Firm Up

Tiles exports soared to an all-time high of INR 17.6bn in Mar-23Owing to weak H1FY23 (muted demand environment), overall tiles volume grew by 3%...

HDFC Securities

Building Materials: Mixed signals across different segments

Tiles exports continue to be strong since Nov 2023 at ~INR 14-15bn monthly run-rate. Laminates export volume was weak (-13% YoY/ flat MoM)

HDFC Securities

Building Materials - Mixed Trends Across the Three Segments

In Q4FY23, our coverage universe’s revenue/EBITDA/APAT is expected to decline by 2/8/15% YoY respectively. We estimate tiles majors to report...

HDFC Securities

HSIE Results Daily: LIC Housing Finance, Vinati Organics, The Ramco Cements

Credit costs shot up to ~120bps (annualised), as the company shored up its Stage-III provisions to 51% (Q2FY23: 44%) in order to maintain healthy...

HDFC Securities

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