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

Emkay

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>SRF is seeing gradual uptick in its specialty chemical business from existing products, and healthy contribution is expected from new AIs in FY26, iii) refrigerant gases like R22 and R32 are seeing a firm pricing environment across geographies.</li><li>Chemicals business (CB) has reported a beat in Q3FY25 (revenue higher 10% QoQ/7% YoY) with higher margins (EBIT margin of 24.3% vs 18%/23% in Q2FY24/Q3FY25), and Q4 is expected to be reasonably better YoY.</li><li>Packaging Films business (PFB) saw stable performance and registered improvement in margins sequentially.</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.

SRF is seeing gradual uptick in its specialty chemical business from existing products, and healthy contribution is expected from new AIs in FY26, iii) refrigerant gases like R22 and R32 are seeing a firm pricing environment across geographies.Chemicals business (CB) has reported a beat in Q3FY25 (revenue higher 10% QoQ/7% YoY) with higher margins (EBIT margin of 24.3% vs 18%/23% in Q2FY24/Q3FY25), and Q4 is expected to be reasonably better YoY.Packaging Films business (PFB) saw stable performance and registered improvement in margins sequentially.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.

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>In this Insight, we share our channel inputs that might be relevant for <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>, <a href="https://www.smartkarma.com/entities/navin-fluorine-international" target="_blank" data-smartkarma-citation="entities:3511:1" rel="noopener">Navin Fluorine International (NFIL IN)</a>, and <a href="https://www.smartkarma.com/entities/gujarat-fluorochemicals-limited" target="_blank" data-smartkarma-citation="entities:44112:1" rel="noopener">Gujarat Fluorochemicals (FLUOROCH IN)</a>.</li>
<li>Weak demand and operational conditions in China have forced companies to focus on clearing inventory rather than maintaining prices, which has negatively impacted India's export-oriented companies.</li>
<li>Industry-Wide product cycles, especially in Specialty Chemicals, are shortening, which is a potential threat to leaders like <a href="https://www.smartkarma.com/entities/srf-ltd" target="_blank" data-smartkarma-citation="entities:3601:1" rel="noopener">SRF Ltd (SRF IN)</a>.</li>
</ul>


In this Insight, we share our channel inputs that might be relevant for SRF Ltd (SRF IN), Navin Fluorine International (NFIL IN), and Gujarat Fluorochemicals (FLUOROCH IN).
Weak demand and operational conditions in China have forced companies to focus on clearing inventory rather than maintaining prices, which has negatively impacted India's export-oriented companies.
Industry-Wide product cycles, especially in Specialty Chemicals, are shortening, which is a potential threat to leaders like SRF Ltd (SRF IN).


Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

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>SRF posted weak performance in 2QFY25, with a material decline in operating profitability (EBIT down 22% YoY), due to the continuous weakness in the Chemicals business (EBIT dipped 29% YoY).</li><li>The Technical Textiles business also witnessed subdued performance (EBIT down 5% YoY), which was offset by a relatively healthier performance in the Packaging Film business (EBIT grew 7% YoY).</li><li>The overall macro scenario remains uncertain for the Chemicals business (74% EBIT mix in FY24); however, the management is expecting some recovery in 3Q which is likely to further accelerate in 4QFY25, led by a healthy order book in specialty chemicals and ramp-up of export/domestic volumes in the Fluorochemicals business.</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.

SRF posted weak performance in 2QFY25, with a material decline in operating profitability (EBIT down 22% YoY), due to the continuous weakness in the Chemicals business (EBIT dipped 29% YoY).The Technical Textiles business also witnessed subdued performance (EBIT down 5% YoY), which was offset by a relatively healthier performance in the Packaging Film business (EBIT grew 7% YoY).The overall macro scenario remains uncertain for the Chemicals business (74% EBIT mix in FY24); however, the management is expecting some recovery in 3Q which is likely to further accelerate in 4QFY25, led by a healthy order book in specialty chemicals and ramp-up of export/domestic volumes in the Fluorochemicals business.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.

Srf - Weakness in the Chemicals Business Hampers Performance

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kama-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10170:1" rel="noopener">Kama Holdings (KHL IN)</a>is available at 80% discount to its NAV.</li>
<li>
<a href="https://www.smartkarma.com/entities/kama-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10170:1" rel="noopener">Kama Holdings (KHL IN)</a> is Holding company of SRF Ltd (SRF IN), which has tailwind across segments.</li>
<li>If the discount were to narrow from 81% to 56%, the price of <a href="https://www.smartkarma.com/entities/kama-holdings-ltd" target="_blank" data-smartkarma-citation="entities:10170:1" rel="noopener">Kama Holdings (KHL IN)</a> could potentially double, assuming all other factors remain constant.</li>
</ul>



Kama Holdings (KHL IN)is available at 80% discount to its NAV.

Kama Holdings (KHL IN) is Holding company of SRF Ltd (SRF IN), which has tailwind across segments.
If the discount were to narrow from 81% to 56%, the price of Kama Holdings (KHL IN) could potentially double, assuming all other factors remain constant.


The Beat Ideas: Kama Holdings- A Growing Player at Deep Discount

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Mazagon Dock Shipbuilders  / Index Rebalance

<ul>
<li>There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.</li>
<li>Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.</li>
<li>The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.</li>
</ul>


There are 20 changes a side for the Nifty200 Momentum30 Index that will be implemented at the close on 27 June. We had correctly forecast 39 of the 40 changes.
Estimated one-way turnover is 68.4% resulting in a round-trip trade of INR 160bn (US$1.9bn). There are 22 stocks with over 1x ADV to trade.
The Financials sector has 9 net inclusions to the index while the Information Technology and Consumer Discretionary sectors have 2 net deletions each.


NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

India

SRF Limited is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

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SRF Ltd (SRF IN)

SRF - Worst Is Behind; Upgrade to BUY

SRF is seeing gradual uptick in its specialty chemical business from existing products, and healthy contribution is expected from new AIs in FY26

Emkay

Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

Challenges faced by Indian export-oriented companies like SRF Ltd and Navin Fluorine International due to weak demand in China and shortening...

Pranav Bhavsar

Srf - Weakness in the Chemicals Business Hampers Performance

SRF posted weak performance in 2QFY25, with a material decline in operating profitability (EBIT down 22% YoY), due to the continuous weakness in...

Motilal Oswal

The Beat Ideas: Kama Holdings- A Growing Player at Deep Discount

An Interesting Deep Value Holding Company: Kama Holdings trades at an 80% discount to its NAV, with potential for price to double if discount...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

The Nifty200 Momentum30 Index rebalances at the close tomorrow. Since announcement, the adds have outperformed the deletes (but only marginally)....

Brian Freitas

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SRF - Worst Is Behind; Upgrade to BUY

SRF is seeing gradual uptick in its specialty chemical business from existing products, and healthy contribution is expected from new AIs in FY26

Emkay

Specialty Chemicals Facing Product Cycle Shortening - A Threat to SRF (SRF IN)?

Challenges faced by Indian export-oriented companies like SRF Ltd and Navin Fluorine International due to weak demand in China and shortening...

Pranav Bhavsar

Srf - Weakness in the Chemicals Business Hampers Performance

SRF posted weak performance in 2QFY25, with a material decline in operating profitability (EBIT down 22% YoY), due to the continuous weakness in...

Motilal Oswal

The Beat Ideas: Kama Holdings- A Growing Player at Deep Discount

An Interesting Deep Value Holding Company: ​Kama Holdings trades at an 80% discount to its NAV, with potential for price to double if discount...

Sudarshan Bhandari

NIFTY200 Momentum30 Index Rebalance: HUGE Turnover and Trade as Financials Shine

The Nifty200 Momentum30 Index rebalances at the close tomorrow. Since announcement, the adds have outperformed the deletes (but only marginally)....

Brian Freitas

An Interesting Deep Value Holding Company: Kama Holdings trades at an 80% discount to its NAV, with potential for price to double if discount...