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><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>

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.

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><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>

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

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.

<ul><li>Inventory rationalisation by agrochemical companies owing to rising inventory carrying costs and aggressive product pricing by Chinese manufacturers to regain market share has adversely impacted business from the agrochemical industry</li><li>SRF management does not expect this situation to continue long and believes that customers will restock inventories</li><li>Management expects Q3FY24 to be better than Q2FY24 and Q4FY24 to be better than Q3FY24 as demand for agrochemicals from farmers is still healthy</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>

Inventory rationalisation by agrochemical companies owing to rising inventory carrying costs and aggressive product pricing by Chinese manufacturers to regain market share has adversely impacted business from the agrochemical industrySRF management does not expect this situation to continue long and believes that customers will restock inventoriesManagement expects Q3FY24 to be better than Q2FY24 and Q4FY24 to be better than Q3FY24 as demand for agrochemicals from farmers is still healthyContent 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: Better placed to withstand headwinds. Maintain ADD

<div><div><div><ul><li>Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.</li><li>SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.</li><li>Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin.</li></ul><ul style="list-style-type: none;"><li><div><div><div><ul style="list-style-type: none;"><li> </li></ul></div></div></div></li></ul></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>

Asian Paints: Asian Paints’ (APNT) Q4 performance was broadly in line.SRF: We retain our ADD rating on SRF, with a target price of INR 2,330, on the back of (1) continued healthy performance from speciality chemicals business and packaging films business; (2) strong balance sheet; and (3) deployment of Capex for high-growth speciality chemicals business over the next 3-4 years to tap opportunities emerging from agrochemical and pharmaceutical industries.Gujarat Gas: Our BUY recommendation on Gujarat Gas (GGL), with a price target of INR 625, is premised on (1) margin improvement; (2) portfolio of mature, semi- mature, and new geographical areas (GAs); and (3) compelling valuations, given superior return ratios among the city gas distribution players. Q4FY22 EBITDA was 19% above our estimate and APAT was 18% above, owing to 27% above expectation per unit EBITDA margin. 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: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

<p>HSIE Results Daily Tech Mahindra: We maintain a BUY rating on Tech Mahindra (TechM), based on better-than-expected revenue performance, healthy net-new deal wins (in both telecom and enterprise segments), and in-line margins. TechM delivered 3.9% QoQ CC growth, which was broad-based across verticals. The focus on large deal wins (net-new TCV of USD 815mn), following a healthy Q4 (Telefonica deal), improves growth visibility. The key attributes that underscore our positive outlook are (1) the largest deal win in the healthcare vertical (patient care modernisation); (2) healthy growth in BPS; (3) increase in intake of freshers after six quarters; (4) improvement in 5G related deals (~50% of telecom deals are related to 5G); and (5) continued growth momentum in enterprise segment, led by technology, BFSI and manufacturing verticals.</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>

HSIE Results Daily Tech Mahindra: We maintain a BUY rating on Tech Mahindra (TechM), based on better-than-expected revenue performance, healthy net-new deal wins (in both telecom and enterprise segments), and in-line margins. TechM delivered 3.9% QoQ CC growth, which was broad-based across verticals. The focus on large deal wins (net-new TCV of USD 815mn), following a healthy Q4 (Telefonica deal), improves growth visibility. The key attributes that underscore our positive outlook are (1) the largest deal win in the healthcare vertical (patient care modernisation); (2) healthy growth in BPS; (3) increase in intake of freshers after six quarters; (4) improvement in 5G related deals (~50% of telecom deals are related to 5G); and (5) continued growth momentum in enterprise segment, led by technology, BFSI and manufacturing verticals.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 30 July 2021: Tech Mahindra, SRF Ltd, Colgate Palmolive and More

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

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

SRF: Better placed to withstand headwinds. Maintain ADD

Management expects Q3FY24 to be better than Q2FY24 and Q4FY24 to be better than Q3FY24 as demand for agrochemicals from farmers is still healthy

HDFC Securities

HSIE Results Daily: Asian Paints, SRF, Gujarat Gas, Dalmia Bharat, Max Financial

Asian Paints’ (APNT) Q4 performance was broadly in line. Sales growth, at 18.7% (three year CAGR: 17%), marginally exceeded expectations (+3% vs...

HDFC Securities

HSIE Results Daily 30 July 2021: Tech Mahindra, SRF Ltd, Colgate Palmolive and More

HSIE Results Daily Tech Mahindra: We maintain a BUY rating on Tech Mahindra (TechM), based on better-than-expected revenue performance, healthy net...

HDFC Securities

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