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>Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capex</li><li>Q4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segment</li><li>Reported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segment</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.

Bharat Petroleum Corporation: Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated debt, owing to a rise in working capital requirement and capexQ4FY23 EBITDA stood at INR 112bn, while APAT was at INR 65bn, coming in well above our estimates, supported by a better-than-expected performance from the marketing segmentReported GRMs were at USD 20.6/bbl (+USD 5.3/bbl YoY, +USD 4.7/bbl QoQ, HSIE: USD 19.8/bbl). Gail (India): Our BUY recommendation on GAIL with a target price of INR 125 is based on (1) an increase in gas transmission volume to 123mmscmd by FY25 on the back of an increase in domestic gas production, (2) completion of major pipelines in eastern and southern India, and (3) expectation of improvement in earnings from the petchem segmentContent 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: Bharat Petroleum Corporation, Gail (India), Vinati Organics

External broker reports(aggregated public sources), Axis Direct

Axis Direct

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank 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.

Equity Bottom-Up

<ul><li>SCL reported Revenue growth of 10% (below expectations), Volume growth of 7% YoY (in line with expectations).</li><li>Its EBITDA/APAT grew by 47%/9% (above our as well as consensus estimates) YoY owing to higher realization, better volume and lower cost.</li><li>The company reported a profit of Rs 96 Cr against Rs 88 Cr in Q4FY22.</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.

SCL reported Revenue growth of 10% (below expectations), Volume growth of 7% YoY (in line with expectations).Its EBITDA/APAT grew by 47%/9% (above our as well as consensus estimates) YoY owing to higher realization, better volume and lower cost.The company reported a profit of Rs 96 Cr against Rs 88 Cr in Q4FY22.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.

Star Cement Limited - Robust Operating Performance Continues; Maintain BUY!

<ul><li>We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23</li><li>We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQ</li><li>We expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)</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.

We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23We expect strong volume offtake by UltraTech Cement, Dalmia Bharat, Nuvoco Vistas, Birla Corp., JK Lakshmi and Star Cement QoQWe expect volume decline QoQ by ACC and Ambuja (Himachal plant shutdown)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.

Cement - Strong Demand, Fuel Pressure Easing Out

<ul><li>After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.</li><li>Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.</li><li>While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. I</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.

After witnessing good volume growth in Q3FY23, momentum in cement demand continued in Q4FY23 as well, primarily driven by the government infrastructure and housing push and well-supported by private real estate demand.Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the last year.While some softness in demand was witnessed in Mar’23 on account of the Holi festival, the later part of the month witnessed a sharp spike in demand. IContent 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>The company’s capacity expansion plan is progressing well.</li><li>Its 2 mtpa each capacity is getting operational in FY24/FY25 along with a 3 mtpa clinker unit in FY24, which would drive the company’s volume growth moving ahead.</li><li>We expect the company to post volume growth of16% CAGR over FY22-24E</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.

The company’s capacity expansion plan is progressing well.Its 2 mtpa each capacity is getting operational in FY24/FY25 along with a 3 mtpa clinker unit in FY24, which would drive the company’s volume growth moving ahead.We expect the company to post volume growth of16% CAGR over FY22-24EContent 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.

Star Cement Limited - Robust Operating Performance; Maintain BUY!

India

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

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Star Cement Ltd (STRCEM IN)

HSIE Results Daily: Bharat Petroleum Corporation, Gail (India), Vinati Organics

Our ADD rating on Bharat Petroleum (BPCL), with a target price of INR 390, is premised on robust refining and marketing margins, offset by elevated...

HDFC Securities

Star Cement Limited - Robust Operating Performance Continues; Maintain BUY!

CL reported Revenue growth of 10% (below expectations), Volume growth of 7% YoY (in line with expectations). Its EBITDA/APAT grew by 47%/9% (above...

Axis Direct

Cement - Strong Demand, Fuel Pressure Easing Out

We estimate our coverage universe of 15 companies to deliver strong 9/14% YoY/QoQ volume growth (four-year CAGR: 7%) in Q4FY23

HDFC Securities

Cement - Q4FY23 Earnings Preview

Demand momentum began on a good note in Jan 2023 followed by some softness in Feb’23 and concluded on a higher note despite the higher base of the...

Axis Direct

Star Cement Limited - Robust Operating Performance; Maintain BUY!

Its 2 mtpa each capacity is getting operational in FY24/FY25 along with a 3 mtpa clinker unit in FY24, which would drive the company’s volume...

Axis Direct

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