External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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.

Equity Bottom-Up

<ul><li>Supreme Industries (SIL) is India’s leading plastic processing company with a presence in four major segments</li><li>Market leader in the PVC pipe industry with a value market share of 14%</li><li>Target Price and Valuation: We roll over our valuation on FY24E and value the stock at 28x P/E FY24E EPS with a revised target price of Rs 2625.</li></ul><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>

Supreme Industries (SIL) is India’s leading plastic processing company with a presence in four major segmentsMarket leader in the PVC pipe industry with a value market share of 14%Target Price and Valuation: We roll over our valuation on FY24E and value the stock at 28x P/E FY24E EPS with a revised target price of Rs 2625.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.

Supreme Industries: Channel Inventory Rationalisation Hits Volume Offtake

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.

<p>Management said that since resin prices have seemingly bottomed out, dealers would restock inventory. Along with a demand uptick, this should cause a sales rebound in Q4FY22. We maintain BUY on Supreme Industries (SIL), with an SOTP-based TP of INR 2,650/share. In Q3FY22, the pipes sales slump (in Nov-21) moderated SIL's consolidated revenue growth, which was down 5% YoY to INR 19.5bn.</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>

Management said that since resin prices have seemingly bottomed out, dealers would restock inventory. Along with a demand uptick, this should cause a sales rebound in Q4FY22. We maintain BUY on Supreme Industries (SIL), with an SOTP-based TP of INR 2,650/share. In Q3FY22, the pipes sales slump (in Nov-21) moderated SIL's consolidated revenue growth, which was down 5% YoY to INR 19.5bn.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.

Supreme Industries (Q3FY22 Result update): Weak transient demand. Maintain BUY

<p>LIC Housing Finance: LICHF disappointed, driven by elevated provisioning (1.1% of loans, annualised) and interest reversals (INR1.35bn). While asset quality improved across buckets, aggregate stressed pool (GS-II + GS-III + restructured) still remains elevated (12.6% vs. 13.6% in Jun'21), indicating that the path to normalisation is likely to be prolonged. The company shored up its GS-III provisions significantly to 43%, driving credit costs higher, although GS-II provisioning coverage continues to be subdued (0.2% PCR).</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>

LIC Housing Finance: LICHF disappointed, driven by elevated provisioning (1.1% of loans, annualised) and interest reversals (INR1.35bn). While asset quality improved across buckets, aggregate stressed pool (GS-II + GS-III + restructured) still remains elevated (12.6% vs. 13.6% in Jun'21), indicating that the path to normalisation is likely to be prolonged. The company shored up its GS-III provisions significantly to 43%, driving credit costs higher, although GS-II provisioning coverage continues to be subdued (0.2% PCR).
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: Mphasis, Container Corporation, LIC Housing Finance and More

<p>Asian Paints is a market leader in the decorative paint segment having ~2.3x more dealers (~70,000) than the No.2 player. There are structural long term demand drivers of decorative paint such as reduced repainting cycle and Housing for all, that makes it a long term growth story...</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>

Asian Paints is a market leader in the decorative paint segment having ~2.3x more dealers (~70,000) than the No.2 player. There are structural long term demand drivers of decorative paint such as reduced repainting cycle and Housing for all, that makes it a long term growth story...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.

Supreme Industries: Long Term Growth Outlook Remains Intact

<p>Supreme Industries: We maintain our ADD rating on Supreme Industries (SIL), keeping the target price unchanged at INR 2,320/share (SOTP based). In Q1FY22, the countrywide lockdown hit sales across all of the company's four segments, with the agri-pipes and plastic furniture segments witnessing a sharper impact than the others. Lower utilisation and inventory loss pulled profits down. Thus, consolidated volume/net sales/EBITDA/ APAT fell 36/36/56/62% QoQ respectively. Despite the Q1 loss, SIL expects to deliver growth in FY22E, as demand has been picking up late-June onwards.</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>

Supreme Industries: We maintain our ADD rating on Supreme Industries (SIL), keeping the target price unchanged at INR 2,320/share (SOTP based). In Q1FY22, the countrywide lockdown hit sales across all of the company's four segments, with the agri-pipes and plastic furniture segments witnessing a sharper impact than the others. Lower utilisation and inventory loss pulled profits down. Thus, consolidated volume/net sales/EBITDA/ APAT fell 36/36/56/62% QoQ respectively. Despite the Q1 loss, SIL expects to deliver growth in FY22E, as demand has been picking up late-June onwards.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, Jubilant FoodWorks, Supreme Industries, ICICI Securities

India

Supreme Industries Limited is India's largest plastics processing company, manufacturing a wide range of plastic products. Its core business activities span plastic piping systems, protective packaging, industrial components, and molded furniture. The company was founded in 1942 and is headquartered in Mumbai, India.

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Supreme Industries (SI IN)

Supreme Industries: Channel Inventory Rationalisation Hits Volume Offtake

Supreme Industries (SIL) is India’s leading plastic processing company with a presence in four major segments. Market leader in the PVC pipe...

ICICI Securities Limited

Supreme Industries (Q3FY22 Result update): Weak transient demand. Maintain BUY

Management said that since resin prices have seemingly bottomed out, dealers would restock inventory. Along with a demand uptick, this should cause...

HDFC Securities

HSIE Results Daily: Mphasis, Container Corporation, LIC Housing Finance and More

LIC Housing Finance: LICHF disappointed, driven by elevated provisioning (1.1% of loans, annualised) and interest reversals (INR1.35bn). While...

HDFC Securities

Supreme Industries: Long Term Growth Outlook Remains Intact

Asian Paints is a market leader in the decorative paint segment having ~2.3x more dealers (~70,000) than the No.2 player. There are structural long...

ICICI Securities Limited

HSIE Results Daily: Asian Paints, Jubilant FoodWorks, Supreme Industries, ICICI Securities

Supreme Industries: We maintain our ADD rating on Supreme Industries (SIL), keeping the target price unchanged at INR 2,320/share (SOTP based). In...

HDFC Securities

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