External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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.

Thematic (Sector/Industry)

<ul><li>In Q3FY25, for Steel companies under our coverage, i.e. Tata Steel and SAIL, we expect EBITDA to decline YoY due to a drop in steel prices in Q3FY25 (down 15%/6% YoY/QoQ) partially offset by lower coking coal consumption cost and higher sales volumes.</li><li>We expect Tata Steel’s EBITDA to decline on a QoQ basis due to lower HRC prices. For SAIL we expect EBITDA to recover QoQ over a weak base.</li><li>Higher long steel exposure of SAIL (~35% of SAIL’s volumes vs. ~20% of Tata Steel’s) will also aid in QoQ EBITDA gain, as long steel prices traded at an average premium of ~Rs 5,800/t over HRC prices in Q3FY25. </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 Q3FY25, for Steel companies under our coverage, i.e. Tata Steel and SAIL, we expect EBITDA to decline YoY due to a drop in steel prices in Q3FY25 (down 15%/6% YoY/QoQ) partially offset by lower coking coal consumption cost and higher sales volumes.We expect Tata Steel’s EBITDA to decline on a QoQ basis due to lower HRC prices. For SAIL we expect EBITDA to recover QoQ over a weak base.Higher long steel exposure of SAIL (~35% of SAIL’s volumes vs. ~20% of Tata Steel’s) will also aid in QoQ EBITDA gain, as long steel prices traded at an average premium of ~Rs 5,800/t over HRC prices in Q3FY25. 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.

Q3FY25 Earnings Preview - Metals and Mining

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.5bn+ via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a> IPO. The deal will be run by MS, JPM, Axis, BofA and Citi.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.</li>
<li>LGEI has been the number one player in this industry for 13 consecutive years (CY11-CY23) as per the value market share in the offline channel in India, as per Redseer.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO. The deal will be run by MS, JPM, Axis, BofA and Citi.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
LGEI has been the number one player in this industry for 13 consecutive years (CY11-CY23) as per the value market share in the offline channel in India, as per Redseer.


<ul><li>Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to the flooding at its Sierre operations.</li><li>Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.</li><li>NALCO’s revenue/EBITDA/PAT beat ours and consensus estimates on account of strong performance by both the Alumina and Aluminium divisions.</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.

Hindalco’s Indian operations stood robust, offsetting Novelis's impacted profitability due to the flooding at its Sierre operations.Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.NALCO’s revenue/EBITDA/PAT beat ours and consensus estimates on account of strong performance by both the Alumina and Aluminium divisions.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.

Top Conviction Ideas – “Metals and Mining”

ACME Solar Holdings / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/acme-solar-holdings" target="_blank" data-smartkarma-citation="entities:43723:1" rel="noopener">ACME Solar Holdings</a> raised around US$345m in its India IPO.</li>
<li>ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



ACME Solar Holdings raised around US$345m in its India IPO.
ACME Solar (ACME) is a renewable energy firm with a portfolio of solar, wind, hybrid and firm and dispatchable renewable energy (FDRE) projects.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


ACME Solar Holdings IPO Trading - No Sunshine

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>Tata Steel’s Q2/24-25 results were acceptable and in line with expectations.</li>
<li>The operating environment remains challenging due to surging exports from China, which have weighed on steel prices.</li>
<li>The company's earnings improved y-o-y but declined q-o-q.</li>
</ul>


Tata Steel’s Q2/24-25 results were acceptable and in line with expectations.
The operating environment remains challenging due to surging exports from China, which have weighed on steel prices.
The company's earnings improved y-o-y but declined q-o-q.


India

Tata Steel Ltd. is an integrated steel producer which manufactures a variety of steel products. The Company's products include steel ball bearing rings, alloy steel bearing rings, annular forgings, flanges, bearings, welded steel tubes, cold rolled strips and seamless tubes. Tata Steel also manufactures metallurgical machinery.

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Tata Steel Ltd (TATA IN)

Q3FY25 Earnings Preview - Metals and Mining

In Q3FY25, for Steel companies under our coverage, i.e. Tata Steel and SAIL, we expect EBITDA to decline YoY due to a drop in steel prices in...

Axis Direct

LG Electronics India Pre-IPO Tearsheet

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO. The deal will be run by MS, JPM,...

Sumeet Singh

Top Conviction Ideas – “Metals and Mining”

Consolidated EBITDA grew by 42%/6% YoY/QoQ to Rs 8,029 Cr (11% beat vs. our and consensus), led by strong upstream Aluminium and Copper EBITDA.

Axis Direct

ACME Solar Holdings IPO Trading - No Sunshine

ACME Solar Holdings raised around US$345m in its India IPO. In this note, we talk about the demand and trading dynamics.

Sumeet Singh

Tata Steel - Acceptable Numbers

Tata Steel’s Q2/24-25 results were acceptable and in line with expectations.The operating environment remains challenging due to surging exports...

Lucror Analytics

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