External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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

<p>Nippon Life India Asset Management: NAM printed core revenue, in line with our estimates. However, revenue yields, in line with industry trends, continued to shrink. Market share in the high-margin equity segment moderated further (-13bps QoQ) and continues to remain a concern in medium- to long-term. We expect NAM to focus on improving its performance to recoup its lost market share. We trim our FY22E/23E/24E revenue estimates by 1.4/2.8/3.3% to build in the impact of a sharp correction in capital markets and lower admin expenses in FY22E.</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>

Nippon Life India Asset Management: NAM printed core revenue, in line with our estimates. However, revenue yields, in line with industry trends, continued to shrink. Market share in the high-margin equity segment moderated further (-13bps QoQ) and continues to remain a concern in medium- to long-term. We expect NAM to focus on improving its performance to recoup its lost market share. We trim our FY22E/23E/24E revenue estimates by 1.4/2.8/3.3% to build in the impact of a sharp correction in capital markets and lower admin expenses in FY22E.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: United Spirits, Colgate Palmolive, Deepak Nitrite, Nippon Life India Asset...

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

ICICI Securities Limited

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.

<ul><li>United Spirits (USL) is India’s leading alcoholic beverage company and subsidiary of global leader Diageo plc</li><li>. It manufactures, sells premium liquor brands such as Johnnie Walker, Black Dog, Black &amp; White, Vat 69, Antiquity, Signature, Royal Challenge, McDowell’s No 1, Smirnoff and Captain Morgan.</li><li>Target Price and Valuation: We value USL at Rs 1050 i.e. 52x P/E on FY24E EPS</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>

United Spirits (USL) is India’s leading alcoholic beverage company and subsidiary of global leader Diageo plc. It manufactures, sells premium liquor brands such as Johnnie Walker, Black Dog, Black &amp; White, Vat 69, Antiquity, Signature, Royal Challenge, McDowell’s No 1, Smirnoff and Captain Morgan.Target Price and Valuation: We value USL at Rs 1050 i.e. 52x P/E on FY24E EPSContent 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.

United Spirits: QoQ Recovery Further Pushes Premiumisation

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>United Spirits (UNSP) reported in-line sales and significantly better-thanexpected EBITDA and PAT in 4QFY21. The key highlight of the result was the net debt declining to INR5.6b at end-FY21 (from INR20.7b at end-FY20) the net debt has halved even over Sep'20 levels. While deleveraging has historically been a key success area for UNSP, it was particularly laudable in FY21 given the weak operating environment. Therefore, ROCE dipped just 50bp to 16.8% despite a ~42% EPS reduction in FY21.</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>

United Spirits (UNSP) reported in-line sales and significantly better-thanexpected EBITDA and PAT in 4QFY21. The key highlight of the result was the net debt declining to INR5.6b at end-FY21 (from INR20.7b at end-FY20) the net debt has halved even over Sep'20 levels. While deleveraging has historically been a key success area for UNSP, it was particularly laudable in FY21 given the weak operating environment. Therefore, ROCE dipped just 50bp to 16.8% despite a ~42% EPS reduction in FY21.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.

Better-than-expected results; lockdown leads to sharp EPS cut

<p>The Ramco Cements: Ramco Cements (TRCL) reported a strong 4QFY21 performance. Standalone net sales/EBITDA/APAT grew 22/13/7% QoQ (17/61/47% YoY) to INR 13.3/4.5/2.1bn respectively. Unitary EBITDA cooled off 6% QoQ to INR 1,417/MT due to surge in freight and fixed costs. Healthy cash generation met its ongoing capex requirements; hence net debt remained largely flat YoY. TRCL continues to focus on its large retail presence and superior cost controls, which continues to support its industry-leading margin.</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>

The Ramco Cements: Ramco Cements (TRCL) reported a strong 4QFY21 performance. Standalone net sales/EBITDA/APAT grew 22/13/7% QoQ (17/61/47% YoY) to INR 13.3/4.5/2.1bn respectively. Unitary EBITDA cooled off 6% QoQ to INR 1,417/MT due to surge in freight and fixed costs. Healthy cash generation met its ongoing capex requirements; hence net debt remained largely flat YoY. TRCL continues to focus on its large retail presence and superior cost controls, which continues to support its industry-leading 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: United Spirits, Crompton Consumer, The Ramco Cements, Multi Commodity Exchange

India

United Spirits Ltd. manufactures and distributes alcoholic beverages. The Company provides a variety of alcohols and spirits, including whiskey, brandy, and rum. United Spirits also manufactures indian-made foreign liquor brands. United Spirits serves customers worldwide.

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United Spirits (UNITDSPR IN)

HSIE Results Daily: United Spirits, Colgate Palmolive, Deepak Nitrite, Nippon Life India Asset...

Nippon Life India Asset Management: NAM printed core revenue, in line with our estimates. However, revenue yields, in line with industry trends,...

HDFC Securities

United Spirits: QoQ Recovery Further Pushes Premiumisation

We remain positive on the long term growth prospects of the stock and maintain our BUY recommendation Target Price and Valuation: We value USL at...

ICICI Securities Limited

Better-than-expected results; lockdown leads to sharp EPS cut

United Spirits (UNSP) reported in-line sales and significantly better-thanexpected EBITDA and PAT in 4QFY21. The key highlight of the result was...

Motilal Oswal

HSIE Results Daily: United Spirits, Crompton Consumer, The Ramco Cements, Multi Commodity Exchange

The Ramco Cements: Ramco Cements (TRCL) reported a strong 4QFY21 performance. Standalone net sales/EBITDA/APAT grew 22/13/7% QoQ (17/61/47% YoY) to...

HDFC Securities

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