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>Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQ</li><li>Addition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25</li><li>Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarter</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.

Revenue for our coverage universe is likely to change by 11.1/-2% YoY/QoQAddition of new products, improved export volumes of key products, and sharp jump in realization of refrigerant gases, oleochemicals led the performance of chemical companies compared to Q1FY25Export volumes of MEHQ, MMA, BHA, polymer additives and HALS have shown improvement during the quarterContent 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.

Chemicals (Q1FY26 Results Preview): Brewing momentum

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Dorf-Ketal Chemicals Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dorf-ketal-chemicals-ltd" target="_blank" data-smartkarma-citation="entities:44325:1" rel="noopener">Dorf-Ketal Chemicals Ltd (998552Z IN)</a> (DKCI) is looking to raise about US$579m in its upcoming India IPO.</li>
<li>DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Dorf-Ketal Chemicals Ltd (998552Z IN) (DKCI) is looking to raise about US$579m in its upcoming India IPO.
DKCI is an R&amp;D and innovation-focused global manufacturer and supplier of specialty chemicals, catering to hydrocarbons and industrial supply chains, and customers with diverse applications across various industrial segments.
In this note, we talk about the not-so-positive aspects of the deal.


Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

<ul><li>Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQ</li><li>Prices of industrial solvent and basic chemicals remain flattish during the quarter</li><li>Agrochemical end-user industry is running on thin inventory</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.

Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQPrices of industrial solvent and basic chemicals remain flattish during the quarterAgrochemical end-user industry is running on thin inventoryContent 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.

Chemicals (Q4FY25 Results Preview): Landing the Year Amidst the Uncertainty

<ul><li>Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3Q</li><li>Prices of industrial solvents and basic chemicals have declined YoY. This shall lead to improvement in margins</li><li>However, increase in freight costs may offset the benefit of falling prices of chemicals</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.

Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3QPrices of industrial solvents and basic chemicals have declined YoY. This shall lead to improvement in marginsHowever, increase in freight costs may offset the benefit of falling prices of chemicalsContent 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.

Chemicals (Q3FY25 Results Preview): Volume-driven growth

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

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>Vinati Organics (VO IN) reported a topline of Rs5.53bn, reflecting 19.5% YoY and 5.4% QoQ growth.</li><li>It has maintained 20% revenue growth guidance for FY25. ATBS, the company’s key product, contributed to 36% of total revenue in Q2FY25.</li><li>Antioxidants segment revenue, which is expected to double in FY25 from Rs1.3bn in FY24, stood at Rs1bn in H1FY25.</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.

Vinati Organics (VO IN) reported a topline of Rs5.53bn, reflecting 19.5% YoY and 5.4% QoQ growth.It has maintained 20% revenue growth guidance for FY25. ATBS, the company’s key product, contributed to 36% of total revenue in Q2FY25.Antioxidants segment revenue, which is expected to double in FY25 from Rs1.3bn in FY24, stood at Rs1bn in H1FY25.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.

Vinati Organics - ATBS Expansion to Align with Demand

India

Vinati Organics Limited produces organic intermediates and monomers.

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Vinati Organics (VO IN)

Chemicals (Q1FY26 Results Preview): Brewing momentum

Acutaas Chemicals, Clean Science and Technology, and Aether Industries’ performance should be supported by ramp-up in recently-commissioned plants.

HDFC Securities

Dorf-Ketal Chemicals India Pre-IPO - The Negatives - Elevated Borrowings and Tariff Uncertainty

Dorf-Ketal Chemicals India is looking to raise about US$579m in its upcoming India IPO. In this note, we talk about the not-so-positive aspects of...

Akshat Shah

Chemicals (Q4FY25 Results Preview): Landing the Year Amidst the Uncertainty

Revenue for our coverage universe is likely to improve by 3.1/4.3% YoY/QoQ. Prices of industrial solvent and basic chemicals remain flattish during...

HDFC Securities

Chemicals (Q3FY25 Results Preview): Volume-driven growth

Revenue for our coverage universe is likely to improve by 9.3% YoY while it could fall marginally QoQ in 3Q. Prices of industrial solvents and...

HDFC Securities

Vinati Organics - ATBS Expansion to Align with Demand

Vinati Organics (VO IN) reported a topline of Rs5.53bn, reflecting 19.5% YoY and 5.4% QoQ growth. It has maintained 20% revenue growth guidance for...

Prabhudas Lilladhar

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