Daily BriefsIndustrials

Industrials: KEC International, Asia High Yield Bond Index, Escorts Ltd and more

In today’s briefing:

  • KEC International: Healthy Order Book; Better Execution To Drive Growth
  • Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
  • Pick of the Week – Escorts Limited

KEC International: Healthy Order Book; Better Execution To Drive Growth

By Axis Direct

  • The company has a robust order book position and L1 of over Rs 29,000 Cr with T&D and Non-T&D share at 52:48
  • The company continues to sharply focus on international T&D orders as it foresees notable international opportunities in its various operating regions
  • We value KEC International at 14x FY23E EPS to arrive at a target price of Rs490/share, implying an upside of 13% from CMP. We, therefore, change our rating from HOLD to BUY.
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.

Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers

By BondEvalue

US equity markets dropped on Friday with the S&P and Nasdaq closing 0.8% and 1.9% lower respectively as Omicron jitters hit markets along with softer payrolls data. Most sectors were in the red led by Consumer Discretionary and IT, down over 1.7% each. US 10Y Treasury yields moved 4bp lower to 1.38% after falling over 10bp intra-day on Friday due to the risk-off sentiment and softer NFP data. European markets were lower too with the DAX, CAC and FTSE down 0.6%, 0.4% and 0.1% respectively . Brazil’s Bovespa was up 0.6%. In the Middle East, UAE’s ADX was closed while Saudi TASI was up 2.4% on Sunday. Asian markets have opened mixed – Shanghai and STI were up 0.4% and 0.8% while HSI and Nikkei were down 1.4% and 0.6% respectively. US IG CDS spreads widened 1.1bp and HY CDS spreads widened 7bp. EU Main CDS spreads were 0.6bp wider and Crossover CDS spreads were 2.4bp wider. Asia ex-Japan CDS spreads tightened 1.3bp.

Pick of the Week – Escorts Limited

By Edelweiss

  • Escorts has been among the leading players in the tractor industry and well-known brand in the farm equipment space since independence.
  • During the last 2 decades, it has forged one of the most extraordinary turnaround stories in the history of the domestic automobile industry
  • Over the medium term, expect synergies from the partnership with Kuboto to gather momentum
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.

Before it’s here, it’s on Smartkarma