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>Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/share</li><li>Cement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAP</li><li>Reported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)</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.

Shree Cement: We maintain our ADD rating on Shree Cement, with an unchanged SOTP target price of INR 28,700/shareCement volume growth slowed to 8% YoY as it lost four days of sales due to software migration to SAPReported unit EBITDA (cement) remained flattish QoQ at INR 1346/MT as lower input costs and lower advertising expenses offset the impact of a 6% QoQ NSR decline (ex-power)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: Shree Cement, Oberoi Realty, Apollo Tyres, Radico Khaitan, NCC

Equity Bottom-Up

Colgate Palmolive (India) / Equity Bottom-Up

Colgate-Palmolive (India) Ltd. manufactures consumer products in the oral care and body care area. The Company's products include soaps, cosmetics, toilet preparations, toothpaste, toothbrushes, shaving brushes, and glycerin.

<ul><li>Colgate Palmolive's 4QFY24 results exceeded consensus estimates, marking the first quarter of positive volume-led growth after eight consecutive quarters of sub-par performance</li><li>With a focused management drive to enhance penetration (with rural growth surpassing urban) and promote premiumization, Colgate-Palmolive saw further momentum</li><li>In a recent analyst meeting, CLGT reiterated its strategic priorities: (a) Expanding penetration in rural regions (where 55% of customers use toothpaste), (b) Increasing usage frequency in urban areas through robust ad campaigns (where 20% of urban customers brush twice daily), (c) Emphasizing premiumization (with products like Colgate Total and Colgate Visible White), and (d) Diversifying beyond the core by building the Palmolive brand</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.

Colgate Palmolive's 4QFY24 results exceeded consensus estimates, marking the first quarter of positive volume-led growth after eight consecutive quarters of sub-par performanceWith a focused management drive to enhance penetration (with rural growth surpassing urban) and promote premiumization, Colgate-Palmolive saw further momentumIn a recent analyst meeting, CLGT reiterated its strategic priorities: (a) Expanding penetration in rural regions (where 55% of customers use toothpaste), (b) Increasing usage frequency in urban areas through robust ad campaigns (where 20% of urban customers brush twice daily), (c) Emphasizing premiumization (with products like Colgate Total and Colgate Visible White), and (d) Diversifying beyond the core by building the Palmolive brandContent 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.

Colgate Palmolive (4QFY24): The Margin Expansion Story Is Largely Behind Us. Maintain REDUCE

<ul><li>Mahindra &amp; Mahindra: M&amp;M Q4FY24 PAT at INR 21.6bn beat our estimate of INR 17.9bn, aided by better realisation and soft commodity prices</li><li>M&amp;M has shared its investment plan for FY25-27</li><li>The total investment planned in the auto division is INR 270bn, of which INR 85bn is for SUV ICE, INR 40bn for CV, and sustenance investment of INR 15bn</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.

Mahindra &amp; Mahindra: M&amp;M Q4FY24 PAT at INR 21.6bn beat our estimate of INR 17.9bn, aided by better realisation and soft commodity pricesM&amp;M has shared its investment plan for FY25-27The total investment planned in the auto division is INR 270bn, of which INR 85bn is for SUV ICE, INR 40bn for CV, and sustenance investment of INR 15bnContent 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: Mahindra & Mahindra, Infoedge, Berger Paints, LIC Housing Finance

Crompton Greaves Consumer Electricals / Equity Bottom-Up

Crompton Greaves Consumer Electricals Limited manufactures consumer electrical products. The Company offers fans, lamps, luminaires, and pumps, as well as a variety of other household appliances.

Crompton Greaves Consumer Electricals (CROMPTON IN)

<ul><li>Crompton’s core portfolio (standalone), in line with its Crompton 2.0 strategy, continued to report strong performance as revenue/EBITDA/PAT grew by 12/15/22% YoY</li><li>However, the realignment of channel mix, business policies and brand investments led to a soft performance of Butterfly (revenue down 12%: EBIT margin at -15.9%) which pulled down overall profitability</li><li>ECD margins at 16.4% (17.2% ex of EPR cost) surprised positively while lighting growth remained in the black for the second consecutive 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.

Crompton’s core portfolio (standalone), in line with its Crompton 2.0 strategy, continued to report strong performance as revenue/EBITDA/PAT grew by 12/15/22% YoYHowever, the realignment of channel mix, business policies and brand investments led to a soft performance of Butterfly (revenue down 12%: EBIT margin at -15.9%) which pulled down overall profitabilityECD margins at 16.4% (17.2% ex of EPR cost) surprised positively while lighting growth remained in the black for the second consecutive 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.

Crompton Consumer (Q4FY24): Strong Core Portfolio Performance. Maintain BUY

Mankind Pharma Limited develops and delivers pharmaceutical products. The Company distributes antibiotic, antifungal, antiviral, gastrointestinal, cardiovascular, dermal, erectile dysfunction, digestive, gynecological, and therapeutic medical drugs. Mankind Pharma operates in India.

<ul><li>Mankind Pharma (Mankind) reported 42% YoY EBITDA growth, led by 19% YoY sales growth (India formulation up 11% YoY and exports grew 230% YoY) and gross margin expansion (+262 bps YoY)</li><li>India growth was largely led by 15% YoY growth in the chronic segment (outperformance in CVS, anti-diabetics, and CNS) and recovery in gynaecology</li><li>Export grew 230% YoY on US one-off opportunity</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.

Mankind Pharma (Mankind) reported 42% YoY EBITDA growth, led by 19% YoY sales growth (India formulation up 11% YoY and exports grew 230% YoY) and gross margin expansion (+262 bps YoY)India growth was largely led by 15% YoY growth in the chronic segment (outperformance in CVS, anti-diabetics, and CNS) and recovery in gynaecologyExport grew 230% YoY on US one-off opportunityContent 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.

Mankind Pharma (4QFY24): Steady Q4, chronic-focused growth strategy intact. Maintain ADD

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.