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

ICICI Securities Limited

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

Macrotech Developers Limited operates as a real estate company. The Company owns and develops commercial and industrial properties. Macrotech Developers serves customers worldwide.

<ul><li>ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of INR 42.3bn (up 40% YoY).</li><li>Hence, the company has achieved FY24 sales bookings of INR 145bn, exactly in line with its FY24 sales booking guidance.</li><li>With the recent equity raise of ~INR 33bn, LODHA has pared net debt to INR 30.1bn (net D/E of 0.1x).</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.

ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of INR 42.3bn (up 40% YoY).Hence, the company has achieved FY24 sales bookings of INR 145bn, exactly in line with its FY24 sales booking guidance.With the recent equity raise of ~INR 33bn, LODHA has pared net debt to INR 30.1bn (net D/E of 0.1x).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.

Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive

Bajaj Finance Limited is a financial services company that operates branches in India, which provide an assortment of financial services.

<ul><li>ICICI Securities research report onBajaj Finance Bajaj Finance (Bajaj) is the only NBFC in India that prioritises customer ‘ownership’ over mere ‘lending’.</li><li>Providing financial solutions to India’s burgeoning aspirational middle class forms the crux of Bajaj’s unique business model, which will allow the business to showcase &gt;25% growth in AUM and RoE in the near future.</li><li>The company sports the lowest cost of delivery (cost of funds + cost to assets) among NBFCs, which is backed by a strong cross-sell/up-sell engine (cross-sell customer base at &gt;60% of total) and robust digital infrastructure – arm in arm, these form the bedrock of Bajaj’s leadership now and going ahead too in the NBFC space.</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.

ICICI Securities research report onBajaj Finance Bajaj Finance (Bajaj) is the only NBFC in India that prioritises customer ‘ownership’ over mere ‘lending’.Providing financial solutions to India’s burgeoning aspirational middle class forms the crux of Bajaj’s unique business model, which will allow the business to showcase &gt;25% growth in AUM and RoE in the near future.The company sports the lowest cost of delivery (cost of funds + cost to assets) among NBFCs, which is backed by a strong cross-sell/up-sell engine (cross-sell customer base at &gt;60% of total) and robust digital infrastructure – arm in arm, these form the bedrock of Bajaj’s leadership now and going ahead too in the NBFC space.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.

Bajaj Finance - Standing the Test of Time – Planning, Execution and Resilience

Marico Limited manufactures consumer products and services in the beauty and wellness space. The Company is known for its presence in the following categories: Coconut Oil, Hair Oils, Anti-lice Treatment, Premium Refined Edible Oils and Fabric Care. Marico Limited is present in the Skin Care Services segment through Kaya Skin Clinics.

<ul><li>ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the sales growth vector effectively (numeric distribution expansion and improved line selling).</li><li>Marico, with its new urban distribution (expansion) strategy and likely outperformance in D2C brands, has material potential to outperform in FY24-26E.</li><li>Apart from this, it is focusing on improving distributor ROI, better credit terms, range, assortment, etc.</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.

ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the sales growth vector effectively (numeric distribution expansion and improved line selling).Marico, with its new urban distribution (expansion) strategy and likely outperformance in D2C brands, has material potential to outperform in FY24-26E.Apart from this, it is focusing on improving distributor ROI, better credit terms, range, assortment, etc.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.

Marico - Acceleration in Diversified Portfolio While Core Stabilises

Star Cement Limited manufactures construction materials. The Company produces and markets cement and concrete products. Star Cement serves customers in India.

<ul><li>ICICI Securities research report onStar Cement Star Cement (Star) has been on top of its game – evidence of which is apparent in: 1) it being a major beneficiary of the favourable demand-supply dynamics in India’s north-east (NE) region (where prices stood firm in Q4FY24 vs.</li><li>a steep &gt;8% QoQ drop in east India) – outlook for NE remains sanguine; 2) the rationale that while capex completion shall drive ~21% CAGR volume growth over FY25-FY26E, project incentives (of ~INR 300/t) will be an icing on the cake; and 3) its slated increase in share of green power (from ~21% in FY24E to ~50% in FY26E) with greater FSA coal allocation, in tandem, will likely uplift efficiency (by ~INR 150/t).</li><li>A strong debt-free balance-sheet, high RoE and its imminent entry into the ‘INR 10bn-plus EBITDA club’ make for a compelling investment case.</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.

ICICI Securities research report onStar Cement Star Cement (Star) has been on top of its game – evidence of which is apparent in: 1) it being a major beneficiary of the favourable demand-supply dynamics in India’s north-east (NE) region (where prices stood firm in Q4FY24 vs.a steep &gt;8% QoQ drop in east India) – outlook for NE remains sanguine; 2) the rationale that while capex completion shall drive ~21% CAGR volume growth over FY25-FY26E, project incentives (of ~INR 300/t) will be an icing on the cake; and 3) its slated increase in share of green power (from ~21% in FY24E to ~50% in FY26E) with greater FSA coal allocation, in tandem, will likely uplift efficiency (by ~INR 150/t).A strong debt-free balance-sheet, high RoE and its imminent entry into the ‘INR 10bn-plus EBITDA club’ make for a compelling investment case.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.

Dynamatic Technologies / Equity Bottom-Up

Dynamatic Technologies Limited manufactures hydraulic gear pumps, valves and cylinders for tractors and cars.  The Group also develops products for the aerospace and defense sectors.

<ul><li>ICICI Direct's research report onDynamatic Technologies We initiate coverage on Dynamatic Technologies (DTL) with BUY rating and a target price of INR 10,250/share (based on 45x FY26E EPS).</li><li>Key points: 1) Sole supplier of Flap Track Beams (FTB) for Airbus’ 86% order backlog; 2) largest gear pump supplier in the world with a well-diversified client mix; 3) healthy blend of complex machining of the west and superior engineering of the east; 4) recent order wins likely to propel EBITDA to 2x FY23 by FY27E; and 5) likely to be a participant in domestic aerospace.</li><li>Going ahead, we expect aerospace &amp; defence segment to be the earnings driver, resulting in EBITDA CAGR of 19% and EBITDA margin of 17-18% (last five-year average: 13%) through to FY27E.</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.

ICICI Direct's research report onDynamatic Technologies We initiate coverage on Dynamatic Technologies (DTL) with BUY rating and a target price of INR 10,250/share (based on 45x FY26E EPS).Key points: 1) Sole supplier of Flap Track Beams (FTB) for Airbus’ 86% order backlog; 2) largest gear pump supplier in the world with a well-diversified client mix; 3) healthy blend of complex machining of the west and superior engineering of the east; 4) recent order wins likely to propel EBITDA to 2x FY23 by FY27E; and 5) likely to be a participant in domestic aerospace.Going ahead, we expect aerospace &amp; defence segment to be the earnings driver, resulting in EBITDA CAGR of 19% and EBITDA margin of 17-18% (last five-year average: 13%) through to FY27E.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.

Dynamatic Technologies - On the Runway; Set to Soar Further!

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.

ICICI Securities Limited
External broker reports(aggregated public sources)
• ICICI Securities Ltd

Macrotech Developers - FY24 Lays Strong Foundation; Balance Sheet Strength Constructive

ICICI Securities research report onMacrotech Developers Along expected lines, Macrotech Developers (LODHA) achieved strong Q4FY24 sales bookings of...

ICICI Securities Limited

Bajaj Finance - Standing the Test of Time – Planning, Execution and Resilience

ICICI Securities research report onBajaj Finance Bajaj Finance (Bajaj) is the only NBFC in India that prioritises customer ‘ownership’ over mere...

ICICI Securities Limited

Marico - Acceleration in Diversified Portfolio While Core Stabilises

ICICI Securities research report onMarico Over the last few years, Nestle and Jyothy Labs delivered volume outperformance thanks to activating the...

ICICI Securities Limited

Star Cement - North-Eastern Delight

A strong debt-free balance-sheet, high RoE and its imminent entry into the ‘INR 10bn-plus EBITDA club’ make for a compelling investment case

ICICI Securities Limited

Dynamatic Technologies - On the Runway; Set to Soar Further!

ICICI Direct's research report onDynamatic Technologies We initiate coverage on Dynamatic Technologies (DTL) with BUY rating and a target price of...

ICICI Securities Limited