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Textile Sector Update - Home textile exporters to face continued margin pressure By JM Financial Research Indian cotton sheet exports to US decreased 2.5% YoY in Mar’22 while terry towel increased 6.9% YoY. Market share across a) cotton sheet stood at 53% in Mar’22 down 100bps MoM b) terry towel stood at 41% in Mar’22 down 260 bps MoM. Demand for home textile was impacted due to inflation in cotton prices, logistics disruption and inventory correction at retail level. Global retailers in US expect improvement in demand from 2HCY22 with easing of supply chain challenges (Target/B...
Textile Sector Update - Home textile exporters to face continued margin pressure By JM Financial Research
Textile Sector Update - Home textile exporters to face continued margin pressure By JM Financial Research
Source: JM Financial Research
11/06/2022 10:56:46 AM
Cement Sector Update - Volume improvement continued in May 2022 By JM Financial Research Volume improvement continued in May’22  The railway freight data for May’22 indicates a minor improvement in demand on MoM basis. Volumes transported through railways reported a 2% MoM growth in May’22 with pick up in demand in majority of the regions. In comparison to last year, transported volumes in May’22 reported strong growth of 30% YoY, owing to a low base. Volumes in May’22 were also 3% higher than average volumes in Jan-Feb’22, (March volum...
Cement Sector Update - Volume improvement continued in May 2022 By JM Financial Research
Cement Sector Update - Volume improvement continued in May 2022 By JM Financial Research
Source: JM Financial Research Ltd
6/06/2022 3:06:22 PM
Buy DLF Ltd For Target Rs. 450 - JM Financial Research Exploring possible blue-sky scenarios DLF Limited continues to offer a lot of visibility backed by i) broad-based momentum in the residential business, ii) significant expansion plans in DCCDL, iii) monetisation of land banks, and iv) a possible REIT listing. Given the detailed plans laid out by DLF at its recent analyst meet, we try and estimate a possible blue-sky scenario for the company. Possible triggers for the stock include i) substantial business development in the residential busi...
Buy DLF Ltd For Target Rs. 450 - JM Financial Research
Buy DLF Ltd For Target Rs. 450 - JM Financial Research
Source: JM Financial Research
4/06/2022 10:12:51 AM
IT Services Sector Update - The Global Lens - March 2022 quarter By JM Financial Research The Global Lens - March 2022 In this quarter’s edition, we highlight (1) global peers continue to confirm underlying demand strength despite recent macro volatility, (2) pricing confidence (also seen in strong improvement in revenue productivity) seen across global techs over the recent quarters (in line with our view - Indian IT Services : Higher offshore pricing possible? and Offshore pricing increase 2.0) and (3) continued strength for the Global Hyperscalers. Akin to Indian techs...
IT Services Sector Update - The Global Lens - March 2022 quarter By JM Financial Research
IT Services Sector Update - The Global Lens - March 2022 quarter By JM Financial Research
Source: JM Financial Research
3/06/2022 2:15:11 PM
Buy Jindal Steel & Power Ltd For Target Rs.490 - JM Financial Research Deleveraged balance sheet to aid growth capex JSPL reported consol. EBITDA of INR30.7bn, significantly below JMfe of INR37.3bn primarily due to surging coking coal cost. Standalone EBITDA came in at INR28.3bn down 11% QoQ, implying an EBITDA/ton of INR13.6k. JSPL expects to maintain exports at FY22 levels despite imposition of export duty as it intends to focus on valued added segments and products not covered by export duty. The company has guided for a sales volume target of 8.2 mn tons ...
Buy Jindal Steel & Power Ltd For Target Rs.490 - JM Financial Research
Buy Jindal Steel & Power Ltd For Target Rs.490 - JM Financial Research
Source: JM Financial Research
3/06/2022 12:05:00 PM
Hold TTK Prestige Ltd For Target Rs. 980 - JM Financial Research Strong cooker sales and cost control drives beat TTK Prestige’s (TTK) 4QFY22 sales grew 17% YoY (+13% 3-year CAGR) to INR 6.5bn (5%/ 3% above JMFe/consensus). This was led by 26% growth in Cookers (healthy double-digit volume growth) while Appliances/ Cookware grew 15%/ 6% respectively. Although gross margin contracted by 500bps YoY, EBITDA margin shrank by only 210bps aided by 100bps/ 180bps reduction in employee cost/ other expenses. Adj. PAT grew 8% YoY to INR 792mn (20%/ 15% abov...
Hold TTK Prestige Ltd For Target Rs. 980 - JM Financial Research
Hold TTK Prestige Ltd For Target Rs. 980 - JM Financial Research
Source: JM Financial Research
3/06/2022 11:58:32 AM
Buy Techno Electric and Engineering Company Ltd For Target Rs.340 - JM Financial Research Expecting a quantum jump in inflows in FY23 Techno Electric (TEEC) results were in line with estimates. Net sales were up 44% YoY, while EBITDA was up 111% YoY, owing to lower base, but declined 8.5% QoQ. On 3-year CAGR basis, sales/EBITDA/PAT recorded growth of 18%/5%/8% respectively, on the back of better execution of orders and healthy inflows. Current order book stood at INR15bn, down 23% YoY. Management guided for strong revenue growth of 30% in FY23 and expects margins in 12.5%-13.5%...
Buy Techno Electric and Engineering Company Ltd For Target Rs.340 - JM Financial Research
Buy Techno Electric and Engineering Company Ltd For Target Rs.340 - JM Financial Research
Source: JM Financial Research
3/06/2022 11:53:48 AM
Buy HDFC Bank Ltd For Target Rs.1,690 - JM Financial Research Analyst Day 2022 – Confident on growth opportunity HDFC Bank, at its Annual Analyst Meet 2022, reiterated its medium-term growth aspirations and potential upsides from the HDFC Ltd merger. The bank intends to double its core balance sheet over a 5yrs period driven by strong growth in commercial and rural banking and increased momentum on retail assets (aided by greater mortgage origination, uptick in vehicle loans, cards and thrust on gold loans). While acknowledging the near-term Ro...
Buy HDFC Bank Ltd For Target Rs.1,690 - JM Financial Research
Buy HDFC Bank Ltd For Target Rs.1,690 - JM Financial Research
Source: JM Financial Research
2/06/2022 12:40:46 PM
Buy Trident Ltd For Target Rs.46 - JM Financial Research Raw mat. cost inflation hurts profitability Trident reported consol. EBITDA of INR3.4bn, in line with JMfe. Revenue from Textiles dipped sequentially by 8% while paper and chemicals reported an increase of 10%. Consolidated EBITDA margins came in lower QoQ at 17.7% vs 3QFY22 margin of 19.3%, impacted primarily due to surge in raw material cost. The Paper segment continues to show signs of steady progress with the opening of offices and educational institutes. Net debt decreased from c. INR...
Buy Trident Ltd For Target Rs.46 - JM Financial Research
Buy Trident Ltd For Target Rs.46 - JM Financial Research
Source: JM Financial Research
2/06/2022 12:26:53 PM
Buy Timken India Ltd For Target Rs.2,700 - JM Financial Research Superior mix and low disruption risk to drive re-rating Timken India (TMKN) reported robust year where net sales came in INR22bn; +56% YoY, while EBITDA came in at INR 5.1bn; +56% YoY. Strong bounce back in exports (+90% YoY), coupled with strong growth process industries (wind energy sales doubled) and distribution segment (+40% YoY) pushed revenue growth, while a better sales mix resulted in EBITDA margin expansion of 540bps YoY to 23.2% (4Q22 margin at 26.9%). We believe similar growth ...
Buy Timken India Ltd For Target Rs.2,700 - JM Financial Research
Buy Timken India Ltd For Target Rs.2,700 - JM Financial Research
Source: JM Financial Research
1/06/2022 1:25:03 PM
Real Estate Sector Update - Brookfield India REIT proposes to raise up to INR 50bn via sale of units By JM Financial Research HIGHLIGHTS * Oberoi Realty inks joint development pact for 18.3 acre land in Thane * Brookfield India REIT proposes to raise up to INR 50bn via sale of units * Indiabulls Real Estate achieves sales of 0.47msf; merger with Embassy likely by Jul-Aug’22 * Kolte-Patil Developers announces highest ever sales value of INR 17.39bn in * Puravankara clocks its highest ever sales value at INR 24.06bn in FY22 * Ashiana Housing Ltd sales value comes in at INR 57.33bn in FY22 * ...
Real Estate Sector Update - Brookfield India REIT proposes to raise up to INR 50bn via sale of units By JM Financial Research
Real Estate Sector Update - Brookfield India REIT proposes to raise up to INR 50bn via sale of units By JM Financial Research
Source: JM Financial Research
31/05/2022 12:00:02 PM