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Capital Goods

SECTOR | 13 Apr 2017

Earnings Preview on Industrials Sector

Capital Goods

IDBI Capital

First, we disagree with macro-narratives. Second, the outlook too remains weak. Third, thereby, the key is in assessment of individual projects bottom-up. Though we remain bearish on domestic long cycle orders, Q4FY17 should be treated as a tactical exception. From project closures to provisions reversals, the jump in EBITDA is plausible. Thereby, we like: LT, BHEL, and NBCC IN. We find no reason to cheer from macro numbers At a first glance, on an annual base, project commissioning is down. As against Rs.5.66 trillion in FY16, the project commissioning indicates FY17 ended a tenth down at Rs.5.13 trillion. CMIE, a database provider, asserts there is yet another Rs.1.88 trillion, whose commissioning status is...

Capital Goods

SECTOR | 12 Apr 2017

Capital Goods (4QFY17E Results Preview): Public sector capex to drive order flows

Capital Goods

HDFC Securities

Voltas (pick up in AC demand), Engineers India (expected pick up in refining capex) and Kalpataru Power (substantial improvement in the order book) are our top picks in the sector. We downgrade Cummins, AIA Engineering & KECI to NEUTRAL on the back of steep valuations.

Capital Goods

SECTOR | 24 Mar 2017

Capital goods: No broad based recovery in order inflows yet

livemint

Government-led investments have raised domestic market prospects, but conviction about immediate earnings growth trajectory is low right now, say analysts

Capital Goods

SECTOR | 13 Jan 2017

Earnings Preview on Industrials Sector

Capital Goods

IDBI Capital

We are cautiously optimistic on domestic long cycle orders. Progress on slow moving is the only ray of hope. Project announcement might take a back seat. Yet we have not given up our hopes. In domestic short cycle orders, the much-needed green-shoots specifically from Automobiles and fast moving consumer goods has rescinded back to square one, we are told. Yet we continue to like: SIEM, KKC, LT, BHEL, and NBCC IN. Products: Domestic/Long cycle we are cautiously optimistic! Products have little impact from demonetization, we foresee. Yet we remain cautiously optimistic. For long cycle products, specifically addressing to BHEL, we continue to believe that...

Capital Goods

SECTOR | 06 Jan 2017

Capital Goods Q3FY17 Review: L&T;, Cummins and Voltas to post muted growth on demonetisation

IBTimes India

HDFC Securities picks Triveni Turbine and Kalpataru Power as its favourite stocks from the capital goods sector.

Capital Goods

SECTOR | 25 Oct 2016

KEC International: Strong orders will power performance

livemint

Capital goods firm KEC international is well poised in power transmission and distribution segment, where fresh orders have been robust since January

Capital Goods

SECTOR | 12 Oct 2016

Capital goods: local demand, notexports, to lead recovery

livemint

September quarter is likely to see the benefits of a consumption-led recovery in some pockets on home ground trickling down into capital goods companies

Capital Goods

SECTOR | 06 Oct 2016

Capital Goods: 2QFY17E Results Preview

Capital Goods

HDFC Securities

We expect 2QFY17E to be on similar lines as 1QFY17, wherein the order inflows would be driven by public sector capex viz. power transmission, roads, railways and renewables. Hopes are riding on a pick-up in defence & domestic hydrocarbon orders. However we expect the same to materialise only in H2FY17E. Industrial capex in the pvt sector continues to remain elusive.

Capital Goods

SECTOR | 04 Oct 2016

CMIE Capex Database 4Oct2016

Capital Goods

Phillip Capital

New project announcements +24% qoq after adjusting for projects with low visibility: Overall, new projects announced in 2QFY17 (Rs 1.97tn) were up 32% qoq, but down 19% yoy. However, adjusting for lowervisibility projects (Rs 500bn JSW steel plant), they increased24%qoq,butfell40%yoy.Manufacturing(Rs1tn,drivenbymetalsandrefinery) and transport (Rs 611bn, led by aircrafts) accounted for 83% of new announcements. By ownership, the private sector accounted for 70%. Key projects include Go Air's aircrafts order (Rs 517bn), JSW's Odisha steel plant (Rs 500bn), CPCL's Nagapattinam refinery (Rs...