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CMP: Rs1,071 l MCap: Rs11.2bn l Fair Value: Rs1,190-1,250 Creating its niche in a crowded market We present to you an investment idea on Saksoft, a niche technology specialist that provides a comprehensive suite of business transformation, cloud solution, information management, application development and testing services enabling companies efficiently change/run the business'. We expect the company to clock 16% CAGR revenue during FY2124E driven by its capabilities in select verticals, strong presence in UK and US and domain expertise (helping create familiarity and client recall). The technological upcycle coupled with Saksoft's capabilities in thriving sectors provides a platform for future growth, while on...
Cost headwinds to rise; DI pipe thesis intact We lower our TP to Rs1330 (Rs1440 previously) and re-iterate BUY rating on Tata Metaliks (TML). We have lowered FY23 estimates to account for delay in commissioning of phase 2 of DI pipe expansion (now expected in 3Q/4QFY23). The performance in 3QFY22 was subdued due to inflation in coking coal/ coke and iron ore cost, further deteriorated due to instability of blast furnace post the maintenance shutdown. Operating profit is expected to remain weak in 4QFY22 mainly due to coking coal cost pressure. We expect a turn-around starting 1QFY23 when the high price Ductile Iron (DI) pipe contracts kick in along with...
We recently interacted with the management of Aptus Value Housing Finance India Ltd. (Aptus) to get their perspective on growth, branch expansion and ROE. Management expects AUM growth at 25-30% while also placing greater attention around asset quality. Aptus plans to penetrate deeper in its existing markets before foraying into newer territories and through the contagious branch expansion plans. Management pointed at investing into technology given its operational benefits and foresees RoE at 20-22% levels by FY25 mainly driven by lower cost of funds (on back of rating upgrade) and higher leverage. We expect Aptus to deliver RoE of...
INDIA l Institutional Research l IT l 3rd January 2022 Expleo Solutions l Fair Value: 1,900 Quality' assurance player ready to cash in We reiterate our positive stance on the stock and revise our Fair Value to Rs1,900 (earlier Rs1,480) with upward revisions in our FY22/FY23/FY24 estimates driven by robust outlook from the management, synergies from the merger that enhances growth visibility, and focused approach on the Indian entities by the MNC parent. Demand resilience and investments in next-generation technologies (highlighted in our recent...
has deep understanding of glass and glass products, which has come in handy. With a slew of technological advancements and high priority to automation, the opalware plant has been the prime mover of margin expansion. The Jaipur plant is expected to be a key driver for consumer business in the coming years. These advantages, coupled with encouraging...
demerger of HSIL Limited. Post demerger, SHIL would remain asset light by outsourcing production and only focus on marketing and distribution. The group has more than 6 decades experience in Sanitaryware segment with its legacy brand CMP Hindware being one of the oldest and largest sanitaryware brand in India. Leveraging on Hindware Brand', it has now expanded MCap into newer segments including Kitchen appliances, Water Heaters, Water coolers, Fans etc in Consumer Appliance business and Pipes and Fittings business. Thus expanding their addressable market by 10x to INR 40,0000crs. SHIL expects to grow its 52 W (H/L) revenue by ~20% CAGR and EBITDA by ~40% CAGR by FY25 largely on the back of Consumer and pipes business, . Overall Mar-22 TP...
Kirloskar Ferrous Industries Ltd. (KFIL's) announced acquisition of controlling stake (51%) in Indian Seamless Metal tubes (ISMT) at consideration of Rs4.77bn through purchase of ISMT's preferential shares, is an attempt at forward integrating the existing pig iron assets with few other synergies. While we believe in KFIL's plans to turnaround ISMT assets, it will come at additional cost. Completely merging the ISMT business will further need debt or equity dilution. Therefore, we believe that KFIL could have derived a better deal to lighten up medium term liabilities. We lower our TP to Rs310 (previously Rs360) and retain...
Affordable housing is not about box-sized, budget homes in far-flung places, where there is no connectivity to work places and little surrounding infrastructure. Affordable housing has to be able to cut across all income segments and has to make economic sense in terms of proximity to work place. The agenda for affordable housing requires a combined publicprivate collaboration and a strong political will to enforce change Excerpts from Deepak...
Affordable housing is not about box-sized, budget homes in far-flung places, where there is no connectivity to work places and little surrounding infrastructure. Affordable housing has to be able to cut across all income segments and has to make economic sense in terms of proximity to work place. The agenda for affordable housing requires a combined publicprivate collaboration and a strong political will to enforce change Excerpts from Deepak...
Affordable housing is not about box-sized, budget homes in far-flung places, where there is no connectivity to work places and little surrounding infrastructure. Affordable housing has to be able to cut across all income segments and has to make economic sense in terms of proximity to work place. The agenda for affordable housing requires a combined publicprivate collaboration and a strong political will to enforce change Excerpts from Deepak...
Affordable housing is not about box-sized, budget homes in far-flung places, where there is no connectivity to work places and little surrounding infrastructure. Affordable housing has to be able to cut across all income segments and has to make economic sense in terms of proximity to work place. The agenda for affordable housing requires a combined publicprivate collaboration and a strong political will to enforce change Excerpts from Deepak...
We initiate coverage on Refractories, riding on the current boom in the steel industry. Heavy financial stimulus for infrastructure projects - domestic and global is expected to keep demand for refractories robust in the near future. Historically, refractory companies have been steady revenue compounder with stable margins, net cash balance sheets and superior return ratios, a remarkable contrast to its customer steel sector, thereby largely obviating the severe cyclicity of commodity companies. We expect recycling and localisation to support margins for refractory players. We initiate on IFGL Refractories and RHI Magnesita India (RHIM) with a BUY rating with IFGL being our preferred pick....
We initiate coverage on Refractories, riding on the current boom in the steel industry. Heavy financial stimulus for infrastructure projects - domestic and global is expected to keep demand for refractories robust in the near future. Historically, refractory companies have been steady revenue compounder with stable margins, net cash balance sheets and superior return ratios, a remarkable contrast to its customer steel sector, thereby largely obviating the severe cyclicity of commodity companies. We expect recycling and localisation to support margins for refractory players. We initiate on IFGL Refractories and RHI Magnesita India (RHIM) with a BUY rating with IFGL being our preferred pick....
We initiate coverage on Refractories, riding on the current boom in the steel industry. Heavy financial stimulus for infrastructure projects - domestic and global is expected to keep demand for refractories robust in the near future. Historically, refractory companies have been steady revenue compounder with stable margins, net cash balance sheets and superior return ratios, a remarkable contrast to its customer steel sector, thereby largely obviating the severe cyclicity of commodity companies. We expect recycling and localisation to support margins for refractory players. We initiate on IFGL Refractories and RHI Magnesita India (RHIM) with a BUY rating with IFGL being our preferred pick....
PAP: Valiant is currently producing PAP in small quantities (~100MT/m) and is working towards continuous PAP production as the same would result in reduction in overheads. Going forward, the management highlighted that they should be able...
We retain BUY on CRISIL with TP revised upwards to Rs3,700. The upward revision to our TP follows visibility for a superior revenue/earnings growth over CY21-23E (also evident from consecutive quarters of robust growth) as each of the revenue segments are set to fire on all fronts. Our affirmative stance is backed by the favorable macro's that bodes well for the rating business, and synergies/leverage benefit from the acquisition, products, and solutions services, that will aid in robust growth for the research division. Diversified revenue mix, levers for margin expansion, and solid return ratios have seen CRISIL's valuation multiplies stay at a premium and to its peers. With...
