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Summary | Date | Stock | Broker | Price at Reco. | Target | Price at reco Change since reco(%) | Upside(%) | Type | Report | Discuss |
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2015-08-12 | JBF Industries Ltd. + | Nirmal Bang Institutional | 277.10 | 517.00 | 277.10 (-95.67%) | Buy | JBF Industries-1QFY16 Result Update
Nirmal Bang Institutional
Healthy Gross Profit Growth, But Other Costs Higher; Retain Buy Following the decline in crude oil prices, realisation of JBF Industries (JBF) reduced and therefore revenue grew by a mere 8.8% in 1QFY16 despite a healthy volume growth because of new capacity addition. Gross profit grew by a healthy 29.8% to Rs6,888mn, in line with our estimate of Rs6,807mn. However, employee costs/other expenses increased 65.3%/34.9%, respectively, because of commissioning of two new ventures of US$200mn each in 3QFY15. As all costs are booked in P&L; account ,ramp-up will take time, as a result of which when compared to 29.8% growth in gross profit, operating profit grew at a lower pace of 15.5% to Rs2,401mn,...
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2015-08-03 | JBF Industries Ltd. + | Nirmal Bang Institutional | 304.25 | 517.00 | 304.25 (-96.06%) | Buy | JBF Industries-Event Update
Nirmal Bang Institutional
Repairs Balance Sheet With Limited Equity Dilution As per the outcome of JBF Industries' (JBF) board meeting held on 31 July 2015, KKR Jupiter Investors will invest US$150mn in JBF, Rs4.9bn at the parent level for a 25% equity stake (pre-dilution) and Rs4.7bn in JBF Global, the Singapore subsidiary, for a 17% stake. We believe JBF got a very good deal by raising Rs9.6bn, half of its current market capitalisation, through a mere 25% equity dilution at the parent level by structuring the deal in such a manner where it maximised the value of its subsidiary. KKR valued the Singapore arm alone at Rs27.8bn (Rs424/share) compared to...
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2015-05-28 | JBF Industries Ltd. + | Nirmal Bang Institutional | 218.30 | 327.00 | 218.30 (-94.50%) | Buy | JBF Industries-4QFY15 Result Update
Nirmal Bang Institutional
Strong EBITDA Growth, But Forex Losses Play Spoilsport; Retain Buy With lower production at domestic operations and a fall in realisation linked to crude oil prices, JBF Industries (JBF) reported a low single-digit revenue growth of 2.2% to Rs21,417mn in 4QFY15, 5.2% below our estimate, led by a 33.4% fall at Indian operations. However, consolidated operating profit grew by a healthy 16.5% to Rs2,304mn, in line with our estimate of Rs2,337mn. On account of forex loss of Rs989mn on restatement of US dollarlinked borrowing in euro by its subsidiary in Belgium because of a steep depreciation of the euro against the US dollar, JBF reported a loss of Rs541mn against an...
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2015-02-12 | JBF Industries Ltd. + | Nirmal Bang Institutional | 244.40 | 355.00 | 244.40 (-95.09%) | Accumulate | JBF Industries- 3QFY15 Result Update
Nirmal Bang Institutional
Benefits From Capex, Lower Crude Oil Prices; Upgrade To Buy Following better-than-expected operating profitability of Indian and RAK operations, and also ramp-up at new ventures, JBF Industries (JBF) posted a 78.9% rise in 3QFY15 EBITDA to Rs2,679mn, 16.2% above our estimate. However, following a higher forex loss and also higher depreciation/interest costs because of capacity expansion at overseas operations, net profit fell 21.6% to Rs217mn against our estimate of Rs440mn. In the wake of a rise in interest costs/depreciation because of higher debt/capex and a weak PTA (Purified Terepthalic Acid) cycle, we have cut our net profit for FY15E/FY16E/FY17E by...
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2013-05-28 | JBF Industries Ltd. + | ICICI Securities Limited |