reports
MOSL: PRISM JOHNSON (Buy)-Significant miss led by higher costs
PRISM JOHNSON: Significant miss led by higher costs (PRSMJ IN, Mkt Cap USD0.6b, CMP INR78, TP INR100, 28% Upside, Buy) Cement profitability increases 4% YoY: 2QFY20 revenues declined 2% YoY to INR13.1b (in line with est.). Cement and clinker volume growth declined ~6% YoY due to heavy monsoons and overall economic slowdown. Cement division's EBITDA/t (+4% YoY) was lower than expected at INR615 (v/s est. INR967/t) due to higher costs. TBK and RMC report EBIT loss: TBK's revenue remained fla...
MOSL: PRISM JOHNSON (Buy)-Healthy margins in cement-TBK and RMC suffer
PRISM JOHNSON: Healthy margins in cement; TBK and RMC suffer (PRSMJ IN, Mkt Cap USD0.7b, CMP INR93, TP INR110, 19% Upside, Buy) Healthy realizations drive cement profitability: 1QFY20 revenue inched up 1% YoY (-10% QoQ) to INR15.1b (in line with our est.). Cement volumes grew a modest 2%YoY. However, combined cement & clinker volume declined ~7% YoY, which can be attributed to a sharp fall in clinker volumes. Cement Division's EBITDA/t improved to INR1,111 as against INR1,009 in 1QFY19, m...
MOSL: PRISM JOHNSON (Buy)-Cement division drives profitability
Prism Johnson: Cement division drives profitability (PRSMJ IN, Mkt Cap USD0.6b, CMP INR87, TP INR104, 20% Upside, Buy) Cement utilizations reach 100%: 4QFY19 revenue increased 4% YoY (+17% QoQ) to INR16.8b (v/s est. of INR16.5b). Cement volumes stood at 1.75mt (+5% YoY,) implying 100% utilization, while cement realizations increased 0.5% YoY, led by stronger prices in the focus market. EBITDA/ton for cement increased by INR153/t YoY to INR971. TBK reports EBIT loss; RMC sales increase 2...
MOSL: PRISM JOHNSON (Buy)-Cement division drives profitability
Prism Johnson: Cement division drives profitability (PRSMJ IN, Mkt Cap USD0.5b, CMP INR75, TP INR100, 33% Upside, Buy) Higher realization boosts cement profitability: Prism Cement’s (PRSMJ) standalone 3QFY19 revenue increased 10% YoY (+8% QoQ) to INR14.39b (our est. of INR13.96b). Cement volumes stood at 1.5mt (+10% YoY) higher than our est. of 1.44mt. Cement realizations increased 5% YoY (+0.8% QoQ) to INR4,391/t, led by stronger prices in focus markets. EBITDA/t for cement increased by ...
MOSL: PRISM JOHNSON (Buy)-Results below estimate led by higher-than-ex...
Prism Johnson: Results below estimate led by higher-than-expected costs (prsmj IN, Mkt Cap USD0.6b, CMP INR86, TP INR106, 23% Upside, Buy) Cost-push impacts cement profitability: Prism Cement’s (PRSMJ) standalone 2QFY19 revenue increased 15% YoY (-11% QoQ) to INR13b (est. of INR12.8b). Cement volumes stood at 1.35mt (+20% YoY,) higher than est. of 1.26mt due to market share gain. Cement realizations declined 0.6% QoQ, led by weaker prices in the focus market. EBITDA/ton for cement decline...
MOSL: PRISM JOHNSON (Buy)-Strong performance led by cement division
Prism Johnson: Strong performance led by cement division (PRSMJ IN, Mkt Cap USD0.9b, CMP INR117, TP INR136, 16% Upside, Buy) Cost savings drive profitability for cement segment: Prism Cement's (PRSMJ) standalone 1QFY19 revenue grew 13% YoY (declined 7% QoQ) to INR15b (our estimate was INR16.7b). Cement volumes grew 13% YoY (declined 1% QoQ) to 1.67mt (our estimate was 1.6mt) on low base from previous quarter due to GST and impact of sand mining ban. Cement realization declined 2% QoQ, led...
MOSL: PRISM JOHNSON (Buy)-Cement division set for better profitability...
Prism Johnson: Cement division set for better profitability; TBK segment profitability to increase, led by utilization improvement (PRSMJ IN, Mkt Cap USD0.6b, CMP INR105, TP INR137, 30% Upside, Buy) Cement division EBITDA is likely to see 21% CAGR over FY18-20, led by pricing improvement in underlying markets of Central India as also higher proportion of premium sales for PRSMJ. In the medium term, split grinding unit and WHRS are likely to drive cost efficiencies, helping to maintain hea...
MOSL: PRISM JOHNSON (Buy)-Strong performance across segments
Prism Johnson: Strong performance across segments (PRSMJ IN, Mkt Cap USD0.9b, CMP INR116, TP INR140, 21% Upside, Buy) Healthy cement realization drives profitability: Prism Cement's (PRSMJ) standalone 4QFY18 revenue increased 13% YoY (+24% QoQ) to INR16.1b (est. of INR10.9b). Cement volumes stood at 1.68mt (+8% YoY, +23% QoQ), while cement realizations increased 7.4% QoQ, led by better prices in the central market. EBITDA/ton for the cement business stood at INR819 (-INR89 YoY, +INR239 Qo...
MOSL: PRISM CEMENT (Buy)-Strong beat led by cement division
Prism Cement: Strong beat led by cement division (PRSC IN, Mkt Cap USD0.6b, CMP INR138, TP INR159, 15% Upside, Buy) Healthy volume growth: Prism Cement’s (PRSC) standalone 3QFY18 revenue increased 14% YoY (+12% QoQ) to INR12.96b (our estimate: INR12.82b). Cement volumes rose 17% YoY (+22% QoQ) to 1.37mt due to resolution of the sand mining issue in UP and also partially in Bihar. Cement realization increased 6% QoQ, led by normalization of prices post a sharp decline in 2QFY18. TBK moder...
MOSL: PRISM CEMENT (Buy)-Cement division set for a better 2HFY18-TBK s...
​PRISM CEMENT: Cement division set for a better 2HFY18; TBK segment to see profitability improvement led by better product mix(PRSC IN, Mkt Cap USD0.9b, CMP INR110, TP INR130, 17% Upside, Buy)We recently hosted Prism Cement (PRSC) at our ‘Midcap Conference’. Cement demand for the company is likely to grow 5% YoY in 2HFY18, led by resolution of the sand mining issue in UP, a favorable base of 2HFY18 (was impacted by demonetization) and strong growth from the underlying markets of UP/MP.Impr...
MOSL: PRISM CEMENT (Buy)-Weak performance by cement-TBK profitability ...
​Prism Cement: Weak performance by cement; TBK profitability improves(PRSC IN, Mkt Cap USD0.6b, CMP INR111, TP INR128, 15% Upside, Buy)Volume growth muted: Standalone revenue was flat YoY (-12% QoQ) at INR11.6b (est. of INR13.2b) in 2QFY18. Cement volumes stood at 1.12mt (-3% YoY; -24% QoQ) due to the sand mining ban in UP/Bihar and partially in MP - the company's focus markets. We expect cement realizations to be lower by 2-3% QoQ, given lower prices in its focus markets.TBK losses reduced: T...
MOSL: PRISM CEMENT (Buy)-Weak performance in the run-up to GST rollout
​Prism Cement: Weak performance in the run-up to GST rollout(PRSC IN, Mkt Cap USD0.9b, CMP INR120, TP INR140, 16% Upside, Buy)Volume growth impacted: Prism Cement's (PRSC) standalone 1QFY18 revenue increased 3% YoY (-7% QoQ) to INR13.2b (est. of INR14.6b), led by a 3% YoY decline in cement volumes. Cement realizations increased ~3% QoQ (~+11% YoY) to INR4,620 (est. of INR4,659) due to improved pricing in its focus markets. TBK losses reduce marginally QoQ: TBK segment’s revenue fell 4% YoY (...
MOSL: PRISM CEMENT (Buy)-Cement drives strong profitability improvemen...
​Prism Cement: Cement drives strong profitability improvement(PRSC IN, Mkt Cap USD0.9b, CMP INR119, TP INR138, 16% Upside, Buy)Strong volume growth: Standalone 4QFY17 revenue rose 2% YoY (+25% QoQ) to INR14.2b (est. of INR16.1b), as Cement sales grew strongly led by volume growth of 15% YoY and realization improvement. TBK sales (-10% YoY) continued to decline. Cement realizations grew ~7% QoQ (~+11% YoY) to INR4,509 (est. of INR4,445) on better pricing in the focus markets.TBK losses reduce m...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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