The independent financial analyst theScreener just lowered the general evaluation of SRF (IN), active in the Commodity Chemicals industry. As regards its fundamental valuation, the title now shows 0 out of 4 stars while market behaviour can be considered defensive. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date October 26, 2021, the closing price was INR 2,110.60 and its target pric...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
SRF: Beat on estimates led by Technical Textiles (SRF IN, Mkt Cap USD6.3b, CMP INR7926, TP INR7230, 9% Downside, Neutral) SRF reported a strong operating performance on a YoY basis in 1QFY22, on a lower base in 1QFY21, led by margin expansion in Technical Textiles and Chemicals, but offset by a contraction in Packaging Films. Margin in the Chemicals segment contracted QoQ due to higher raw material prices and export freight rates. SRF’s reported EBIT was higher v/s our estimate. The incr...
A director at SRF Ltd sold 17,800 shares at 5,365.169INR and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly sho...
SRF: Chemicals/Packaging drive operating performance (SRF IN, Mkt Cap USD3b, CMP INR3745, TP INR4321, 15% Upside, Buy) Technical Textile drags SRF's Chemicals business maintained its revenue momentum with >25% growth for the seventh consecutive quarter, driving the company's overall performance. We expect large part of growth in FY21 to be driven by Chemicals with commissioning of HFC capacity and sustained momentum in Specialty Chemicals. Revenue came in 10% below our estimate, whereas...
SRF: Chemicals/Packaging drive operating performance (SRF IN, Mkt Cap USD2.4b, CMP INR2957, TP INR3460, 17% Upside, Buy) In-line EBITDA adjusted for one-time expense: Revenue declined 1% YoY to INR17.4b in 2QFY20, while the EBITDA margin expanded 120bp YoY to 19.3%, driven by Chemicals and Packaging businesses. EBITDA increased 6% YoY to INR3.4b; adjusted for stamp duty of INR288m, it stood at INR3.6b (in-line). Adj. PAT grew 41% YoY to INR2,051m. For 1HFY20, revenue/EBITDA/PAT were up 2%...
SRF: Chemicals strong despite plant shutdown (SRF IN, Mkt Cap USD2.4b, CMP INR2988, TP INR3500, 17% Upside, Buy) Better-than-expected performance: Revenue grew 9% YoY to INR18.3b (our estimate: INR16.8b) in 1QFY20, driven by Chemicals segment (+26% YoY to INR6b). EBITDA increased 10% YoY to INR3.5b (our estimate: INR2.8b), with the margin improving 20bp YoY to 19.2% (our estimate: 16.4%). Adj. PAT was up 18% YoY to INR1.7b (our estimate: INR986m). We note that SRF reported a beat on all f...
SRF: A year of holistic growth as Specialty Chemicals turns around; Chemicals segment to lead growth in FY20 (SRF IN, Mkt Cap USD2.1b, CMP INR2602, TP INR2983, 15% Upside, Buy) In-line revenue; EBITDA/PAT above estimates: Revenue increased 28.5% YoY to INR20.7b (our estimate: INR20.1b) in 4QFY19. EBITDA grew 43% YoY to INR3.9b (our estimate: INR3.6b), with the margin expanding 190bp YoY to 18.8% (our estimate: 17.7%). Adj. PAT rose 63% YoY to INR1.9b (our estimate: INR1.6b). FY19 perfor...
SRF: Stellar growth, RM exerts pressure on margin; Outlook remains strong across segments (SRF IN, Mkt Cap USD1.6b, CMP INR2022, TP INR2636, 30% Upside, Buy) Results exceed expectations: SRF's revenue increased 40.6% YoY to INR19,640m (our estimate: INR17,637m) in 3QFY19. EBITDA margin expanded 30bp YoY to 16.9% (our estimate: 17.7%) in 3QFY19, even as the gross margin contracted 480bp YoY to 42.6%. EBITDA grew 43% YoY to INR3,310m (our estimate: INR3,122m). Adj. PAT increased 36.5% YoY t...
SRF: A comeback candidate; All moving parts to work in unison to drive accelerated growth (SRF IN, Mkt Cap USD1.4b, CMP INR1775, TP INR2271, 28% Upside, Buy) In the past fiscal year, SRF confronted sizeable challenges in its key business lines of Technical Textiles (muted revenue growth of 3.5% – led by subdued growth in NTCF), Chemicals (margins down 280bp – dragged by Specialty Chemicals, especially Agrochemicals) and Packaging (margins down 140bp – led by higher raw material prices and...
SRF: Packaging and Chemicals fire up; All moving parts to collectively drive growth (SRF IN, Mkt Cap USD1.6b, CMP INR1853, TP INR2225, 20% Upside, Buy) Results above expectations: SRF’s revenue grew 34.6% YoY to INR17,413m (est. of INR15,248m) in 1QFY19, led by higher-than-expected growth of 52.3% YoY in Packaging film business, followed by growth of 33.8% YoY in Chemicals & polymers business. EBITDA margin expanded 170bp YoY to 17.9% (est. of 16.1%). EBITDA grew 48% YoY to INR3,112m (est...
SRF: Steady performance across segments; Recovery in agrochemicals sector pushed to 3QFY19 (SRF IN, Mkt Cap USD1.5b, CMP INR1924, TP INR2206, 15% Upside, Buy) Results above expectations: Revenue grew 21.6% YoY to INR16,123m (est. of INR14,385m) in 4QFY18. EBITDA grew 19% YoY to INR2,790m (est. of INR2,316m), with the margin contracting 40bp YoY to 17.3% (est. of 16.1%). Adj. PAT fell 4% YoY to INR1,239m (est. of INR1,018m), as the tax rate was higher at 24.2% v/s 21.4% in 4QFY17 and inter...
SRF: Above-estimate; New refrigerants, healing agchem to stabilize growth (SRF IN, Mkt Cap USD1.7b, CMP INR1777, TP INR2040, 15% Upside, Buy) Results above estimates: SRF’s revenue grew 23.3% YoY to INR13.97b (est. of INR13.26b) in 3QFY18. Chemicals segment grew by 18.5% YoY, Packaging rose by 28.3% YoY, and Technical textile grew by 5.3% YoY. EBITDA margin contracted 230bp YoY to 18.1% (est. of 17.8%) in 3QFY18 due to higher-than-expected raw material cost (52.6% of net sales v/s est. of...
​SRF: New refrigerants, healing agchem to stabilize growth(SRF IN, Mkt Cap USD1.5b, CMP INR1732, TP INR1992, 15% Upside, Buy)Results below estimates: SRF’s revenue grew 5.8% YoY to INR12.86b (est. of INR14.03b) in 2QFY18. Chemicals segment grew by 3.8% YoY, packaging rose by 17.5% YoY, while Technical textile declined 1% YoY. EBITDA margin contracted 330bp YoY to 16.4% (est. of 18.1%) in 2QFY18 due to higher-than-expected raw material cost (54.9% of net sales v/s est. of 48.5%). EBITDA decli...
​SRF: Order book deferred; Recovery pushed to 2HFY18(SRF IN, Mkt Cap USD1.4b, CMP INR1437, TP INR1648, 15% Upside, Buy)Revenue exceeds estimate; PAT in-line: SRF reported overall revenue of INR13.88b (est. of INR11.46b) in 1QFY18 v/s INR12.9b in 1QFY17. On a YoY basis, Chemicals segment declined 8%, while Technical textiles/Packaging grew by 11.3%/19.4%. EBITDA margin contracted from 22.8% in 1QFY17 to 15.1% (est. of 21.3%) in 1QFY18. EBITDA during the quarter stood at INR2,091m (est. of INR2,...
​SRF LTD: Refrigerants business on strong footing; Maintain Buy(SRF IN, Mkt Cap USD1.4b, CMP INR1585, TP INR1816, 15% Upside, Buy)EBITDA below estimate, Chemicals continues to underperform: SRF reported overall revenue of INR13.3b (est. of INR12.3b) in 4QFY17, as against INR11.1b in 4QFY16. On a YoY basis, Chemicals grew by 11.7%, Technical Textiles by 23.3% and Packaging by 26.3%. EBITDA margin contracted from 20.2% in 4QFY16 to 16.3% (est. of 20.5%) in the quarter. EBITDA declined 4% to INR2...
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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