Summary Sumitomo Precision Products Co Ltd - Company Profile and SWOT Analysis, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Sumitomo Precision Products Co Ltd (Sumitomo) is a manufacturer of equipment, components, and machinery. The company provides aerospace products, heat control products, hydraulic equi...
A director at Thermax sold 1,289 shares at 2,103.566INR and the significance rating of the trade was 68/100. 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 showi...
THERMAX (IN), a company active in the Industrial Machinery industry, now shows a lower overall rating. The independent financial analyst theScreener confirms the fundamental rating of 2 out of 4 stars. However, the market behaviour deterioration triggered a risk requalification, which can be thus described as moderately risky. theScreener believes that increased risk justifies the general evaluation downgrade to Neutral. As of the analysis date February 22, 2022, the closing price was INR 1,749....
THERMAX: Margin-led earnings miss; order inflows robust (TMX IN, Mkt Cap USD2.2b, CMP INR1362, TP INR1215, 11% Downside, Neutral) Balance Sheet strength intact Revenue was in line with our estimate in 1QFY22, with a miss (15%) on operating profit. EBITDA margin stood at 6%, lower than our estimate of 7%, on account of higher commodity costs, an elevated freight rate, and lower productivity owing to COVID-led disruptions. Owing to a miss on operating profit, adjusted PAT came in 21% belo...
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....
Q3FY20 consolidated result highlights Adj PAT +24% yoy to Rs850mn: on higher margin & lower tax. Revenues declined 2% yoy at Rs14.1bn: on lower order backlog. Margins expanded 56bps yoy to 8%: led by lower RM costs. Moreover, margin expansion was led by Chemicals segment where margins picked up sharply by 928bps yoy to 24.7% due to higher share of specialty chemicals. Accordingly, EBITDA growth was at 5% yoy to Rs1.13bn. Order intake at Rs16bn (+9% yoy): led by Rs4.3bn FGD order and base o...
Thermax: In-line results; Depleting order book to limit revenue growth (TMX IN, Mkt Cap USD1.8b, CMP INR1074, TP INR1200, 12% Upside, Neutral) Thermax's 3QFY20 operating performance was in line with our expectation. Increase in order inflows (+9% YoY) was mainly on account of a large FGD order received from Jharkhand. Order book stood at INR54.4b (-16% YoY). Superior execution over the past 6-7 quarters has led to depletion of the order book, especially in the weak ordering environment. ...
Q2FY20 consolidated result highlights Adj PAT -66% yoy to Rs257mn: on lower other income & higher tax. Revenues grew 12% yoy at Rs16.06bn: led by pick up in execution of orders in hand and ramp up in capacity for products. Margins expanded 41bps yoy to 9.1%: led by low base in 2QFY19, positive operating leverage and execution of high margin orders. However, margin improvement was restricted due to intensive competition and higher other expenses (accounting change to include freight costs). ...
THERMAX: Order inflow strong but inadequate to fuel revenue growth (TMX IN, Mkt Cap USD1.8b, CMP INR1069, TP INR1170, 9% Upside, Neutral) Operating performance in line: 2QFY20 sales grew 12.5% YoY to INR16b (in-line). EBIDTA was up 18.4% YoY to INR1.3b (6% above est.), while EBITDA margin improved 40bp YoY to 8.1%. On account of higher depreciation and lower other income, PBT growth was muted at 1.8% to INR1.2b (in-line). Write-down of INR700m on account of DTA (in light of the new corpor...
Q1FY20 consolidated result highlights Adj PAT +28% yoy to Rs628mn: on strong revenue growth but was offset by lower other income. Revenues grew 35% yoy at Rs13.93bn: led by pick up in execution of few orders in hand. Margins expanded 42bps yoy to 7.1%: due to low base in 1QFY19 and execution of orders with higher margins. However, margin improvement was restricted due to intensive competition, consolidation of TBW and inability to pass on higher RM costs. Accordingly, EBITDA growth was at 4...
THERMAX: Weak ordering outlook to slowdown execution momentum (TMX IN, Mkt Cap USD1.8b, CMP INR1094, TP INR1145, 5% Upside, Downgrade to Neutral) Operating performance ahead of expectations: 1QFY20 sales grew 35% YoY to INR13.9b. EBIDTA increased 43% YoY to INR991m, as margin improved 40bp YoY to 7.1%. Adj. PAT grew 28% YoY to INR628m, ahead of our estimate of INR535m. Energy segment performance supports margin improvement: Operating margin improved 40bp to 7.1%, supported by margin i...
Q4FY19 consolidated result highlights Adj PAT +70% yoy to Rs1.29bn: on strong revenue growth which was offset by muted margins and losses in subsidiaries. Reported PAT +68% yoy to Rs1.27bn on Rs20mn impairment related to Thermax (Zhejiang) Cooling & Heating Engg (TZL). Revenues grew 44% yoy at Rs20.7bn: on a low base led by pick up in execution of orders in hand and ramp up of new capacities as also consolidation of TBW (51% stake acquired). Margins fell 134bps yoy to 8.2%: due to execution...
Thermax: Outperformance driven by strong execution in Energy segment (TMX IN, Mkt Cap USD1.7b, CMP INR991, TP INR1190, 20% Upside, Buy) Operating performance ahead of expectations: Sales grew 44% YoY to INR20.7b in 4QFY19. EBIDTA increased 24% YoY to INR1.7b, as margin contracted 140bp YoY to 8.2%. Adj. PAT grew 64% YoY to INR1.2b, ahead of our estimate of INR979m, supported by a lower tax rate at 36%. Revenue growth to moderate due to lower opening order book: Weak order inflow (-12% f...
Q3FY19 result highlights Consol. adj PAT +17% yoy to Rs684m: on strong revenue growth which was offset by muted margins and losses in subsidiaries. Reported PAT +28% yoy to Rs750 on Rs875mn goodwill impairment related to Thermax Netherlands BV, which has been offset by Rs941mn deferred tax asset related to TBWES. (see page 3). Slump sale of boiler & heater division: from the standalone entity to its TBW subsidiary will drive synergies and cost optimisation and has hence reversed the TBW imp...
Thermax: Performance below estimate; strong execution offset by weak margins (TMX IN, Mkt Cap USD1.8b, CMP INR1058, TP INR1240, 17% Upside, Buy) Operating performance below estimates: Sales grew 29% YoY to INR14.4b (v/s our est. of INR13.4b). Gross margin shrank 220bp YoY to 45.2%. EBIDTA increased 12.4% YoY to INR1.1b (below our est. of INR1.2b), with margin contracting 110bp YoY to 7.5%. Adjusted net profit grew 11% YoY to INR652m (Adjusted for (a) INR0.9b of deferred tax for TBW recogn...
Q2FY19 result highlights Consol. adj PAT +30% yoy to Rs745m: on strong revenue growth which was offset by loss in JVs & associates (Rs3mn loss vs Rs6mn loss in Q2FY18), and muted margins in both standalone & subsidiaries. Revenues grew 38% yoy at Rs14.27bn: led by pick up in execution of orders in hand in both standalone as also subs. TBW JV (49% stake acquired) saw Rs200mn revenues in the quarter. Margins fell 150bps yoy to 7.7%: due to execution of orders with lower margins (strong compet...
Thermax: In-line performance – strong execution offset by weak margin (TMX IN, Mkt Cap USD1.7b, CMP INR1018, TP INR1220, 20% Upside, Buy) Operating performance in-line: Sales grew 38.2% YoY to INR14.3b (our estimate: INR12.4b) in 2QFY19. Gross margin shrank 150bp YoY to 45.5%. EBIDTA increased 15.6% YoY to INR1.1b (in-line), with the margin contracting 150bp YoY to 7.7%. Net profit grew 31% YoY to INR0.8b (our estimate: INR0.7b), helped by higher other income (INR356m v/s INR236m in 2QFY1...
Q1FY19 result highlights Consol. adj PAT +21% yoy to Rs490m: on higher revenues and profit in JVs & associates (Rs3mn profit vs Rs67mn loss in Q1FY18), partly offset by muted margins in both standalone and subsidiaries. Revenues grew 19% yoy at Rs10.35bn: led by 19% yoy rise in standalone revenues (normalised execution after disruption of Rs2bn deferred sales due to e-way bill in 4QFY18) as also 17% yoy growth in subsidiary revenues. Margins fell 158bp yoy to 6.7%: due to muted margins in s...
Thermax: Subsidiaries drag overall performance (TMX IN, Mkt Cap USD1.9b, CMP INR1123, TP INR1295, 15% Upside, Buy) Operating performance at consolidated level below expectations: Sales improved 18.7% YoY to INR10.4b (est. of INR11.1b) in 1QFY19. Despite strong growth in revenue, EBIDTA of INR693m (-3.9% YoY) was meaningfully below our estimate of INR1.0b on account of a weak performance of subsidiaries. Net profit increased 21% YoY to INR0.5b (est. of INR0.6b), supported by higher other i...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.