reports
MOSL: KNR CONSTRUCTION (Buy)-Performance beat driven by better-than-ex...
KNR Construction: Performance beat driven by better-than-expected execution (KNRC IN, Mkt Cap USD0.6b, CMP INR298, TP INR375, 26% Upside, Buy) Operating performance better than expected: 4QFY18 revenue grew 29.5% YoY to INR6.2b, beating our estimate of INR4.9b, supported by smooth execution of projects in hand. Operating profit grew 67% YoY to INR1.2b, ahead of our estimate of INR0.98b, supported by better than expected execution. Operating margin expanded 430bp YoY to 19.3%, missing our ...
Management Speak: KNR Constructions (Unrated) - Poised for sustainable...
We present key highlights of our management meet with KNR Constructions Ltd (KNRCL) and our site visit Dindigul–Bangalore road project. Strong order inflows to support growth: KNRCL’s subdued order inflow of Rs5.6bn during 9MFY18 turned robust in Q4FY18 with the company winning 4 HAM projects worth Rs44.7bn (EPC value of Rs31bn). The projects translate into an EPC order backlog of ~Rs59bn as on Mar 2018, implying a book-to-bill ratio of 3.3x FY18E revenue (management guidance). The company is a...
MOSL: THE CORNER OFFICE (KNR CONSTRUCTION) — Growth concerns address...
THE CORNER OFFICE (KNR Construction) — Growth concerns addressed; Financing plans in place for new projects Mr. K. Jalandhar Reddy, Executive Director Mr. K. Jalandhar Reddy is the Promoter and Executive Director of KNR Constructions Limited. He has over 18 years of experience in the Highway and infrastructure sector. He started his career with the organization as a project Manager and was elevated to Executive Director on April 1, 1997. He heads the tendering and bidding activities and is in...
MOSL: KNR CONSTRUCTIONS (Buy)-Well placed to seize abundant opportunit...
KNR CONSTRUCTIONS: Well placed to seize abundant opportunities in the South; Remain upbeat on medium-term business prospects; Buy(KNRC IN, Mkt Cap USD0.7b, CMP INR303, TP INR375, 24% Upside, Buy) The government has lined up a strong awarding pipeline for February-March 2018, with live tenders of 7,768km (INR1.4t) intended to be finalized by March 2018. Another 1,000km is planned to be added in February 2018, taking project tenders available for finalization to 8,768km. The southern region – 30%...
MOSL: KNR CONSTRUCTION (Buy)-Above-estimated performance driven by bet...
KNR Construction: Above-estimated performance driven by better-than-expected margins (KNRC IN, Mkt Cap USD0.6b, CMP INR325, TP INR375, 15% Upside, Buy) Revenue growth in-line; operating profit meaningfully ahead of estimate: 3QFY18 revenue grew 13.3% YoY to INR4.3b (est. of INR4.3b). Operating profit increased 71% YoY to INR984m, significantly ahead of our estimate of INR680m, led by low sub-contracting cost (20.3% v/s 39.3% in 3QFY17) and cost reversal by KNRC for projects like Madurai a...
MOSL: KNR CONSTRUCTIONS (Buy)-Order inflow momentum to pick up from 4Q...
​KNR CONSTRUCTIONS: Order inflow momentum to pick up from 4QFY18; Execution on track for major projects(KNRC IN, Mkt Cap USD0.6b, CMP INR270, TP INR320, 19% Upside, Buy)We met the management of KNR Constructions (KNRC). Our key takeaways:Order inflow to pick up in 4QFY18: KNRC expects order inflow to pick up in 4QFY18, as NHAI starts awarding projects. It expects incremental order inflow of INR22b-27b by the end of FY18. Key projects expected to be finalized, where KNRC is favorably placed inc...
MOSL: KNR CONSTRUCTION (Buy)-Above-estimated performance driven by bet...
​KNR Construction: Above-estimated performance driven by better-than-expected margin(KNRC IN, Mkt Cap USD0.5b, CMP INR256, TP INR295, 15% Upside, Buy)Revenue growth muted, but operating profit grows robustly: Revenue grew by a muted 5.3% YoY, but operating profit increased 47% YoY, led by low sub-contracting cost (11.5% v/s 31.2% in 2QFY17) and cost reversal done by the company for projects like Madurai and Thirvananthpuram (where it has achieved 75% project completion). KNR expects margins to...
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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