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....
DALMIA BHARAT: EBITDA in line, capacity expansion on track (DALBHARA IN, Mkt Cap USD2.2b, CMP INR815, TP INR1020, 25% Upside, Buy) Decline in realizations impact margins: 2QFY20 cement volumes were up 8% YoY to 4.47mt while blended realizations were down 1.6% YoY (-10% QoQ) to INR5,002/t, led by weak pricing in the South/East. Revenue grew 7% YoY to INR22.3b. EBITDA stood at INR4.7b (in line with est.) with margin at 21% (+2.6pp YoY; -5pp QoQ). Company has changed the method of depreciation ...
Dalmia Bharat: Volumes in-line; margins disappointment attributed to higher cost/t (DBEL IN, Mkt Cap USD2.6b, CMP INR2136, TP INR2875, 35% Upside, Buy) Volumes in-line: Cement volumes increased 14% YoY to 4.13mt (in-line), led by healthy growth in underlying markets. Blended realization increased 4% YoY (-0.5% QoQ) to INR5,225/t, led by pricing pressure across focus markets. Revenue grew 18% YoY to INR21.5b (our estimate: INR21.7b). Profitability impacted by cost push: EBITDA/t declined...
DALMIA BHARAT: Best is yet to come for the Indian cement industry; Pace of demand growth to outpace supply (DBEL IN, Mkt Cap USD3.3b, CMP INR2690, TP INR3141, 17% Upside, Buy) We hosted Mr. Puneet Dalmia, Managing Director of Dalmia Bharat (DBEL), as part of 'CEO Track' at our annual conference. Key takeaways: The Indian cement industry witnessed a supply CAGR of 11% over FY07-17; however, the pace of capacity addition slowed down from 46mtpa in FY08-10 to 21mtpa in FY14-17. Demand duri...
Dalmia Bharat: Healthy realization offsets cost push (DBEL IN,Mkt Cap USD3.3b, CMP INR2550, TP INR3198, 25% Upside, Buy) Volume growth below estimate: Cement volume grew 13% YoY to 4.51mt (our estimate: 4.65mt), led by healthy growth in underlying markets. Blended realization grew 2.5% YoY (3.7% QoQ) to INR5,250/t, led by better pricing across focus markets and higher proportion of trade and premium sales. Revenue grew 16% YoY to INR23.7b (our estimate: INR24.3b). Sequential increase in...
Dalmia Bharat: Healthy volume growth, realization drive profitability (dbel IN, Mkt Cap USD3.6b, CMP INR2736, TP INR3403, 24% Upside, Buy) Volumes in-line: Volumes grew 14% YoY to 5.18mt (in-line) in 4QFY18. Cement realization rose 3% YoY (-1% QoQ) to INR4,892/t, while blended realization increased 6% YoY (+1% QoQ) to INR5,093/t (est. of INR4,907), leading to a 21% YoY rise in net sales to INR26.4b (est. of INR25.4b). Sequential improvement in profitability: EBITDA/t rose 4% QoQ (-6% Yo...
Dalmia Bharat: Volumes beat; EBITDA below estimate due to higher other expenses (DBEL IN, Mkt Cap USD3.7b, CMP INR2795, TP INR3328, 19% Upside, Buy) Volume growth above estimate: Cement volumes grew 17% YoY to 4.15mt (est. of 3.88mt) in 3QFY18. Pure cement realization increased 5% YoY to INR4,941/t (flat QoQ), led by better pricing in the eastern markets. Revenue, thus, increased 21% YoY to INR20.9b (est. of INR19.4b). Sequential decline in EBITDA/t due to higher other expenses and RM c...
​Dalmia Bharat: In-line quarter; Net debt reduction program on track(DBEL IN, Mkt Cap USD3.9b, CMP INR2973, TP INR3517, 18% Upside, Buy)Volume growth led by OCL: Cement volumes grew 6% YoY to 3.64mt (est. of 3.69mt) in 2QFY18, led by volume growth in OCL operations. Pure cement realization was INR4,945/t (-INR151 QoQ /+INR243 YoY), led by lower pricing in south and east. Revenue thus stood at INR18.3b (-10% QoQ/+7% YoY). Sequential decline in EBITDA due to cost push: EBITDA/t declined 1% YoY ...
​Dalmia Bharat: Strong beat led by realization improvement(DBEL IN, Mkt Cap USD3.5b, CMP INR2638, TP INR3282, 24% Upside, Buy)Volume growth led by North East operations: Cement volume for 1QFY18 grew 6% YoY to 3.99mt (v/s our estimate of 4.04mt), as volume ex-OCL increased 8% YoY. Pure cement realization increased by INR402/t QoQ (INR585/t YoY) to INR5,126/t, led by better realization in both East and South markets as also higher proportion of premium sales. Revenue grew 16% YoY to INR20.59b (...
​Dalmia Bharat: A quarter of strong outperformance across all parameters(DBEL IN, Mkt Cap USD3.1b, CMP INR2523, TP INR3162, 25% Upside, Buy)Superior volume growth v/s peers: 4Q cement volumes grew 17% YoY to 4.55mt (est. of 3.93mt), as volume growth ex-OCL was 28% YoY due to higher volumes from south/north-east and higher sales in MP/Chhattisgarh. Pure cement realizations were flat QoQ (-1% YoY) at INR4,725/t, despite weaker realizations in focus markets, due to higher proportion of premium sa...
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