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Cyient Limited: 1 director
A director at Cyient Limited sold 1,320 shares at 1,878.045INR 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 clearl...
CYIENT sees an upgrade to Slightly Positive due to a better fundamenta...
The general evaluation of CYIENT (IN), a company active in the Software industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date March 22, 2022, the closing price was INR 950.00 and i...
- Mukul Garg
MOSL: CYIENT (Buy)-Double-digit growth in Services to drive re-rating;...
CYIENT: Double-digit growth in Services to drive re-rating; Valuations inexpensive; maintain Buy (CYL IN, Mkt Cap USD1.4b, CMP INR947, TP INR1090, 15% Upside, Buy) Cyient (CYL)’s 1QFY22 revenue de-grew 4% QoQ in USD terms (in line with our estimate). This was led by 20% QoQ decline in the DLM business (on negative seasonality) and a flattish performance in the Services business. The USD3m impact during the quarter was attributable to supply-led issues. The management retained its guidance...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Growth Over Value We continue to see coronavirus concerns as helping correct the excess bullish sentiment in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip†strategy remains warranted. • Major Indexes Holding Up Well. As mentioned above, breakdowns in major indexes are hard to come by. EM (MSCI EM), China (MSCI China), Europe (STOXX 600), MSCI ACWI, ACWI ex-US, and EAFE have all pu...
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MOSL: CYIENT (Downgrade to Neutral)-Foresee risks due to softer aspect...
(CYL IN, Mkt Cap USD0.7b, CMP INR452, TP INR470, 4% Upside, Downgrade to Neutral) Subdued growth and margin outlook; Downgrading to Neutral** Commentary around headroom for margin expansion (250bp from FY20 level) is disappointing. This expansion should be largely led by the absence of restructuring costs in FY21, implying no material net benefits from cost rationalization. Also, the ongoing forced attrition may impact employee morale, posing further growth challenges (like in case of Cognizant...
MOSL: CYIENT (Buy)-Margins weak, expect notable pick-up only beyond FY...
CYIENT: Margins weak, expect notable pick-up only beyond FY20 (CYL IN, Mkt Cap USD0.7b, CMP INR446, TP INR600, 34% Upside, Buy) In-line Services revenue; beat in DLM: CYL's 2QFY20 revenue of USD164m was down 3% YoY (our estimate: -4.4%), EBIT of INR1.1b declined 17% YoY (our estimate: -8%) and PAT of INR0.97b came in lower by 22% YoY (our estimate: flat YoY). Services revenue increased 1.8% QoQ (in-line) to USD140.4m, while DLM revenue of USD23.8m was above our estimate of USD22m. Sequent...
MOSL: CYIENT (Buy)-Disappoints with broad-based revenue weakness
Cyient: Disappoints with broad-based revenue weakness (CYL IN, Mkt Cap USD0.9b, CMP INR544, TP INR650, 19% Upside, Buy) Sequential revenue decline in all but smallest vertical: CYL's 1QFY20 revenue declined 2.6% YoY to USD157m (6% miss), EBIT was down 2.5% YoY to INR1.0b (margin of 9.2%, 200bp miss) and PAT increased 9.5% YoY to INR0.9b (our estimate: INR1.3b). Services revenue declined 6.1% QoQ (our estimate: -0.3%) to USD138m, while DLM revenue of USD18.7m was lower than our estimate of...
MOSL: CYIENT (Buy)-Aspiring to grow from Design Services to IP solutio...
Cyient: Aspiring to grow from Design Services to IP solutions (CYL IN, Mkt Cap USD0.9b, CMP INR579, TP INR730, 26% Upside, Buy) We attended Cyient's Analyst day at their head office in Hyderabad where management shed some light on the demand environment and the company's strategic approach. Key highlights: With the shift to IP solutions from Services, the linearity model (headcount-linked revenues) has been broken, reflected in the shift to outcome-based pricing. CYL expects traction to...
MOSL: CYIENT (Upgrade to Buy)-In line with scaled-down estimates; Upgr...
CYIENT: In line with scaled-down estimates; Upgrading to Buy on favorable risk-reward (CYL IN, Mkt Cap USD0.9b, CMP INR586, TP INR730, 24% Upside, Upgrade to Buy) Weak exit to FY19, as expected: For FY19, CC revenue grew 10.1% YoY - contributed by Services (88% of revenue) growth of 7.6% YoY CC and DLM growth 29.3% YoY (13% organic), EBITDA increased 17.3% YoY and net income rose 14% YoY. Including INR2b worth of buyback, the payout for FY19 stood at 82% of net profit. For 4QFY19, revenue...
MOSL: CYIENT (Neutral)-Tepid growth in Services drives moderation in o...
CYIENT: Tepid growth in Services drives moderation in outlook (CYL IN, Mkt Cap USD1b, CMP INR628, TP INR720, 14% Upside, Neutral) Revenue growth in line: CYL's 3QFY19 USD revenue decline of 2.1% QoQ was largely in line with our estimate. In Services, revenue declined 0.2% QoQ CC, in line with our flattish growth expectation. EBITDA margin expanded 100bp QoQ to 15.7% (90bp beat) as a result of higher operational efficiency and lower SG&A costs (20.3% v/s our estimate of 21.2%). PAT decline...
MOSL: CYIENT (Neutral)-In-line services growth, but softening organica...
Cyient: In-line services growth, but softening organically (cyl IN, Mkt Cap USD1.0b, CMP INR676, TP INR750, 12% Upside, Neutral) In-line growth in Services: Revenue growth of 5.1% QoQ was better than our estimate, primarily due to the beat in the Design-Led Manufacturing (DLM) business. In Services, revenue growth of 3.5% QoQ CC was in line with our estimate of 3.8%. EBITDA margin expanded 150bp QoQ to 13.7% (50bp beat), as the impact of wage hike was more than offset by currency tailwind...
MOSL: CYIENT (Downgrade to Neutral)-Striding toward achieving long-ter...
Cyient: Striding toward achieving long-term goals; but valuations already capturing operational outperformance (cyl IN, Mkt Cap USD1.3b, CMP INR807, TP INR800, 1% Downside, Downgrade to Neutral) We attended Cyient’s (CYL) analyst meet, where the company elaborated on its aim to become a major tier-I supplier. It expects to achieve this goal by addressing the design-build-maintain value chain through its S3 (Services, Systems, Solutions) strategy. CYL has taken several steps to facilitate...
MOSL: CYIENT (Buy)-Investing for the future-without deterring profitab...
Cyient: Investing for the future; without deterring profitability (CYL IN, Mkt Cap USD1.1b, CMP INR648, TP INR750, 16% Upside, Buy) Upward momentum…: In-line growth of 8.3% QoQ was a function of 2% growth in Services and 80% growth in Rangsons. Strong double-digit growth in four of CYL's seven business units led to 13% YoY growth in Services in FY18, despite challenges in top customer and a few verticals. Back-ended delivery in Rangsons led it to achieve the 15% growth guidance for the ye...
MOSL: CYIENT (Buy)-Stellar broad-based services growth; encouraged mor...
Cyient: Stellar broad-based services growth; encouraged more by quality rather than quantum (CYL IN, Mkt Cap USD1.0b, CMP INR581, TP INR675, 16% Upside, Buy) Strength despite seasonality: 4.2% QoQ growth in Services was a significant beat to our estimate of -0.7% QoQ, especially given the aggravated seasonal weakness CYL faces. A 23% QoQ decline in Rangsons to USD12m was led by an order getting pushed to 4Q, weighing upon overall growth, which at 1.3% QoQ was still above estimates. EBITDA m...
Cyient's Q2FY18 results (Neutral) - Strong quarter; muted guidance for...
Q2FY18 result highlights Strong overall beat: Revenues grew by 6.8% qoq to US$150.1m (IDFCe/Cons.: US$149m/US$148.3m) led by strong growth in both Services (4.2% qoq) and Product (33% qoq), while EBITDA margin expanded by 181bp qoq to 14.6% (IDFCe/Cons: 13.6%), driven by turnaround in Product business and operational efficiency in Services business. PAT grew 27% qoq to Rs1,114m (IDFCe: Rs990m, Cons.: Rs976) aided by 302bp lower tax-rate qoq to 28.1%. FY18 guidance retained, Q3 to be impacted...
MOSL: CYIENT (Buy)-Both engines firing… on track to achieving double...
​CYIENT: Both engines firing… on track to achieving double-digit growth in FY18(CYL IN, Mkt Cap USD0.9b, CMP INR523, TP INR600, 15% Upside, Buy)Strength in Services and DLM: 4.2% QoQ growth in Services and 34% QoQ growth in Rangsons drove in-line revenue growth of 6.5% QoQ. Double-digit growth expectations for FY18 get validated by the performance so far, placing CYL strongly against peers. Robust revenue growth and improved operational efficiencies drove 160bp QoQ margin expansion to 14.6%,...
MOSL: CYIENT (Buy)-Broad-based traction dragged by DLM-Services growth...
​Cyient: Broad-based traction dragged by DLM; Services growth robust(CYL IN, Mkt Cap USD0.9b, CMP INR515, TP INR600, 17% Upside, Buy)Performance dragged by DLM: Rangsons (DLM) dragged 1QFY18 performance vis-à -vis expectations on both revenues (3% impact) and margins (60bp impact) front. Having started the year at USD12m, CYL maintained DLM outlook of 20% growth, citing healthy visibility to reach USD65m for the full year (we estimate 12% growth). Operating loss of INR53m in DLM also dragged t...
MOSL: CYIENT (Buy)-Double-digit growth guidance for FY18 cemented by s...
​CYIENT: Double-digit growth guidance for FY18 cemented by strong momentum and order book(CYL IN, Mkt Cap USD0.9b, CMP INR503, TP INR620, 23% Upside, Buy)Continued traction in Services: Cyient’s (CYL) 4QFY17 revenue grew 3.8% QoQ (+3.6% QoQ in constant currency) to USD141m, marginally above our estimate of USD140m. Services business grew 3.3% QoQ and included USD0.8m in revenue from recently acquired Certon, implying organic growth of 2.7%. Rangsons grew by 8% QoQ to USD16m, falling short by...
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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