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....
ORIENT CEMENT: Hit by weak realizations, high costs; cutting estimates by 6-7% (ORCMNT IN, Mkt Cap USD0.3b, CMP INR89, TP INR105, 18% Upside, Buy) Volumes, realizations disappoint: ORCMNT's volumes fell 16% YoY to 1.24mt in 2QFY20. Realizations increased 9% YoY but were down 9% QoQ to INR4,150/t due to weak pricing in the markets of south and Maharashtra. Revenue fell 8% YoY (-25% QoQ) to INR5.1b (our estimate: INR5.8b). EBITDA impacted by higher costs: Cost/t rose 4% YoY (+4% QoQ) to IN...
Orient Cement: Demand trends muted but better realizations drive margins (ORCMNT IN, Mkt Cap USD0.3b, CMP INR99, TP INR125, 26% Upside, Buy) Volumes decline but pricing improves…: Volumes declined 6% YoY to 1.5mt in 1QFY20. However, realizations increased 14% YoY (+11%QoQ) to INR4,552, led by strong pricing in underlying markets. Revenue grew 7.5% YoY (-8% QoQ) to INR6.8b (in-line). …driving margins improvement: Cost/t increased 3% YoY (+9% QoQ) to INR3,562/t, as freight cost/t inched up...
ORIENT CEMENT: Solid performance led by higher realization and cost savings (ORCMNT IN, Mkt Cap USD0.3b, CMP INR102, TP INR119, 17% Upside, Buy) Utilization at 92%: Revenue grew 21% YoY to INR7.5b (our estimate: INR7b), as volumes increased by 9% YoY to 1.83mt (our estimate: 1.8mt). Realizations increased 11% YoY (+8% QoQ) to INR4,101/ton (our estimate: INR3,952) due to healthy prices in the underlying markets. Cost saving supports profitability: Cost/t decreased 8% QoQ (flat YoY) to INR3...
Orient Cement: Margin miss due to higher-than-estimated cost (ORCMNT IN, Mkt Cap USD0.2b, CMP INR66, TP INR82, 23% Upside, Buy) Utilizations at 75%: Revenue grew 12% YoY (+2% QoQ) to INR5.7b and volumes increased 10% YoY to 1.51mt; both were in line with our estimates. Realizations at INR 3,782/t (+1%YoY;-1% QoQ) also came in line with our estimate due to weaker prices in underlying markets. Cost push impacts profitability: Cost/t increased 2% YoY (-1%QoQ) to INR3531/t as freight cost/t ...
Orient Cement: EBITDA beat led by higher volumes and realization (ORCMNT IN, Mkt Cap USD0.4b, CMP INR121, TP INR139, 15% Upside, Buy) Healthy volume growth: Revenue grew 12.7% YoY (+3% QoQ) to INR6.4b (est. of INR5.7b) in 1QFY19, as volumes increased 15% YoY to 1.6mt (est. of 1.48mt). Volume growth was on account of low base and healthy demand from underlying markets of Telangana and Maharashtra. Realizations stood at INR3,992/ton (+8% QoQ) versus our estimate of INR3,866/ton due to bette...
ORIENT CEMENT: Profitability led by cost efficiencies (ORCMNT IN, Mkt Cap USD0.4b, CMP INR144, TP INR170, 18% Upside, Buy) Utilization scales up to 84%: Revenue grew 4% YoY (+21% QoQ) to INR6.2b (est. of INR6.5b) in 4QFY18, as volumes fell 3% YoY to 1.68mt (est. of 1.8mt). Realizations stood at INR3,696/ton (-1% QoQ) versus our estimate of INR3,596 due to better-than-estimated prices in underlying markets. Cost efficiencies drive profitability: Cost/t declined 6% QoQ (+8% YoY) to INR3,25...
Orient Cement: Dismal performance due to weak realization (ORCMNT IN, Mkt Cap USD0.5b, CMP INR156, TP INR179, 15% Upside, Buy) Realization miss due to weaker pricing in focus markets: Revenue grew 12% YoY (-2% QoQ) to INR5.1b (est. of INR5.9b), as volumes rose 9% YoY to 1.37mt (est. of 1.44mt). However, volumes were lower than estimated, as, unlike in 2QFY18, it sold less volume in distant markets. Realizations stood at INR3,737/ton (-6% QoQ; est. of flat QoQ) due to weaker pricing and al...
​Orient Cement:Volume growth led profits(ORCMNT IN, Mkt Cap USD0.5b, CMP INR178, TP INR205, 15% Upside, Buy)Healthy volume growth led by market share gains: Revenue increased 36% YoY (-8% QoQ) to INR5.2b (est. of INR4.7b), as volumes grew 11.5% YoY to 1.31mt (est. of 1.2mt), led by market share gains by selling volumes at higher lead distances. Realizations increased 22% YoY (-2% QoQ) to INR3,996/t, better than estimates due to higher proportion of FOR sales and an increase in lead distances.Y...
​Orient Cement: Profitability uptick led by high pricing(ORCMNT IN, Mkt Cap USD0.5b, CMP INR160, TP INR185, 15% Upside, Buy)Muted volume growth: 1QFY18 revenue increased 30% YoY (-5% QoQ) to INR5.68b (est. of INR5.92b), as volume growth was flat YoY at 1.40mt (est. of 1.6mt) on account of destocking ahead of GST roll-out. Realizations increased 18% QoQ (+30% YoY) to INR4,065/t (est. of INR3,693) due to sharp pricing improvement in AP/Telangana and also Maharashtra (~84% of sales volume). Reali...
Orient Cement: Profitability uptick led by cost efficiencies(ORCMNT IN, Mkt Cap USD0.5b, CMP INR160, TP INR185, 15% Upside, Buy)Strong volume growth: 4Q revenue grew 37% YoY (+31% QoQ) to INR5.97b (est. of INR5.44b), as volumes rose 25% YoY to 1.73mt (est. of 1.5mt) due to ramp-up of the new unit at Chitapur and higher sales from the old unit. Realizations declined 6% QoQ (+10% YoY) to INR3,443/t (est. of INR3,700/t) due to a sharp price decline in AP/Telangana. However, prices increased sharply...
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