reports
- Rohit Dokania
Century Plyboards' Q3FY20 results (Outperformer) - Good overall perfor...
Q3FY20 Result Highlights Revenue grew 2.9% yoy to ~Rs5.9bn (in-line). EBITDA growth of 24.1% yoy to ~Rs943m beat expectations by 6% due to healthy margin improvement in MDF, PB and Laminates. PAT (adj. for impairment of Laos Subsidiary) grew 56.3% yoy to ~Rs647m (44% beat). Plywood: Adj. for commercial veneer (down ~40%), core volume growth stood at 7.6% yoy. Revenue/EBITDA grew 2.7%/5.6% yoy (margins +30 bps yoy at 12.4%). Laminates: Volume growth was just 5.8% yoy as it came on a very str...
- Rohit Dokania
Century Plyboards' Q2FY20 results (Outperformer) - Laminates/MDF cover...
Q2FY20 Result Highlights Revenue grew 4.4% yoy to ~Rs5.9bn (in-line). EBITDA growth of 25% yoy to ~Rs928m beat expectations by 10% due to healthy margin improvement in MDF, PB and Laminates. Operating profit beat and higher other income led to net income beat of 19% (Rs521m; +37.9% yoy). Plywood: Weaker than expected with vol. decline of 3.9% yoy (commercial veneer fell ~40% yoy; core plywood fell ~1%), while revenue/EBITDA fell 1.8% yoy (margins flat yoy at 15.5%). Laminates: Volume/revenu...
- Rohit Dokania
Century Plyboards' Q1FY20 results (Outperformer) - Diversification pay...
Q1FY20 Result Highlights Revenue grew ~7% yoy to ~Rs5.7bn (in-line). EBITDA growth of ~7% yoy to ~Rs926m was a robust 30% beat on est. due to better profitability in MDF, Laminates, and PB. Operating profit beat led to net income beat of 35% (Rs481m; +6.1% yoy). Plywood: The segment was weak with vol. decline of ~2% yoy (commercial veneer led decline – down 33% yoy) while revenue fell ~1% yoy. EBITDA fell ~16% yoy due to RM pressure and negative operating leverage but came in better than exp...
- Rohit Dokania
Century Plyboards' Q4FY19 results (Outperformer) - Lost FY19, but bott...
Q4FY19 Standalone Highlights Revenue grew ~7% yoy to ~Rs5.8bn (5% miss – mainly due to weak plywood performance). Higher input costs (esp in laminates), negative operating leverage (due to Ply/MDF) and one-off costs (~Rs150m) led to EBITDA margins falling ~440 bps yoy to 10.9% (IDFCe: 14.0%) and EBITDA fell ~23% yoy to ~Rs637m (26% miss). Lower fin. costs and lower tax rate led to PAT fall of only ~4% yoy to Rs342m (20% miss). Plywood: Volumes fell ~7% yoy – commercial veneer fell ~34% yoy, ...
- Rohit Dokania
Century Plyboards' Q3FY19 results (Outperformer) - Surprise decline in...
Q3FY19 Standalone Highlights Rev. at ~Rs5.8bn was up 13.5% yoy (2% miss), mainly propelled by MDF ramp-up (80% utilization in Q3). Plywood rev. was down 2.6% yoy (8% miss), while PB revenue was up 57.7% yoy (5% miss). Laminates revenue was up 28.6% yoy (5% beat) while MDF rev. was up 85% yoy/44% qoq (18% beat). Plywood volume was flat yoy (excl. veneer, volume grew 9% yoy), while blended realisation fell 2.1% yoy. Commercial veneer volumes fell 44.5% yoy (high base effect/shutdowns in Myanma...
1 director bought
A director at Century Plyboards (India) Ltd bought 500,000 shares at 190.000INR and the significance rating of the trade was 67/100. 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...
- Rohit Dokania
Visit Note: Century Plyboards (Outperformer) - MDF overcapacity to eas...
We present key highlights of our visit to Century Plyboards India Ltd.’s (CPBI) recently set up medium density fibreboard (MDF) factory in Hoshiarpur district, Punjab. Locational advantage: Hoshiarpur district in Punjab has ample timber supply (raw material) for MDF production. Moreover, state government’s thrust on creating a plywood hub here offers advantages like SGST refunds, cheap land and power cost (incl. electricity duty exemption). Wide product portfolio, more being added: CPBI is th...
- Rohit Dokania
Century Plyboards' Q1FY19 results (Outperformer) - Plywood margin impr...
Q1FY19 Standalone Highlights Rev. at ~Rs5.4bn was up 22.5% yoy (in-line), mainly propelled by MDF unit ramp-up. Plywood revenue was flat yoy (est. 4%), while MDF revenue grew 8% qoq (est. 16% qoq). Particle Board+Laminates revenue grew 21% yoy (vs 14% est). Plywood segment volume grew 1.2% yoy (vs. 4% est.); however, blended realisation fell by 1.4% yoy (vs. flat exp.) due to poor product mix. Volume growth was supported by strong growth in Branded Plywood (+7.7% yoy), Deco Ply was up 24% yo...
- Rohit Dokania
Century Plyboards' Q4FY18 results (Outperformer) - Adverse product mix...
Q4FY18 Standalone Highlights Rev. at ~Rs5.4bn was up only 11.4% yoy (11% miss) and was largely powered by MDF unit (+36% qoq; although ramp up was below expectation as MDF rev. missed by ~20%) and Laminates expansion (+20% yoy, 4% beat vs exp.). Plywood revenue surprisingly fell by 7% yoy (vs. exp. of 5% growth). Particle Board revenue was flat yoy. Plywood segment volume grew 2.1% yoy (vs. exp. of 5% growth); however, blended realisation fell by 10% yoy (vs. flat exp.) due to poor product m...
- Rohit Dokania
Century Plyboards' Q3FY18 results (Outperformer) - Strong start for MD...
Q3FY18 Standalone Highlights Rev. at Rs5.1bn was up 19.9% yoy (in-line on a net of excise basis) led by operationalization of MDF plant (LTL rev. growth at 9% yoy). Amongst segments, Plywood performed well (7.1% yoy growth, in line) while Laminates grew 12.0% yoy, lower than our 20% est. Plywood segment volume grew 6.5% yoy, largely supported by strong growth in Commercial Veneer (21.7% yoy). Branded plywood volume grew 4.8% while Deco Ply volume fell 22.1% yoy. Overall blended realisation w...
- Rohit Dokania
Century Plyboards' Q2FY18 results (Outperformer) - MDF/Laminates to le...
Q2FY18 Standalone Highlights Revenue came in at Rs4.7bn, registering a growth of just 2.6% yoy (vs our estimate of 5.8% yoy). Amongst segments, Plywood performed poorly (5.9% yoy decline) while Laminates surged on the back of new capacity additions (+21.9% yoy). Plywood volume plunged 6.4% yoy due to GST-revision apprehension in the channel. Commercial veneer fell 29.9% yoy while branded plywood volume fell 2%. Deco Ply volume shot up 27% yoy. Overall blended realisation was flat yoy, as com...
MOSL: CENTURY PLYBOARDS (Neutral)-Well poised to benefit from GST, but...
​Century Plyboards: Well poised to benefit from GST, but positives largely priced in(CPBI IN, Mkt Cap USD0.8b, CMP INR299, TP INR323, 8% Upside, Neutral)Organized plywood names to benefit from likely market consolidation​Organized plywood players are expected to witness increased demand post the implementation of the goods and services tax (GST), in our view. Currently, the small scale industries (SSI) sector comprises ~3,300 units, of which 2,500 enjoy 100% duty exemption and ~700 are parti...
Ford Equity International Rating and Forecast Report
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