reports
MOSL: J K CEMENT (Buy)-Strong performance by White cement division
​J K Cement: Strong performance by White cement division(JKCE IN, Mkt Cap USD1.2b, CMP INR1077, TP INR1324, 23% Upside, Buy)Volume growth above estimate: 2QFY18 revenue grew 20% YoY to INR11.1b (est. of INR9.9b). Grey cement volume rose 17% YoY to 1.93mt due to higher clinker exports to Nepal and strong growth in north due to market share gains (led by ramp-down of Binani Cement). White cement (incl. wall putty) volume rose 8.5% YoY to 0.30mt due to GST-led restocking and Katni unit ramp-up.Hi...
MOSL: J K CEMENT (Buy)-Grey cement assets available at discount to pee...
J K Cement: Grey cement assets available at discount to peers; Best-placed midcap cement company in North markets(JKCE IN, Mkt Cap USD1.0b, CMP INR945, TP INR1196, 26% Upside, Buy)JKCE’s 10.5mt grey cement capacity is available at an EV/t of USD40-70 (64-34% discount to midcap cement) on FY19 basis, if we value its white cement business at 14-10x FY19E EV/EBITDA. Its white cement business deserves a premium over its grey cement business, given raw material constraint, JKCE’s 45% market share...
MOSL: J K CEMENT (Buy)-Improvement in grey cement profitability offset...
​J K Cement: Improvement in grey cement profitability offsets weakness in white cement(JKCE IN, Mkt Cap USD1.1b, CMP INR1033, TP INR1277, 24% Upside, Buy)Price improvement drives grey cement profitability: 1QFY18 revenue increased 16.4% YoY to INR10.4b (est. of INR9.8b). Grey cement volumes increased 15% YoY on account of higher clinker exports to Nepal. Growth was higher in southern operations due to a favorable base. White cement volumes were flat YoY due to GST-led destocking, the impact of...
MOSL: J K CEMENT (Buy)-Realization improvement drives profits
J K Cement: Realization improvement drives profits(JKCE IN, Mkt Cap USD1.2b, CMP INR1118, TP INR1322, 18% Upside, Buy)Grey cement profitability improvement led by better pricing: 4QFY17 revenue increased 7.7% YoY to INR10.2b (est. of INR9.8b). Grey cement revenue rose 6% YoY to INR6.9b (est. of INR6.5b) due to higher realization in north operations. White cement revenue increased 10% YoY to INR3.3b, led by growth of 5% YoY in volumes and 4% YoY in realizations. Grey cement volumes declined 2% Yo...
MOSL: ANNUAL REPORT THREADBARE (ART) | J K CEMENT-Return ratios remain...
​ANNUAL REPORT THREADBARE (ART) | J K CEMENT: Return ratios remain subduedJK Cement’s (JKCE) FY16 annual report highlights an improvement in the operating performance, with consolidated EBITDA rising 21% to INR5.5b (FY15: INR4.5b) due to stabilization at UAE operations and cost-control measures. However, consolidated PAT declined 57% to INR0.6b (FY15: INR1.4b), with the margin contracting to a five-year low of 1.6% due to higher finance and depreciation charges. Grey cement (70% of revenue) ...
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