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MOSL: K E C INTL. (Neutral)-States to drive domestic T&D capex-Railway...
​K E C Intl.: States to drive domestic T&D capex; Railways to provide strong business opportunity(KECI IN, Mkt Cap USD1.3b, CMP INR314, TP INR350, 11% Upside, Neutral)We recently met management of KEC International at our ‘Midcap Conference’. Domestic T&D business is expected to be driven by state capex – we note that 65% of the contribution comes from states and private sector, and balance from PGCIL. Railways segment offers very robust opportunity in the electrification segment, with t...
MOSL: K E C INTL. (Neutral)- Operating performance above expectations ...
​K E C Intl.:Operating performance above expectations led by margins beat(KECI IN, Mkt Cap USD1.2b, CMP INR316, TP INR350, 11% Upside, Neutral)Revenue performance below estimates: Consol. revenue grew 3% YoY to INR21.3b in 2QFY18. We note that revenue growth would be been much better at 5% YoY if not for the GST-led impact. All business segments, excluding T&D, witnessed growth. T&D business including SAE Tower sales declined 4.5% growth YoY. T&D contributed 80% of revenue, followed by Cables ...
MOSL: K E C INTL. (Neutral)-Operating performance above expectations l...
​K E C Intl.: Operating performance above expectations led by margins beat(KECI IN, Mkt Cap USD1.2b, CMP INR299, TP INR295, 1% Downside, Neutral)Revenue perf. below estimates: Consol. revenue grew 6% YoY to INR18.6b in 1QFY18. Revenue was partially impacted by GST-led delay in dispatching of substation and cables (INR1b) and also as dispatches from SAE were kept on hold for two projects, which did not receive environmental clearance. All business segments (except SAE Towers, Cables and Water) ...
MOSL: K E C INTL. (Neutral)-Operating performance meaningfully above e...
​K E C Intl.: Operating performance meaningfully above estimates, led by better-than-estimated margins(kecl IN, Mkt Cap USD0.9b, CMP INR244, TP INR250, 3% Upside, Neutral)Revenue performance ahead of expectation: Consol. revenue registered growth of 11.3% YoY to INR28.5b in 4QFY17, led by pick-up in execution of orders in hand. All business segments (except SAE Towers and Cables) witnessed growth. SAE Tower sales were impacted by INR appreciation v/s USD. T&D contributed 88% of revenue, follow...
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